investment value
(1) Heavy industry equipment leader: The company is the listed flagship of CSIC, the manufacturer of ship supporting equipment with the most complete R&D system and complete product categories in China, and the main research and development and supplier of domestic naval ship equipment. Its business runs through the value chain of the whole ship supporting industry, and its main business includes marine power and components, marine auxiliary machinery and transportation equipment and other three business sectors. At the end of 29, the amount of hand-held contracts was 27.54 billion yuan, and at the end of June 21, the hand-held contracts were 27.23 billion yuan.
Dalian Shipbuilding Industry Group Co., Ltd.
Dalian Shipbuilding Industry Group Co., Ltd.
(2) The whole shipbuilding industry chain: In September 21, it is planned to issue 2,516.32 million shares at a price of 6.93 yuan per share, so as to acquire 1% equity of Dalian Shipbuilding Industry Group Co., Ltd., Bohai Shipbuilding Industry Co., Ltd. and 94.85% equity of Qingdao Beihai Shipbuilding Industry Co., Ltd. After the completion of this transaction, the company will add shipbuilding, ship repair, marine engineering equipment and other businesses on the basis of the original business, forming five business segments, namely shipbuilding, ship matching, marine engineering equipment, energy transportation equipment and other five business segments, becoming one of the largest shipbuilding and ship equipment manufacturing enterprises in China, and expanding its business to the whole ship industry chain. After the transaction is completed, it is preliminarily predicted that the company's pro forma net profit in 21 and 211 will be 4,22.76 million yuan and 4,445.65 million yuan respectively.
(3) CSIC: In 29, the total shipbuilding completion of target assets reached 5.284 million dwt, accounting for 14.9% of the national shipbuilding completion; By the end of 29, the order volume of hand-held ships with target assets was 26,891,7 dwt, accounting for 12.8% of the total orders of hand-held ships in China. In 29, 387 ships were repaired and 7 ships were modified, with a total output value of 3.23 billion yuan. In 28, 282 ships were repaired and 12 ships were modified, with a total output value of 3.33 billion yuan, accounting for about 6% of the national ship repair output value. Among them, CSIC is one of the largest shipbuilding enterprises in China, with a ship output of 3,851,5 deadweight tons in 29 and an order of 18.97 million deadweight tons for hand-held ships at the end of 29. According to the statistics of Clarkson Research Company, CSIC ranked seventh in the world and first in China at the end of 29, and its net profit from January to April in 28, 29 and 21 was respectively
(4) Expectation of asset injection: In 29, the operating income of CSIC was 121.1 billion yuan, of which civilian ship business accounted for about 3%, military product business accounted for about 2%, offshore engineering accounted for about 1%, and non-ship business such as wind power, nuclear power, coal mining equipment, bioenergy and new materials accounted for about 4%. After China Heavy Industry injected into the four major shipbuilding enterprises, its pro forma operating income in 29 was 44.6 billion yuan, accounting for only 36.87%, of which non-ship business accounted for less than 3% of the Group's operating income. It can be seen that the non-ship business, including strategic emerging industries such as wind power, nuclear power, coal mining equipment, bioenergy and new materials, still has room for injection in the future.
(5) marine power and components business: the company is one of the few companies in China that can produce all the key components of marine diesel engines (including crankshaft, supercharger, fuel injection system, etc.) and complete diesel engines. According to the statistical data of China Shipbuilding Industry Association, in 28, the company's low-speed marine diesel engines and high-power medium-speed diesel engines (above 4, horsepower) accounted for 42.45% and 5.7% of the domestic similar equipment respectively. At the same time, the company is an enterprise with super-large propeller design and production capacity. According to the statistical data of China Shipbuilding Industry Association, in 28, the company's large propellers (equipped with ships above 5, tons) accounted for 37.23% of the domestic products of the same level.
(6) marine auxiliary machinery business: the company has accumulated rich experience and unique advantages in the field of deck machinery, providing deck machinery products for the largest tonnage ships among the three main ship types in China, including 3,-ton VLCC, 175,-ton bulk carriers and 853TEU container ships. According to the statistics of China Shipbuilding Industry Association, in 28, our company's anchor winch, crane and steering gear accounted for 38.19%, 48.85% and 11.62% of the domestic similar equipment respectively. The company has a number of patented technologies in the design and manufacture of marine valves, marine automatic navigation systems, electronic management control systems and other products, and is at the leading level in the same industry in China.
(7) Advantages of combining military and civilian industries: The company is the main research and supplier of naval ship equipment in China, and has a large number of high-quality scientific and technological achievements and independent core technologies in key technologies of shipborne weapons and equipment and supporting products for ships. At the same time, many technologies and facilities have strong dual-use for military and civilian purposes, with a compound growth rate of 5.6% from 26 to 28 and a military revenue of 2.48 billion yuan in 29. The company has always adhered to the principle of combining military and civilian, complementing each other's advantages, making full use of the advantages of military technology, facilities and talents to develop dual-use technology, cultivating and developing high-tech industries, making full use of the versatility of equipment and facilities and strong processing and manufacturing capabilities, realizing the engineering application of scientific and technological achievements, and constantly expanding the market field of civilian products.
(8) new energy equipment: from 26 to 28, the compound annual growth rate of the company's wind power business income has reached 67.%, and the market share of wind power gear box has jumped to the second place in China, with more than 2 MW occupying the first place in China. In 28, the output of the company's wind power gearbox products was 1.13 million kilowatts, which accounted for 15.6% of the newly installed capacity of wind power in China according to the statistical data in the 28 China Wind Power Development Report of China Wind Energy Association. In terms of nuclear power, nuclear-grade emergency generator sets and water treatment equipment are the only suppliers in China, and the total amount of contracts signed and completed by China Heavy Industry has reached 85 million yuan.
(9) production capacity of main products: the company's existing production capacity of low-speed diesel engines is 12 sets/1.3 million kilowatts, and that of medium-speed diesel engines is 3 sets/7, kilowatts. In 29, the company's product output is: 125 sets/1.31 million kilowatts of low-speed diesel engines, 419 sets/737, kilowatts of medium-speed diesel engines, 4,123 gearboxes and 5 crankshafts of low-speed engines, which are equipped with more than 5, tons. From January to June 21, the product output was: 2 diesel engines/1.42 million kilowatts, 17 propellers/3,998 tons, and 21 crankshafts of low-speed machines.