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天山股份負債率70%,“巨無霸”是否等於“水泥一哥”?
格隆匯 08-10 15:54

來源:環老虎財經

隨着天山股份交易預案的出爐,公司於8月10日一字漲停。

消息面上,天山股份週五公告稱,擬向中國建材等多方購買中聯水泥100%股權、南方水泥99.93%股權、西南水泥95.72%股權和中材水泥100%股權。本次收購預計構成重大資產重組與公司關聯交易,但不會導致公司實際控制人變更。

同時,天山股份擬向特定投資者以非公開發行股份的方式募集大額配套資金,以避免持股集團持股比例超過90%,預計發行數量不超過總股本的30%,即不超過3.15億股,總額不超過57億元。

若該收購完成,天山股份總資產將由152.8億元增加至約2500億元,將超過目前的水泥“一哥”——海螺水泥,成為A股最大水泥公司。公司水泥產能將能提升至約4.3億噸,水泥熟料產能有望增至3.5億噸/年,躍居全國第一。

不過,雖然天山股份在完成整合後營收和資產規模能夠大幅提升,但由於標的公司資產負債率較高,公司整合後的資產負債率將會高達70%,遠遠高於海螺水泥的20%,在資產質量和盈利能力還是有較大差距。

公開資料顯示,天山股份是西北地區最大的水泥企業,去年實現營收96.88億元。其主營業務包含水泥、熟料、商品混凝土的生產及銷售,年產能約為3866萬噸,80%集中在新疆地區,佔到新疆地區總產能的32%左右,其中南疆產能大於北疆。

而賣家中國建材其實是天山股份的控股股東,擁有45.87%的股份。中國建材目前總資產4700億元,是由兩家H股上市公司原中國建材股份有限公司與原中國中材股份有限公司於2018年5月重組而成,其水泥和玻璃工程服務佔全球市場份額65%。

此次重組實際上是中國建材為了減少“內耗”,將水泥業務納入上市公司統一管理。作為此次收購標的的中聯水泥、南方水泥、西南水泥和中材水泥均為大型水泥生產和銷售企業,與天山股份業務類似,在區域上也有明顯協同,存在同業競爭的情況。將上述未上市的水泥資產注入天山股份,有助於中國建材理順水泥板塊管理、協調機制,提升經營效率。

值得一提的是,本次重組主要涉及中國建材旗下的4家未上市水泥資產,中國建材另有兩家A股上市公司寧夏建材與祁連山,是否會加入整合,還有待進一步觀察。受消息影響,寧夏建材今日暴跌9.44%,當前市值82.06億元;祁連山下跌5.34%,當前市值158.1億元。

中銀證券分析稱,重組後,中建材旗下水泥資產在港股市場長期折價的現象有望消除,高負債率的資產結構有望優化。水泥行業內天山水泥、海螺水泥雙寡頭局面將得到確立。中國巨石、中材科技等旗下玻纖板塊業務平台整合預期也得到提升。

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