While its classic product ‘Seagull Shampoo’ is fading out of the public eye, another ‘Seagull’ may be put into the embrace of Shanghai Jahwa (39.05, 0.04, 0.10%) (600315). In response to the rumor that the Group will acquire Tianjin Seagull Watch Group (formerly Tianjin Watch Factory), the reporter of ‘Golden Securities’ was informed that several executives of Shanghai Jahwa have defaulted on this matter on different occasions and disclosed that ‘I hope Tianjin Seagull will be listed in a listed company . ‘There are signs that good things are approaching.
Chasing the ‘Seagull’ for three years
As early as last year when Ping An entered the Shanghai Jahwa Group, the market rumored that “Jahwa Group will take a 20% stake in Tianjin Seagull”. However, there was no response from Jahwa at that time.
进入 Entering in 2012, the reporter of ‘Golden Securities’ noticed that many senior executives of Shanghai Jahwa acquiesced in this matter on different occasions.
In March, a researcher familiar with the reporter rushed to the company to investigate. According to his disclosure, the executives admitted at the time that ‘the group has been tracking the seagull project for 3 years. At present, the company’s principle is to develop projects that are not related to cosmetics in the group. There is no decision on whether to put it into a listed company.
At the shareholders meeting of Shanghai Jahwa at the end of May, Chairman Ge Wenyao said, ‘I have been in contact with the Seagull Watch Factory since 2009. The company has also participated in bidding for one year. Now the company and major shareholders have returned to the equity participation project. There are some differences and the company will meet again for discussion. ‘
记者 ‘Golden Securities’ reporter was informed that at a recent institutional exchange meeting in June, Shanghai Jahwa executives further revealed: ‘At present, the Tianjin Watch Factory is going through the process, hoping to be listed in listed companies.’
人士 Yesterday, a person from Shanghai Jahwa’s Public Relations Department admitted to the reporter, ‘The company is indeed negotiating the acquisition of Tianjin Seagull Watch, but there is no latest progress.’
With ‘core’ unable to spread wings
In the domestic watch market, ‘Tianjin Seagull’ can be regarded as a famous brand. As early as the 1950s, the Seagull Group developed China’s first mechanical watch, and then continuously set a number of ‘firsts’ in the history of Chinese watchmaking: China’s first watch ‘Five Star’ brand, China’s first export watch ‘Seagull Watch’ and the first female watch that meets international standards.
It is understood that the current Seagull mechanical watch movement accounts for about 20% of the world’s total production, and products with independent intellectual property rights account for 85%. The three core technologies of ‘Tourbillon, Three Questions, Perpetual Calendar’, which were only mastered by watchmaking powers such as Switzerland, were also conquered one by one by seagulls.
But the disadvantages of seagulls are also obvious. According to insiders of the company, ‘General Ge admits that Seagull now produces watches with very advanced technology that can compete with international standards, but currently these watches do not have a market. It lacks fashionable design and lacks smooth sales channels, all of which are state-owned enterprises. A set of practices. He believes that if we buy this watch factory, with our understanding and grasp of state-owned enterprises, we will have an advantage over others to let them take advantage of state-owned brands and make a market. ‘
At the exchange meeting in June, an executive of the company also said, ‘Seagull watches have no marketing department and no channels, and the capital turnover is once a year and a half. The price of a single watch is not high, the movement business is a loss, and 44% is negative gross profit. , 22% is 5% gross profit. The company accounts for the majority of sales revenue of the double tourbillon, only 2-3 companies in the country do. ‘He did not say that’ a good watch should improve the technical content and strengthen the design and brand operation. ‘
The researchers at the scene even described Shanghai Jahwa’s plan for seagulls to ‘Golden Securities’. ‘The seagulls currently sell 500 million yuan, with a profit of 20-30 million yuan and an estimated value of 800 million yuan. The group plans to sell 20,000 yuan in five years. Only table, the ex-factory price has increased from 30,000 to 1.2 billion, and the gross profit margin has reached 87%. Even with 80% gross profit, there is also a 1.92 billion gross profit. Seagull has to achieve two goals, one is to achieve international first-line brands; The core must also have pricing power. ‘
More than that, Jahwa also intends, ‘After the acquisition of Seagull, we can expand the industrial chain and let it spin off and go public.’
5-10 times the potential benefits
Creating a high-end fashion industry group has always been Ge Wenyao’s dream. It is precisely because of Ping An’s ‘recognition of Jahwa’s diversified fashion industry development strategy’ commitment, so that Jahwa Group in the battle for equity, Tianping moved to Ping An. And since the peace came into power, this dream has been inserted into the wings of funds.
On April 20, Ge Wenyao told the reporter of ‘Golden Securities’ that ‘Ping An has sufficient funds and will fully support Jahwa’s investment and business development. As for the requirements for assessment, the first is compliance. Every year To provide unreserved accounting and auditing reports, the second is to require performance growth, and the 5-year investor return is at least 1-2 times. ‘