At present, my country has become the world's largest shipbuilding country. However, due to the downturn in the global shipping and shipbuilding market, my country's shipbuilding market has been hit in recent years. New ship orders have been significantly reduced, corporate financing has been difficult, and the risk of contract delivery has increased. The development of the shipbuilding industry is facing a serious situation.
"The ship and offshore engineering industry has cyclical risks, which are deeply affected by the shipping market and the global economy. At present, the ship market transaction decline trend is obvious, and the trend of rising new ship prices is blocked." CITIC Construction Investment analyst Feng Fuzhang said that in the future, as the state supports ships Industrial policies are gradually being implemented, especially the implementation of mergers and reorganizations by some key shipbuilding enterprises, and the overall competitiveness of the industry is expected to be improved.
In August of this year, the central bank's second quarter China Monetary Policy Implementation Report proposed that it actively promote mixed ownership reform, encourage key shipbuilding companies to implement mergers and acquisitions, promote large shipbuilding companies and upstream and downstream companies to form strategic alliances, and guide small and medium-sized shipbuilding companies to adjust their business structures. . This points the direction for the development of the industry.
Shanghai Jiahao announced in September this year that it planned to acquire 100% equity of Jinhai Shipping by a combination of issuing shares and paying cash, and the target asset transaction price was 1.355 billion yuan. Jinhai Shipping is mainly engaged in the research, development, production and sales of marine lifesaving equipment and special equipment. Through the acquisition of Jinhai Shipping, Shanghai Jiahao was able to build a production line for marine equipment and special equipment 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, will further expand the market, optimize the business layout, and achieve dual-engine development. On the other hand, listed companies focus on ship design and general contracting of ship engineering, and the target company focuses on marine lifesaving and special equipment. Both parties have complementary roles in sales channels and industrial chains.
China Shipbuilding Defense also completed the additional issue in April this year to acquire a 100% stake in Huangpu Wenchong, and its main business was increased to military ships, military auxiliary ships, civilian ships and offshore engineering. The two major groups of China Heavy Industries and China Shipbuilding (ie North-South Ship) are reorganizing assets frequently. In May, Fengfan Holdings, a subsidiary of China National Heavy Industries, was suspended from trading and plans to undergo major asset restructuring to build it into seven major power platforms; in August, China Shipbuilding’s steel construction project was suspended from trading and is expected to inject productive modern service industry assets.
It is worth noting that China Heavy Industries and China Shipbuilding are also expected to merge. A recent research report issued by CITIC Construction Investment pointed out that the possibility of the merger of the North and South Ship Group is also very high.
At present, my country's shipbuilding industry already has independent development capabilities for mainstream ship types such as bulk carriers, oil tankers, and container ships, and has also made breakthroughs in high-tech, high-value-added ships and marine equipment. However, problems such as overcapacity in my country's shipbuilding industry and the lag in the development of marine supporting equipment have become 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 use this to explore new profit growth points and ease the pressure on performance growth. (Reporter He Chuan from Economic Daily)