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Frbiz.com Reports Sichuan Changhong to give up air conditioning business to avoid intra-industry com

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heiyou

Sichuan Changhong Electric (600839, closing price of 4.85 yuan) today issued a public notice that the board examined and approved the transfer of company ownership means the listing to sell holdings of Sichuan Changhong Air Conditioning Co., Ltd. (hereinafter referred to as Changhong air conditioning) 100% equity and Zhongshan Changhong Electric Co., Ltd. ( hereinafter referred to as Zhongshan Changhong) 90% stake. The transfer of issues need not be submitted to shareholders for its consideration. Company will receive the state-owned asset-management division after the approval and filing procedures for fulfilling a specific listing.

To avoid intra-industry competition

In its announcement, the company said, according to company’s strategic development needs, in order to avoid holding subsidiaries and Meiling Electrical (000521, closing 6.81 million) in the white power industry there is the potential to compete with the industry to fulfill the acquisition Meiling appliances, the commitments made by agree that the state-owned asset management company under the relevant provisions of the transfer means to transfer the listing of property rights held by the 100% stake in Sichuan Changhong air conditioner (including the company held 99% directly owned subsidiary of Sichuan Changhong equity and Innovation Investment Co., Ltd. holds 1% stake in ), and Zhongshan Changhong 90% stake.

Announcements, Changhong air conditioner is mainly engaged in domestic air-conditioning business, research and development, production and sales. As of June 30, 2009, Changhong air-conditioned with total assets of 5.91 billion, total liabilities of 289 million, equity 3.02 billion in the first half of 2009, Changhong air-conditioning to achieve operating income of 699 million yuan, operating profit of 5.9965 million yuan, net profit of 3.6031 million yuan. To June 30, 2009 as the base, Changhong air conditioner 302 million book value of equity to assess the value of 290 million yuan to assess the value of -1108.15 million, value-added rate of -3.67%.

Zhongshan Changhong air conditioner is mainly engaged in the business of overseas R & D, production and sales. As of June 30, 2009, Zhongshan Changhong’s total assets of 3.32 billion, total liabilities of 245 million, equity of 86.834 million yuan, Zhongshan Changhong first half of 2009 to achieve revenues of 146 million, operating profit of 3.2537 million yuan, net profit of 2.5233 million yuan. To June 30, 2009 as the base date, Zhongshan Changhong equity book value of 86.834 million yuan to assess the value of 114 million to assess the value of 27.1486 million yuan, value-added rate of 31.26%.

Sharp drop in air-conditioning business

In fact, Guotai Junan analyst Wang Zhen in the analysis when semi-annual report, Sichuan Changhong said: “Sichuan Changhong’s air-conditioning business is likely to be a loss.” Analysts believe that perhaps the rush to sell its air-conditioning, Sichuan Changhong, one of the reasons the company.

Sichuan Changhong semi-annual report published in 2009 showed that the first half operating income of 13.277 billion yuan, net profit of 030 million yuan, down 22.56% year on year, of which the contribution Meiling Electrical 6.57 million yuan, China intended to contribute 13.75 million yuan compression, the National Rainbow Communications contributed 32.17 million yuan, while the parent company has a loss of 46.8 million yuan. This shows that mobile phones, white and the upper reaches of compressor is the main source of profits, but the urgent need to improve the profitability of TV business.

Wang Zhen pointed out that Sichuan Changhong semi-annual report point of view, white drop is relatively small, mainly due to Meiling refrigerator. White income was 2.957 billion yuan, down 10.37 percent year on year; of these Meiling refrigerator income of 2.43 billion yuan, an increase of 9.1%, gross margin reached 29.4%. According to estimates, air-conditioning revenue declined more than 50%, gross margin fell ultra-80%, gross margin was only 11.8%. Therefore, Wang Zhen that the air-conditioning business is most likely a loss.

Although the above proposed transfer of two listed companies have a profit, but profitability is not good. Thus, some analysts believe that Sichuan Changhong to Meiling Electrical more profitable, but has abandoned its traditional air-conditioning company.

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