Guest list
Mr. Wang Xinmin, Chairman of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Suo Xiaoqiang, General Manager of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Cui Jitang, Secretary of the Board of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Wu Haiming, Chief Financial Officer of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Guo Jian, Assistant to President of China Merchants Securities Co., Ltd. and Managing Director of Investment Banking Department
Ms. Wu Yuhui, Director and Sponsor of Investment Banking Department of China Merchants Securities Co., Ltd.
Mr. Cheng Hongbo, Director of Investment Banking Department, China Merchants Securities Co., Ltd.
Share-trading reform
Q: Do you think the share reform can achieve a win-win situation? Why?
Wang Xinmin: The success of the share-trading reform has been successful. On the one hand, the interests of non-tradable shareholders and tradable shareholders have become more consistent, corporate governance has become more standardized, and business objectives have become clearer. On the other hand, the original non-tradable shareholders must also take stock prices as the most important assessment. The goal is to better mobilize the enthusiasm of management and create greater value for all shareholders through the establishment of management-shareholding-linked equity incentive system. Third, listed companies may increase their valuations and make large market capitalization. By means of stock exchange and issuance of new shares, we will integrate acquisition and stock resources to promote the company's development and create greater value. Therefore, the share-trading reform can bring about a win-win situation for non-tradable shareholders and tradable shareholders and management. Thank you!
Q: Where are the difficulties in developing a share reform plan from brewing to launching a sensory plan?
Suo Xiaoqiang: In the process of formulating the plan, due to the low shareholding ratio of our non-tradable shareholders, the ability to pay the consideration is limited. However, after we exchanged and communicated with the non-tradable shareholders, we carefully understood the wishes of the shareholders of the tradable shares. And put forward a preliminary plan based on the actual situation of the company. In fact, the main difficulty in formulating the plan is how to balance the interests and contradictions of the two types of shareholders, and how to ensure that the legitimate rights and interests of the shareholders of the tradable shares are not lost. We hope that all shareholders of tradable shares will actively participate in communication and negotiation, so that the company's share-trading reform will be completed as soon as possible. Thank you!
Q: How do you view the gap between the market expectation and the actual program price?
Cui Jitang: This gap exists. We are based on the principle of reducing this gap when formulating the plan. At the same time, we have arranged sufficient time in the whole process of share-trading reform, and through various ways to organize non-tradable shareholders and tradable shareholders to fully communicate and negotiate, and extensively solicit opinions of tradable shareholders. We believe that through adequate communication and communication, the consideration program can find a balance between the expectations of all parties. Thank you!
Q: Is the company's shareholder's rights to shareholders of tradable shares fully protected?
Wu Haiming: The theoretical calculation of the share-to-equity ratio is 10 to 2.5 shares. The current plan is 10 to send 2.7 shares. The actual payment consideration of the company is 8% higher than the theoretical consideration, which protects the rights and interests of the tradable shareholders. The tradable shareholders do not need to pay cash. Next, it will acquire 27% of the shares held by it, and its aerospace power will increase its equity by 27%. The proportion of profit from the company will increase accordingly; every 10 shares of tradable shareholders will receive After paying 2.7 shares, its shareholding cost will drop significantly. The decline in shareholding cost will increase the ability of tradable shareholders to withstand the price fluctuations in the secondary market, and the rights of tradable shareholders will be better protected. Thank you!
Q: What is the theoretical basis for determining this share reform plan?
Guo Jian: The theoretical basis of this aerospace power shareholding reform plan is based on the company's value conservation method. It is assumed that the tradable shares are subject to a premium due to the non-tradable shares being unlisted, and the non-tradable shares are discounted due to the non-listing. The discount and the premium are equal, so the value of the company before and after the full circulation is unchanged, and the difference between the equity value of the non-tradable shareholders before and after the full circulation is calculated, and the difference is used as the non-tradable share to obtain the right of circulation. Thank you!
Q: Why should we choose 4.01 yuan as the reasonable price of the original tradable shareholders?
Wu Yuhui: The shareholding cost of each circulating A shareholder may not be the same, and we can only consider the average shareholding cost of most circulating A share shareholders. As of March 17, 2006, the price of the 250-day moving average (annual line) of the aerospace power secondary market was 3.84 yuan, the price of the 120-day moving average (semi-annual line) was 4.01 yuan, the price of the 60-day moving average was 4.20 yuan, and the price of the 30-day moving average was 4.35 yuan. In this aerospace power share-sharing reform plan, the average price of the first day tradable shareholders as of March 15, 2006 was adopted as the reasonable price of the original tradable shareholders. The price is in the historically high position of the company's stock price and should cover the holding cost of most circulating A shares. We believe that the interests of shareholders of circulating A shares can be fully protected. Thank you!
Business development
Question: As a listed company in the aerospace system, what are the strong aerospace technology advantages of the company?
Wang Xinmin: The company's core technology is aerospace fluid power technology. The company relies on long-term accumulation of aerospace fluid technology and aerospace fluid testing technology. It has a strong competitive advantage in the design of fluid ternary flow field model, flow field performance calculation and testing, and fluid machinery manufacturing. Thank you!
Q: What are the main advantages of the company's industrial advantages?
Wang Xinmin: The company's industrial advantages are mainly reflected in: the company's main products are closely related to the development of infrastructure and real estate, construction machinery and new energy utilization industries. The above-mentioned industries belong to the national key support and development areas, and the market has good growth prospects. Special pumps: The domestic real estate market is developing rapidly, and the country is paying more and more attention to fire safety. IC card gas meter: The national "West-East Gas Transmission" project and the development of natural gas resources on the offshore shelf make the application of gas more and more extensive. Hydraulic Torque Converter: Although the macro-control has obvious inhibitory effect on engineering machinery, the sheet metal-flushing hydraulic torque converter has obvious advantages compared with the traditional casting-type hydraulic torque converter, and has a broad space in product replacement. At the same time, the support of national policies for the development of the domestic car parts industry has made the welding-type hydraulic torque converter face huge market opportunities. At the same time, the company's products have expanded to petroleum, chemical, electric power, metallurgy, mining and other fields. Thank you!
Q: Competitive advantage is the source of power for any company's sustainable development. How will the company strengthen its competitive advantage?
Suo Xiaoqiang: First of all, the company will continue to enlarge and strengthen the existing special pump products, hydraulic torque converter products and smart gas meter products; at the same time, it is actively involved in key industries and key product areas encouraged by the state, so that the company is now On the basis of products, we will develop in the direction of automation technology, new material application technology, and environmental protection industry to improve the company's comprehensive competitiveness and risk resistance, and to further strengthen its core technology and core competitive advantages. Thank you!
Q: Please explain the industrialization of the company's core technology aerospace liquid rocket engine fluid technology?
Suo Xiaoqiang: The fluid technology of aerospace liquid rocket engines is only available in a few countries including China. China has always been the world leader in fluid technology for aerospace liquid rocket engines. As a subsidiary of China Aerospace Science and Technology Corporation, the company's core technology is the fluid technology of aerospace liquid rocket engines. Based on the accumulation of technology and a large number of talents in this core technology, it has successfully transformed military technology into civilian technology and has developed it. Out of the special products, hydraulic torque converters and other marketable civilian products, the company's main products have patent rights, while having a number of proprietary technologies, with independent intellectual property rights. At present, according to market demand and trends, the company can quickly develop new products with high technical content and marketability through the intersection and integration of core technologies and other related technologies, and maintain the technological leadership of this technology in the field of civilian products. Thank you!
Q: Will the company's special pump business be involved in the defense industry?
Cui Jitang: We will be involved in the defense industry, such as military fire trucks, fuel trucks, anti-chemical vehicles, etc., which use the company's special pumps. In addition, the company's special pumps are gradually meeting the needs of a variety of defense pump markets. Thank you!
Q: What are the main financial advantages of the company?
Wu Haiming: Our financial advantages are mainly reflected in: First, relying on core technologies and advantages, focusing on the development of core products. In 2005, the company's sales revenue reached 186 million yuan, an increase of 29.5% over the previous year; the company's board of directors carefully analyzed that In the future, the company's sales revenue is expected to maintain steady growth. The second is a sound financial management model with a risk control system. While the company's business and operating income continue to grow, all financial indicators are controlled within a safe range. Thank you!
Q: What is the company's future development strategy?
Wang Xinmin: People-oriented, strengthen scientific management, improve the operating mechanism, and continuously introduce high-tech new products with market leading role, so that the company can gradually develop into a large-scale domestic and international large-scale production, scientific management, market internationalization, and operational integration. Enterprise Group. Thank you!
Q: What is the company's business development goal in the next few years?
Suo Xiaoqiang: During the "11th Five-Year Plan" period, the company will focus on the expansion and expansion of horizontal and vertical industrial chains on the basis of consolidating existing product operations, strengthen project research and demonstration, and guide with strategic management ideas. In the near-term development of the company, the company actively seeks products with bright spots; fully utilizes the strategic resources and cooperation platform provided by China Aerospace Science and Technology Corporation and large-scale enterprise groups such as petrochemical, oilfield and coal to further expand their thinking and give play to their joint advantages. Great cooperation will drive industrial growth; at the same time, market development and technological breakthroughs will be carried out from a system perspective, and the structure will be adjusted, and rapid development and scientific development will be carried out. Set different business objectives for different products, and strive to achieve the ambitious goal of achieving a revenue of 2 billion in 2010. Thank you!
Q: Please briefly introduce the company's international expansion?
Cui Jitang: At present, the company's internationalization expansion focuses on the extension and development of the product market. While ensuring the steady growth of the domestic market share, the torque converter products have gradually developed overseas markets such as Caterpillar, India Gold, India JCB, Korea Daewoo, South Korea Clark, UK JCB, UK ATP, Italy, Belgium, Malaysia, etc. Special pump products will be launched in the international market such as Southeast Asia through technical cooperation, and boldly look for foreign agents, mainly pushing the company's building fire pumps, sprinklers and induction fans. Thank you!
Q: How does the company respond to market competition risks?
Wu Haiming: Although most of the products of the company are high-tech products developed by the use of aerospace fluid technology, the technical content is leading domestically, but it also faces fierce competition from domestic and foreign manufacturers. Whether it can continue to maintain and expand its domestic and international market share still exists. More uncertain factors. There are certain risks in the following aspects: First, the company uses its own technological advantages to position itself in the production and sales of high-tech and high value-added products, and establish product brand advantages; secondly, vigorously develop and develop new products, and Strengthen quality control, strive to lead domestic competitors in terms of variety and quality; Third, continue to increase investment in scientific research, maintain and develop the company's technological innovation capabilities, and at the same time use the advantages of familiar with the domestic market to enhance competition for foreign products. force. Thank you!
Q: Does the company have plans to expand into downstream industries?
Wang Xinmin: The company will focus on strengthening the existing product management, focusing on the horizontal and vertical industrial chain stretching and expansion. The company will make full use of the strategic resources and cooperation platform provided by the group in petrochemical, oilfield and coal fields. Further expand the thinking, give play to the joint advantages, increase cooperation, and drive industrial growth. Thank you!
Q: Does the company have the confidence to maintain sustained and steady growth in its main business performance?
Suo Xiaoqiang: The company will continue to strengthen the use of aerospace fluid power technology for civilization. According to market demand and trends, through the intersection and integration of aerospace fluid power technology and other related technologies, we will develop new products with high technical content and marketability. Maintain the technology leadership of this technology in the field of civilian products. At the same time, the company will continue to strengthen internal management, actively explore new models suitable for the development and production of the three main products, adhere to active marketing policies, make full use of the advantages of aerospace technology, increase market expansion, further consolidate the core competitiveness, and maintain the main The sustained and steady growth of the performance of the camp. Thank you!
Mr. Wang Xinmin, Chairman of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Suo Xiaoqiang, General Manager of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Cui Jitang, Secretary of the Board of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Wu Haiming, Chief Financial Officer of Shaanxi Aerospace Power High-Tech Co., Ltd.
Mr. Guo Jian, Assistant to President of China Merchants Securities Co., Ltd. and Managing Director of Investment Banking Department
Ms. Wu Yuhui, Director and Sponsor of Investment Banking Department of China Merchants Securities Co., Ltd.
Mr. Cheng Hongbo, Director of Investment Banking Department, China Merchants Securities Co., Ltd.
Share-trading reform
Q: Do you think the share reform can achieve a win-win situation? Why?
Wang Xinmin: The success of the share-trading reform has been successful. On the one hand, the interests of non-tradable shareholders and tradable shareholders have become more consistent, corporate governance has become more standardized, and business objectives have become clearer. On the other hand, the original non-tradable shareholders must also take stock prices as the most important assessment. The goal is to better mobilize the enthusiasm of management and create greater value for all shareholders through the establishment of management-shareholding-linked equity incentive system. Third, listed companies may increase their valuations and make large market capitalization. By means of stock exchange and issuance of new shares, we will integrate acquisition and stock resources to promote the company's development and create greater value. Therefore, the share-trading reform can bring about a win-win situation for non-tradable shareholders and tradable shareholders and management. Thank you!
Q: Where are the difficulties in developing a share reform plan from brewing to launching a sensory plan?
Suo Xiaoqiang: In the process of formulating the plan, due to the low shareholding ratio of our non-tradable shareholders, the ability to pay the consideration is limited. However, after we exchanged and communicated with the non-tradable shareholders, we carefully understood the wishes of the shareholders of the tradable shares. And put forward a preliminary plan based on the actual situation of the company. In fact, the main difficulty in formulating the plan is how to balance the interests and contradictions of the two types of shareholders, and how to ensure that the legitimate rights and interests of the shareholders of the tradable shares are not lost. We hope that all shareholders of tradable shares will actively participate in communication and negotiation, so that the company's share-trading reform will be completed as soon as possible. Thank you!
Q: How do you view the gap between the market expectation and the actual program price?
Cui Jitang: This gap exists. We are based on the principle of reducing this gap when formulating the plan. At the same time, we have arranged sufficient time in the whole process of share-trading reform, and through various ways to organize non-tradable shareholders and tradable shareholders to fully communicate and negotiate, and extensively solicit opinions of tradable shareholders. We believe that through adequate communication and communication, the consideration program can find a balance between the expectations of all parties. Thank you!
Q: Is the company's shareholder's rights to shareholders of tradable shares fully protected?
Wu Haiming: The theoretical calculation of the share-to-equity ratio is 10 to 2.5 shares. The current plan is 10 to send 2.7 shares. The actual payment consideration of the company is 8% higher than the theoretical consideration, which protects the rights and interests of the tradable shareholders. The tradable shareholders do not need to pay cash. Next, it will acquire 27% of the shares held by it, and its aerospace power will increase its equity by 27%. The proportion of profit from the company will increase accordingly; every 10 shares of tradable shareholders will receive After paying 2.7 shares, its shareholding cost will drop significantly. The decline in shareholding cost will increase the ability of tradable shareholders to withstand the price fluctuations in the secondary market, and the rights of tradable shareholders will be better protected. Thank you!
Q: What is the theoretical basis for determining this share reform plan?
Guo Jian: The theoretical basis of this aerospace power shareholding reform plan is based on the company's value conservation method. It is assumed that the tradable shares are subject to a premium due to the non-tradable shares being unlisted, and the non-tradable shares are discounted due to the non-listing. The discount and the premium are equal, so the value of the company before and after the full circulation is unchanged, and the difference between the equity value of the non-tradable shareholders before and after the full circulation is calculated, and the difference is used as the non-tradable share to obtain the right of circulation. Thank you!
Q: Why should we choose 4.01 yuan as the reasonable price of the original tradable shareholders?
Wu Yuhui: The shareholding cost of each circulating A shareholder may not be the same, and we can only consider the average shareholding cost of most circulating A share shareholders. As of March 17, 2006, the price of the 250-day moving average (annual line) of the aerospace power secondary market was 3.84 yuan, the price of the 120-day moving average (semi-annual line) was 4.01 yuan, the price of the 60-day moving average was 4.20 yuan, and the price of the 30-day moving average was 4.35 yuan. In this aerospace power share-sharing reform plan, the average price of the first day tradable shareholders as of March 15, 2006 was adopted as the reasonable price of the original tradable shareholders. The price is in the historically high position of the company's stock price and should cover the holding cost of most circulating A shares. We believe that the interests of shareholders of circulating A shares can be fully protected. Thank you!
Business development
Question: As a listed company in the aerospace system, what are the strong aerospace technology advantages of the company?
Wang Xinmin: The company's core technology is aerospace fluid power technology. The company relies on long-term accumulation of aerospace fluid technology and aerospace fluid testing technology. It has a strong competitive advantage in the design of fluid ternary flow field model, flow field performance calculation and testing, and fluid machinery manufacturing. Thank you!
Q: What are the main advantages of the company's industrial advantages?
Wang Xinmin: The company's industrial advantages are mainly reflected in: the company's main products are closely related to the development of infrastructure and real estate, construction machinery and new energy utilization industries. The above-mentioned industries belong to the national key support and development areas, and the market has good growth prospects. Special pumps: The domestic real estate market is developing rapidly, and the country is paying more and more attention to fire safety. IC card gas meter: The national "West-East Gas Transmission" project and the development of natural gas resources on the offshore shelf make the application of gas more and more extensive. Hydraulic Torque Converter: Although the macro-control has obvious inhibitory effect on engineering machinery, the sheet metal-flushing hydraulic torque converter has obvious advantages compared with the traditional casting-type hydraulic torque converter, and has a broad space in product replacement. At the same time, the support of national policies for the development of the domestic car parts industry has made the welding-type hydraulic torque converter face huge market opportunities. At the same time, the company's products have expanded to petroleum, chemical, electric power, metallurgy, mining and other fields. Thank you!
Q: Competitive advantage is the source of power for any company's sustainable development. How will the company strengthen its competitive advantage?
Suo Xiaoqiang: First of all, the company will continue to enlarge and strengthen the existing special pump products, hydraulic torque converter products and smart gas meter products; at the same time, it is actively involved in key industries and key product areas encouraged by the state, so that the company is now On the basis of products, we will develop in the direction of automation technology, new material application technology, and environmental protection industry to improve the company's comprehensive competitiveness and risk resistance, and to further strengthen its core technology and core competitive advantages. Thank you!
Q: Please explain the industrialization of the company's core technology aerospace liquid rocket engine fluid technology?
Suo Xiaoqiang: The fluid technology of aerospace liquid rocket engines is only available in a few countries including China. China has always been the world leader in fluid technology for aerospace liquid rocket engines. As a subsidiary of China Aerospace Science and Technology Corporation, the company's core technology is the fluid technology of aerospace liquid rocket engines. Based on the accumulation of technology and a large number of talents in this core technology, it has successfully transformed military technology into civilian technology and has developed it. Out of the special products, hydraulic torque converters and other marketable civilian products, the company's main products have patent rights, while having a number of proprietary technologies, with independent intellectual property rights. At present, according to market demand and trends, the company can quickly develop new products with high technical content and marketability through the intersection and integration of core technologies and other related technologies, and maintain the technological leadership of this technology in the field of civilian products. Thank you!
Q: Will the company's special pump business be involved in the defense industry?
Cui Jitang: We will be involved in the defense industry, such as military fire trucks, fuel trucks, anti-chemical vehicles, etc., which use the company's special pumps. In addition, the company's special pumps are gradually meeting the needs of a variety of defense pump markets. Thank you!
Q: What are the main financial advantages of the company?
Wu Haiming: Our financial advantages are mainly reflected in: First, relying on core technologies and advantages, focusing on the development of core products. In 2005, the company's sales revenue reached 186 million yuan, an increase of 29.5% over the previous year; the company's board of directors carefully analyzed that In the future, the company's sales revenue is expected to maintain steady growth. The second is a sound financial management model with a risk control system. While the company's business and operating income continue to grow, all financial indicators are controlled within a safe range. Thank you!
Q: What is the company's future development strategy?
Wang Xinmin: People-oriented, strengthen scientific management, improve the operating mechanism, and continuously introduce high-tech new products with market leading role, so that the company can gradually develop into a large-scale domestic and international large-scale production, scientific management, market internationalization, and operational integration. Enterprise Group. Thank you!
Q: What is the company's business development goal in the next few years?
Suo Xiaoqiang: During the "11th Five-Year Plan" period, the company will focus on the expansion and expansion of horizontal and vertical industrial chains on the basis of consolidating existing product operations, strengthen project research and demonstration, and guide with strategic management ideas. In the near-term development of the company, the company actively seeks products with bright spots; fully utilizes the strategic resources and cooperation platform provided by China Aerospace Science and Technology Corporation and large-scale enterprise groups such as petrochemical, oilfield and coal to further expand their thinking and give play to their joint advantages. Great cooperation will drive industrial growth; at the same time, market development and technological breakthroughs will be carried out from a system perspective, and the structure will be adjusted, and rapid development and scientific development will be carried out. Set different business objectives for different products, and strive to achieve the ambitious goal of achieving a revenue of 2 billion in 2010. Thank you!
Q: Please briefly introduce the company's international expansion?
Cui Jitang: At present, the company's internationalization expansion focuses on the extension and development of the product market. While ensuring the steady growth of the domestic market share, the torque converter products have gradually developed overseas markets such as Caterpillar, India Gold, India JCB, Korea Daewoo, South Korea Clark, UK JCB, UK ATP, Italy, Belgium, Malaysia, etc. Special pump products will be launched in the international market such as Southeast Asia through technical cooperation, and boldly look for foreign agents, mainly pushing the company's building fire pumps, sprinklers and induction fans. Thank you!
Q: How does the company respond to market competition risks?
Wu Haiming: Although most of the products of the company are high-tech products developed by the use of aerospace fluid technology, the technical content is leading domestically, but it also faces fierce competition from domestic and foreign manufacturers. Whether it can continue to maintain and expand its domestic and international market share still exists. More uncertain factors. There are certain risks in the following aspects: First, the company uses its own technological advantages to position itself in the production and sales of high-tech and high value-added products, and establish product brand advantages; secondly, vigorously develop and develop new products, and Strengthen quality control, strive to lead domestic competitors in terms of variety and quality; Third, continue to increase investment in scientific research, maintain and develop the company's technological innovation capabilities, and at the same time use the advantages of familiar with the domestic market to enhance competition for foreign products. force. Thank you!
Q: Does the company have plans to expand into downstream industries?
Wang Xinmin: The company will focus on strengthening the existing product management, focusing on the horizontal and vertical industrial chain stretching and expansion. The company will make full use of the strategic resources and cooperation platform provided by the group in petrochemical, oilfield and coal fields. Further expand the thinking, give play to the joint advantages, increase cooperation, and drive industrial growth. Thank you!
Q: Does the company have the confidence to maintain sustained and steady growth in its main business performance?
Suo Xiaoqiang: The company will continue to strengthen the use of aerospace fluid power technology for civilization. According to market demand and trends, through the intersection and integration of aerospace fluid power technology and other related technologies, we will develop new products with high technical content and marketability. Maintain the technology leadership of this technology in the field of civilian products. At the same time, the company will continue to strengthen internal management, actively explore new models suitable for the development and production of the three main products, adhere to active marketing policies, make full use of the advantages of aerospace technology, increase market expansion, further consolidate the core competitiveness, and maintain the main The sustained and steady growth of the performance of the camp. Thank you!
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