Furi Electronics acquired the listed company's P/E ratio less than 8 times

According to the latest announcement, Furi Electronics (600203.SH) will hold a general meeting of shareholders on September 2 to review the proposal to increase and transfer the 92.8% stake in Mairui Optoelectronics.

“If all goes well, the acquisition of Mairui Optoelectronics will be completed in September this year, and it will be consolidated in the fourth quarter.” Xu Zhengsheng, vice president and director of Furi Electronics, told reporters that “this acquisition will increase the company’s future revenue and The main business development has a very positive impact."

In accordance with the performance commitment of the equity transferor, after the completion of the transaction, Mai Rui Optoelectronics' consolidated statement for the three years from 2013 to 2015 is attributable to the parent company's net profit after deducting non-recurring gains and losses, not less than 30 million yuan, 3,500 respectively. Ten thousand yuan and 39 million yuan, the total amount of non-net profit for three years is not less than 120 million yuan.

Our reporter learned that Furi Electronics' acquisition of 92.8% equity interest in Mairui Optoelectronics was approved by the Fujian Provincial State-owned Assets Supervision and Administration Commission on August 14th. The acquisition does not involve major asset restructuring and does not require the SFC to review.

The acquisition of Mairu Optoelectronics by Furi Electronics is a proposed company. “In the field of LED display, Mairui Optoelectronics ranked third in the country in terms of export volume in 2012, and overseas orders accounted for more than 50% of its business.” Xu Zhengsheng revealed.

According to the announcement, the operating revenue of Mairui Optoelectronics from 2011 to the first half of this year was 247.78 million yuan, 37.07 million yuan and 179.29 million yuan respectively. The net profit for the same period was 22.64 million yuan, 25.42 million yuan and 10.46 million yuan respectively.

“The financial data of Mai Rui Optoelectronics in the first half of this year and its predicted future performance are quite conspicuous in the LED industry,” said one broker.

According to public information, Zhou Ming Technology (300232.SZ), which is the main LED display, has a net profit of 11.286 million yuan in the first half of this year; Huacan Optoelectronics (300323.SZ), which is mainly engaged in LED display chips, It is estimated that the net profit for the first half of this year will be about 12 million yuan to 20 million yuan.

"Based on the promised 2013 results, the acquisition price-earnings ratio is less than 8 times, lower than the similar price-earnings ratio of other listed companies." Xu Zhengsheng said.

The survey found that, previously, Dehao Runda (002005.SZ) acquired 8.24% stake in NVC Lighting (2222.HK), and Tongfang Guoxin (002049.SZ) acquired 96.5% stake in China Microelectronics, corresponding to the 2013 profit forecast. The equity P/E ratio of its equity acquisition is approximately 15.08 times and 13.95 times respectively.

"The promised performance of this acquisition is more conservative than the profit forecast of the existing management team of Mairui Optoelectronics." Xu Zheng claimed that "the existing team of Mairui Optoelectronics will remain in the continuous operation after the transfer of equity."

"The acquisition of more mature assets is more immediate than the new construction and expansion." Xu Zhengsheng said so.

In fact, Furi Electronics has made a high-profile attack in the LED industry at this time, which is inseparable from the “Measures for Promoting the Application of LED Lighting Products in Fujian Province” issued by Fujian Province in May this year. The document indicates that the province will be basically realized by the end of 2015. LED lighting products are widely used in the public lighting sector, driving the LED industry in Fujian Province to add more than 50 billion yuan in output value.

In the first half of this year, the LED project implemented by Furi Electronics has several projects in Fujian Province, such as the night lighting project on both sides of the Lancang River, the LED indoor lighting renovation of the Industrial Bank headquarters and branches, and the complementary LED street lights of Quangang.

While announcing the acquisition of a 92.8% stake in Mairui Optoelectronics, Furi Electronics also launched a plan to increase the number of shares by no more than 50 million shares at 6.41 yuan/share, which is the first refinancing since its listing in 1999.

Furi Electronics also said that from 2013 to 2015, it will give financial support not less than 10% of the previous year's sales revenue of Mairui Optoelectronics to enhance the synergy effect of the acquisition.

“The company intends to achieve leap-forward development in the LED industry through new construction, expansion, joint ventures, mergers and acquisitions, etc.” said Furi Electronics. As a result, a brokerage believes that Furi Electronics will likely take out mergers and acquisitions in related fields after the increase.

"Acquisition of Mairui Optoelectronics and Dingzeng at the same time, for Furi Electronics, is to make full use of the capital market to optimize the company's asset structure, that is, to acquire assets at a lower P/E ratio to achieve higher P/E ratios, and to create capital for further mergers and acquisitions in the future. Conditions." The above pointed out.

( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )

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