The offshore engineering equipment industry needs high technical support. Behind the profit gap is the “dark war†of core technical talents: In 2004, Zhang Zhirong, the chairman of Hengsheng Real Estate, dug Chen Qiang from the State-owned China Shipbuilding Group to form Rongsheng Heavy Industry; In 2007, COSCO Shipyard hired Xu Liangwei and other overseas returning experts in 2010; in 2010, Hu Ankang, Dean of Zhenhua Heavy Industry Marine Engineering Design and Research Institute, moved to CIMC...
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The “Twelfth Five-Year Plan†clearly pointed out the development priorities of China's shipbuilding industry, and accelerated the pace of independent design and construction of marine mobile drilling platforms, floating production systems, offshore engineering and auxiliary vessels, and key supporting equipment and systems. In addition, the chapter “Optimizing the Structure of the Marine Industry†once again proposes to cultivate and expand emerging industries such as marine engineering equipment manufacturing.
According to relevant personnel of CSIC, the utilization rate of global offshore engineering equipment exceeds 90%, and will enter the peak period of renewal and elimination in the next few years, which will directly promote the market demand for marine engineering equipment. Taking the drilling platform as an example, there are currently 600 to 800 platforms worldwide. Most of the active rigs have a design life of 20 to 30 years, but the platforms that have been in use for 30 years are everywhere, and aging is quite serious.
According to industry insiders, the current entry of traditional shipping companies into the offshore equipment sector has become a trend, and the offshore equipment sector is seen as a “blue oceanâ€. It is against this background that Zhenhua Heavy Industry, China Shipbuilding Corporation and China Shipbuilding Corporation, CIMC Group and Rongsheng Heavy Industry have laid out the offshore equipment market.
However, the high-profile Zhenhua Heavy Industry and the 2010 annual report released by CIMC show that the offshore equipment market is not as good as expected.
On March 23, the 2010 annual report released by CIMC showed that the company's offshore business revenue was 2.444 billion yuan, with a huge loss of 1.109 billion yuan. Zhenhua Heavy Industry's 2010 annual report showed a loss of nearly 700 million yuan last year, of which the offshore industry business income was 2.591 billion yuan, and the gross profit was only 252 million yuan. However, in 2009, Zhenhua Heavy Industry's offshore heavy equipment business revenue reached 3.6 billion yuan, and the gross profit margin surged from 22% in 2008 to 31%. By 2010, its gross profit margin was only 9.7%, which was significantly lower than the international average of 30%.
The performance of the two major state-owned enterprises has made the private enterprises melt and heavy work seem quite beautiful. According to the 2010 annual report, Rongsheng Heavy Industry's offshore business revenue was 465 million yuan, up 60.9% year-on-year; gross profit was 183 million yuan, up 82.14% year-on-year.
Difference in expansion path
Fu Caixia, a national securities analyst who is concerned about the offshore equipment field, told the reporters of the Daily Economic News that there are many companies entering the offshore industry, but the path of development is different.
CIMC chose the road to mergers and acquisitions. In 2009, CIMC acquired Yantai Raffles. In February last year, semi-submersible drilling rigs were successfully delivered. In 2010, there were 6 semi-submersible drilling rigs, 4 jack-up rigs, 1 life support platform and 4 special marine engineering vessels. .
CIMC Group has accepted public interviews in the media that Yantai Raffles has mastered the core technology of the offshore drilling platform. The goal of CIMC is to achieve the annual sales of 20 billion yuan in the offshore industry. The future marine engineering will become the company with the highest added value. a business.
Unlike CIMC, Zhenhua Heavy Industry developed its own offshore business from the very beginning. In 2008, Zhenhua Group officially entered the field of marine engineering under the leadership of former President Guan Yuxian. In 2008, the company's total fixed assets increased by 5.1 billion yuan to 11.5 billion yuan. The company's corporate debt ratio reached 70.8%.
In April 2009, Zhenhua Port Machinery was renamed Zhenhua Heavy Industry. At the same time, the high-profile establishment of the Ocean Engineering Design and Research Institute, the former deputy chief engineer of CSSC Hu Ankang resigned as the dean of Zhenhua Heavy Industry Marine Engineering Design and Research Institute. Guan Yuxian also formulated a huge offshore plan: in 2 to 3 years, offshore products accounted for more than 50% of the company's total output value, and the operating income of the corresponding sector exceeded 4 billion US dollars; after 3 to 5 years, the offshore business accounted for the company. More than 80% of the output value.
However, the sudden financial crisis in 2008 disrupted the original plan of Zhenhua Heavy Industry. At the end of 2009, the new president Kang Xuezeng took office, and the original offshore plan seems to have changed quietly.
In its 2010 annual report, the company acknowledged that in recent years, the company has invested heavily in infrastructure, resulting in an overcapacity. The scale contribution and benefit contribution of the company's offshore and steel structure market have not yet fully manifested, and the pressure of overcapacity is huge; the company's established risks have not been reduced to an ideal state, especially for large project risks and high asset-liability ratios. The risk of capital credit still plagues the company's development.
However, even if there is risk, competition is still anxious. In the second half of 2010, Zhenhua’s major shareholder, China Communications, finally failed to hold the 25% premium of CIMC and acquired the entire F&G shares of US offshore drilling platform design and equipment manufacturer for US$125 million.
Rongsheng Heavy Industry, which has a good performance, has embarked on another development path.
In February 2004, Zhang Zhirong, the chairman of Hengsheng Real Estate (formerly Shanghai Sunshine Group), entered the heavy industry industry across the industry and set up Jiangsu Rongsheng Investment Group Co., Ltd. (formerly Rongsheng). At that time, Chen Qiang, who had founded the Shanghai Waigaoqiao (600648, stock bar) shipyard and served as the general manager of Shanghai Waigaoqiao Shipbuilding Co., Ltd., joined Rongsheng. Later, Rongsheng Heavy Industry, such as a dark horse, expanded rapidly in the market and entered the offshore business.
Core technical talent dispute
National Securities analyst Fu Caixia believes that offshore engineering is known as a high-risk, high-input, high-return industry. Manufacturers engaged in the construction of offshore engineering equipment must have a sound R&D organization, complete construction facilities, rich construction experience and strong Financial strength.
Domestic marine engineering equipment is 70% dependent on imports. The huge market demand for offshore equipment has led many domestic enterprises to enter the industry, and it has also led to competition for high-tech talents. The "Daily Economic News" reporter compared many well-known ship and heavy industry companies for many years and found that some state-owned enterprises have a large flow of core technical talents, and some core technical talents flow to private enterprises.
Chen Qiang, deputy general manager of Shanghai Waigaoqiao Shipbuilding Co., Ltd., is a typical example. Why did he suddenly join Rongsheng Heavy Industry? Rongsheng Heavy Industry's prospectus stated that Chen Qiang and Zhang Zhirong have the common goal of “committed to revitalizing China's shipbuilding industryâ€. The salary and equity provided by Rongsheng may be another important reason. From the prospectus, Zhang Zhirong transferred 50,000 shares of Rongsheng Heavy Industries Co., Ltd. worth 236.6 million yuan to Chen Qiang. According to the 2010 annual report, Chen Qiang holds 196 million shares of Rongsheng Group, accounting for 2.8% of the total share capital and a market value of 1.18 billion Hong Kong dollars. Nie Chenggen, the general manager of the Chinese ship of the parent company of Waigaoqiao Shipbuilding Co., Ltd., which he worked for, had an annual salary of 1.4 million yuan in 2010.
As can be seen from the 2010 annual report, many of Rongsheng's management teams are under the old department of Shanghai Waigaoqiao. For example, Chen Wenjun and Chen Guorong in Rongsheng executives have been in Shanghai Waigaoqiao. Ltd. is a middle management cadre.
The high-priced "digging" team quickly brought profits to Rongsheng. In 2006, Rongsheng won the construction contract for the first six ice-strength bulk carriers. The shipowner is the Golden Ocean Shipping Company under the Norwegian Frontline Company. Chen Qiang admitted in an interview with the media that Frontline was an old customer of the Shanghai Waigaoqiao period.
According to reports, since COSCO Shipyard entered the offshore industry in 2007, in order to solve the technical bottleneck, Wang Xingru, general manager of COSCO Shipyard, rushed to Singapore several times, and invited dozens of returnees experts with high salaries. Xu Liangzhu, general manager of COSCO Shipyard Offshore Engineering Headquarters, is one of the offshore engineers hired by COSCO Shipyard from Singapore. He relies on his business relationship to continuously obtain overseas orders.
The sudden departure of Hu Ankang, the president of Zhenhua Heavy Industry Marine Engineering Design and Research Institute, triggered a shock in the industry. Dr. Hu Kangkang is an expert in ship and ocean engineering. Zhenhua Heavy Industry's 2010 annual report shows that Hu Ankang, dean of the Institute of Offshore Engineering, left his post, and the reason for the change was “resignationâ€. Later, she moved to Harbin Engineering University. When he introduced her identity on the official website of Harbin Engineering University, he added one more position to be the head of the CIMC Ocean Engineering Research Center.
Yesterday, Yu Yuqun, Secretary of the Board of Directors of CIMC, confirmed to the reporter of “Daily Economic News†that Dr. Hu Kangkang did serve in CIMC, and the specific positions were not disclosed.
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