After fundraising 1.3 billion by Fenda technology

Fenda science and technology raised 1.3 billion yuan to build a precision structural parts base to grab the back cover Market

accelerating capital operation in the supply chain has become the norm. In recent years, the activity of capital in the supply chain is unprecedented, and this trend continues to spread. The reasons for this situation are generally two aspects: first, relatively mature fields need capital to expand production and enhance competitiveness; Second, relatively cutting-edge industries need more capital promotion. From the perspective of the whole industry, it has entered the era of dual drive of capital and technology. Driven by the two, the polarization trend of market industry is bound to accelerate

this is more serious in the precision structural parts market. In the past two years, the acquisition cases of precision structural parts market continue to occur. As early as the beginning of this year, Fenda technology acquired fuchengda and oupengda, and became a supplier of apple, Samsung, Huawei, oppo and vivo at one fell swoop; However, from the perspective of the stock market, the share price of Fenda technology did not rise significantly because of this, but issued announcements several times this year calling on employees to increase their holdings! Not only did the acquisition of fuchengda encounter doubts this year, but Fenda technology also issued an announcement calling on employees to add value. Recently, Fenda technology announced again that the company raised 1.3 billion capital and will expand the production capacity of precision structural parts

Fenda technology raised 1.3 billion yuan to build a precision structural parts base, and its acquisition of fuchengda was questioned.

as early as the evening of March 29, Fenda technology announced that it planned to issue shares and pay cash, with a total of 2.895 billion yuan to acquire 100% equity of Shenzhen fuchengda Technology Co., Ltd., a manufacturer of precision metal structural parts. The latter is a supplier of apple and Huawei. Fenda technology has its own precision metal structure business. This move is undoubtedly to strengthen the layout in this field and enter the supply chain of apple and Huawei at one stroke

back in 2014, Fenda technology acquired 100% of the equity of oupeng Da with 1.118 billion yuan, of which 838.5 million yuan was issued shares and 279.5 million yuan in cash. It was also through this acquisition that Fenda technology entered the precision structural parts industry at one stroke. Researchers from Samsung and Stanford University mixed nanotechnology, photonics and chemical technologies in polyethylene. Oppo and vivo are all customers of opponda

according to Fucheng Daguan, the company's consumer electronics business mainly includes structural parts, appearance parts, stainless steel middle frame, titanium alloy bracket, SIM card holder, keys, IO bracket, volume Bracket key, smart watch (chassis, shell, shrapnel, etc.) and computer spare parts. Communication hardware such as equipment parts specially designed for power line zigzag experiment for household and similar electrical appliances with a large variety of shapes

according to the data, fuchengda is a high-tech enterprise engaged in the technological development and manufacturing of precision parts in the global 3C (computer, communication, consumer electronics), automotive and military industries. The company has been authorized with 20 patented technologies (including 2 invention patents), and has become a supplier of apple, Huawei, Intel, Google, HP, Flextronics, Jabil, Foxconn, Southco, JGP, HTC, AVC and other enterprises

according to the inquiry, the revenue of fuchengda in 2016 was 747million yuan, of which the sales to apple and its designated electronic manufacturing service manufacturers reached 667million yuan; Net profit of 145million yuan; Fuchengda promised that the net profit after non deduction in 2017, 2018 and 2019 would not be less than 200 million yuan, 260 million yuan and 350 million yuan respectively, with a total of not less than 810 million yuan in three years

in the evening of December 15, Fenda technology announced again that the company plans to publicly issue convertible bonds, and the total amount of funds raised will not exceed 1.3 billion yuan, which will be used for the construction project of precision structural parts production base and the preparation project of Fenda Technology Industrial Research Institute

according to its announcement, if the actual raised funds after deducting the issuance expenses are less than the total amount of the raised funds to be invested in the above projects, the company will adjust and finally decide the priority of the raised funds investment and the specific investment amount of each project according to the actual net amount of the raised funds and the priorities of the projects, and the use arrangement of the raised funds will be solved by the company with its own funds. Before the funds raised in this offering are in place, the company will invest in advance with self raised funds according to the actual situation of the project progress, and replace them after the funds raised are in place in accordance with the procedures specified in relevant laws and regulations

from the perspective of the revenue of Fenda technology in 2016, its revenue in 2016 was 2.104 billion yuan, with a year-on-year increase of 21.98%, and its net profit was 385 million yuan, with a year-on-year increase of 31.33%; The sales volume of the top five customers was 1.023 billion yuan, accounting for 48.68% of its total revenue

according to the division of products, the revenue of Fenda technology electroacoustic products was 721 million yuan, accounting for 34.30%, with a year-on-year increase of 33.09%, and its gross profit margin was 23.84%, with a year-on-year increase of 5.27%; The revenue of health appliances was 513 million yuan, accounting for 24.39%, with a year-on-year decrease of 7.62%, and the gross profit margin was 33.11%, with a year-on-year increase of 2.58%; The revenue of metal appearance parts of mobile intelligent terminals was 672million yuan, accounting for 31.99%, with a year-on-year increase of 21.14% and a gross profit margin of 34.96%, but a year-on-year decrease of 5.17%

it is worth mentioning that the estimated purchase price of fuchengda is 2.895 billion yuan, but the book value of the corresponding net assets of fuchengda is only 250million yuan, and the premium rate is as high as 1058%, and the evaluation institution has not yet issued a formal evaluation opinion on its purchase price. In this regard, Fenda technology also explained that "the current acquisition price is only the estimated price. Fuchengda previously signed a profit compensation agreement with the company and promised to make profit commitments of 200million yuan, 260million yuan and 350million yuan from 2017 to 2019, respectively, for a total of 810million yuan."

in addition, according to Fenda technology, the P/E ratio and P/B ratio corresponding to the valuation of the underlying assets are 14 respectively. 48 times and 11. 58 times, the P/E ratio is significantly lower than the average value of 39 listed companies in the same industry. 35 times, although the price to book ratio is higher than that of Listed Companies in the same industry 4. The average value of 49 times is mainly due to the fact that part of fuchengda's production equipment, daily production and office space are obtained by leasing, and the amount of book net assets is not high. In addition, the target company is a non listed company. Compared with the listed companies in the same industry, the process of expanding net assets without raising funds publicly "said Tong Wenhong

at the same time, fuchengda promises to make annual profit commitments of 200million yuan, 260million yuan and 350million yuan from 2017 to 2019, which means that the net profit commitment will maintain a growth of more than 30%! In 2016, fuchengda's performance was still lower than that in 2015, with a net profit of 145million! In other words, if fuchengda wants to complete its net profit commitment in 2017, it will inevitably increase by 37.93%

in view of the "double high" phenomenon of fuchengda's assets, Shenzhen stock exchange requires Fenda technology to explain the reasons and rationality of the high estimated value-added and the relevant basis for selecting the income method for evaluation in combination with the industry development and core competitiveness. The company needs to supplement and disclose the values of "expected future income growth rate", "discount rate" and other important evaluation parameters in the income method evaluation

Shenzhen Stock Exchange pointed out that the net profit of fuchengda in 2016 decreased compared with the previous year, and asked the company to explain the reasons; Under high performance commitments, the company needs to specify the specific basis, rationality and realizability of the above performance commitments made by the counterparty in combination with fuchengda's past business performance, production capacity, sales price, on hand orders, etc; In addition, the company also needs to give examples to illustrate the compensation method, amount and relevant safeguard measures given by the performance commitment party when the performance commitment is not up to standard

in this regard, Fenda technology explained that the net profit of fuchengda in 2016 decreased by 35.7629 million yuan compared with the previous year, mainly due to fuchengda increasing R & D investment and introducing more than 20 million yuan of salary and welfare expenses of talents, as well as 9.52 million yuan of liquidated damages paid for early termination of forward foreign exchange transactions signed with DBS Bank

in addition, on June 2, according to the announcement of Fenda technology, Xiao Fen, the controlling shareholder and chairman of the company, submitted the proposal on increasing the company's shares held by internal employees, The specific contents are as follows:

"in view of the good fundamentals of the company and my own confidence in the future sustainable development of the company's management team and the company, the investment value of the company's shares has been highlighted. In order to maintain market stability, I hereby propose that all employees of the company and its wholly-owned subsidiary actively buy Fenda Technology (Stock Code: 002681) Stock. I solemnly promise that I will compensate for the losses caused by the increase in the net purchase of Fenda technology stocks from June 2 to June 6, 2017, if they have been held for more than 12 months and are in office; The income belongs to the employee. "

from the above, we can see that the transformation path of Fenda technology is relatively clear. Before the acquisition of oppenda in 2014, its main revenue came from the fact that its revenue in 2014 was only 1.080 billion yuan, with a year-on-year increase of only 2.01% compared with 2013. However, after the acquisition of oppenda in 2015, its revenue reached 1.724 billion yuan at one fell swoop, with a year-on-year increase of 59.61%. By 2016, its revenue exceeded 2.1 billion yuan again, The main credit lies in electroacoustic products and metal appearance structural components. In 2013 and 2014, its revenue growth almost stagnated, and then transformed into the metal precision structural components market. With the help of this market, the revenue increased again in 2015 and 2016. However, from the perspective of metal appearance structural components, the market competition in recent years is very bad, such as the collapse of Fuchang electronics, It can also be seen from the gross profit margin of metal structural appearance parts of Fenda technology in recent years that the gross profit margin of this part of business was 40.13% in 2015, and fell to 34.96% in 2016

for such a favorable announcement made by Fenda technology, from the perspective of its industry, the growth rate of health appliances is not large, and the business of electroacoustic products still has a certain room for growth, which is also the business with the largest revenue at present. With the integration of fuchengda and becoming the supplier of the top brands, the revenue of this part of business is also expected to grow, These two businesses have also become the main business and future growth momentum of Fenda technology. It is undeniable that with the effective integration of oppenda and fuchengda by Fenda technology, there should be room for certain increase in the appearance of metal structures. The revenue of this part may even exceed that of electroacoustic products in 2017! However, in the long run, the future growth space of metal structural appearance parts, especially metal casings, is doubtful

on the whole, the acquisition of 100% shares of fuchengda by Fenda technology through 2.895 billion yuan will undoubtedly intensify the competition among precision structural parts enterprises! At the same time, for Fenda technology, it has entered the supply chain of apple and Huawei at one stroke through this acquisition! Coupled with the previous acquisition of oppenda, Fenda technology will be the top five manufacturer customers of apple, Samsung, Huawei, oppo and vivo in the current global shipments

the output value of the precision structural parts industry in the glass/ceramic snap in rear cover market has shrunk significantly

from a market perspective, in the chassis market, the current mainstream is the metal chassis. However, with the approaching of 5g and the wireless charging, full screen and OLED display becoming the future trend of intelligence, it is easy to find that the intelligent appearance is rapidly demetallized, and the addition of Apple has accelerated this transformation process, starting in 2017, Undoubtedly, there will be more intelligence in doing experiments because of the use of non-metallic materials such as glass and ceramics. In terms of chassis, it will gradually replace metal chassis. this