Full text interpretation of Guangxi state-owned enterprise reform plan and wage regulations from 2065438 to 2009

Guangxi SASAC speeds up the integration and reorganization of state-owned enterprise resources.

SASAC website (sasac)1October 20th reported 65438 In the process of comprehensively deepening the reform of state-owned enterprises, Guangxi sasac has given full play to the main role of state-owned enterprises in the market, vigorously supported advantageous enterprises to carry out cross-regional, cross-industry and cross-ownership asset restructuring, further improved the efficiency of resource allocation of state-owned enterprises, optimized the layout structure of state-owned economy and enhanced the competitiveness of enterprises.

The first is to reorganize and integrate resources. According to the goal of reorganizing the enterprises supervised by the State-owned Assets Supervision and Administration Commission of Guangxi Autonomous Region to about 20 by 20 17 years ago, starting from 1, the State-owned Assets Supervision and Administration Commission of Guangxi took the lead in reorganizing 9 enterprises including Guangxi Urban Construction Investment Group and Tourism Development Group. At the beginning of May, Guangxi Automobile Group, with liuzhou wuling Automobile Co., Ltd. as the main body, was established. At present, various property rights trading institutions such as equity trading, intellectual property trading center and rural property rights trading are being integrated to form Guangxi property rights trading group, which is expected to be established before the end of the year.

The second is to support enterprise merger and reorganization and capital introduction and reorganization. Support Guangxi Liugong Group to steadily push forward the merger and reorganization strategy, hold Shanghai Jintai Construction Machinery Co., Ltd., acquire the construction machinery business of Polish HSW Company, acquire 42% shares of Shougang Heavy Duty Truck, introduce international advanced technology to jointly produce engines with Cummins Company of the United States, and establish Guangxi Liugong Advanced Lubricating Oil Co., Ltd. and Guangxi Liugong Oran Air Conditioning Company in cooperation with the private economy. Guangxi Beibu Gulf International Port Group integrates Qinzhou, Fangcheng and Beihai resources, introduces central enterprises and private enterprises to invest in shares, and focuses on the development of port-based industrial sector business. Guangxi Financial Investment Group introduced China Taiping Insurance and other financial enterprises into Guangxi Beibu Gulf Property Insurance Company and Financial Leasing Company, and realized the rapid expansion of enterprise scale.

The third is to guide enterprise restructuring and reorganization. Actively guide and promote Guangxi Liugang Group, Guangxi Urban and Rural Real Estate Development Company, Guangxi Honggui Group Rong Gui Trading Company, Guangxi New Development Transportation Group Luqiao Corporation and other 10 enterprises to reorganize resources, establish a modern enterprise system, revitalize existing assets, and promote enterprise restructuring to glow with new vitality. Among them, Guangxi Yufeng Group, Guangxi Beibu Gulf International Port Group, Guangxi Liugong Group and other enterprises have transferred and cleared the inefficient and invalid assets of more than 20 affiliated enterprises through equity transfer and legal withdrawal, further improving the efficiency of asset operation.

Some Guangxi state-owned enterprise reform concept stocks: Liugong, Guidong Power, Guohai Securities, Wuzhou Transportation, Beibu Gulf Port, Liugang, Guilin Tourism, Guiguan Power and Liu Hua. (Source: Securities Times)

Individual stock research report

Gong Liu: Downstream demand continues to be weak, and we look forward to the reform of state-owned enterprises.

The performance was lower than expected.

Liugong 1H 15 realized operating income of 3.69 billion yuan, down 34.6% year-on-year, and net profit of 86.7 million yuan, down 45.9% year-on-year, corresponding to earnings per share of 0.08 yuan. Downstream demand of construction machinery continued to be sluggish, operating income decreased year-on-year, and overall gross profit margin improved: in 2005, operating income of earthmoving machinery/other construction machinery and accessories/financial leasing decreased by 37.4%/30.8%/65,438+09.9% respectively, while gross profit margin of other construction machinery and accessories increased by 65,438+02.7 PPT. The overall gross profit margin of the company increased by 2.8ppt year-on-year to 25.0%.

During the period, the expense ratio increased by 6.3 percentage points to 22.6%, and the net profit rate decreased by 0.5 percentage points to 2.3%. The company's sales/management/financial expense ratio increased by 2.0/3.0/ 1.4ppt to 9.8%/ 10.2%/2.5% respectively. The main reasons for the increase in financial expense were the net exchange loss and the increase in discount interest. Due to changes in accounting policies, the company's asset impairment loss decreased by 65.438+0.5 billion yuan year-on-year; Due to the increase in government subsidies, non-operating income increased by 32130 thousand yuan year-on-year; The company's net profit margin decreased by 0.5 percentage points year-on-year to 2.3%.

2Q 15 net outflow of operating cash flow decreased: 1H 15 Company's inventory/accounts payable decreased by 3.6 million/4.3 million yuan compared with the beginning of the year, and accounts receivable increased by 57 18 million yuan. 2Q 15 Company's net operating cash flow outflow is RMB 3 10/00000, which is less than 15. 1 15 The net cash outflow of the company was 740 million yuan, an increase of 10.8 over the same period of last year.

development trends

Looking forward to the reform of state-owned enterprises, monetary easing and the catalysis of the "Belt and Road" policy: at the beginning of this year, the chairman of listed companies was promoted to the chairman of the group, and the interests of the group and the company are the same, which is expected to benefit from the reform of state-owned enterprises in the future. The relaxation of domestic monetary policy brings about the decline of financial expenses and the repair of balance sheets. In addition, following the "Belt and Road" strategy, the company continues to expand overseas markets, and the future export growth is expected.

Adjustment of profit forecast

Considering the overall sluggish demand for construction machinery, the forecast of 20 15e/20 16eEPS is lowered by 60.8%/28.6% to 0.1/0.24 yuan.

Assessments and recommendations

At present, the stock price corresponds to 15e/ 16eP/B, which are 1.0x/0.9x respectively. Due to weak industry demand, we lowered the company's target price by 4 1.4% to 9.73 yuan, corresponding to the target price of 15 1.2x, corresponding to the current share price.

danger

The expansion of the new product is less than expected. (CICC)

Guidong electric power: actively lay out the future performance of energy internet, which has room for imagination.

Event review

The substantial increase in performance is mainly due to the large income from equity investment. 15 in the first half of the year, the company's self-supplied electricity decreased and high-cost electricity purchase increased, resulting in a decrease of 6.53% in electricity sales revenue; In terms of non-power sales, the sales scale of Qinzhou Yongsheng expanded, and the sales revenue increased by 365,438+04.84%, which promoted the overall income growth by 74.22%. However, due to the increase of bad debt provision for large accounts receivable in previous years, the company lost 62.99 million yuan, which adversely affected the company's profits. During the reporting period, the company reduced its holdings of Guohai Securities and gained an investment income of 570 million yuan, with a substantial increase in performance.

Peel off loss-making assets and actively expand the energy Internet. (1) In order to focus on the main power industry, the company and its subsidiaries transferred Guidong Electronics, which suffered losses for three consecutive years due to high upstream costs. (2) Join hands with Ji Cheng Electronics to try the overall solution of distributed power access and smart microgrid based on power demand side, and explore the energy Internet standards and modes integrated with smart grid.

Transfer to Kaibao Heavy Industry, join hands with Guangxi Zhenlong, and start to lay out new energy vehicles. Guangxi Zhenlong is an enterprise integrating new energy R&D, production, sales and service, and the company began to cooperate with it to lay out the field of new energy vehicles. 2065438+In February 2005, due to debt offset, Qinzhou Yongsheng, a wholly-owned subsidiary of the company, acquired the equity of "Kaibao Heavy Industry" 100% of Liuzhou Zheng Ling Group; 2065438+May 2005, the company signed the Cooperation Framework Agreement with Guangxi Zhenlong, stipulating that Guidong would increase its equity and become a shareholder of Guangxi Zhenlong after completing the equity registration of "Kaibao Heavy Industry".

The semi-annual profit of 65,438+00 is allocated to 65,438+00, which shows the company's confidence in future development.

It is estimated that the EPS of the company from 20 15 to 20 17 will be 0.26, 0.35 and 1.78 respectively, and the "recommended" rating will be maintained.