The new AVIC has brought the three major business integration channels to the surface
It is reported that the existing business divisions of China Yihang Aviation include the Ministry of Civil and Technology Development, Civil Aviation, Aviation Products, and Engine Business. The existing business divisions of China National Airways include the Aircraft Department, the Helicopter Department, the Aero Engine Department, the Airborne Equipment Department, the Vehicle Department, the Ministry of Civil Products and the Third Production Department.
“The original institutional settings of the two major groups are mostly similar. The only difference is that China Yihang has upgraded the engine to the height of the division to operate alone, while China’s Second Airlines has a helicopter department and a vehicle department that are not available in one flight.†The source said.
As reported by the media, the new CATIC will adopt the "small head office, big business" management model, and its core six subsidiaries (transport aircraft company, helicopter company, airborne system company, engine company, general aviation company, CATIC ) It is the 21 companies listed in the China Aviation Department that are the most concerned. Because this is related to the stay of these 21 listed companies.
ST Changhe: Car plate suspense
It is the integration of the automobile plate headed by ST Changhe (600372) that leads the reorganization of both airlines to depth.
On August 5th, the reporter learned from the Investor Relations Department of China Aviation Engineering Co., Ltd. that the restructuring of ST Changhe has just ended.
ST Changhe reviewed and passed the reorganization and related transaction plans on the fifth board of directors for the year of 2008 on July 16th. This shows the strategic intention of the airline business.
The reporter learned that its specific plan is to purchase the assets involved in the manufacturing of aviation electromechanical products and accessories from China Aviation Industry Corporation (hereinafter referred to as China National Aviation Group), that is, 100% equity of Shanghai Aeronautic Electric Co., Ltd. and Lanzhou Wanli Aviation Machinery & Electric Co., Ltd. The company's 100% equity (the total estimated value is estimated to be between RMB 800 million and RMB 920 million); at the same time, the entire assets and liabilities of the company as of the base transaction date (May 31, 2008) will be sold to CNAC or its designated third parties ( The estimated value is estimated to be between RMB 400 million and RMB 440 million to offset the purchase price of some assets. In addition, the company also passed the “Asset Replacement and Share Purchase Assets Agreement†signed with the new CNAC preparatory group.
An insider of China National Airlines said that the determination of the new CNAC to become bigger and stronger in the automotive sector will not change. According to public information, the two major airline companies operating in the automotive business include Dongan Power, Hafei Motors, Changhe Automotive, China National Aviation Science and Industry, AVIC Seiki, Chengfei Integration, Guihang Stock, etc., in addition to Xi'an Aircraft Group and Shenfei Group. , Guihang Group, Shanghai special vehicle business, involving a large number of resources, urgently need to carry out effective integration, the merger is more likely to be completely stripped of the automotive sector. In addition, the Group will achieve the “trillion†target by 2017, and it will not be possible to rely solely on the aviation industry.
However, an industry source revealed that the reorganization of the auto sector after the merger of the two aviation companies still has suspense. First, under the circumstances that the global high oil prices and the auto manufacturing industry are not so good, does the new CNAC adopt a controlling outsourcing or self-operating model for the auto business? If it is a self-operated model, it is critical to formulate a strategy to reverse the current poor performance of the auto sector. If the company controls outsourcing, whether it outsources all or just outsources some of its assets, other specialized auto companies have their own complete vehicle and parts supporting systems. Will they be willing to take over? Or is it only willing to accept good assets similar to Dongan Power?
Second, its reorganization also depends on the prospects of cooperation between the new CNAC and Dongfeng Motor, as well as the implementation of the cooperation memorandum signed with the French PSA Group.
S Kyrgyzstan Biochemical: Loading Aero Engine Business
Li Xiaoming pointed out that after the merger of the two airlines, the major listed companies will be repositioned according to their business segments. SGS Biochemical may become an aero-engine manufacturing platform.
On August 27, SGS Biochemicals issued a notice of all debt and debt transfer. After claiming to sell its entire assets, liabilities and related businesses to the newly established operating company of COFCO Biochemical Investment Co., Ltd., Jilin Co., Ltd., the company’s claims as of the date of delivery will be transferred from Jilin COFCO, and the debt will be transferred from Jilin COFCO.
On August 25, SGS Biochemical also revealed that it had received relevant documents from the China Securities Regulatory Commission on August 11th and approved the company to sell assets to COFCO Biochemical Investment Co., Ltd. (or its affiliates) to Xi'an Aero Engine (Group) Co., Ltd. The company has acquired assets and made major restructuring plans for its non-public issuance of shares and the company's share reform. At present, the reorganizing parties are preparing for the delivery of assets.
Previously, S.K. Biochemical announced that the sale of assets to COFCO Biochemical Investment Co., Ltd. (or its affiliates) and the acquisition of assets from Xi'an Aero-Engine (Group) Co., Ltd. to its non-public offerings have been conditionally approved by the China Securities Regulatory Commission. The relevant materials of the major issues of the company's equity division reform have been submitted to relevant government departments for approval/approval. In addition, at the 15th meeting of the 5th Board of Directors of SGS Biochemicals and the 8th meeting of the 5th Supervisory Committee, the motion of “renaming the company as Xi'an Aerodynamics Co., Ltd.†(tentative name) was passed.
On June 24, China Yi Hang revealed that the sales of major assets of SGS Biochemicals, purchase of major assets, and non-public offering of Xi'an Aero Engine (Group) Co., Ltd. on a backdoor listing were approved by the China Securities Regulatory Commission Restructuring Committee.
According to a person from the China Airlines Capital Operation Department, the completion of this reorganization will lead China Airlines' West Coast Group's main business and assets to enter SGS Biochemical as a whole. Western Airlines Group will hold 65.61% of the equity of the listed company after reorganization.
It is reported that at present, the two aviation companies and aircraft engine companies include the Shenyang Aircraft Engine Design Institute, Yihang Guizhou Aerospace Engine Research Institute, Yihang Guizhou Liyang Aircraft Engine Company, Yihang Aviation Engine (Group) Co., Ltd., and Shanghai Airlines. Engine Manufacturing Co., Ltd., Yihang Shenyang Liming Engine Group Co., Ltd., Erhang Dongan Group, Erhang South Company, Erhang Chengfa Group, etc., and its future aviation engine business may be included in SGS Biochemicals.
SGS Biochemical's first-half results showed that as of June 30 this year, the company's net profit was 227.998 million yuan, a year-on-year decrease of 21.64%; the main business income was 760 million yuan, an increase of 22.67% over the same period of last year.
From July 8th to the 9th, the 2008 China Aviation Industry Engine Industry Working Conference on Fixed Asset Investment was held in Beijing. According to relevant sources, this is the first aero-engines special conference held since the establishment of the China Aviation Industry Corporation's preparatory group. It will help the aero-engine industry to further implement overall national planning and capacity coordination and promote professional integration.
An insider said that the engine segment is crucial to the combined new group. Looking at the European and American aviation giants, although civil aircraft manufacturers and engine manufacturers are not owned by the same group, they are owned within a single country, such as Boeing and Pratt & Whitney. For China to realize its dream of transforming itself from a large aviation country to a powerful aviation nation, it must improve its domestic aircraft and civilian aviation engine manufacturing capabilities. However, there are also difficulties in the integration. According to regulations, the aeroengine research institute is a public institution and must be restructured into an enterprise before it can be further integrated.
Hafei shares: Independent helicopter sector
According to insiders of China National Aviation Corporation, the reorganization will follow the principle of “professional integrationâ€. The helicopter business is originally an independent project of Air China. After the merger, it will still develop in a professional direction, and the impact will not be great. The helicopter giants of international aviation giants are usually set up independently.
At present, China's second-flight helicopter series includes the Straight-8, Straight-9, Straight-11, and HC-120 series, as well as the EC-120 in cooperation with Eurocopter, and the CA 109 helicopter jointly with Agusta.
According to China National Aviation Corporation, by the end of 2006, there were 178 civilian helicopters in China, of which less than one third were domestic helicopters. China Aviation Industry Research Center predicts that by 2013, China's per capita GDP will reach 1,850 US dollars. Under the premise of open airspace, China needs 1867 helicopters of various types, with an average of 1.3 aircraft per million people.
The above objectives will give the combined aviation industry of China Aviation Industry Corporation greater room for development. At present, the companies and research institutes under the two aviation companies that are responsible for the helicopter business mainly include Hafei, Changfei, and 602 helicopter design institutes. By 2015, the 602 Helicopter Design Institute proposed the goal of China’s innovation and development of third-generation helicopter technology and basic knowledge of fourth-generation advanced helicopter key technologies.
Li Xiaoming believes that China's helicopter manufacturing business mainly focuses on Hafei and Changfei. After the merger of the two aviation companies, it is still worth paying attention to how the helicopter assets business is integrated. Hafei Shares may become the capital platform for the new Group helicopters in the future. Its parent company, Hafei Group, is one of the two largest helicopter manufacturing companies in China. Apart from the H425 helicopters and HC120 light helicopters, the H-9 series is the multi-purpose helicopter application platform with the most improved models and the most extensive applications in China. About 80% of income.
Hafei's first-half results show that as of June 30, 2008, the company's net profit was 12.7394 million yuan, a year-on-year decrease of 13.63%; the main business income was 511 million yuan, a year-on-year decrease of 10.06%.
Hafei is also a domestic company with two advantages in composite materials. It has an annual production capacity of 150 composite components and has actively participated in international cooperation.
On July 15, at the Farnborough Airshow in the UK, Pang Jian, Chairman of Hafei Group, and Bo Long, President of Airbus China, signed a framework contract to establish a composite aircraft parts manufacturing center in Harbin.
An insider of China National Aviation Corporation also revealed that the joint venture manufacturing center will be established in early 2009, Hafei will own 80% of the shares, and Airbus China will own 20% of its shares. The manufacturing center will produce parts for the Airbus A320 family of aircraft and will also participate in the industrialization and mass production of the Airbus A350XWB widebody aircraft work package.
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