Ancient Yuelong Mountain (600059): Rice wine faucet starts mixed reform to usher in a new round of development possibilities
Event: The company issued a private placement plan, amended the company’s articles of association and other announcements.
1. The leading company of rice wine started mixed reform, dating strategic investors: The company plans to start with 7.
06 yuan / share non-public offering to specific strategic investors1.
6.2 billion shares, raising funds 11.
US $ 4.2 billion, of which Qianhai Furong intends to subscribe.
9.1 billion; Yingjia Technology plans to subscribe for 3.
51 yuan, 36 months lock-up period.
After the issuance of the strategic investor Qianhai Furong, Yingjia Technology will hold more than 5% of the shares of listed companies. The actual controllers of Qianhai Furong and Yingjia Technology will replace Guo Jingwen.
The non-public offering will not cause the control of listed companies to change.
2. As a leading company, the company is responsible for revitalizing the rice wine industry: rice wine and beer, and wine are also known as the world’s three largest fermented ancient wines. They are also unique wine types, but the output and industry scale of most rice wine is far smaller than that of white wine and beer.
According to the “13th Five-Year Plan for the Development of the Chinese Wine Industry” issued by the China Wine Industry Association, by 2020, the industry is expected to achieve a total wine production of 89.6 million kiloliters and sales revenue of 1.
Among them, the planned output of the rice wine industry is 2.佛山桑拿网4 million kiloliters, and the sales revenue is 28.8 billion, accounting for only the entire industry2.
68% and above 2.
For a long time, the products consumed by rice wine are mostly concentrated in mid-range and ordinary rice wine products. The prices of mainstream products are lower than other wine products, and the competition of low-price homogenization is obvious. The product structure and price of rice wine need to be improved.
The Zhejiang Government and Shaoxing Municipal Government also attach great importance to the development of the rice wine industry and have introduced plans and policies to build Shaoxing as the world’s rice wine capital.
The company is the highest rice wine production, operation and export enterprise. It is a well-known rice wine brand in China and even in the world. The actual controller is Shaoxing State-owned Assets Supervision and Administration Commission. It is responsible for revitalizing the rice wine industry.
3. Establish the rice wine industry park to solve the problem of maximizing production capacity and help the company’s development: The net proceeds raised will be used for the company’s rice wine industry park project (Phase I) project construction.
The remaining annual rice wine brewing of the company is basically maintained at about 140,000 kiloliters, which basically reaches a high production capacity. The output of listed companies has not achieved growth mainly due to the listed companies’ production plants located on higher floors, Paojiang Development Zone, Shangyu District and KeIn the bridge area, it is difficult to give play to the agglomeration advantages of the industry, which brings difficulties to fine management.
At the same time, it is difficult to realize resource sharing in decentralized production areas, which also virtually increases the cost of classification management and logistics, and reduces the market competition and anti-risk capabilities of enterprises.
And the old craft rice wine production technology in the old factory area is still relatively backward, and the labor intensity is relatively long.
The construction of the fund-raising project will form a rice wine industrial park that gathers mechanical rice wine, traditional rice wine, cooking wine production and supporting rice wine industry development, modern warehouse logistics, wine culture display and wine culture tourism development; the construction of the rice wine industry park project, alsoIt will further increase the output of Guyue Longshan, create huge space for sales growth, and at the same time strengthen the position of the industry leader of Guyue Longshan, and further open up the difference in strength from other rice wine companies, which is the only way for enterprises to achieve development.
4. The date of war investment will improve the corporate governance structure and give full play to the advantages of the listed company’s resources: This appointment of strategic investors will help the company improve the equity structure, improve the governance structure of the listed company, and provide financial protection and technical support for the sustainable development of listed companies’ small businesses., Guarantee management experience, and fully mobilize high-quality resources from all parties in the society to support the company’s development.
In addition, the company’s articles of association are also proposed to be amended. Article 24 of the company has been added to allow the company to purchase company shares in the following cases: employee shareholding plans or equity incentives, using the shares to convert convertible bonds issued by the company, and listingThe company is necessary to safeguard the company’s value and shareholders’ rights.
And these two situations can be passed by the resolution of the board meeting attended by more than two-thirds of the directors in accordance with the provisions of the articles of association or the authorization of the shareholders ‘general meeting, and no shareholders’ general meeting is required.
The company has gained more flexibility in terms of employee incentives, refinancing, and market value management.
5. Profit forecast and rating: The company’s 18-year revenue scale is only 17.
200 million, net profit 1.
72 billion, the current market value is only 64.
US $ 600 million, which does not match the leading level of the rice wine industry, requires a round of mandatory reforms to promote the company’s development.
This mixed reform is a good opportunity, waiting for the company to release its growth potential.
We expect the company’s EPS for 2019-2021 to be 0.
24. First coverage, given “Recommended” rating.
6. Risk warning: the country’s progress is less than expected; the product structure upgrade is less than expected; food safety incidents occur in the industry.