#春日生活打卡季#
It turned out to be an important company in Apple's industrial chain - Lingyi Technology.
It was founded on June 29, 2012, is a precision functional device manufacturing enterprise, the main products include die-cutting products, CNC (computer numerical control machine tools) products, stamping products, and has entered the supply chain of Apple, Huawei, OPPO, VIVO and other mobile phone manufacturers.
Its upstream is a supplier of metal materials such as stainless steel, copper, aluminum, and conductive copper foil, and the downstream is a manufacturer of intelligent terminals for consumer electronics. The top five customers include Foxconn, AAC Technologies, etc
From 2014 to January to March 2017, the revenue was 3.493 billion yuan, 4.546 billion yuan, 5.274 billion yuan and 1.398 billion yuan respectively, the net profit was 602 million yuan, 1.188 billion yuan, 944 million yuan and 302 million yuan, and the net cash flow from operating activities was 234 million yuan, 127 million yuan, 276 million yuan and 335 million yuan. The gross profit margin was 29%, 37%, 31% and 33%, and the net profit margin was 17%, 26%, 18% and 22%.
At the same time, the three-year revenue compound growth rate was 23%, and the net profit compound growth rate was 25%
In this transaction, Lingyi Technology promised that the net profit deducted from 2017 to 2019 would not be less than 1.147 billion yuan, 1.492 billion yuan and 1.861 billion yuan respectively
In addition, it is worth noting that this transaction is a backdoor listing
The so-called real shell company refers to the company in which the shell company has operating business
Correspondingly, a net shell company refers to a shell company that has no assets and no symbolic business, and its main value is the qualification of a listed company.
In the A-share market, net shell listings are more common, and the purpose of real shell listings often has two purposes, namely: "backdoor" + "industrial integration"
The shell buyer believes that there are synergies between the original assets and business of the shell company, so it does not divest the original assets before the backdoor transaction
In this case, before the backdoor of Jiangfen Magnetics, in addition to the original magnetite business, it also obtained the precision manufacturing business of the subsidiary Dongfang Liangcai and the display screen manufacturing business of Dijing Optoelectronics through acquisition, and achieved a revenue of 12 billion yuan in 2016, so it did not belong to the net shell company
More importantly, since precision manufacturing and display screens belong to the consumer electronics industry chain enterprises, mergers and acquisitions may have a 1+1>2 synergistic effect with Lingyi Intelligent Manufacturing, for example
1) Stamping technology of metal functional devices: large size of Dongfang Liangcai + small and medium-sized size of Lingyi manufacturing
2) Metal shell CNC (CNC machine tool): Dongfang Liangcai + Lingyi manufacturing, with a production capacity of more than 10,000 CNCs
3) Display: Dijing Optoelectronics, expanding the consumer electronics industry chain
This is almost a perfect capital story, and investors' expectations are naturally high - after the completion of this backdoor, the stock price trend of Lingyi Zhizao is also relatively strong, pulling out 4 price limits, and the stock price has risen from 5.68 yuan / share to 9.16 yuan / share, an increase of 61%. At the same time, the PE-TTM increased from 51 times before the restructuring to 78 times after the reorganization
So, seeing this, here comes a few important questions:
1) Behind the price-earnings ratio that is dozens of times better, how much is Lingyi Zhizao worth?
2) After the transaction in this case, how much is the total value of the complex of the buyer and the seller combined?
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market