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The suspension of China Heavy Industry's military assets in the past four months was finally settled yesterday. The company announced its non-public offering plan yesterday. At the same time, the company's stock was resumed on the same day. Without the market expectation, the stock opened at a daily limit. Closed at 4.91 yuan. At the same time, it also drove many equipment concept stocks to rise.
The resumption of China Heavy Industry's resumption of trading can be described as a public eye. The capital market has long been the first to be heard. Among them, the military industry sector, especially the related stocks involved in the production of aircraft carrier equipment, has risen for many days, and the listed companies that have heavy-duty debts and China Heavy Industries stocks, Related funds have also performed early.
China Heavy Industry has been suspended for a long time. This time, the company plans to issue no more than 2.208 billion shares to no more than 10 specific targets at a price of not less than 3.84 yuan per share. The total raised funds will not exceed 8.48 billion yuan. Among them, 3.275 billion yuan was used to acquire the major equipment assets of military equipment such as super large surface ships, large and medium-sized surface ships, conventional submarines and large landing ships; 2.661 billion yuan was used for military military and military equipment and military-civilian integration industrial technological transformation projects; The remaining 2.544 billion yuan is used to supplement working capital. This time, it will inject large-scale surface ships and other major military equipment assembly assets, which is a milestone in the securitization of China's military industrial assets. According to public information, the asset securitization rate of foreign military companies is generally at the level of 70% to 80%, while the asset securitization rate of China's military industrial groups is mostly below 40%, and the overall industry can have much room for improvement in the future.
This asset injection is also a plan for the “integrated listing and step-by-step implementation†formulated by the group when the company is listed. Its important significance lies in the optimization of the industrial structure. The big ship and the Wuchuan Group are the most important assembly bases for large/super large surface ships and conventional submarines in China. After the completion of the injection, the company's industrial structure will be further optimized, its military and military revenue share is expected to increase significantly to more than 20%, the company's profit growth rate, valuation will also be significantly improved. As the controlling shareholder of China Heavy Industry, China Shipbuilding Heavy Industry Group has undertaken more than 80% of the development and production tasks of China's naval main battle equipment. China Heavy Industries will also become the first listed company with the ability to assemble major military equipment in the A-share market, and this unprecedented pilot work on the securitization of major equipment for military equipment will also have a demonstration follow-up effect.
In addition, with the implementation of relevant national policies, if the quality assets of the parent company CSIC Group continue to be injected in the future, the company's value will also be expected to continue to improve.
From the perspective of the industry, the shipbuilding industry continued to be sluggish and the market competition became increasingly fierce. The performance of China Heavy Industries in the first half of 2013 was not satisfactory, but with the injection of assets, the company's performance will also undergo fundamental changes.
China Heavy Industries has a strong daily limit once it resumes trading, and its valuation before the suspension is almost at the bottom of the military sector. The subsequent upside is large, and it is estimated that it will continue to drive the relevant sectors to rise. However, once the stock opens its daily limit, there will be a risk of a callback, and investors need to be cautious in intervening.