“Double A” Double Ring Wanrun Technology divides the trillion landscape lighting market

Wanrun Technology, a well-known LED industry, is also actively dispatching. The company announced today that it plans to acquire 51.02% of Guangdong Zhongzhu Tianyou Aesthetics Lighting Co., Ltd. and Nanjing Langhui Optoelectronics Technology Co., Ltd., respectively, for no more than 209 million yuan and 225 million yuan. 51% of the shares, both companies have urban and road lighting engineering professional contractor qualification and photo As the LED industry is maturing, the general lighting profit margin is constantly compressed, and today most lighting companies rely on scale to win. Obviously, simply scaling up is not enough to support the rapid growth of listed companies, so the market segment with great potential and high profit has become the focus of many large companies. In this context, the landscape lighting industry, which is driven by large events, night travel economy and urbanization construction, with a market scale of nearly one trillion, has set off a layout boom in the industry. Wanrun Technology, a well-known LED industry, is also actively dispatching. The company announced today that it plans to acquire 51.02% of Guangdong Zhongzhu Tianyou Aesthetics Lighting Co., Ltd. and Nanjing Langhui Optoelectronics Technology Co., Ltd., respectively, for no more than 209 million yuan and 225 million yuan. 51% of the shares, both companies have the city and road lighting engineering professional contractor qualification and lighting engineering special design grade A qualification, commonly known as double armor. This move has caused widespread concern in the market. Strong and strong hands to seize the opportunity Industry experts said that on the one hand, they benefited from the national infrastructure investment and cultural tourism policies, including the country's vigorous promotion of characteristic towns and beautiful China, and the demand for lighting projects related to urban development increased; on the other hand, the country emerged. A large number of large-scale urban landscape lighting demonstration projects, the local government's demand for night travel economic construction has exploded, and the urban landscape lighting industry has ushered in unprecedented opportunities. Enterprises that can seize such opportunities also need funds and excellent qualifications. Some of the lighting projects that cost over 100 million yuan take a long time, ranging from several months to several years, and they need to continue to invest high costs. This tests the financial strength of lighting engineering companies. In addition, landscape lighting projects are generally led by the government and implemented through tendering. Lighting companies with more qualifications mean more advantages in bidding. The overall improvement of the valuation of listed companies is driven by the combination of industry development and strength. The two companies acquired by Wanrun Technology are also very impressive in their performance from 2018 to 2020, with 45 million, 48 million, 62.4 million and 5000 respectively. 10,000, 65 million, 84.5 million. Based on the current shareholding ratio of Wanrun Technology, both companies will fully fulfill their performance commitments for three years and will contribute at least 180 million net profit to listed companies. Since Wanrun Technology has been active in various capital acquisitions in recent years, it has formed a group of companies driven by LED and advertising media production, and the acquired companies have fulfilled their performance commitments in recent years. Some investors have calculated that, if the acquisition of Wanrun Technology can fulfill its performance commitment in 2018, Wanrun Technology's net profit in 2018 will reach 400 million. Considering the industrial benefits brought by industrial synergy, the performance will increase even. This number will be exceeded, so the company's current market value is seriously undervalued. Wanrun Technology's acquisition changed the style of the past, using cash acquisition instead of the previous issue of shares, the purchase of shares selected 51% of the holdings, rather than a one-time 100% all. A brokerage analyst who has long been concerned about Wanrun Technology pointed out that although Wanrun’s acquisition style has changed, the strict acquisition terms have not changed, and various unlocking conditions. The indemnity clause is still consistently demanding. If the agreement stipulates that the transaction consideration is obtained, the two companies need to purchase Wanrun Technology stock through the secondary market within 90 days with a transaction amount of more than 55%, and the total amount will exceed 260 million yuan. It will bring more direct benefits to the secondary market of Wanrun Technology.

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