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Recently, the cement industry has witnessed a new upsurge, and many cement companies have joined forces to expand the upstream and downstream industrial chains: Jiangxi Cement has established a mining subsidiary, Yatai Group has invested in a commercial concrete mixing plant, and Sichuan Yusheng Cement**3 Billion plans to build a gypsum project. Tianshan Cement also reviewed and passed the proposal to acquire a mining company and a gravel company at the time of the semi-annual report. It seems that overnight, the majority of cement companies have realized the importance of extending the industrial chain. If 2011 is the year of mergers and acquisitions in China's cement industry, why did the major cement companies shift their development to expand their industrial chains in 2012?
After careful investigation, the author found that this is actually an important breakthrough for the cement companies to face the difficult status quo.
The whole story has to start with the development model of cement companies. Under normal circumstances, cement companies must expand no more than three methods: new production lines, mergers and acquisitions, and extension of the industrial chain. Once upon a time, the new production line was an important way for major companies to grow their own strength. The domestic cement leading enterprise Conch was known for its new production line. Then, with the general surplus of cement production capacity, the method of building a new production line will only make the already saturated market more surplus, which will not be beneficial to the development of its own strength and economic efficiency.
On the other hand, since 2009, the state has successively issued relevant documents to strictly control the construction of new production lines. In November 2010, the Ministry of Industry and Information Technology released the “Admission Requirements for the Cement Industry†announcement, which clearly stated that the new cement (clinker) production line project should be strictly controlled.
Under this policy situation, some cement companies began to look abroad. In 2011, an announcement by Conch Cement on July 1 showed that the company had signed a memorandum of cooperation in Jakarta, Indonesia to build a 3,200-ton/day production line in Tanjung, Indonesia. This is the first time that Conch Cement has established a plant overseas. On July 27, Huaxin Cement announced the establishment of a new 2500TPD dry clinker production line in Tajikistan. On June 9th, Yatai Group signed a project cooperation agreement with North Korea's Luoxian City Economic Cooperation Bureau to build a 1 million-ton cement grinding station in Luoxian.
However, setting up factories overseas is both an opportunity and a risk. After all, whether it can successfully integrate into the local market environment remains to be verified. For most cement companies, they may not have the strength to invest overseas in the short term, and mergers and acquisitions have become the main expansion method.
According to reports, there were about 200 mergers and acquisitions cases during the “Eleventh Five-Year Plan†period, of which 55 mergers and reorganizations took place in 2010, which is the year in which mergers and reorganizations occurred most in history. The well-known South Cement has achieved the scale of today through mergers and reorganizations.
However, by 2011, the situation has changed. According to reports, in 2011, the number of mergers and acquisitions fell sharply. Of the 21 cement listed companies, only five issued announcements involving acquisitions, which are quite different from last year's “merger and acquisition boomâ€. Take Southern Cement, which is a merger and reorganization founder, Southern Cement acquired 15 companies in the past year and this year it has barely won. All this has a close relationship with the rising cost of mergers and acquisitions.
In July 2011, the Ministry of Industry and Information Technology released the “List of Enterprises for Eliminating Backward Production Capacity in the Industrial Sectorâ€, in which the cement industry involved the phase-out of 153 million tons of capacity and involving 782 cement companies. After eliminating a large number of outdated production capacity, the remaining enterprises naturally double in value. In addition, the chaotic reorganization order is also an important reason for rising costs. In order to limit the expansion of production capacity, enterprises have stepped up the pace and intensity of restructuring to accelerate their development. As a result, the phenomenon of frequent bidding at the same time, the same company, and even vicious competition, has undoubtedly increased the number of enterprises. Acquisition costs.
In fact, in addition to the substantial increase in the cost of mergers and acquisitions, the complexity of the procedures and the length of time of the government approval process have also increased the transaction costs and time costs of the transaction. Market participants who have participated in many M&A transactions said that some government departments have adopted “delay tactics†in the process of approval. Many transactions take more than two years to complete the entire department's approval process. During this period, companies need to employ intermediary agencies to continuously perform supplementary audits and assessments. This is a big cost.
The new production line was limited, and the cost of mergers and acquisitions rose sharply. Under this situation, cement companies had to seize the life-saving straw to expand the industrial chain. In fact, expanding the industrial chain can not only help cement companies find new growth points, but also help cement companies adjust their industrial structure and shift from a traditional industry with high energy consumption and high pollution to a clean and efficient modern industry.
Concretely speaking, as an intermediate industry, cement is an effective way to establish a complete industrial chain by combining upstream and downstream considerations in order to establish a long-term market and maximize profits. Upstream development can solve raw material problems to reduce costs, and downstream development can expand the market to win more profits. At present, the upstream expansion of cement companies is mainly concentrated in the fields of mines, sandstones, aggregates, and coal mines. Concrete in the downstream market has become a hot spot for major companies to chase.
It is understood that among the top 10 cement clinker enterprises in the country in 2010, Jidong Cement, China Resources Cement and Huaxin Cement have taken the lead in the concrete commercial area; the Jinyu Group and the Yatai Group of the top 20 cement companies have also started Cement extends to the concrete industry.
Although some cement companies have encountered bottlenecks in the development of concrete, this has a close relationship with the current low concrete entry threshold and fierce competition. According to analysis by industry insiders, although the lower gross profit rate of commercial concrete has relatively limited performance for the company, the construction of a commercial concrete production line extends the cement industry chain and is conducive to the sale of cement.
It seems that for a long time to come, the extension of the industrial chain of cement companies will be an irresistible trend, and it is also the last opportunity for cement companies to break through.
After careful investigation, the author found that this is actually an important breakthrough for the cement companies to face the difficult status quo.
The whole story has to start with the development model of cement companies. Under normal circumstances, cement companies must expand no more than three methods: new production lines, mergers and acquisitions, and extension of the industrial chain. Once upon a time, the new production line was an important way for major companies to grow their own strength. The domestic cement leading enterprise Conch was known for its new production line. Then, with the general surplus of cement production capacity, the method of building a new production line will only make the already saturated market more surplus, which will not be beneficial to the development of its own strength and economic efficiency.
On the other hand, since 2009, the state has successively issued relevant documents to strictly control the construction of new production lines. In November 2010, the Ministry of Industry and Information Technology released the “Admission Requirements for the Cement Industry†announcement, which clearly stated that the new cement (clinker) production line project should be strictly controlled.
Under this policy situation, some cement companies began to look abroad. In 2011, an announcement by Conch Cement on July 1 showed that the company had signed a memorandum of cooperation in Jakarta, Indonesia to build a 3,200-ton/day production line in Tanjung, Indonesia. This is the first time that Conch Cement has established a plant overseas. On July 27, Huaxin Cement announced the establishment of a new 2500TPD dry clinker production line in Tajikistan. On June 9th, Yatai Group signed a project cooperation agreement with North Korea's Luoxian City Economic Cooperation Bureau to build a 1 million-ton cement grinding station in Luoxian.
However, setting up factories overseas is both an opportunity and a risk. After all, whether it can successfully integrate into the local market environment remains to be verified. For most cement companies, they may not have the strength to invest overseas in the short term, and mergers and acquisitions have become the main expansion method.
According to reports, there were about 200 mergers and acquisitions cases during the “Eleventh Five-Year Plan†period, of which 55 mergers and reorganizations took place in 2010, which is the year in which mergers and reorganizations occurred most in history. The well-known South Cement has achieved the scale of today through mergers and reorganizations.
However, by 2011, the situation has changed. According to reports, in 2011, the number of mergers and acquisitions fell sharply. Of the 21 cement listed companies, only five issued announcements involving acquisitions, which are quite different from last year's “merger and acquisition boomâ€. Take Southern Cement, which is a merger and reorganization founder, Southern Cement acquired 15 companies in the past year and this year it has barely won. All this has a close relationship with the rising cost of mergers and acquisitions.
In July 2011, the Ministry of Industry and Information Technology released the “List of Enterprises for Eliminating Backward Production Capacity in the Industrial Sectorâ€, in which the cement industry involved the phase-out of 153 million tons of capacity and involving 782 cement companies. After eliminating a large number of outdated production capacity, the remaining enterprises naturally double in value. In addition, the chaotic reorganization order is also an important reason for rising costs. In order to limit the expansion of production capacity, enterprises have stepped up the pace and intensity of restructuring to accelerate their development. As a result, the phenomenon of frequent bidding at the same time, the same company, and even vicious competition, has undoubtedly increased the number of enterprises. Acquisition costs.
In fact, in addition to the substantial increase in the cost of mergers and acquisitions, the complexity of the procedures and the length of time of the government approval process have also increased the transaction costs and time costs of the transaction. Market participants who have participated in many M&A transactions said that some government departments have adopted “delay tactics†in the process of approval. Many transactions take more than two years to complete the entire department's approval process. During this period, companies need to employ intermediary agencies to continuously perform supplementary audits and assessments. This is a big cost.
The new production line was limited, and the cost of mergers and acquisitions rose sharply. Under this situation, cement companies had to seize the life-saving straw to expand the industrial chain. In fact, expanding the industrial chain can not only help cement companies find new growth points, but also help cement companies adjust their industrial structure and shift from a traditional industry with high energy consumption and high pollution to a clean and efficient modern industry.
Concretely speaking, as an intermediate industry, cement is an effective way to establish a complete industrial chain by combining upstream and downstream considerations in order to establish a long-term market and maximize profits. Upstream development can solve raw material problems to reduce costs, and downstream development can expand the market to win more profits. At present, the upstream expansion of cement companies is mainly concentrated in the fields of mines, sandstones, aggregates, and coal mines. Concrete in the downstream market has become a hot spot for major companies to chase.
It is understood that among the top 10 cement clinker enterprises in the country in 2010, Jidong Cement, China Resources Cement and Huaxin Cement have taken the lead in the concrete commercial area; the Jinyu Group and the Yatai Group of the top 20 cement companies have also started Cement extends to the concrete industry.
Although some cement companies have encountered bottlenecks in the development of concrete, this has a close relationship with the current low concrete entry threshold and fierce competition. According to analysis by industry insiders, although the lower gross profit rate of commercial concrete has relatively limited performance for the company, the construction of a commercial concrete production line extends the cement industry chain and is conducive to the sale of cement.
It seems that for a long time to come, the extension of the industrial chain of cement companies will be an irresistible trend, and it is also the last opportunity for cement companies to break through.
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