#长文创作激励计划#
Text: Xiao Peng's brilliant notes
Editor|Xiao Peng's brilliant notes
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[Preface]
After several twists and turns, Chengdu Aircraft Industry Group Co., Ltd., referred to as Chengfei Group, was successfully acquired by AVIC at a price of 17.4 billion yuan and successfully passed the meeting.
As an important part of China's aviation industry, Chengfei Group has long been responsible for the development and production of multiple types of aviation equipment, including J-20.
So how could such an important company be acquired by AVIC for 17.4 billion yuan?
【An important manufacturer of civil aircraft parts - Chengfei Group】
Founded in 1958, Chengfei Group is the main base for the development, production and export of aviation weapons and equipment on the mainland, as well as an important manufacturer of civil aircraft parts.
In terms of military aircraft, Chengfei Group has developed and produced thousands of fighters including J-5, J-7, Thunder, J-10, and the latest J-20, among which the J-10 aircraft won the special prize of the National Science and Technology Progress Award.
In addition to our own country in use, foreign users are also more than 10 countries, which undoubtedly proves that the market value of Chengfei Group is high and the value of fighters is high.
In the field of civil aircraft, Chengfei Group and Chengfei Civil Aircraft Co., Ltd. jointly undertake the development and production of the nose of the large passenger aircraft C919, the new regional airliner ARJ21, and the large amphibious aircraft AG600, and are the world's first-class suppliers of large parts for civil aircraft.
In addition, Chengfei Group also provides subcontract production services for large parts of civil aircraft such as Boeing 787 rudder, Boeing 757 tail section, Airbus A320/340 boarding gate, etc.
As of the end of 2021, the total assets of Chengfei Group reached 151.18 billion yuan, and the operating income was 56.733 billion yuan.
With the high prosperity of large passenger aircraft C919 and J-20, Chengfei Group's demand for suppliers will also usher in a rapid rise.
Therefore, the commercial value of Chengfei Group is definitely more than 17.4 billion, after all, the cost of a J-20 alone has reached more than 100 million US dollars......
【J-20 fighter】
The J-20 fighter is a fifth-generation stealth fighter independently developed by China, with advanced canard front wing design and unique technologies such as full-motion vertical tail, which makes it have significant advantages in flight performance and stealth capabilities.
The fighter was first unveiled in 2011 and quickly attracted widespread attention around the world, gaining the support of a large number of military fans.
In recent years, with the acceleration of the securitization of national defense and military assets, AVIC has decided to inject its Chengfei Group into the listed company platform in the AVIC system to realize the securitization process of core assets.
This measure not only deepened the reform of state-owned enterprises, but also improved the profitability of listed companies and strengthened the support capacity of aviation equipment construction tasks.
Specific to the A-share market, the Shenzhen Stock Exchange has passed the relevant restructuring projects, and it is expected that Aviation Industry Chengfei will become one of the largest restructuring projects in the Shenzhen Stock Exchange, with a market value target of 200 billion yuan.
After the completion of the acquisition, AVIC will become the weight leader of the A-share military sector, which is expected to drive the valuation of the entire sector.
Therefore, the J-20 fighter, as an important asset of the aviation industry, is expected to "fly" into the A-share market, becoming one of the largest restructuring projects in the Shenzhen Stock Exchange, and further promoting the securitization of national defense and military assets and the reform of state-owned enterprises.
[AVIC plans to acquire Chengfei Group through mergers and acquisitions]
The main purpose of the merger and acquisition is to realize the integration of assets within the AVIC Group and improve the overall market competitiveness.
By bringing Chengfei Group under its umbrella, AVIC can take advantage of Chengfei Group's technological advantages and market share in the field of aviation manufacturing, thereby enhancing its business capabilities and market position.
But no matter how you look at it, AVIC has measured a "big bargain", so many netizens speculate that this low-price acquisition may be a "backdoor listing" behavior.
This is because Chengfei Group is an important asset of AVIC, and its market value is relatively high, while AVIC, as a relatively small company, the gap between the two is too big.
But there is one thing we have to understand, no matter how powerful the Chengfei Group is, it is useless, because they can't make any money at all, and their customers are mainly the people's army.
You can make anyone's money, but how can you make money from the country's army? Therefore, the goods sold by Chengfei Group are often at the lowest price.
In the long run, the Chengfei Group will have no profit to develop new weapons and equipment, and a "vicious cycle" will be formed......
Therefore, after discussion, the State-owned Assets Supervision and Administration Commission of the State Council has agreed in principle to this major asset restructuring, and this is part of the asset integration of AVIC in recent years.
After the successful acquisition of Chengfei Group, AVIC will become a 100-billion-level military giant, which will be a "big bomb" for the entire military industry, and it will promote a new climax of military-related asset securitization; It will also provide a successful case for other central enterprises and promote more similar mergers and acquisitions.
Therefore, from the analysis point of view, the acquisition of Chengfei Group did not suffer a loss, but was intentional, only in this way can they free up their hands to continue to develop new weapons and equipment and strengthen our national strength.
[Doubts at home and abroad about the acquisition of Chengfei Group at a low price]
Regarding the question of the low-price acquisition of Chengfei Group, the reaction at home and abroad is generally fierce, mainly because Chengfei Group, as an important enterprise in China's aviation industry, its value and status are obviously far more than 17.4 billion yuan.
So when everyone learned that AVIC acquired Chengfei Group at this price, they had many questions and speculations about this transaction.
In fact, to be specific, the market value of AVIC is only about 6 billion, and they acquired Chengfei Group at a price of 17.4 billion, which is regarded as "ants swallowing elephants" in the market, and it is no wonder that some people question their motives......
【Conclusion】
Through this acquisition, AVIC will not only be able to further integrate resources and enhance its competitiveness in the field of aviation equipment, but also accelerate the production of advanced fighters such as J-20 with the help of Chengfei Group's technical advantages and production capacity.
Chengfei Group was acquired by AVIC for 17.4 billion yuan, which seems to be "ants swallowing elephants" on the surface, but in fact it may be based on strategic considerations and careful consideration of market operation......
Resources:
On July 12, 2024, Huanqiu.com published a report on "J-20 is about to "fly" into A-shares? AVIC's 17.4 billion yuan acquisition of Chengfei will be reported
Red Star News on July 12, 2024 on "J-20 will land on A-shares! More than 17 billion mergers and acquisitions of Chengfei approved, and AVIC once rose by more than 10%".