Apple did not launch a sapphire screen for its mobile phone this time. The industry has long expected it because the cost of sapphire is currently difficult to reduce. Similarly, when listed companies acquire the assets of the Sapphire Industry, the price-to-earnings ratio cannot be reduced, and the popularity is like a repeat of the mobile game industry last year. What attracts more attention to the market is that the performance promised by asset parties has continued to surge, and they all invariably bet on the widespread application of sapphire on screens in the future.
Xinya Processing announced yesterday that it plans to transfer 10.3% of the equity of Guangdong Saifei, a subsidiary of Shenzhen Fuyuan Industrial (Group), for 280 million yuan, which means that the valuation of Guangdong Saifei is as high as 2.718 billion yuan.
Data show that as of July 31, 2014, Guangdong Sai Fei’s total assets were 2.05 billion yuan, net assets were 370 million yuan, revenue in the first seven months of 2014 was 62.79 million yuan, and losses were 28.99 million yuan. Despite losses in the first seven months, Guangdong Saifei's estimated value-added rate exceeded 6 times.
Based on the net profit of Guangdong Saifei in 2014, the price-to-earnings ratio of Xinya Process's acquisition of Guangdong Saifei is also as high as 54.36 times. What makes the market strange is that Fuyuan Industrial still makes huge performance commitments, with annual growth reaching 400% and 120% respectively.
In terms of net profit, Guangdong Saifei's profit level in 2016 will exceed that of the current industry leader, Orred, which has just borrowed money from Southwest Pharmaceutical. It is expected that Orred's net profit after non-compliance deductions from 2014 to 2016 will be no less than 222 million yuan, 299 million yuan and 398 million yuan respectively.
According to statistics from French market research company Yole, global sapphire sales in 2013 were US$230 million (approximately RMB 1.41 billion), equivalent to 77.6 million millimeter 2-inch crystal ingots.
Mou Qing, an analyst at Guotai Junan, pointed out that Orade's crystal ingot sales in 2013 were 245 million yuan, equivalent to 11.9 million millimeters, accounting for 17.2% and 15.3% of the global market respectively, ranking first in the world and ranking first in the country. Mou Qing believes that Allred's profit commitment for 2014 has exceeded market expectations.
Previously, Ored’s backdoor purchase of Southwest Pharmaceutical attracted much attention from the market. The estimated value of 100% equity of Orred is 4.12 billion yuan, the parent company's book net asset value is 596 million yuan, and the estimated value-added rate is 590.84%. Calculated based on the net profit of 75.36 million yuan in 2013, the price-earnings ratio is as high as 50 times.
Even based on the profit forecast of 220 million yuan in 2014, its price-to-earnings ratio of 18.73 times is relatively rare among restructuring backdoors.
In addition, Dongxu Optoelectronics plans to increase its capital and control Jiangsu Jixing New Materials Co., Ltd. Jiangsu Jixing specializes in sapphire. It is estimated that the net profit from 2015 to 2017 will be no less than 30 million yuan, 6,000 yuan and 100 million yuan respectively, with an increase of 100% and 66.67% respectively.
ANNA