Wanze Co., Ltd. (000534): High-temperature alloy business continues to break through employee stocks, demonstrating development confidence

Wanze Co., Ltd. (000534): High-temperature alloy business continues to break through employee stocks, demonstrating development confidence

Event: The company issued the “Announcement on the Progress of the Company’s Employee Stock Ownership Plan in 2019”.

  Comments: 1. The implementation of the employee stock ownership plan, the shareholder Jiangjiang Rongchuang increased its holdings, demonstrating confidence in future development: On November 9, 2019, the company issued an announcement to terminate the company’s first phase of employee stock ownership plan, and at the same time issued the “Company 2019 Annual Employee Stock Ownership Plan (Budget) “, the total number of employees participating in this employee stock ownership plan is 7 people, and the conversion subscription does not exceed 25 million (using” shares “as the subscription unit, each share is 1 yuan), employeesThe shareholding plan management committee adjusts the list of employees participating in the shareholding plan and the distribution ratio according to the changes in employees and the annual assessment. The lock-up period is 12 months.

According to the company’s latest announcement, from November 19, 2019 to December 17, 2019, this employee shareholding plan will gradually purchase 557,494 shares of the company’s shares through a collective auction through the secondary market, with an average transaction price of 8.

97 yuan / share.

In addition, on November 15, 2019, the company received a notice from Jiangxi Ganjiang Sunac Investment Co., Ltd., a shareholder of more than 5% of the company, on the plan to increase its stake in Wanze Industrial Co., Ltd.6 Increase the company’s shares by RMB 15 million to 30 million yuan each month, with the price not exceeding 10.

15 yuan.

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  2. Withdraw from the real estate business and transform the dual main business of micro-ecological preparations and superalloys. In March 2019, the company completed a major asset replacement with its 100% equity in Changzhou Wanze Tianhai and 69% equity in Beijing Wanze Bixuan.Ze Group and Wanze Pharmaceuticals invested 100% of the equity in Inner Mongolia Shuangqi.

The company’s main business changed from real estate development and sales to micro-ecological preparations, research and development, production and sales of superalloys.

Inner Mongolia Shuangqi’s performance commitment for the year 19-21 is 9,558.

One million yuan, 11,278.

One million yuan, 11,950.

One million yuan.

In July 2019, the company issued an announcement and promised that the real estate business of the company and its subsidiaries within the scope of consolidated statements has been completed. The company and its subsidiaries within the scope of consolidated statements will no longer engage in real estate business and will not increase real estate business.

After that, the company continued to carry out the liquidation of shares in the company and transferred Shantou Liantai 30.

6% equity. In September 2019, the company announced the transfer of 10% equity of Xi’an Xinhongye, gradually withdrew from the real estate business, quickly withdrew funds, and provided financial support for the company’s transformation and development of high-temperature alloy business.

  3. Self-raised funds are actively invested, and the superalloy business continues to break through. Superalloys are capital-intensive industries. As of September 30, 2019, the company continued to invest about 12 in its superalloy business with its own funds.

8.5 billion.

The company has always grasped the development potential of the superalloy industry, and has established R & D and engineering centers in Shenzhen and Changsha, and industrial bases for superalloys in the Shenzhen-Shanshan Special Cooperation Zone and Shanghai Fengxian District.

As the platform for basic technology research and development, Wanze Central South Research Institute is engaged in the research and development of engineering technology in the industrialization process.

In terms of industrialization, Shanghai Wanze Precision Casting is positioned as the industrial production of equiaxed crystal blades of high temperature alloys, equiaxed crystal turbines and titanium aluminum alloy components, mainly for gasoline, diesel turbocharger impeller high temperature alloys and other axial crystal blades.Target market; Shenzhen Shanze Wanze Precision Casting is positioned for the industrial production of superalloy master alloys, superalloy powders, and precision casting blades. The products are targeted at the military and civilian fields, mainly in mid-to-high-end markets such as aviation engines and gas turbines.

  In 2018 and January-September 2019, the company’s high-temperature alloy business achieved revenue 深圳spa会所 of 924, respectively.

410,000 yuan, 728.

630,000, but because it is in the early stage of industrialization, the scale of income is relatively small, and temporarily reduced profits, but a breakthrough has been achieved.

Shanghai Wanze Precision Casting has been included in the list of qualified suppliers by AVIC Commercial Aviation Engine Co., Ltd. and Liaoning Fuan Gas Turbine Co., Ltd .; it has obtained a certain type of blade order from AVIC Commercial Aviation Engine Co., Ltd .;Supplier and is trial-producing its product.

In terms of foreign customers, Shanghai Wanze Precision Casting has obtained the qualification of first-tier supplier of GE transportation, and has also successfully obtained the qualification of suppliers of auto parts manufacturers such as BorgWarner and Dr. Mahler.

  4. Performance forecast: We expect the company performance in 2019-2021 to be: 0.

85 billion, 1.

27 billion, 1.

7.4 billion.

Rate “Careful Recommendation”.

  Risk reminder: R & D progress of superalloy exceeds expectations, and the industrialization process is slow