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At present, China has become the largest shipbuilding country in the world. However, affected by the downturn of the global shipping and shipbuilding markets, China's shipbuilding market has been impacted in recent years, with a sharp decrease in new ship orders, difficulties in enterprise financing, and increased risks of performance and delivery of ships. The development of the shipbuilding industry is facing a more severe situation.
"The ship and ocean engineering industry has cyclical risks and is deeply affected by the shipping market and the global economy. At present, the transaction in the ship market has an obvious downward trend, and the rising trend of new ship prices has been blocked." Fengfuzhang, an analyst at CSC, said that in the future, with the gradual implementation of national policies to support the shipbuilding industry, especially the merger and reorganization of some key shipbuilding enterprises, the overall competitiveness of the industry is expected to be improved.
In August this year, China's monetary policy implementation report for the second quarter released by the central bank proposed to actively promote the reform of mixed ownership, encourage backbone shipbuilding enterprises to implement mergers and acquisitions, promote large shipbuilding enterprises to form strategic alliances with upstream and downstream enterprises, and guide small and medium-sized shipbuilding enterprises to adjust their business structures. This points out the direction for the development of the industry.
In September this year, Shanghai Jiahao announced that it planned to acquire 100% of the equity of Jinhai shipping by issuing shares and paying cash, and the transaction price of the underlying assets was 1.355 billion yuan. Jinhai shipping is mainly engaged in the R & D, production and sales of marine life-saving equipment and special equipment. Through the acquisition of Jinhai shipping, Shanghai Jiahao was able to establish marine equipment and special equipment production lines and improve the company's industrial chain. Shanghai Jiahao announced that through the acquisition of Jinhai shipping, the company will enter the field of military and official marine equipment manufacturing, and will further expand the market, optimize the business layout and realize the development of dual engines. On the other hand, the listed companies focus on ship design and general contracting of ship engineering, and the target companies focus on marine life-saving and special equipment. The two sides have complementary roles in sales channels and industrial chains.
CSSC defense also completed the acquisition of 100% equity of Huangpu Wenchong in April this year, and its main business increased to military ships, military auxiliary ships, civil ships and marine engineering. However, asset restructuring is more frequent within the two major groups of China heavy industry and China Shipping (i.e. North South ship). In May, the trading of Fengfan shares under China Heavy Industries was suspended, and it is planned to carry out major asset restructuring to build it into seven power platforms; In August, the steel structure project of Chinese ships was suspended, and it is expected to inject productive modern service industry assets.
It is noteworthy that China Heavy Industries and China ships are also expected to merge. The recent research report issued by CSC pointed out that the possibility of the merger of North South shipbuilding group is also very large.
At present, China's ships have the ability to independently develop mainstream ship types such as bulk carriers, oil tankers and container ships, and have made breakthroughs in the field of high-tech and high value-added ships and marine engineering equipment. However, problems such as overcapacity in China's shipbuilding industry and the lagging development of marine supporting equipment are becoming increasingly apparent. Industry insiders said that the implementation of mergers and acquisitions is conducive to the optimization and integration of resources in the shipbuilding industry and the elimination of excess capacity. Listed companies can also take this opportunity to explore new profit growth points and alleviate the pressure on performance growth. (economic daily / Hechuan)