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Hunan Torch A (000549) initiated share reform and merger with Weichai Power's share swap. We believe that the synergy will drive the rapid growth of the new Weichai Power Performance, and the scarcity of powertrain resources will bring valuation premiums.
The Hunan Torch initiated the share reform and merger with Weichai Power's share swap. The shareholders of the Hunan Torch Circulation Exchange received the concession from the second shareholder to send 0.35 shares to the shareholder and 3.53:1 in return for the share premium of the major shareholders to issue new shares in the mainland. After the completion of the share reform, the Hunan Torch will be cancelled and the tradable shareholders will become public shareholders of Weichai Power A.
New Weichai Power brought valuation premium. We believe that the quality of the assets of the Ford Gear, Shaanxi Heavy Duty Truck, and Dongfeng Off-road Vehicles under the Hunan Torch are good and the growth is good. After the merger with Weichai Power, Xin Weichai has a complete industrial chain consisting of high-quality heavy-duty trucks such as heavy-duty trucks, engines, transmissions, and axles. With the promotion of synergies, the market competitiveness and cost control will be obvious. Change, the performance of steady growth; and its grasp of the scarcity nature of heavy truck powertrain resources, will bring valuation premium for the new Weichai Power.
Both Hunan Torch and Weichai Power have high quality assets. Shaanxi Heavy Duty Truck, Fast Gear, Hande Axle, Zhuzhou Gear, and Zhuzhou Spark Plug are the competitive advantages of the Steyr Heavy Truck vehicle and component core manufacturers; Dongfeng SUV is the main force of our army 1.5-ton off-road vehicles. Suppliers (Dongfeng Motor Co., Ltd. and Hunan Torch Co., Ltd. jointly established Dongfeng SUV Co., Ltd., Hunan Torch holds a 60% stake, mainly produces 1.5 tons of military "Dongfeng Armored" and civilian "Dongfeng Khan" SUVs. ). It is understood that next year the company will achieve mass production of Dongfeng Armored, the final production and sales scale up to 3,000 vehicles. It is estimated that 1500 vehicles will be built in the year, and the sales price will be 800,000 yuan and the profit rate will be 5%. The net profit will be 60 million yuan that year, which will be 36 million yuan for the Hunan Torch Torch. Weichai Power is the leader of the domestic high-power diesel engine. Who have outstanding profitability.
The demand for the heavy truck market has grown, and the situation is about to change. The increase in the total demand for road transport tools and the trend towards the structural shift of heavy trucks have led to a rapid increase in demand for heavy trucks. With the advantage of historical inheritance, large tonnage heavy trucks are monopolized by Steyr-based manufacturers. However, we believe that the competitive landscape of the heavy truck market is unstable, many new entrants are emerging, the strength of FAW and Dongfeng is also recovering, and the existing industry rankings will change.
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