Author | Owen, official account of WeChat WeChat: Fukai Finance (ID: Fukai Finance)
Less than a day after the new product of "Automotive Dynamic Vision and Radar Sensor" was released, Baolong Technology once again received the clearance and reduction plan of SAIC Jess and Jiarun Jess, the shareholders acting in concert, adding variables to the head of TPMS in China who once claimed to be "indirectly included in SAIC territory".
As early as May 29th, 20 18, that is, one week after the shares already held before IPO were released from circulation, the above two shareholders disclosed the corresponding reduction plan. However, by the end of the reduction period, only Jiarun Jess reduced its holdings of 1668000 shares by centralized bidding on June 22, 2065438+July 5, 2008, with the price range of 25. SAIC Jess did not reduce its holdings during the planned reduction period.
What is the intention of SAIC Jess's clearance plan to attack again after the air shot? After all, Fukai Finance has consulted many research reports and found that Baolong Technology has occupied many firsts in the field of auto parts since its establishment 20 years ago, and its future development is favored by many institutions. However, its share price closed at 22.75 yuan/share today, down 1.94%.
65438+10.8, a number of websites reprinted the research report "Baolong Technology's First Coverage: TPMS Industry Leader" released by Guotai Junan. In 20 18 years, at least 12 research reports rated Baolong Technology as overweight, buy and strongly recommended.
It is such a listed company that is sought after by many institutions, but it has received the reduction plan of major shareholders again and again. The announcement shows that SAIC Jess plans to reduce its holdings of Zilong Technology through centralized bidding within six months from the date of announcement (from the date of announcement 15 trading days later); If the holdings are reduced by block trading, it will be carried out after three trading days from the date of announcement; The agreement transfer and reduction shall be carried out three trading days after the announcement date. Reduce its holdings by no more than 12 15. 1 share (accounting for 7.27% of the company's total share capital) through centralized bidding, block trading or agreement transfer.
At the same time, Jiarun Jess plans to reduce its holdings by no more than 802,000 shares in the same way (accounting for 0.48% of the company's total share capital). For the reasons for this reduction, the above two shareholders both gave the reason of "shareholders' own funds arrangement".
As the same share, as early as nine months ago, the above two companies had proposed a reduction plan, and the reason given at that time was that the fund would withdraw due. However, it is mentioned in the relevant risk warning that the reduction plan at that time was decided by shareholders according to their own business needs. During the reduction period, shareholders will choose whether to implement and how to implement this reduction plan according to market conditions, company share price and other factors. So there was a "cool appointment" at the end of last year.
Fukai Finance found that SAIC Jess is a special investment fund under the management of Beijing Jess Hanergy Asset Management Co., Ltd., and one of its important investors is Shanghai Automotive Industry Group. At that time, Baolong Technology signed a contract with SAIC Jess to introduce strategic investors, and said that Baolong Automobile Technology would be indirectly included in SAIC territory. Haitong Kaiyuan Investment, which holds 7 million shares, has also joined Baolong Technology. As of September 30th, 20 18, the equity of Haitong Kaiyuan Investment has not changed.
Interestingly, Vantone Zhikong, which also focuses on valves and TPMS, announced in May last year (when SAIC Jess first disclosed its reduction plan) that the company and SAIC had established a long-term and stable cooperative relationship in vehicle matching.
The company's third quarterly report of 20 18 shows that due to the large decline in domestic passenger car production, the company's revenue in the third quarter was lower than expected, achieving a net profit of 37.24 million yuan, down 26.03% year-on-year; Deducting non-net profit was RMB 3,265,438+0.2 million, down 30.20% year-on-year. Some institutions give a forecast of -0.34% for the growth rate of net profit in that year.
This reason is very special. In the third quarter, the company's management expenses increased greatly, mainly related to the German forint, the acquisition of PEX sensors in Germany, the preparation for the repurchase of Deere shares, and employee equity incentives. However, judging from the increase in operating income, it is an indisputable fact that the growth rate is slowing down. Q3 Company achieved an operating income of 547.47 million yuan in 2065438+2008, up 4.62% year-on-year.
In fact, the car market of 20 18 can be described as a cold winter, and only new energy vehicles can be regarded as spring breeze. It is this situation that has caused controversy in the industry. Some people think that exhaust pipe fittings are a traditional business. In the future, with the trend of new energy, the pipe fitting business will be gradually eliminated, which will have a certain impact on the exhaust pipe fittings of Baolong Technology.
Undeniably, there is still some room for exhaust pipe fittings in the short term, mainly due to the supply trend of hot-end pipes from TIER2 to TIER 1, Baolong's market share has increased, and the sales proportion of new high-value tailpipes has increased.
In addition, the market also believes that the price and gross profit margin of TPMS bicycles of Baolong automotive electronic products are low, and the market space is small. Undeniably, as the leader of TPMS industry, while grasping the industry policy window, it also has the opportunity to seize the share in foreign TPMS pre-installation market. The reality is that the sales revenue of Baolong Technology in overseas markets has been declining year by year in recent years.
As mentioned at the beginning of the article, Baolong Technology has just released a series of products such as the latest automotive dynamic vision and radar sensors independently developed. Previously, autonomous driving technology has always been the monopoly of foreign parts companies. However, Zhang Zuqiu, president of the company, also admitted that autonomous driving will be a high elimination area. Baolong Technology still has a long way to go to become a global market leader in segmentation.
Finally, by the way, the actual controllers of Baolong Technology are Chen Hongling, Jin Song and Zhang Zuqiu, holding 35.06% of the company's shares. Among them, Chen Hongling has China nationality and permanent residency in Canada; Jin Song, a Canadian citizen, is the founding shareholder of the company and Chen Hongling's spouse.
The information released by Fukai Finance does not constitute investment advice, and the investment risk is at your own risk.