Recently, Zhongdaan (300635SZ) announced that the company intends to issue ** to specific objects to raise about 2800 million yuan, which will be used to supplement working capital and repay bank loans, provide financial support for the continuous growth of the company's business scale, maintain the stability of control, and promote the long-term stable development of the company.
After the completion of the issuance, the controlling shareholder Likong Tysen held 4083 shares of Zhongdaan570,000 shares, accounting for 25 of the total share capital of Zhongdaan03%。The Finance Bureau of Licheng District, Jinan City, controls Likong Tysen through indirect means, which means that the actual controller of Zhongdaan is changed to the Finance Bureau of Licheng District, Jinan City. After the state-owned assets system of Jinan became the owner, Zhongdaan set up the northern headquarters in Jinan City, and built a corresponding management structure, and the synergy of industrial resources was further strengthened.
Short-term margins were under pressure due to higher costs, and there were clear signs of continued improvement
In recent years, the development trend of the engineering supervision industry is good. According to the data, the operating income of domestic construction engineering supervision enterprises increased from 1493 in 20115.4 billion yuan, an increase to 9472 in 20218.3 billion yuan, with an average annual compound growth rate of 2029%。
In the context of the good development momentum of the industry, from January to September 2023, Zhongdaan achieved an operating income of 46.9 billion yuan, an increase of 10 percent year-on-year41%, with a net profit of 379900,000 yuan. Affected by factors such as the year-on-year increase in expenses during the period, the company's net profit declined in the short term.
Further analysis shows that in the first three quarters of 2023, Zhongdaan's net profit attributable to the parent company will be 379900,000 yuan, mainly due to the increase in the amount of expenses during the period. From January to September 2023, the company's expenses during the period increased by 27.63 million yuan year-on-year, of which management expenses accounted for a large share, an increase of 17.84 million yuan year-on-year. According to the reply letter disclosed by the company, employee remuneration accounted for a large share of management expenses, an increase of 14.71 million yuan year-on-year, mainly due to the consolidation of the subsidiary's "Tongxin Tonghe" statement, the establishment of the northern headquarters and the increase in management personnel of the parent company.
It is worth noting that the above situation only adversely affects the short-term performance of Zhongdaan, and the company's operation is continuing to show an upward trend. In 2023, Zhongda Anchang's aging receivables** are better. According to the announcement, from January to September 2023, the total amount of credit impairment losses and asset impairment losses reversed by Zhongdaan was 38.03 million yuan, an increase of 17.29 million yuan year-on-year.
According to the analysis, on the basis of the northern headquarters as the center, Zhongdaan further increased the development of the northern market, formed a new profit growth point, and at the same time, increased the collection of customer collection, and reduced the risk of customer collection. From January to September 2023, the company's contract winning bid amount also maintained a year-on-year increase, and the market development achieved remarkable results.
State-owned assets holding is stable and has long-term coordinated development
For this non-public offering, the Issuance Examination Committee of the Exchange also paid attention to the impact of Likong Tysen on the control of Zhongdaan in the inquiry letter.
It is reported that Likong Tysen has obtained Zhongdaan shares through agreement transfer. For this part of the shares, the relevant parties signed an entrustment agreement with Likong Tysen, which included clear terms such as voting rights entrustment, entrustment period, and scope of entrustment. According to the announcement, after the completion of the non-public offering, the proportion of shares that control the voting rights of the company will increase to 3287%, which will help consolidate the position of Likong Tysen as the controlling shareholder of the company, help maintain the stability of the control of listed companies, and promote the stable development of the company.
On the basis of stable control, the two parties attach more importance to the synergy of industrial resources between them, so as to empower the development of listed companies and local industrial economies, and further promote the in-depth integration and coordinated development of the two parties in the field of whole-process engineering consulting and new urban construction.
Zhongdaan is the first listed company in the supervision industry in the A-share market, mainly engaged in construction project management services based on engineering supervision, including communication supervision, power supervision, water conservancy supervision, etc. In the engineering consulting business sector, Licheng Holdings has four Tongxintonghe Engineering Design Grade A Design Institute and four whole-process consulting related ownership enterprises, forming a full consulting system integrating design, survey, cost, supervision, bidding, project management and other services, and making efforts in the fields of engineering technology, photovoltaic energy and regional smart energy. This has a high degree of synergy and complementarity with Zhongda'an Co., Ltd.'s first-class engineering supervision, intelligent engineering management platform and other businesses. A few days ago, Zhongdaan also participated in the supervision of China's most operating wind power base on the mainland, the 3 million kilowatt wind power project of China General Nuclear Power Xing'an League, which was put into operation at full capacity.
In this regard, industry insiders said that Licheng Holdings will build the northern headquarters of Zhongdaan through the existing business in the system, and become a new growth pole for the company's performance. Specifically, from 2017 to 2019, Zhongdaan's revenue in the South China market accounted for more than 50%, and by 2022, Zhongdaan's revenue in South China will drop to 4123%, reflecting the rapid growth of Zhongdaan's revenue outside South China. Among them, the growth of projects from the north is the most impressive. Of the six projects that Zhongdaan won in June this year, four were in the northern region.
In the first half of this year, the company frequently won bids in northern provinces such as Shandong and Hebei, becoming the main contributor to the company's project growth. Jinan's state-owned assets system has provided a significant boost to Zhongdaan's business expansion in the north, and the pace of north-south two-wheel drive development has been further accelerated.
The non-public offering of Zhongdaan will help the company grasp the development opportunities of the industry and enhance the company's long-term sustainable development ability, and the state-owned assets will also fully empower the company's development. According to the investor research minutes, the company will continue to focus on the whole process consulting industry, and comprehensively carry out the whole process of engineering consulting and intelligent engineering management business through the precise layout of the northern headquarters (Jinan) and the headquarters of the Greater Bay Area (Guangzhou), and the performance is expected to grow steadily.