March 20

Changchun High-tech (000661): Reorganization plan released, development risks eliminated

Changchun High-tech (000661): Reorganization plan released, development risks eliminated
The company disclosed the issuance of shares and convertible bonds to purchase assets and raise supporting funds and related party transaction reports. The company intends to issue shares and convertible bonds to Jin Lei and Lin Dianhai to purchase the Jinsai Pharmaceuticals it holds.50% equity.At the same time, the company intends to raise matching funds from no more than ten qualified specific investors through non-public issuance of shares not exceeding US $ 1 billion, and the total amount of matching funds raised does not exceed the proposed purchase of assets by issuing shares and convertible bonds.100% of the transaction price, the issue quantity and price are determined in accordance with the relevant regulations of the China Securities Regulatory Commission. Comment: The reorganization plan was released to eliminate the hidden dangers of development and increased deep profits. The two companies simultaneously released the reorganization plan in March and released the reorganization plan, which confirmed the consideration payment method for the acquisition of minority shareholders’ equity of the core holding subsidiary Jinsai Pharmaceutical and the issue of share payment.Base price (173.69 yuan / share), this release of the reorganization report (preliminary) 北京桑拿洗浴保健 further determines the overall estimate of Jinsai Pharmaceutical is 191.08,000 yuan (Kinsai Pharmaceutical distributed dividends to all shareholders11.After 2.4 billion, the same below), this acquisition 29.The 5% Jinsai equity corresponds to a total price of 56.37 ppm, in addition to determining the detailed consideration payment method, the issue of shares to pay the transaction consideration of 92.02%, or about 51.87 ppm; 7 of the consideration paid for the issue of convertible bonds7.98%, or 4.5 ppm; as of now, key information of the scheme has been disclosed, and the results of regeneration are further clear.去年公司股价大幅波动主要受核心灵魂人物金磊欲对外转让金赛股权事件所致,本次两位股东通过发行股份\可转债置换为上市公司股份后,与上市公司利益更为深度捆绑、一致To eliminate market doubts and relieve hidden dangers of future development. At the same time, Jinsai Pharmaceutical is the main source of profit. Jin Lei and Lin Dianhai promised 北京男士会所 that Jinsai Pharmaceutical will achieve a net profit of not less than 15 in 2019-2021.58.1 billion, 19.48.2 billion, and 23.20.3 billion.After complete consolidation, it will also be beneficial to thicken the company’s earnings. Based on the pricing of the issuance price, it is assumed that the subsequent raising of supporting funds and convertible bonds into stocks will not be considered for the time being. It is estimated that the increase in earnings per share in 2019 will be about 14%. Growth hormone market cap is still far away. The vaccine business is the icing on the cake. Jinsai Pharmaceuticals has the most comprehensive product line of domestic growth hormone, powder injection, water injection, short-acting, long-acting and other various dosage forms and varieties combined. The accumulated revenue in 2018 is about 32.0 million yuan, net profit is about 11.300 million, an increase of 53.4% and 65.1%, the fourth quarter revenue and profit growth exceeded market expectations, were 63% and 158%, respectively.The ceiling of the domestic market for growth hormone is still far away. According to data from the Pediatrics Branch of the Chinese Medical Association, the incidence of dwarf children in China is about 3%. Of all the dwarf population, there are about 700 children aged 4-15 who need treatment, of which 1/3Pathological, about 2.1 million people. Based on the current annual cost of pink needle treatment, only 100,000 children with dwarf are treated nationwide, and the penetration rate is less than 5%. This translates into society. Parents ‘knowledge of growth hormones has expanded and deepened.The future of hormones is controversial.The company’s vaccine business is icing on the cake, and is primarily owned by Biogram (46).15%) input, last year income 10.30,000 yuan, an increase of 40 in ten years.3%; net profit realized 2.0 million yuan, an increase of 63 in ten years.0%, Biogram will have the opportunity to share the chickenpox and mad vaccine market space left by Changsheng’s exit, and continue to be optimistic about the annual growth of vaccine business in 2019. Earnings forecast and investment rating will not take into account the acquisition of minority shareholders’ equity of Jinsai Pharmaceutical and the impact of raising funds. We predict that the company’s operating income will be 72 in 2019-2020.27/95.88/121.7.3 billion, an increase of 34.5% / 32.7% / 27.0%; net profit attributable to mothers is 14.45/19.25/24.3.6 billion, an increase of 43.4% / 33.2% / 26.5%; corresponding earnings per share is 8.50/11.33/14.33 yuan, the current closing price (292.88 yuan / share) corresponding to PE valuations for 2019-2021 of 35/26/20 times; the company ‘s net profit will grow at an average rate of 35% in the next three years, and PES (2019E) will only double, maintaining a “Buy” rating. Risk reminders: Jinsai’s restructuring progress is less than expected; competition in the growth hormone industry has intensified; industry risks in the 2013 Changsha incident



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Posted 03/20/2020 by admin in category "洗浴