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公司贷款延期申请_红太阳的收购目标在交易前两次估值相差5倍,交易前夕业绩发生变化|重庆中邦新浪财经网

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    新浪财经新闻农药精细化工上市公司红太阳昨日披露《重庆中邦科技有限公司收购南京中邦股份有限公司100%股权及相关交易公告》。g第一农药集团太阳有限公司,现金18.8亿元。根据公告,该交易属于关联交易,但并不构成《上市公司重大资产重组管理办法》规定的重大资产重组,也不构成重组和上市,并经董事会审议批准。董事会和监事会,并可在股东大会通过后实施。虽然这不是证监会需要审查的主要事项,但仅从金额的角度?#32431;矗?#25910;购金额为11.8亿元的现金就足以引起人们的注意。新浪财经网在阅读公告后发现,在收购计划中,存在着一些值得投?#25910;?#20851;注的方面,如目标评估和收购估价、目标绩效和交易安排。两?#21046;?#20272;方法之间的价格差是保险费57.5%的5倍。此次收购的对象是重庆中邦科技股份有限公司,南京第一农药集团全资公司,红太阳公司的控股股东,主要从事化工原料的研发、生产。这笔交易的价格是11.86亿元。在定价政策和依据方面,公司采用资产定价法和收益定价法。收购公告显示,重庆中邦基础净资产的账面价值为1755668万元,估值为2340268万元,增值率为33.30%。标的股东权益总值11676万元,?#26085;?#38754;净资产1755668万元高1.01051亿元,增值率达到57.57%。这两种方法的区别是五倍。孙红在公告中说,资产基础法是从资产置换的角度来评价资产的公允价值,只能?#20174;?#20225;业资产的自身价值,不能全面、合理地?#20174;?#36164;产的综合盈利能力和企业的成长;ncome法不仅考虑了企业的会计原则,而?#20063;?#29992;预期收益折现法来评价企业的价值。计量资产还考虑了资产负债表中不能?#20174;?#30340;资源,能更好地?#20174;?#20225;业整体的增长和盈利能力。因此,公司认为收益法的评价结论能够更全面、更合理地?#20174;?#20225;业的内在价值,因此评价采用收益法的评价结果作为最终的评价结论,确定收购溢价为575%。那么底层公司的增长和盈利能力呢?收购前公司的业绩变化:利润同比增长四倍,现金流?#32771;?#23569;。?#32431;?#25910;购公告,我们可以看到,目标公司的业绩在过去一年和期间翻了一番。数据显示,2017年重庆中邦公司的营业收入为9850万元,净利润为1330万元。今年前十个月,营业收入达到19810万元,净利润为4513万元。根据业绩?#20449;担?#20844;司今年的净利润将超过6449万元,是去年的四倍。其业绩不仅出人意料地增长,而且盈利能力(净利率)也翻了一番。但同?#20445;?#32463;营现金流量并没有随着利润的增加而增加,但净流入量却急剧下降。据统计,目标公司重庆中邦成立于2013年5月,主要从事2,3-二氯吡啶和吡啶硫酮锌(ZPT)的研发、生产和销售。产品主要用于三药、三药中间体、日用保健品等领域。公司成立五年来,下游客户属于医药行业,日化等需求弹性不是很大。在收购前夕,收入和利润成倍增长,而运营现金流?#32771;?#21095;下?#25285;?#24456;难不引起市场的关注。此外,根据目标公司原股东红星制药集团的?#20449;担?#37325;庆中邦公司2018-2020年税后净利润分别为644898万元、847741万元、112142万元。也就是说,除了收购年度的业绩增长超过400%外,随后的业绩增长急剧下降到相对正常水平的30%左右。如果目标公司的未来业绩如所?#20449;?#30340;那样,公司似乎没有给出这种戏剧性变化的明确指示。没有保障条款的全现金收购需要不道德的交易安排。由于这笔交易的对价是11.8亿美元,是全现金收购,不需要证监会批准,所以程序比?#23777;臁?#28982;而,在现金收购,尤其是大规模的现金收购中,如何锁定和约束?#20449;?#20154;的履行,确保?#20449;德?#34892;的顺利完成,一直是购买者关注的问题。需要仔细考虑的关键点之一。从全现金收购的其他实?#26159;?#20917;?#32431;矗?#20026;了防止意外情况的发生,收购方的上市公司在收购条款中通常规定,收购方的交易对手将增加上市公司在二级市场上的份额,并将其锁定,或者通过INS支付收购?#24310;謾?#20998;期付款,或将部分购买品保留到?#20449;?#26399;末,以约束交易对方,从而解决此类问题的风险。那么,红太阳是怎么安排这笔交易的?根据收购公告,在支付方式和支付期限方面,双方只同意,标的资产变更完成后,上市公司将通过银行转账向对方支付总价,即11.86亿元现金,没有任何其他限制。此外,新浪财经还指出,交易计划中有“基础条款?#20445;?#35268;定在任何情况下(不论?#20449;?#26399;内重庆中邦的业绩如何),交易中的股权转让不得少于重庆中坝的净资产额。在审计日。也就是说,即使在收购目标公司后没有盈利甚?#37327;?#25439;的极端情况下,对方也可以获得至少17556668万元(审计日重庆中邦的净资产)。关于此次交易的目的及其对上市公司的影响,上市公司红太阳在声明中说,收购后,将提高产业链的协同度,整合优质资源,优化上市公司主营业务,提高上市公司盈利能力,规范上市公司经营行为。上市公司经营情况。收购的最终效果需要?#21364;?#26102;间来测试。负责任的编辑:公司观察

xin lang cai jing xin wen nong yao jing xi hua gong shang shi gong si hong tai yang zuo ri pi lu chong qing zhong bang ke ji you xian gong si shou gou nan jing zhong bang gu fen you xian gong si 100 gu quan ji xiang guan jiao yi gong gao. g di yi nong yao ji tuan tai yang you xian gong si, xian jin 18. 8 yi yuan. gen ju gong gao, gai jiao yi shu yu guan lian jiao yi, dan bing bu gou cheng shang shi gong si zhong da zi chan chong zu guan li ban fa gui ding de zhong da zi chan chong zu, ye bu gou cheng chong zu he shang shi, bing jing dong shi hui shen yi pi zhun. dong shi hui he jian shi hui, bing ke zai gu dong da hui tong guo hou shi shi. sui ran zhe bu shi zheng jian hui xu yao shen zha de zhu yao shi xiang, dan jin cong jin e de jiao du lai kan, shou gou jin e wei 11. 8 yi yuan de xian jin jiu zu yi yin qi ren men de zhu yi. xin lang cai jing wang zai yue du gong gao hou fa xian, zai shou gou ji hua zhong, cun zai zhe yi xie zhi de tou zi zhe guan zhu de fang mian, ru mu biao ping gu he shou gou gu jia mu biao ji xiao he jiao yi an pai. liang zhong ping gu fang fa zhi jian de jia ge cha shi bao xian fei 57. 5 de 5 bei. ci ci shou gou de dui xiang shi chong qing zhong bang ke ji gu fen you xian gong si, nan jing di yi nong yao ji tuan quan zi gong si, hong tai yang gong si de kong gu gu dong, zhu yao cong shi hua gong yuan liao de yan fa sheng chan. zhe bi jiao yi de jia ge shi 11. 86 yi yuan. zai ding jia zheng ce he yi ju fang mian, gong si cai yong zi chan ding jia fa he shou yi ding jia fa. shou gou gong gao xian shi, chong qing zhong bang ji chu jing zi chan de zhang mian jia zhi wei 1755668 wan yuan, gu zhi wei 2340268 wan yuan, zeng zhi lv wei 33. 30. biao di gu dong quan yi zong zhi 11676 wan yuan, bi zhang mian jing zi chan 1755668 wan yuan gao 1. 01051 yi yuan, zeng zhi lv da dao 57. 57. zhe liang zhong fang fa de qu bie shi wu bei. sun hong zai gong gao zhong shuo, zi chan ji chu fa shi cong zi chan zhi huan de jiao du lai ping jia zi chan de gong yun jia zhi, zhi neng fan ying qi ye zi chan de zi shen jia zhi, bu neng quan mian he li di fan ying zi chan de zong he ying li neng li he qi ye de cheng zhang ncome fa bu jin kao lv le qi ye de kuai ji yuan ze, er qie cai yong yu qi shou yi zhe xian fa lai ping jia qi ye de jia zhi. ji liang zi chan hai kao lv le zi chan fu zhai biao zhong bu neng fan ying de zi yuan, neng geng hao di fan ying qi ye zheng ti de zeng zhang he ying li neng li. yin ci, gong si ren wei shou yi fa de ping jia jie lun neng gou geng quan mian geng he li di fan ying qi ye de nei zai jia zhi, yin ci ping jia cai yong shou yi fa de ping jia jie guo zuo wei zui zhong de ping jia jie lun, que ding shou gou yi jia wei 575. na me di ceng gong si de zeng zhang he ying li neng li ne? shou gou qian gong si de ye ji bian hua: li run tong bi zeng zhang si bei, xian jin liu liang jian shao. kan kan shou gou gong gao, wo men ke yi kan dao, mu biao gong si de ye ji zai guo qu yi nian he qi jian fan le yi fan. shu ju xian shi, 2017 nian chong qing zhong bang gong si de ying ye shou ru wei 9850 wan yuan, jing li run wei 1330 wan yuan. jin nian qian shi ge yue, ying ye shou ru da dao 19810 wan yuan, jing li run wei 4513 wan yuan. gen ju ye ji cheng nuo, gong si jin nian de jing li run jiang chao guo 6449 wan yuan, shi qu nian de si bei. qi ye ji bu jin chu ren yi liao di zeng zhang, er qie ying li neng li jing li lv ye fan le yi fan. dan tong shi, jing ying xian jin liu liang bing mei you sui zhe li run de zeng jia er zeng jia, dan jing liu ru liang que ji ju xia jiang. ju tong ji, mu biao gong si chong qing zhong bang cheng li yu 2013 nian 5 yue, zhu yao cong shi 2, 3 er lv bi ding he bi ding liu tong xin ZPT de yan fa sheng chan he xiao shou. chan pin zhu yao yong yu san yao san yao zhong jian ti ri yong bao jian pin deng ling yu. gong si cheng li wu nian lai, xia you ke hu shu yu yi yao hang ye, ri hua deng xu qiu tan xing bu shi hen da. zai shou gou qian xi, shou ru he li run cheng bei zeng zhang, er yun ying xian jin liu liang ji ju xia jiang, hen nan bu yin qi shi chang de guan zhu. ci wai, gen ju mu biao gong si yuan gu dong hong xing zhi yao ji tuan de cheng nuo, chong qing zhong bang gong si 20182020 nian shui hou jing li run fen bie wei 644898 wan yuan 847741 wan yuan 112142 wan yuan. ye jiu shi shuo, chu le shou gou nian du de ye ji zeng zhang chao guo 400 wai, sui hou de ye ji zeng zhang ji ju xia jiang dao xiang dui zheng chang shui ping de 30 zuo you. ru guo mu biao gong si de wei lai ye ji ru suo cheng nuo de na yang, gong si si hu mei you gei chu zhe zhong xi ju xing bian hua de ming que zhi shi. mei you bao zhang tiao kuan de quan xian jin shou gou xu yao bu dao de de jiao yi an pai. you yu zhe bi jiao yi de dui jia shi 11. 8 yi mei yuan, shi quan xian jin shou gou, bu xu yao zheng jian hui pi zhun, suo yi cheng xu bi jiao kuai. ran er, zai xian jin shou gou, you qi shi da gui mo de xian jin shou gou zhong, ru he suo ding he yue shu cheng nuo ren de lv xing, que bao cheng nuo lv xing de shun li wan cheng, yi zhi shi gou mai zhe guan zhu de wen ti. xu yao zi xi kao lv de guan jian dian zhi yi. cong quan xian jin shou gou de qi ta shi ji qing kuang lai kan, wei le fang zhi yi wai qing kuang de fa sheng, shou gou fang de shang shi gong si zai shou gou tiao kuan zhong tong chang gui ding, shou gou fang de jiao yi dui shou jiang zeng jia shang shi gong si zai er ji shi chang shang de fen e, bing jiang qi suo ding, huo zhe tong guo INS zhi fu shou gou fei yong. fen qi fu kuan, huo jiang bu fen gou mai pin bao liu dao cheng nuo qi mo, yi yue shu jiao yi dui fang, cong er jie jue ci lei wen ti de feng xian. na me, hong tai yang shi zen me an pai zhe bi jiao yi de? gen ju shou gou gong gao, zai zhi fu fang shi he zhi fu qi xian fang mian, shuang fang zhi tong yi, biao di zi chan bian geng wan cheng hou, shang shi gong si jiang tong guo yin hang zhuan zhang xiang dui fang zhi fu zong jia, ji 11. 86 yi yuan xian jin, mei you ren he qi ta xian zhi. ci wai, xin lang cai jing hai zhi chu, jiao yi ji hua zhong you" ji chu tiao kuan", gui ding zai ren he qing kuang xia bu lun cheng nuo qi nei chong qing zhong bang de ye ji ru he, jiao yi zhong de gu quan zhuan rang bu de shao yu chong qing zhong ba de jing zi chan e. zai shen ji ri. ye jiu shi shuo, ji shi zai shou gou mu biao gong si hou mei you ying li shen zhi kui sun de ji duan qing kuang xia, dui fang ye ke yi huo de zhi shao 17556668 wan yuan shen ji ri chong qing zhong bang de jing zi chan. guan yu ci ci jiao yi de mu di ji qi dui shang shi gong si de ying xiang, shang shi gong si hong tai yang zai sheng ming zhong shuo, shou gou hou, jiang ti gao chan ye lian de xie tong du, zheng he you zhi zi yuan, you hua shang shi gong si zhu ying ye wu, ti gao shang shi gong si ying li neng li, gui fan shang shi gong si jing ying xing wei. shang shi gong si jing ying qing kuang. shou gou de zui zhong xiao guo xu yao deng dai shi jian lai ce shi. fu ze ren de bian ji: gong si guan cha

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