Ordnance Group Asset Integration accelerated: Xinhua Light Reorganization Awarded

September 6, New Wakong (600184.　　SH) announced that Xinhua light was allowed to include large shareholder XI ' an North Photoelectric Co., Ltd. (hereinafter referred to as "The Western Light Group"), including a number of units targeted additional, in exchange for new assets injected. "After the asset injection, Xinhua light business will be extended to defense, photovoltaic solar energy, optoelectronic materials and devices in three areas." Among them, defense assets will account for more than 50% of the company's income and become a strong power source for sustainable development of the company.　　Southwest Securities analyst Panglinglin Analysis points out.　　As the China Ordnance Industry Group (hereinafter referred to as "Ordnance Group"), one of the 10 listed companies, Xinhua light Directional Additional program approved, is considered to be a symbol of ordnance Group asset integration speed. "Recently, ordnance Group has a lot of asset consolidation. I expect that the galactic power will also restart the asset replacement bill. Feng Fuzhang, a military analyst at Citic Securities, said, "from the current situation, Ordnance Group's asset consolidation will accelerate." "In the future group's industrial integration, listed companies will become the core platform of capital operation," said Chen, chief analyst at Orient Securities Industry and electronics. "Ordnance Group owns Xinhua Light, the West axle (600495. SH), in the military photoelectric (600435. SH), Liao Tong Chemical Industry (000059. SZ) and other 11 listed companies.　　According to the latest planning, by 2013, Ordnance Group main revenue will reach 300 billion yuan.　　Restart asset injection According to the Xinhua light scheme, Xinhua light will be to the Western Light group, HONGTA and Yunnan workers to invest in additional, acquisition of the western Light group owned defense assets. This means that "the Western Light Group defense assets will be achieved overall listing." "Panglinglin points out.　　Prior to the acquisition, the Western Light Group held 16.71% of the shares of Xinhua light, and the completion of directional additional, the Western Light group will rise to 48.82% of the equity. At present, Xinhua light main business for optoelectronic materials and devices, photovoltaic solar cells and related products, production and sales.　　Although the company's revenue has been growing, the profit growth rate is significantly behind the increase in income. "Mainly is the decline of the original assets margin level, profitability is relatively weak."　　Feng Fuzhang points out that the newly injected defense assets benefit from the 15% growth in defense spending, and the gross margin is steadily increasing, and will remain largely at 20%.　　This means that, after the completion of the acquisition, Xinhua light Business extended to the defense, photovoltaic solar energy, optoelectronic materials and devices in the three major areas.　　CITIC Construction Analysis report pointed out that the company as a ordnance group optical industry chain of a son, not to exclude the possibility of further injection of related assets in the future. In fact, the Xinhua light Restructuring program lasted nearly two years before the official reply. From November 10, 2008, the Xinhua Light Reorganization program, in December 2009 was not. In January 2010, New Wakong submitted his application again.　　The CSRC was approved by the China Securities Regulatory Commission in May and was finally approved by the China Securities Regulatory Commission September 6. Integration Path Feng Fuzhang judge, the asset reorganization step of the listed company of Ordnance Group will accelerate. "The next shouldIs the galactic power to restart asset injection.　　"Compared to the total assets of nearly 200 billion yuan in volume, Ordnance Group's 10 listed companies are only 29.302 billion yuan, net assets of 1.697 billion yuan." "Accounts for 16.3% and 19.3% of the total assets and net assets of the group respectively." The group still has a large number of assets not listed.　　"Feng Fuzhang points out. The Ordnance group has also given the general direction of integration. For more than 3 years, the 113 units were reorganized into more than 30 specialized subset groups. Among them, more than 10 specialized subgroups should be created as industry leaders who have important status in the national level and have important discourse power and influence in the market. "Finally, the Ordnance Group will become a world-class defense group and China's important equipment manufacturing and fine chemicals, special chemical industry base." In the field of capital, the group will integrate its assets according to the thought of specialization integration, and gradually inject high-quality assets into the listed companies.　　Citic Construction pointed out that the Sino-military photoelectric and Xinhua light Business reorganization is the asset integration into a new stage of the logo.　　September 2008, the military photoelectric to North China Optical directional additional, for the purchase of North China optical possession of the military second, 三、四级 supporting products and dual-use technology products corresponding to related assets and liabilities. But injecting military assets into listed companies is not a smooth sailing. The Xinhua light Injection programme was not approved until 2010, while the galactic power of the restructuring programme was submitted in 2009 (000519).　　SZ) has not been approved by CSRC. "Although the growth of military assets is stable, there is little room for improvement." Feng Fuzhang pointed out that the Ordnance group can achieve the target of 300 billion yuan, mainly to see the growth of civilian.