投資要點:

      公司發布公告,擬收購德瑞特種業公司及相關資產:公司于1月20日與德瑞特種業股東馬德華等6名自然人簽署了《關于天津德瑞特等蔬菜種子業務戰略合作框架協議》,擬收購對方持有以下公司的股權或資產:1)天津德瑞特種業80%的股權(包括下屬的天津德澳特種業100%股權、天津冬冠農業科技公(gong)司 100%股(gu)權(quan)、天津冬(dong)冠蔬菜種植專業合(he)作社 80%股(gu)權(quan)、壽光德瑞特種業100%股(gu)權(quan),雙(shuang)方后續確(que)認的(de)剝離資產除外(wai))。2)收購(gou)天津綠豐園藝新技術開發(fa)公(gong)司80%的(de)股(gu)權(quan)。公(gong)收購(gou)上述(shu)資產的(de)交易對(dui)價為3.6062億(yi)元。

      標的資產介紹:國內優秀的黃瓜種(zhong)(zhong)(zhong)(zhong)子企業。天津(jin)德(de)瑞特公司專注開展黃瓜的育(yu)種(zhong)(zhong)(zhong)(zhong)研(yan)究和推(tui)廣工作。冬(dong)美、博美、博耐、博新(xin)、中荷、冬(dong)冠(guan)、秋(qiu)美、博杰等系列 黃瓜品種(zhong)(zhong)(zhong)(zhong)由(you)馬德(de)華博士的團(tuan)隊利(li)用高產、耐低(di)溫的荷蘭黃瓜品種(zhong)(zhong)(zhong)(zhong)與(yu)抗病(bing)、適應性廣的中國黃 瓜品種(zhong)(zhong)(zhong)(zhong)培育(yu)成功。這些品種(zhong)(zhong)(zhong)(zhong)以“不歇秧”的突出特點(dian)推(tui)向市(shi)場,并迅(xun)速在山東(dong)壽光、臨沂、德(de)州、濟南、聊城,河(he)北石(shi)家莊、 廊(lang)坊、唐山,河(he)南扶溝、陜西渭南、延安(an)等地越冬(dong)溫室成為主栽品種(zhong)(zhong)(zhong)(zhong)。

      收購黃瓜種子龍頭企業進軍蔬菜種業,打造“全能型種業企業”。公司于13年提出“聚集種業,做全能種子選手”的戰略。公司此前通過加強研發,優化產品結構等方式在雜交玉米、水稻種(zhong)(zhong)(zhong)業(ye)(ye)實現高(gao)速(su)發(fa)展(zhan)后(hou),需要通過(guo)行業(ye)(ye)并購、整合方(fang)式加(jia)快公(gong)(gong)司(si)在(zai)蔬(shu)菜種(zhong)(zhong)(zhong)業(ye)(ye)的(de)布局。德(de)(de)瑞特(te)種(zhong)(zhong)(zhong)業(ye)(ye)是中國(guo)蔬(shu)菜種(zhong)(zhong)(zhong)業(ye)(ye)企業(ye)(ye)中具有高(gao)度系統優(you)勢的(de)育、繁、推一體化企業(ye)(ye)之一,專注從事黃(huang)(huang)瓜(gua)種(zhong)(zhong)(zhong)子(zi)產(chan)業(ye)(ye),占據(ju)國(guo)內(nei)黃(huang)(huang)瓜(gua)種(zhong)(zhong)(zhong)子(zi)高(gao)端市(shi)場(chang)50%的(de)市(shi)場(chang)份額(e)。根據(ju)公(gong)(gong)告,德(de)(de)瑞特(te)13-14年(nian)(nian)(nian)收(shou)入分(fen)別為4515/5829萬元(yuan),凈(jing)(jing)利(li)(li)潤分(fen)別為796/2255萬元(yuan)。收(shou)購完成后(hou),公(gong)(gong)司(si)不(bu)僅繼(ji)承了其在(zai)黃(huang)(huang)瓜(gua)種(zhong)(zhong)(zhong)子(zi)領域的(de)領先地位,還將(jiang)利(li)(li)用上(shang)市(shi)公(gong)(gong)司(si)研發(fa)、資金(jin)方(fang)面的(de)優(you)勢,將(jiang)德(de)(de)瑞特(te)的(de)番(fan)茄(qie)、甜(tian)瓜(gua)種(zhong)(zhong)(zhong)子(zi)打造(zao)成行業(ye)(ye)一流,實現共(gong)同發(fa)展(zhan)。同時,根據(ju)公(gong)(gong)告內(nei)容(rong),交易對(dui)手方(fang)承諾(nuo):1)交易完成后(hou)繼(ji)續服務公(gong)(gong)司(si)4年(nian)(nian)(nian)以(yi)上(shang)(部(bu)分(fen)承諾(nuo)6年(nian)(nian)(nian));2)15-17年(nian)(nian)(nian)上(shang)述資產(chan)各自(zi)“歸屬于母(mu)公(gong)(gong)司(si)凈(jing)(jing)利(li)(li)潤”均應在(zai)14年(nian)(nian)(nian)的(de)基礎(chu)上(shang)復(fu)合增(zeng)長 15%及以(yi)上(shang)(且(qie)每年(nian)(nian)(nian)同比增(zeng)速(su)不(bu)低于13%),18年(nian)(nian)(nian)的(de)審計凈(jing)(jing)利(li)(li)潤不(bu)低于17年(nian)(nian)(nian),并明(ming)確了對(dui)利(li)(li)潤差額(e)部(bu)分(fen)(超過(guo)或不(bu)足)的(de)獎、懲機(ji)制。

      加快(kuai)(kuai)農(nong)(nong)(nong)技服(fu)(fu)(fu)務(wu)(wu)布局(ju),海(hai)內外擴張潛(qian)力(li)將(jiang)成為(wei)催化劑,維持(chi)“增(zeng)持(chi)”評級。公(gong)(gong)司(si)(si)近期(qi)外延動(dong)作(zuo)頻繁(fan),聯合(he)其(qi)他經營主(zhu)體共同(tong)設立湖南隆(long)平(ping)高(gao)(gao)科農(nong)(nong)(nong)業(ye)(ye)科技服(fu)(fu)(fu)務(wu)(wu)有(you)限(xian)公(gong)(gong)司(si)(si),注冊資(zi)(zi)(zi)本(ben)(ben)1億元,其(qi)中公(gong)(gong)司(si)(si)出資(zi)(zi)(zi)5100萬元,其(qi)將(jiang)主(zhu)要服(fu)(fu)(fu)務(wu)(wu)于農(nong)(nong)(nong)業(ye)(ye)、農(nong)(nong)(nong)民和新型(xing)的農(nong)(nong)(nong)業(ye)(ye)組織,逐(zhu)步為(wei)農(nong)(nong)(nong)業(ye)(ye)生(sheng)產(chan)(chan)提供產(chan)(chan)前、產(chan)(chan)中、產(chan)(chan)后的整體解(jie)決方案(an)。標(biao)志著(zhu)(zhu)公(gong)(gong)司(si)(si)除了通過研(yan)發手(shou)段革(ge)新(如生(sheng)物(wu)育(yu)種(zhong))加強(qiang)產(chan)(chan)品競爭力(li)外,開(kai)始(shi)打(da)造全方位、標(biao)準化農(nong)(nong)(nong)技服(fu)(fu)(fu)務(wu)(wu)體系。同(tong)時,公(gong)(gong)司(si)(si)擬出資(zi)(zi)(zi)1億元設立全資(zi)(zi)(zi)子(zi)公(gong)(gong)司(si)(si)袁隆(long)平(ping)國際種(zhong)業(ye)(ye)有(you)限(xian)公(gong)(gong)司(si)(si)。隆(long)平(ping)國際將(jiang)主(zhu)要在海(hai)外從事農(nong)(nong)(nong)作(zuo)物(wu)種(zhong)子(zi)的本(ben)(ben)地(di)化研(yan)究、本(ben)(ben)地(di)化生(sheng)產(chan)(chan)加工和本(ben)(ben)地(di)化銷售,隨著(zhu)(zhu)種(zhong)子(zi)出口政(zheng)策放開(kai),公(gong)(gong)司(si)(si)有(you)望借助(zhu)大股東中信(xin)集團的實(shi)力(li),積極加快(kuai)(kuai)開(kai)拓(tuo)海(hai)外種(zhong)子(zi)市場(chang)。盈利預(yu)(yu)測方面,由于公(gong)(gong)司(si)(si)目前未公(gong)(gong)布本(ben)(ben)次收購(gou)資(zi)(zi)(zi)產(chan)(chan)的業(ye)(ye)績情(qing)況,我們暫不調整盈利預(yu)(yu)測。我們預(yu)(yu)計(ji)公(gong)(gong)司(si)(si)15-17年凈利潤(run)分別(bie)為(wei)4.92/5.99/7.32億元,考(kao)慮增(zeng)發攤(tan)薄后每股收益0.46/0.56/0.68元,對應(ying)市盈率分別(bie)為(wei)58/47/38倍。公(gong)(gong)司(si)(si)后期(qi)產(chan)(chan)業(ye)(ye)并購(gou)、生(sheng)物(wu)育(yu)種(zhong)革(ge)新方面催化劑較多,在考(kao)慮并購(gou)的背(bei)景下(xia),預(yu)(yu)計(ji)15-17年業(ye)(ye)績大幅(fu)超預(yu)(yu)期(qi)的可(ke)能性較高(gao)(gao),建議投資(zi)(zi)(zi)者增(zeng)持(chi)。