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Hisense Video (600060): Equity transfer opens the curtain of mixed reform of state-owned enterprises and waits for better governance

Hisense Video (600060): Equity transfer opens the curtain of mixed reform of state-owned enterprises and waits for better governance

Equity transfer opened the curtain of mixed reform of state-owned enterprises.

On December 26, in order to promote the adjustment of Hisense Group’s strategic positioning, improve its internal governance structure, and promote the development of Hisense’s video business, Hisense Group’s Hisense Video 22 will be held.

996% of the shares were transferred to Hisense Electronics Holdings.

After the completion of the transfer, Hisense Electronics Holdings will become the controlling shareholder of the listed company, and Hisense Group will remain an indirect controlling shareholder of the listed company and still directly hold the listed company.

53% of the shares are directly and indirectly controlled by 46 listed companies.

53% of the shares, the actual controller of the listed company is still Qingdao State-owned Assets Supervision and Administration Commission, the transfer of the shares will not cause the actual controller of the listed company to change.

The price of the equity transfer is 10.

77 yuan / share, the total transfer price is 32.

4 trillion, corresponding to the company’s market value of about 108 trillion.

The Air Force and Hisense Electronics Holdings issued an announcement to increase their shareholdings in the company. From November 22 to December 19, they gradually increased their holdings through centralized bidding2.

00% shares, a total of 26.17 million shares.

Equity incentive relationship has been streamlined, and corporate governance improvement can be expected.

In the end, Hisense Electronics has realized the holding of Hisense Video and Hisense Home 南京桑拿网 Appliances. Hisense Electronics Holdings is a backbone employee incentive platform approved by the Qingdao Municipal Government and the State-owned Assets Supervision and Administration Commission of the Hisense Group.)) Representing a total of 169 natural person shareholders holding 40.

71%; Hisense Electronics hires legal person shareholders, Qingdao Yuanli Information Consulting and Controlling Partnership, Qingdao New Harvest Technology, Qingdao Hengxin Chuangshi Electronic Technology, and Shanghai Histone Substitute 11 respectively.

4%, 8.

64%, 3.

70% and 3.

19%.

  Hisense Electronics has built a diversified structure of state-owned capital, integration and strategic investor holding of three parties.

Increased shareholding by senior executives demonstrates confidence: In the second half of the year, based on confidence in the company’s future sustainable development and long-term investment value, the company’s senior executives continued to increase their shareholdings, including 16, 32 and 14 directors.A total of 3 million shares of the company’s stock will be added to the bidding method, and the increase will be at 7.

50?
8.

48 yuan / share, accounting for 0 of the company’s total share capital.

2295%.

We believe that this equity transfer officially opened the curtain of mixed reform of state-owned enterprises. The merger curve MBO will help solve the problem of absence of state-owned enterprise owners, rationalize the interests of shareholders, leaders and employees, and further improve the efficiency of corporate governance.

The company changed its name to Hisense Video to promote the coordinated development of business.

In order to better reflect the company’s main business and strategic positioning, to meet the company’s brand management and brand development needs, thereby enhancing the company’s influence, the company was renamed “Hisense Video” from “Hisense Electric.”

We believe that Hisense has developed from core technologies such as picture quality chip technology, picture quality algorithms, and all-scenario AI ecology in the past. It has developed from a single TV manufacturing company to a set of video technology research and development applications, and a full-scenario cloud platform operation as a comprehensive solution.Solution provider, the current revenue in the video industry, including high-definition intelligent display terminals, new display, operating services and other services accounted for more than 90% of total operating revenue.need.

In addition, after the adjustment of the equity relationship to B business, Hisense Video will gradually merge into C business and B business in the future to achieve coordinated development.

Profit forecast and investment rating.

We maintain the company’s profit forecast for 2019-2021, with an estimated net profit of 3.

4.9 billion, 4.

7.8 billion and 6.

24 ppm, a decrease of 11%, an increase of 37% and an increase of 31% each year. The corresponding EPS is 0.

27 yuan, 0.

37 yuan and 0.

48 yuan, corresponding to PE 40 times, 29 times and 23 times, maintain “overweight” investment rating.