Shipbuilding industry optimizes resources and eliminates excess capacity
2022-05-14
At present, my country has become the largest shipbuilding country in the world. However, affected by the sluggish global shipping and shipbuilding markets, my country's shipbuilding market has been impacted in recent years. New ship orders have been greatly reduced, corporate financing has encountered difficulties, and the risk of contract performance and delivery has increased. The development of the shipbuilding industry is facing a more severe situation.
"The shipbuilding and offshore engineering industry has cyclical risks, which are deeply affected by the shipping market and the global economy. At present, the transaction in the ship market has a significant downward trend, and the rising trend of new ship prices is hindered." Feng Fuzhang, an analyst at CITIC Construction Investment, said that in the future, as the state supports ships The gradual implementation of industrial policies, especially the merger and reorganization of some key shipbuilding enterprises, is expected to enhance the overall competitiveness of the industry.
In August this year, the central bank released the second-quarter China monetary policy implementation report, which proposed to actively promote the reform of mixed ownership, encourage key shipbuilding enterprises to implement mergers and reorganizations, promote the formation of strategic alliances between large shipbuilding enterprises and upstream and downstream enterprises, and guide small and medium-sized shipbuilding enterprises to adjust their business structure. . This points out the direction for the development of the industry.
Shanghai Jiahao announced in September this year that it intends to acquire 100% of the equity of Golden Shipping by a combination of issuing shares and paying cash. The transaction price of the underlying assets is 1.355 billion yuan. Gold Shipping is mainly engaged in the research and development, production and sales of marine life-saving equipment and special equipment. Through the acquisition of Golden Shipping, Shanghai Jiahao can establish a production line for marine equipment and special equipment, and improve the company's industrial chain. Shanghai Jiahao announced that through the acquisition of Golden Shipping, the company will enter the field of military and official marine equipment manufacturing, which will further expand the market area, optimize the business layout, and achieve dual-engine development. On the other hand, the listed company focuses on ship design and general contracting of ship engineering, and the target company focuses on marine life-saving and special equipment. The two parties have complementary roles in sales channels and industrial chains.
CSSD also completed the acquisition of 100% equity of Huangpu Wenchong in April this year, and its main business has increased to military ships, military auxiliary ships, civilian ships and marine engineering. The two major groups of China Heavy Industry and China Shipbuilding (ie North and South Shipbuilding) have frequent asset reorganizations. In May, Fengfan, a subsidiary of China Heavy Industry, was suspended from trading and planned to carry out major asset restructuring to build it into seven major power platforms; in August, the steel structure project of China Shipbuilding was suspended from trading, and it is expected to inject productive modern service industry assets.
It is worth noting that there is also an expectation of a merger between China Heavy Industry and China Shipbuilding. A recent research report released by China Securities Co., Ltd. pointed out that the merger of the North and South Shipbuilding Group is also very likely.
At present, my country's shipbuilding industry has the ability to independently develop mainstream ship types such as bulk carriers, oil tankers, and container ships, and has also made breakthroughs in the fields of high-tech and high-value-added ships and offshore equipment. However, problems such as overcapacity in my country's shipbuilding industry and the lagging development of marine supporting equipment are also increasingly emerging. According to industry insiders, the implementation of mergers and acquisitions is conducive to the optimization and integration of resources in the shipbuilding industry and the elimination of excess capacity. Listed companies can also use this to explore new profit growth points and ease the pressure on performance growth. (Economic Daily reporter He Chuan)
