Joyson Electronics (600699): The controlling shareholder’s pledge rate decreases; treasury stock restructuring increases purchase income

Joyson Electronics (600699): The controlling shareholder’s pledge rate decreases; treasury stock restructuring increases purchase income

The company ‘s recent situation, Junsheng Electronics, issued an announcement, which mainly includes three aspects: 1) the controlling shareholder will release 28 million shares of pledged deposits; 2) the company intends to release 6295.

80,000 repurchased treasury shares were carried out, and the remaining 9 million shares are intended to be used to implement equity incentive plans or employee stock ownership plans.

  Commentary The pledge rate of major shareholders has been reduced and market interest has eased.

According to the announcement, the controlling shareholder Joyson Group lifted 28 million shares.

Before the pledge was released, Joyson Group accumulatively pledged 3.

300 million shares, accounting 杭州夜生活网 for 69 of its shares.

45%; after this pledge was released, Joyson Group’s pledge ratio was 69.

45% is about 63.


We believe that the decline in the proportion of pledges is expected to reduce the risk of funds and the interests of investors.

  Treasury stock gains are expected to increase; subsequent equity incentives are conducive to increasing employee motivation.

  The company conducted share repurchases in 2018, with a cumulative repurchase of 7,195.

80,000 shares are deposited in the company’s repurchase account.

The total shares of the existing company are 1.3 billion shares, and the treasury shares to be replaced (6,295.

80,000 shares) accounted for 4 of the company’s total share capital.

8% is expected to reduce the company’s total share capital by 4.

8%, bringing expected earnings4.

With an increase of 8% and a constant market value, it has grown appropriately in the same proportion4.

8%; if the remaining 9 million shares are subsequently used for equity incentives or employee shareholdings, it will help increase the enthusiasm of executives or employees and jointly promote the integration cause.

  Replacement of medium-term notes, actively optimize debt structure.

The company announced that a new mid-term ticket was issued with a term of 2 years and a coupon rate of 5.

98%; (3 years in the same period last year, the issue rate was 7.


  Since the beginning of this year, the company has actively adjusted its debt structure and reduced the size of short-term financing between banks to control risks.

In the third quarter of 19, the company’s other current debt was 1.5 billion, a decrease of 2.1 billion compared with the end of 2018.

  Estimates suggest that we believe the company’s downward space is controllable, and the upward space is redundant, outperforming the industry rating again.

  We maintain our 2019/2020 net profit forecast at 9.

500 million and 11.

5 trillion, the company currently corresponds to 22 in 2019 and 2020.

9x and 18.

9x P / E.

Taking into account the treasury stock earnings and estimated switching, we have raised our target price by 20% to 24 yuan, corresponding to a 26 times price-earnings ratio in 2020, and 36% upside.

  The progress of risk passive security business integration exceeded expectations.