Seagull Living (002084): Integrated tile industry chain continues to explore the Belt and Road market
Event: Sun Talent Limited, the company’s wholly-owned sun company, intends to take 3.
NT $ 5 billion (RMB 8,027.
440,000 yuan) buy United Time Enterprise Co., Ltd.
100% equity, Taicera Enterprise Company (hereinafter referred to as “Datong Nai Company”) 22.
25% equity and UnionTime 南宁桑拿 shareholder loan.
After the completion of the acquisition, the company will indirectly hold Datong Nai Company 51 through Sun Talent.
Opinion: Acquire Vietnam’s high-end ceramic tile company, integrate the ceramic tile industry chain, and develop the Belt and Road market.
Datong Nai Company is an old-fashioned high-end ceramic tile manufacturer in Vietnam with an annual production capacity of 17 million square meters.
Datong Nai has 7 marketing branches in Vietnam, with sales revenue of 3 in 2019.
2.9 billion yuan, net profit 214.
810,000 yuan (statutory audit of data).
Through this acquisition, Seagull has extended its business to the tile sector, improved the complete product layout of the complete sanitary ware, and enhanced the company’s core competitiveness.
At the same time, Datong Nai ‘s marketing channels in Vietnam opened up sales in Southeast Asia and continued to develop the Belt and Road markets.
The volume of whole bathrooms continues to increase, and the rich product matrix is beneficial to business development.
In the first three quarters of this year, the company’s complete bathroom business achieved revenue1.
370,000 yuan, an increase of 319 in ten years.
The company continues to research and develop. At present, the color plate products of the complete bathroom have been expanded, and the sample confirmation of the tile-type products has been completed.
The color steel plate and tile type products have better texture and higher positioning than traditional SMC products, which solves the problem 北京夜网 of consumers’ low acceptance of SMC products.The product matrix helps the company develop more B-side customers, and will promote the company’s continuous and rapid growth of the whole bathroom business.
Earnings forecast and estimation: EPS are expected to be 0 in 19-21.
42 yuan, corresponding PE is 22X, 18X, 14X.
Give “Buy” rating.
Risk Warning: Significant Appreciation of RMB, Real Estate Sales Affected by Epidemic