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Railway Joint Stock System Transformation "Another City": Tieke Rail Landed On The Science And Technology Innovation Board

2020/9/1 10:36:00 301

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At 9:30 a.m. on August 31, with the sound of a gong, the science and technology innovation board ushered in the first stock of national railway system, Tieke track (688569. SH). Data show that Beijing Tieke Shougang Rail Technology Co., Ltd. has 48.3982 million shares in circulation this time, with the issue price of 22.46 yuan per share and the price earnings ratio of 32.53 times.

As soon as the market opened, the share price of Tieke rail soared to 36.13 yuan / share, up 60%. By the end of August 31, Tieke rail reported 34.34 yuan / share, up 52.89%.

This is a company controlled by China Railway Academy of Sciences Group Corporation. The railway side said that after the listing of Beijing Shanghai high speed rail A-share, the "first share of China's high-speed railway" on January 16, 2020, the "first stock of National Railway Science and Technology Innovation Board" successfully landed in the A-share market, marking the new progress of railway joint-stock reform.

Market segmentation leader

Before that, the public was not familiar with Tieke rail. In fact, it was a benchmark enterprise in the railway market segment.

Tieke rail has been working hard in the field of high-speed railway engineering for a long time. The so-called high-speed railway engineering is composed of track and subgrade, bridge and tunnel supporting the track, which is the ground infrastructure for high-speed rail operation. In the high-speed railway engineering products, high-speed rail fasteners firmly buckle the rail, which is the key component to improve the track accuracy, ensure the smooth track, provide track insulation and elastic comfort. Generally speaking, people can still feel stable, comfortable and safe in the fast running high-speed rail, and the high-speed rail fastener plays a key role.

China's high-speed rail fastener research has been led by China Academy of Railway Sciences Group. Founded in 2006, Tieke rail is a subsidiary of China Academy of Railway Sciences Group. It mainly participates in the improvement of high-speed rail fastener technology and the research and development of heavy-duty fastener technology. By the end of 2019, the total assets of Tieke rail were 1.74 billion yuan, and the operating revenue was 1.265 billion yuan and the net profit was 191 million yuan in 2019.

In his speech, Li Shihua, chief supervisor of CSCI securities, stressed that Tieke rail's fastener products have broken the monopoly of foreign enterprises on the core components of high-speed rail track. In an interview with the 21st century economic report, Han Zili, chairman of Tieke rail, explained that in the early stage, the fasteners used by high-speed rail were mostly from foslow in Germany. At present, domestic products have occupied the mainstream of the market. Tieke track system has mastered the key core technologies of R & D, design, manufacturing and testing of high-speed rail fasteners, and has 19 invention patents, 82 utility model patents and 2 computer software copyrights, which has successfully broken the foreign technology monopoly.

According to the prospectus of Tieke rail, from January 2016 to September 2019, in the field of high-speed rail fastener system, Tieke rail has won a total of 9.743 million sets, with a market share of 15.19%; in the field of heavy haul fastener system, it has won a total of 1.592 million sets, with a market share of 13.92%; In the field of prestressed steel wire and anchor plate for crtsiiii ballastless track slab, 46596 tons have been won, and the market share is as high as 47%. In addition, Tieke rail is the only fastener system integrator who has mastered the technology of high-speed rail special adjustment fastener system in the domestic market. The technology provides solutions for the settlement and deformation repair of high-speed rail lines, and solves the problem of track irregularity caused by track slab settlement.

Since 2008, Tieke rail company has been profitable for 12 consecutive years. From 2017 to 2019, the operating revenue of Tieke rail was 920 million yuan, 1.119 billion yuan and 1.265 billion yuan respectively. After deducting non recurring profit and loss, the net profit attributable to shareholders of the parent company was 108 million yuan, 121 million yuan and 145 million yuan respectively. It is worth mentioning that despite the impact of the epidemic in the first half of this year, Tieke rail still achieved 535 million yuan of operating revenue from January to June, which was only 8.15% lower than that of the same period last year. After deducting the non recurring profit and loss, the net profit attributable to the shareholders of the parent company was 56.693 million yuan, down 19.88% compared with the same period last year. A detailed analysis of the data of the first quarter and the second quarter shows that in the second quarter, the operating revenue of Tieke rail increased by 13.07% year-on-year, and the net profit attributable to the shareholders of the parent company increased by 16.08%, "the negative impact of the epidemic on the financial data in the second quarter has been basically eliminated."

"The outline of the plan" is good

The listing of Tieke rail plans to raise 1.183 billion yuan, mainly invested in the project of annual production of 18 million high-speed railway equipment and accessories and the construction project of Beijing R & D center.

The company explained that it will take advantage of the opportunity of listing on the science and technology innovation board, and through the establishment of a research and development center, it will engage in the research and development of rail fastening system, track components, new materials, new processes and 3D printing technology, strengthen the company's cutting-edge technology reserves, improve the company's technical competitiveness in the industry, and maintain the leading position in the industry in the technology field. Through the construction of an annual output of 18 million high-speed rail equipment and accessories projects, we can improve our product supply capacity, improve our market share of products, and make use of the accumulated technical experience in the field of high-speed rail engineering to expand into the urban rail transit market. At the same time, the company will actively expand the overseas market, follow the pace of the national high-speed rail to participate in overseas high-speed rail construction projects, enhance the company's influence in the overseas market and further improve its profitability.

The company believes that the future market demand of rail fastener products will gradually shift from the new construction demand to the renewal and maintenance demand. After all, the track fastener is affected by various factors such as load, subgrade change and natural aging of fastener products, and has a certain service life. At the same time, maintenance and component replacement of rail fastener should be carried out according to the actual working conditions. Based on the current 45000 km high-speed rail long-term planning, according to the 20-10-year service life cycle of high-speed rail fasteners, the domestic high-speed rail fastener market in the future will be 15.075 million sets to 30.15 million sets.

However, in July this year, the State Railway Group issued the outline of the railway development plan for a new era transportation power, which greatly increased the high-speed railway construction plan for the next 15 years. It pointed out that by 2035, the national railway network would be about 200000 km, including about 70000 km of high-speed rail, which not only doubled the mileage of high-speed rail at the end of last year, but also compared with the medium and long-term railway network planning (2016-2030) About 20000 kilometers more than the target. This is undoubtedly better than Tieke orbit.

"The listing of Tieke rail's science and technology innovation board marks another step forward in deepening enterprise reform and promoting asset management and development." Zhou Li, the controlling shareholder of Tieke rail and chairman of China Railway Academy Group Corporation, mentioned in his speech.

According to the reporter's understanding, the Chinese Academy of Railway Sciences has a large number of plates with strong scientific research strength, all of which are carrying out joint-stock reform in succession, and there may be more "Tieke track" emerging in the follow-up. The railway system is undergoing reform, and there may be more new mechanisms to stimulate the vitality of the railway system in the future, such as the introduction of equity incentive mechanism.

The relevant person in charge of China Railway Group pointed out that the listing of Tieke rail is another important achievement made by China Railway Group in implementing the decision and deployment of deepening the reform of state-owned enterprises by the central government and accelerating the transformation of railway joint-stock system. It will be conducive to optimizing the allocation of resources through the capital market, strengthening and optimizing the large-scale railway technology enterprises, and continuing to consolidate and develop China's world leading advantages in high-speed rail technology.

Since last year, the State Railway Group has accelerated the reform of the company's shareholding system. It is reported that it has completed the reform and reorganization of its organs after the restructuring, with the departments, internal institutions and staffing reduced by 16.7%, 23.9% and 14.7% respectively. In addition, the State Railway Group has continued to promote the listing of high-quality Railway Assets. Since this year, Beijing Shanghai high-speed railway and Tieke rail have been listed successfully. It is reported that China Railway special goods and Jinying Heavy Industry Co., Ltd. are also actively promoting the preparation for listing.

 

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