Original title: China's most profitable high-speed rail rushed to a shares, with 67 people making a net profit of more than 10 billion a year
Beijing Shanghai high speed railway starts A-share journey!
On the evening of October 25, the prospectus (application draft) of Beijing Shanghai high-speed railway was disclosed on the official website of the CSRC for the first time. Beijing Shanghai high-speed railway officially took the first step in a shares, and the submission date was October 22.
The 1318 km Beijing Shanghai high-speed railway has many labels: China's high-speed railway super 'Big Mac', running 'Jinshan', China's busiest high-speed railway line and connecting China's two strongest cities.
The prospectus of Beijing Shanghai high-speed railway, which made its debut, also disclosed a lot of data of this super high-speed railway company for the first time. China Fund News sorted out ten highlights:
1. The annual net profit is more than 10 billion yuan. From January to September 2019, the operating revenue was RMB 25.002 billion and the net profit was RMB 9.52 billion; In 2018, the operating revenue was 31.158 billion yuan and the net profit was 10.248 billion yuan.
2. The proposed fund-raising investment project is 50 billion yuan. The net funds raised are intended to be used to acquire 65.08% equity of Jingfu Anhui company at a consideration of 50 billion yuan, and the difference will be solved through self raised funds.
3. It is expected to become the largest IPO of a shares in 9 years. In July 2010, the Agricultural Bank of China raised 68.5 billion yuan in A-share IPO, setting a historical record of A-share. If the Beijing Shanghai high-speed railway raised about 50 billion yuan, it will reach the fifth largest IPO level in A-share history and the largest IPO in nine years.
4. The market value may reach more than 300 billion. If we simply calculate according to the fund-raising of RMB 50 billion, the issue price is expected to be RMB 6.62/share, the post diluted P / E ratio is about 26 times, and the post issue market value (valuation) is RMB 333.5 billion, which can enter the top 20 of the current a stock market value.
5. The total assets are 187.1 billion yuan. As of September 30, 2019, the total assets of Beijing Shanghai high speed railway company were 187.08 billion yuan and the shareholders' equity (net assets) was 159.734 billion yuan.
6. China railway investment holding 50%. 49.76% of China railway investment is the controlling shareholder, and China Railway Group (formerly China Railway Corporation) is the actual controller; Ping an asset management is the second largest shareholder, holding 11.44%.
7. There are only 67 employees. As a super high-speed rail company with total assets of 187.1 billion, the total number of employees is only 67 (of which 25 are seconded), and the per capita assets under management is 2.8 billion yuan.
8. The lead underwriter is CSC securities. In 2009, CSCEC raised 50.2 billion yuan and the underwriting cost was 672 million yuan; In June 2018, industrial Fulian raised 27.1 billion yuan and the underwriting fee was 340 million yuan.
9. The busiest high-speed railway sent 1.085 billion passengers. As of September 30, 2019, the Beijing Shanghai high-speed railway has sent a total of 1.085 billion passengers; In 2018, it was too busy to send 5.69% of passengers with 1% of the national business mileage.
10. The provinces and cities it passes through create 35% of the country's GDP. The administrative area of the provinces (municipalities directly under the central government) run by the Beijing Shanghai high speed railway accounts for about 6.5% of the total land area of the country, but it has 27.32% of the permanent resident population of the country and created 35.20% of the GDP of the country.
The construction of Beijing Shanghai high-speed railway was officially started on April 18, 2008 and opened to traffic on June 30, 2011. The main line is 1318 kilometers long. It is the first high-speed railway with long mileage and the highest technical standard in the world. The design target speed is 350 km / h. at present, the short running time from Beijing to Shanghai has been shortened to less than 4.5 hours.
Let's explain the following ten highlights in detail:
1. Annual revenue of 30 billion yuan and net profit of over 10 billion yuan
According to the prospectus, from January to September 2019, the operating revenue was RMB 25.002 billion and the net profit was RMB 9.52 billion; From 2016 to 2018, the operating revenue was 26.258 billion yuan, 29.555 billion yuan and 31.158 billion yuan respectively; The net profits were 7.903 billion yuan, 9.053 billion yuan and 10.248 billion yuan respectively.
2. The consideration of raised investment and acquisition projects is 50 billion yuan
Beijing Shanghai high speed railway plans to issue no more than 7.557 billion shares, accounting for no more than 15% of the total share capital after issuance, and the total share capital after issuance shall not exceed 50.377 billion shares; The net funds raised are intended to be used to acquire 65.0759% equity of Jingfu Anhui company at a consideration of 50 billion yuan. The difference between the acquisition consideration and the raised funds is solved through self raised funds.
Beijing Fuzhou Anhui company, Anhui Co., Ltd. of Beijing Fuzhou railway passenger dedicated line, is Hefei Bengbu Railway Passenger Dedicated Line (hereinafter referred to as' Hefei Bengbu Passenger Dedicated Line '), Anhui section of Hefei Fuzhou Railway Passenger Dedicated Line (hereinafter referred to as' Anhui section of Hefei Fuzhou railway'), Anhui Section of Shangqiu Hefei Hangzhou Railway (hereinafter referred to as' Anhui section of Shangqiu Hefei Hangzhou railway '), and Anhui section of Zhengzhou Fuyang Railway (hereinafter referred to as' Anhui section of Zhengzhou Fuyang railway') The main body of investment, construction and operation.
According to the prospectus, the net profit of Jingfu Anhui Company in recent one-year period is - 1.200 billion yuan and - 884 million yuan respectively, which is still in a state of loss, mainly due to the short opening time of Hefei bengal passenger dedicated line and Anhui section of Hefei Fuzhou railway, the construction of commercial Hefei Hangzhou railway and Zheng Fu railway, and the market cultivation period of Jingfu Anhui company.
The total assets and net assets of Jingfu Anhui company at the end of the last period were 128.373 billion yuan and 70.35 billion yuan. After the acquisition of this fund-raising fund, the total assets and net assets of the issuer will increase significantly, which can enhance the issuer's business strength and anti risk ability.
3. It is expected to become the largest IPO of a shares in 9 years
If the fund is raised at the consideration of the 50 billion project, it will become the largest IPO since July 2010.
The net funds to be raised by Beijing Shanghai high-speed railway this time are intended to be used for the acquisition of 65.0759% equity of Jingfu Anhui company at a consideration of 50 billion yuan, and the difference will be solved through self raised funds.
In July 2010, the Agricultural Bank of China raised 68.5 billion yuan in the A-share IPO, setting a historical record for a shares. If the Beijing Shanghai high-speed railway raised about 50 billion yuan, it will reach the fifth largest IPO level in the history of a shares and the largest IPO in nine years.
4. The market value may exceed 300 billion and enter the top 20 A shares
If we simply calculate according to the fund-raising of 50 billion, the issue price is expected to be 6.62 yuan / share, the diluted P / E ratio is about 26 times after the issue, and the post issue market value (valuation) is 333.5 billion yuan, which can enter the top 20 of the current a stock market value.
For the specific fund-raising amount, the declaration draft did not disclose. If it is simply calculated according to the purchase consideration of 50 billion, the corresponding 7.557 billion shares to be issued will have an issue share price of about 6.62 yuan, and the corresponding market value (valuation) of Beijing Shanghai high-speed railway after issuance will be 333.5 billion yuan. If the profit of 9.5 billion in the first three quarters of 2019 is used to calculate the annual profit of 12.7 billion, the diluted P / E ratio will be about 26 times.
5. The total assets reached 187.1 billion yuan
As of September 30, 2019, the total assets of Beijing Shanghai high speed railway company were 187.08 billion yuan and the shareholders' equity (net assets) was 159.734 billion yuan. The total liabilities of the company are only 27.346 billion yuan, and the asset liability ratio is less than 15%.
6. China railway investment holding 50%
China railway investment holds 49.76% of the shares, and China Railway Group is the controlling shareholder. Ping an asset management is the second largest shareholder, holding 11.44%, and social security fund and Shanghai shentie also hold more than 5%; In addition, Jiangsu railway, Nanjing railway investment, Shandong railway investment, Tianjin railway investment, Bank of China investment and Beijing Investment Corporation also ranked among the top ten shareholders.
China Railway Investment Corporation, abbreviated as China Railway Investment Co., Ltd., was restructured and renamed from 'China Railway Construction Investment Corporation'; Guotie group is the abbreviation of China National Railway Group Co., Ltd., which is restructured and renamed by 'China Railway Corporation'.
7. There are only 67 employees
It is worth noting that as a super high-speed rail company with total assets of 187.1 billion, the total number of employees is only 67 (of which 25 are seconded), and the per capita assets under management is 2.8 billion yuan.
Due to the small number of personnel and the large scale of assets under management, the company even listed this as a possible risk in the prospectus.
8. The lead underwriter is CSC securities
CSC securities won this super large order, and it is estimated that it will earn a lot of underwriting fees.
Refer to history and recent years. In 2009, CSCEC raised 50.2 billion yuan and the underwriting cost was 672 million yuan; In June 2018, industrial Fulian raised 27.1 billion yuan and the underwriting fee was 340 million yuan.
9. The busiest high-speed railway sent 1.085 billion passengers
It was completed and opened to traffic on June 30, 2011. As of September 30, 2019, 991900 trains have been operated along the whole line of Beijing Shanghai high speed railway (including this line and cross line), and 1.085 billion passengers have been sent, which has achieved good social and economic benefits.
In 2018, the operating mileage of Beijing Shanghai high-speed railway accounted for about 1% of the total operating mileage of national railways, and 191970600 passengers were sent across the line, accounting for 5.69% of the total passengers sent by the railway industry; The passenger transport turnover reached 88.586 billion person kilometers, accounting for 6.26% of the passenger transport turnover of the railway industry.
10. The provinces and cities it passes through create 35% of the country's GDP
The administrative area of the provinces (municipalities directly under the central government) run by the Beijing Shanghai high speed railway accounts for about 6.5% of the total land area of the country, but it has 27.32% of the permanent resident population of the country and created 35.20% of the GDP of the country.
The Beijing Shanghai high-speed railway runs through the three municipalities directly under the central government of Beijing, Tianjin and Shanghai and four provinces of Hebei, Shandong, Anhui and Jiangsu, with a total of 24 stations. Connecting the two major economic zones of 'Beijing Tianjin Hebei' and 'Yangtze River Delta', the economic and social development level along the line is high. It is not only the most active and potential area for China's economic development, but also a traffic corridor with the busiest transportation and the fastest traffic growth.
According to the data of the National Bureau of statistics in 2018, the administrative area of the provinces (municipalities directly under the central government) through which the Beijing Shanghai high-speed railway passes accounts for about 6.5% of the total land area of the country, but it has 27.32% of the permanent resident population of the country and created 35.20% of the GDP of the country, which has a unique geographical advantage.