Wingtech (600745): The plan to acquire Anshi has been finalized and repurchased

Wingtech (600745): The plan to acquire Anshi has been finalized and repurchased
The core point of view officially announced the acquisition proposal, and it is expected that it will be reported to the Securities and Futures Commission after passing the approval process of the shareholders’ meeting on April 8.The total consideration for this restructuring budget is approximately 267.9 trillion, corresponding to the acquisition of 79 Ace Group.98% equity.After the completion of the reconstruction, the total equity is rebuilt6.3.7 billion shares expanded to 11.6.8 billion shares.Compared with the previous version of the plan, the number of participating institutions will be reduced by three: Gangsheng Construction, Anhui Anhua, and Huafu Ruixing. The corresponding actual controllers are Yibin State-owned Assets Supervision and Administration Commission and Anhui State-owned Assets Commission.The plan is to invest a total of US $ 13 million in capital and increase the capital of Hefei Zhongwen Jintai, and then convert the shares to pay Anshi’s share. Now it will convert the matching raised funds obtained by the listed company through the reorganization to complete the payment. Wingtech and Anshi Semiconductor’s 2018 results are in line with expectations. Anshi’s products have both increased volume and price, and have excellent long-term growth.According to the audit report of KPMG, Ahn Sang achieved revenue of 104 in 2018.31 ppm, an increase of 10 in ten years.46%; realized operating profit 16.82 ppm, a 51-year increase of 51.12%.Anshi’s performance growth mainly benefited from three major factors: new product launch, production expansion and exchange rate.As of now, Wingtech has completed the delivery of the winning bid shares and other common deposits in advance to achieve absolute control of Anshi. According to the announcement tonight, audit and asset evaluation data are also good. We believe that Wyntech has completedThe smoothness of the reorganization and the synergy between the two parties may be better than market expectations. The former directors, supervisors and supervisors of Zhongyin were all withdrawn, and Wentai and the new shareholders took full control of the chairman and the board of supervisors.The former member of the board of directors of the company Xu Qinghua (Zhongyin Department) retired due to the expiration of his term and joined Zhang Xunhua’s tenth board of directors as a non-independent director candidate. Zhang Xunhua is currently the chairman of Yunnan Urban Investment Venture Capital Management Co., Ltd.As a long-term partner of Wingtech, Yunnan Urban Investment is not only the sixth largest shareholder of the company at this stage, but also will contribute capital10.US $ 1.5 billion participated in the fixed-increasing portion of the acquisition of Ace Semiconductor. After the reorganization is completed, Yunnan Urban Investment is expected to be the company’s third 北京桑拿 largest shareholder.In addition, according to the announcement in May 2018, Yunnan City Investment plans to vote for 14.Acquisition of Wing Tai ‘s real estate assets at an estimated price of US $ 8.3 billion. It is expected that after joining Wing Tai ‘s board of directors, these transactions between Yunnan and Wing Tai will help accelerate progress. Financial forecasts and investment recommendations maintain a BUY rating with a target price of 42.43 yuan.We predict that the company’s annual revenue for 2019-2020 will be 1.02 and 1.At 37 yuan, we believe that the company should enjoy an evaluation premium for acquiring high-quality assets. The average valuation of a comparable semiconductor company in 19 years was 32 times, and the premium after a 30% premium was 41.6 times, corresponding to a target price of 42.43 yuan, maintain BUY rating. Risks that the approval fails to pass the restructuring will be postponed or terminated, the risk that no profit compensation mechanism is set up, the risk of goodwill impairment, etc.