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(Original title: The agricultural machinery industry will usher in a good time for M&A integration)
The rise of agricultural machinery capital forces will integrate mergers and acquisitions into the mainstream in the future
[ China Agricultural Machinery Industry News ] In 2016, the total output value of the domestic agricultural machinery industry was 460 billion yuan, and the market value of several listed companies on the main board added up to less than 40 billion yuan. It can be said that the domestic agricultural machinery industry is an industrial highland with a capital shortage. The reason is that some experts say that the main reason is that the degree of organization of the entire industry is very low, and to improve organizational and centralized, a good way is to acquire the entire industry's memory resources.
The rise of agricultural machinery capital forces will integrate mergers and acquisitions into the mainstream in the future
In recent years, the agricultural machinery and equipment industry has been increasingly concerned by the capital market. Some institutions and investors are eager to enter, but due to the particularity, closure and relative backwardness of the industry, it can only be smashed at the door. It is also because the domestic agricultural machinery industry chain is organized and the degree of capitalization is low, so the space for industry capital operation is still very large.
Domestic agricultural machinery industry chain is low concentration
In the process of moving from a manufacturing country to a manufacturing powerhouse, China has built a complete industrial chain consisting of “raw materials, parts and components, semi-assembly, assembly, machine manufacturing, distribution, logistics, users, and aftermarketâ€. From a global perspective, China's agricultural machinery industry chain is not only a part of the global agricultural machinery industry chain, but also maintains a good independence. This is due to the low degree of marketization in China and the particularity of the Chinese market and foreign component companies. Caused by low penetration rate in the domestic market.
At present, the domestic agricultural machinery manufacturing process is in the stage of multi-polypoly competition, acting as the organizer and maintainer of the industrial chain. The market share of the top five companies in the industry is 23%, and the share of the top ten companies is 35%. It is a high-level organization in the entire agricultural machinery industry chain. It has a high degree of organization and has the right to speak. Leading the development of the industrial chain.
For example, Lovol Heavy Industries is the core of the industrial chain in the integrated harvester industry chain in Weifang, Shandong. The upstream and downstream parts and distribution of the overall manufacturing are in the position of being followed and led, but this power contrast is changing.
The domestic agricultural machinery circulation is in a stage of full competition. There are more than 10,000 enterprises in the whole industry. Except for Jifeng Agricultural Machinery, which is a nationalized chain enterprise, other enterprises are regional and localized enterprises, and the whole industry is disorderly. Competition is fierce and capitalization is low, so there is an urgent need to improve the degree of organization, and the means of capital should be direct and effective.
Future integration becomes mainstream
In 2016, the agricultural machinery industry operation index was released: the industrial added value growth rate was 7.7%, which was 0.7% lower than the previous year, and the growth rate dropped significantly. The main business income of agricultural machinery enterprises was 451.639 billion yuan, an increase of 5.8% over the same period of the previous year. The growth rate of revenue in the machinery industry was 1.64 percentage points lower; the total profit of agricultural machinery enterprises above designated size was 25.524 billion yuan, an increase of 351 million yuan over the previous year, an increase of only 1.39%, which was 4.15 percentage points lower than the profit growth rate of the national machinery industry. In 2016, the growth rate of income and profit of the agricultural machinery industry showed a weak state, reaching the bottom of the decade.
In the industry growth period, rapid development period, the industry's opportunity lies in industrialists, as long as they look at a good project, investing capital, land and labor, there may be a good harvest, but the slow development of the domestic agricultural machinery industry in the later period will not be "painful" It is very likely that it is the new normal. At this stage, the investment opportunities of the industry are less, and if there are opportunities in the segmentation field, a large number of opportunities should be the integration and restructuring of the stock resources.
In fact, since 2004, several links in the agricultural machinery industry chain have gradually grown up with a number of powerful enterprises. No matter in the whole machine manufacturing process or in the parts and components, there are many professional enterprises with an output value of more than 100 million. Many of these small and medium-sized enterprises have global competitiveness and have good growth. "Delicious" in the eyes of foreign capital. It is understood that there are almost a few large-scale agricultural machinery parts manufacturing enterprises in China that are in contact with them, and some have already been in the bag. For example, the production of axles has been acquired by the German company. .
There are three types of integration forces in the agricultural machinery industry. One is the acquisition of domestic assets by foreign capital, one is the internal capital of the domestic agricultural machinery industry, and the other is the cross-border domestic capital.
From the history of mergers and acquisitions of domestic agricultural machinery industry in the past 30 years, foreign capital is the mainstream of domestic agricultural machinery enterprises, mainly European and American capital, and is based on mergers and acquisitions of similar capital in the industry. The merger is John De. In the 1980s, the company acquired Tianjin Tractor Plant and Jiamusi Harvester Factory. In early 2000, it acquired Ningbo Benye, and Germany’s Klass acquired Shandong Jinyi Chunyu and Aike acquired Dafeng. However, from the effect of the acquisition, foreign capital’s acquisition of domestic capital is not very successful. In particular, John Deere’s acquisition has basically failed, and it’s “double loseâ€. The Chinese companies that have been acquired by the merger have not only got the dream. Technology and products, but also lost channels, brands, teams, and even more distressed that these companies have also lost the development period of China's agricultural machinery "Golden Decade".
According to experts' analysis, in the next ten years, when domestic agricultural machinery enterprises look for partners, the opportunities for foreign capital may become smaller, and the relay of capital integration of domestic agricultural machinery industry will shift from foreign capital to domestic capital.
This kind of transformation has deep-seated reasons: First, the domestic agricultural capital industry already has its own capital platform. According to incomplete statistics, there are about 15 domestic listed companies related to agricultural machinery, and there are more than 40 new three boards. These listed companies have established industrial M&A funds in cooperation with Hongyi Capital, Jiuding Capital, CITIC Securities, Southwest Securities and other capitals, and will carry out a series of mergers and acquisitions for the stock resources of the agricultural machinery industry.
Accelerating the pace of globalization
In the past, the domestic agricultural machinery industry has long been a one-way flow of foreign capital to the domestic market, that is, only foreign capital has acquired domestic capital and there is no domestic investment in foreign investment, but the situation has changed.
The change began with the acquisition of China's largest tractor manufacturer Yituo shares. In 2011, Yituo Co., Ltd. wholly acquired the French transmission system manufacturer McCormick, and now the national three products equipped with the French McCormick gearbox have been sold in large quantities worldwide. In 2015, another giant agricultural machinery company in China, Lovol Heavy Industries, acquired the Italian national treasure-class agricultural machinery brand Apos and the agricultural machinery enterprise Mattmark and the high-end tractor brand Gordonney's cross-border mergers and acquisitions, which enabled the global agricultural machinery industry to see the power of China's agricultural machinery capital.
According to analysis, in the future, domestic agricultural machinery capital will face capital mergers and acquisitions in Europe, America, Japan and South Korea, and direct investment will increase. The long-term one-way flow of capital is expected to change. China's agricultural machinery industry will be transformed from former learning technology and imported products into transnational direct industrial mergers and acquisitions. The globalization of China's agricultural machinery industry will also accelerate, and China's agricultural machinery manufacturing will appear in the global agricultural machinery industry chain in another role.
In any case, China's agricultural machinery is already an important part of the global industrial chain. At the same time, the capital strength of China's agricultural machinery has also risen, and the globalization of capital integration will have the voice of Chinese enterprises.