According to data, China National Building Materials is China's largest comprehensive building materials industry group and a Fortune Global 500 company. Over the past 10 years, it has developed rapidly at a compound annual growth rate of more than 40%. At present, the group's total assets exceed 430 billion yuan and the total number of employees is nearly 180,000.
CNBM is dominated by companies such as China National Building Material Co., Ltd., and has 9 secondary subsidiaries, including BNBM (000786), China Jushi (600176), Triumph Technology (600552), Luoyang Glass (600876), Ruitai A number of listed company platforms such as Science and Technology (002066), China National Building Materials (03323) and China Glass (03300).
Sinoma Group is the only enterprise group in my country that has a series of core technologies and a complete innovation system in the non-metallic materials industry. It is the second largest building materials enterprise group in China and has been ranked among the top 500 Chinese enterprises for many years. As of 2014, Sinoma's total assets exceeded 116 billion yuan, operating income was 77.6 billion yuan, and total profits reached 1.8 billion yuan.
Sinoma Group also owns Sinoma Technology (002080), Sinoma International (600970), Sinoma Energy Conservation (603126), Qilianshan (600720), Tianshan (000877), Ningxia Building Materials (600449), Guotong (002205) and Sinoma (01893) and many other listed company platforms.
BNBM, China Jushi, Kaisheng Technology, Luoyang Glass and Ruitai Technology, the A-share listed companies of China National Building Materials, all issued announcements on the evening of the 22nd, indicating that they have received a notice of approval of the reorganization of China National Building Materials and China National Materials. At the same time, China National Building Materials Group Co., Ltd. was renamed China National Building Materials Group Co., Ltd., as the reorganized parent company, Sinoma was transferred to China National Building Materials Group Co., Ltd. free of charge. After the reorganization, the property rights and control relationships between these companies and their controlling shareholders and actual controllers have not changed.
And Sinoma Group's A-share listed companies, Sinoma Technology, Sinoma International, Sinoma Energy Conservation, Qilianshan, Tianshan, Ningxia Building Materials, and Guotong also all announced on the 22nd night and received a notice of consent to reorganization. At the same time, China National Building Materials Group Co., Ltd. does not hold shares in these companies. In addition, after the reorganization, these companies became listed companies under the reorganized China National Building Material Group Co., Ltd. Sinoma as the direct controlling shareholder of these companies and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller of these companies remained unchanged.
The reorganization of two large state-owned enterprises, China National Building Materials and Sinoma Group, was approved, announcing that a new group with total assets of more than 500 billion yuan will be formed.
Whether it is CNBM or Sinoma, the cement business is an important business of both groups. In the cement field, China National Building Materials has established four major cement companies: China United Cement, Southern Cement, Northern Cement, and Southwest Cement through large-scale joint reorganization; while Sinoma Group owns Tianshan, Ningxia Building Materials, Qilianshan, and Sinoma. The major listed cement production companies are leading companies in their respective regions.
Guolian Securities analysts analyzed that the four major cement groups under CNBM cover all parts of the country except the northwest, with a cement clinker production capacity of 299 million tons; Sinoma's cement clinker production capacity is 85.47 million tons. After the merger, the new group's clinker production capacity will reach 385 million tons, accounting for 22% of the country's total production capacity, almost twice that of Conch Cement, making it a well-deserved "big Mac" in the cement industry.
At the previous meeting of the heads of state-owned enterprises, Zhang Yi, director of the State-owned Assets Supervision and Administration Commission, stated that in 2016, we will continue to accelerate the reform of state-owned enterprises, increase group-level mergers and reorganizations, and promote strong alliances; promote professional reorganization, relying on leading enterprises in the industry. , To further strengthen the integration of homogeneous business and sub-industry integration.
An interviewed person in the building materials industry pointed out that as the largest and second largest building materials group in China, the two have overlaps in multiple business sectors such as cement and glass fiber. Cross-group business restructuring can effectively reduce vicious competition. , To achieve a strong alliance. At the same time, China National Building Materials Group Co., Ltd. is good at building materials such as cement, glass, lightweight building materials, and glass fiber, while China National Materials is good at the three major industries of non-metallic materials manufacturing, non-metallic materials technology equipment and engineering, and non-metallic mining. Through business restructuring, the two major groups can effectively improve their comprehensive competitiveness through complementary advantages.
Regarding the strategic reorganization of China National Building Materials and Sinoma, which have highly overlapping businesses, many analysts believe that this is not only conducive to achieving strong alliances, increasing corporate market share, and uniting against competitors, but also conducive to further increase in industrial concentration. , Increase the efficiency of capacity reduction.
Public data shows that in 2015, the national cement demand fell by 4.95% year-on-year, the first negative growth in history, and the cement industry's operating conditions were also quite dismal. The industry's main business income fell by 9.4% for the whole year, and the total profit was only 33 billion yuan, a decrease of 58%.
The industry is no stranger to the restructuring of the cement industry. Prior to this, the two major cement giants, BBMG (601992) and Jidong Group, had also implemented strategic restructuring to resolve excess cement production capacity in East China.
Guolian Securities analysts said that in 2016, the country vigorously promoted the "supply-side" reform, and the backward and excess capacity of steel, cement, coal and other industries became the focus of reform. In terms of cement, the national capacity utilization rate was 65% in 2015, showing a relatively serious overcapacity. During the "13th Five-Year Plan" period, the production lines of high-pollution, high-energy consumption and low-grade products are facing complete elimination or upgrading. The integration of China National Building Materials and Sinoma Group's cement business can better complete the resolution of excess capacity, while ensuring that the company's regional competitiveness is not affected.
However, for the reorganization of the two giants of central enterprises, in the face of complex business structures and various platforms, how to achieve a strong alliance and eliminate outdated production capacity requires a long period of running-in between the two major groups.