近日，中國交通建設股份有限公司（以下簡稱“中國交建”）發布公告稱，公司董事會審議通過了中國交建分拆下屬公司重組上市的議案。這標志著中國交通建設集團有限公司（以下簡稱“中交集團”）旗下六家子公司的重組上市實現了突破性進展，A股市場最大設計院將有望誕生。

6家央企設計院(yuan)重(zhong)組整(zheng)合

邁出重要一步

此次重組(zu)上(shang)市(shi)的六家標的公(gong)(gong)司(si)都是中(zhong)(zhong)交(jiao)(jiao)集(ji)(ji)團(tuan)(tuan)旗下(xia)具(ju)有較強經營實(shi)力的企(qi)業(ye)，核心(xin)業(ye)務(wu)多年來一直處于行業(ye)領(ling)先地位。據悉，此次重組(zu)上(shang)市(shi)的具(ju)體方(fang)案為(wei)：擬分拆主體（中(zhong)(zhong)交(jiao)(jiao)公(gong)(gong)路(lu)(lu)規劃設(she)計(ji)(ji)院有限(xian)(xian)公(gong)(gong)司(si)、中(zhong)(zhong)交(jiao)(jiao)第(di)一公(gong)(gong)路(lu)(lu)勘(kan)察設(she)計(ji)(ji)研究院有限(xian)(xian)公(gong)(gong)司(si)、中(zhong)(zhong)交(jiao)(jiao)第(di)二公(gong)(gong)路(lu)(lu)勘(kan)察設(she)計(ji)(ji)研究院有限(xian)(xian)公(gong)(gong)司(si)）與三(san)家市(shi)政(zheng)(zheng)院（中(zhong)(zhong)國城鄉控(kong)(kong)股集(ji)(ji)團(tuan)(tuan)有限(xian)(xian)公(gong)(gong)司(si)下(xia)屬中(zhong)(zhong)國市(shi)政(zheng)(zheng)工程西南設(she)計(ji)(ji)研究總(zong)院有限(xian)(xian)公(gong)(gong)司(si)、中(zhong)(zhong)國市(shi)政(zheng)(zheng)工程東北設(she)計(ji)(ji)研究總(zong)院有限(xian)(xian)公(gong)(gong)司(si)、中(zhong)(zhong)交(jiao)(jiao)城市(shi)能源研究設(she)計(ji)(ji)院有限(xian)(xian)公(gong)(gong)司(si)）（合(he)稱(cheng)“六家設(she)計(ji)(ji)院”）置入甘肅祁(qi)連山水泥集(ji)(ji)團(tuan)(tuan)股份有限(xian)(xian)公(gong)(gong)司(si)。交(jiao)(jiao)易(yi)完成后，上(shang)市(shi)公(gong)(gong)司(si)的控(kong)(kong)股股東和實(shi)控(kong)(kong)人將由中(zhong)(zhong)國建材集(ji)(ji)團(tuan)(tuan)變更為(wei)中(zhong)(zhong)交(jiao)(jiao)集(ji)(ji)團(tuan)(tuan)。

早在2022年5月(yue)11日(ri)，中(zhong)(zhong)(zhong)(zhong)國交(jiao)(jiao)(jiao)建就公(gong)(gong)(gong)告披(pi)露了關于分(fen)拆所屬子公(gong)(gong)(gong)司(si)中(zhong)(zhong)(zhong)(zhong)交(jiao)(jiao)(jiao)公(gong)(gong)(gong)路(lu)規劃設(she)計(ji)(ji)(ji)院有限(xian)公(gong)(gong)(gong)司(si)、中(zhong)(zhong)(zhong)(zhong)交(jiao)(jiao)(jiao)第一公(gong)(gong)(gong)路(lu)勘察設(she)計(ji)(ji)(ji)研(yan)究(jiu)(jiu)院有限(xian)公(gong)(gong)(gong)司(si)、中(zhong)(zhong)(zhong)(zhong)交(jiao)(jiao)(jiao)第二公(gong)(gong)(gong)路(lu)勘察設(she)計(ji)(ji)(ji)研(yan)究(jiu)(jiu)院有限(xian)公(gong)(gong)(gong)司(si)重(zhong)(zhong)組上(shang)(shang)(shang)市的預(yu)(yu)案。當日(ri)晚(wan)間(jian)，祁連山也(ye)披(pi)露重(zhong)(zhong)組預(yu)(yu)案，上(shang)(shang)(shang)市公(gong)(gong)(gong)司(si)擬將其全部資產及負債置出，并置入中(zhong)(zhong)(zhong)(zhong)國交(jiao)(jiao)(jiao)建和(he)中(zhong)(zhong)(zhong)(zhong)國城鄉旗下六家子公(gong)(gong)(gong)司(si)100%股(gu)(gu)權，差額部分(fen)由(you)上(shang)(shang)(shang)市公(gong)(gong)(gong)司(si)發行(xing)股(gu)(gu)份(fen)購買。交(jiao)(jiao)(jiao)易(yi)完(wan)成后，中(zhong)(zhong)(zhong)(zhong)交(jiao)(jiao)(jiao)集(ji)(ji)團(tuan)旗下六家子公(gong)(gong)(gong)司(si)實(shi)現借殼上(shang)(shang)(shang)市，上(shang)(shang)(shang)市公(gong)(gong)(gong)司(si)祁連山由(you)水(shui)泥行(xing)業轉(zhuan)型至工程設(she)計(ji)(ji)(ji)咨詢行(xing)業，實(shi)控人由(you)中(zhong)(zhong)(zhong)(zhong)國建材集(ji)(ji)團(tuan)變更為(wei)中(zhong)(zhong)(zhong)(zhong)交(jiao)(jiao)(jiao)集(ji)(ji)團(tuan)。

據(ju)了解，此次(ci)(ci)重(zhong)組(zu)分為(wei)重(zhong)大(da)資(zi)產置換、發行股份(fen)購買資(zi)產及募集(ji)(ji)配套(tao)資(zi)金三個部分。上(shang)市公(gong)(gong)司表示，中(zhong)交(jiao)集(ji)(ji)團(tuan)和(he)中(zhong)國建(jian)材集(ji)(ji)團(tuan)所(suo)屬(shu)基建(jian)與建(jian)材行業(ye)緊密關聯，產業(ye)協(xie)同性強、業(ye)務契合度高(gao)。雙方同作為(wei)國有資(zi)本(ben)投資(zi)公(gong)(gong)司試點，此次(ci)(ci)交(jiao)易(yi)將開啟中(zhong)交(jiao)集(ji)(ji)團(tuan)和(he)中(zhong)國建(jian)材集(ji)(ji)團(tuan)合作的(de)新篇(pian)章，促進兩大(da)央企(qi)集(ji)(ji)團(tuan)在(zai)更多(duo)領域展開長期合作，為(wei)央企(qi)之間強強聯合塑(su)造典范。

中國(guo)交(jiao)建

打造設計(ji)領域“巨無霸”

此次交易(yi)中(zhong)(zhong)，祁(qi)連山擬(ni)將其持有的祁(qi)連山有限100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)置(zhi)出，并與(yu)(yu)中(zhong)(zhong)國(guo)交建下屬(shu)公規(gui)院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、一(yi)(yi)公院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、二公院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)和中(zhong)(zhong)國(guo)城(cheng)鄉(xiang)(xiang)下屬(shu)西南院(yuan)100% 股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、東北院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、能源院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)中(zhong)(zhong)的等值部(bu)分進(jin)行資(zi)產(chan)置(zhi)換(huan)。祁(qi)連山向(xiang)中(zhong)(zhong)國(guo)交建、中(zhong)(zhong)國(guo)城(cheng)鄉(xiang)(xiang)發行股(gu)(gu)(gu)(gu)(gu)份(fen)購買公規(gui)院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、一(yi)(yi)公院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、二公院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、西南院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)、東北院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)和能源院(yuan)100%股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)與(yu)(yu)擬(ni)置(zhi)出資(zi)產(chan)的差額部(bu)分，并募集配套資(zi)金。上(shang)述(shu)交易(yi)構成(cheng)中(zhong)(zhong)國(guo)交建分拆(chai)子公司(si)公規(gui)院(yuan)、一(yi)(yi)公院(yuan)、二公院(yuan)重(zhong)組上(shang)市。此次交易(yi)中(zhong)(zhong)，擬(ni)置(zhi)出資(zi)產(chan)作價1,043,042.98萬元(yuan)，擬(ni)置(zhi)入資(zi)產(chan)作價2,350,313.29萬元(yuan)，上(shang)述(shu)差額1,307,270.31萬元(yuan)由祁(qi)連山以(yi)發行股(gu)(gu)(gu)(gu)(gu)份(fen)的方式向(xiang)中(zhong)(zhong)國(guo)交建、中(zhong)(zhong)國(guo)城(cheng)鄉(xiang)(xiang)購買。

借助此(ci)次交易，中(zhong)交集團(tuan)將實現對設計板塊的整合，上(shang)市(shi)(shi)主體有望(wang)成為A股(gu)市(shi)(shi)場規(gui)模最大(da)的設計公(gong)司。“此(ci)次交易完成后(hou)，上(shang)市(shi)(shi)公(gong)司將成為A股(gu)市(shi)(shi)場建筑設計領域的巨無霸。”一(yi)位(wei)券商(shang)建筑行業(ye)研究員告(gao)訴《證券日報》記者(zhe)，此(ci)次重(zhong)組注入的六家設計院在業(ye)內實力非(fei)常強，上(shang)市(shi)(shi)后(hou)估值有望(wang)提升，預計市(shi)(shi)盈率可給到10倍至15倍。

“為落實(shi)(shi)國有資本投(tou)資公司(si)試點，推(tui)動設計板(ban)塊聚焦主業(ye)、提(ti)高核心競爭力，加快(kuai)市場化(hua)改革(ge)，釋放設計板(ban)塊估(gu)值潛力，實(shi)(shi)現全體股東利(li)益最大化(hua)，公司(si)策(ce)劃了子(zi)業(ye)務板(ban)塊的(de)分拆上市工(gong)作。”中國交建(jian)方面表示(shi)，通(tong)過此次(ci)資本運作，將進一步增(zeng)強公司(si)設計業(ye)務的(de)資本實(shi)(shi)力，擴(kuo)大業(ye)務布局，有助于提(ti)升中國交建(jian)的(de)核心競爭力和(he)盈利(li)能力。

工程設計咨詢行業(ye)

重組整合步伐或(huo)將明(ming)顯加快

經(jing)過多年的發(fa)展，我(wo)國(guo)(guo)工(gong)程(cheng)(cheng)設計(ji)咨詢(xun)行業(ye)得(de)到了巨大發(fa)展。但是，我(wo)國(guo)(guo)的工(gong)程(cheng)(cheng)設計(ji)咨詢(xun)行業(ye)集中度(du)并不高，仍存在一定(ding)的區域、行業(ye)和專(zhuan)業(ye)壁壘(lei)，單個企(qi)(qi)業(ye)市場(chang)份額不高，行業(ye)內(nei)尚未出(chu)現能夠主(zhu)導國(guo)(guo)內(nei)市場(chang)格局的規(gui)模化企(qi)(qi)業(ye)。同時，我(wo)國(guo)(guo)工(gong)程(cheng)(cheng)設計(ji)咨詢(xun)行業(ye)在設計(ji)理(li)念、服(fu)務(wu)模式、服(fu)務(wu)內(nei)容(rong)、設計(ji)深(shen)度(du)和廣度(du)上與(yu)國(guo)(guo)際先進(jin)工(gong)程(cheng)(cheng)設計(ji)咨詢(xun)服(fu)務(wu)企(qi)(qi)業(ye)相比，整(zheng)體(ti)上還存在一定(ding)差距(ju)。

在(zai)國家基礎設施體系逐漸完善(shan)、固定資(zi)產(chan)投資(zi)增(zeng)速放緩、政策刺激效應回落、新(xin)(xin)(xin)冠(guan)疫情影(ying)響廣(guang)泛深遠(yuan)的(de)背(bei)景下，工程設計咨詢行(xing)業(ye)(ye)面臨新(xin)(xin)(xin)的(de)發(fa)展(zhan)環境、新(xin)(xin)(xin)的(de)競爭(zheng)格局(ju)、新(xin)(xin)(xin)的(de)價值規(gui)律，優質資(zi)源會加速集聚(ju)，重(zhong)組整(zheng)合(he)步伐將明(ming)顯加快，未(wei)來的(de)行(xing)業(ye)(ye)版圖將加速重(zhong)構(gou)，行(xing)業(ye)(ye)態勢將向著專業(ye)(ye)化(hua)、一體化(hua)、綜合(he)化(hua)方向轉型。目前，部分(fen)省份在(zai)已(yi)經出(chu)臺的(de)行(xing)業(ye)(ye)“十四(si)五”規(gui)劃中，明(ming)確將培養(yang)百(bai)億級(ji)規(gui)模設計企業(ye)(ye)納(na)入規(gui)劃目標范疇，可以(yi)預(yu)見(jian)“十四(si)五”時期行(xing)業(ye)(ye)內將產(chan)生規(gui)模化(hua)發(fa)展(zhan)的(de)企業(ye)(ye)，不僅意味著市場份額的(de)重(zhong)新(xin)(xin)(xin)分(fen)配(pei)，也將在(zai)服務模式選擇、收費機(ji)制探討以(yi)及發(fa)展(zhan)路徑選擇等方面深刻影(ying)響行(xing)業(ye)(ye)格局(ju)，建立新(xin)(xin)(xin)的(de)競爭(zheng)秩序，逐步推動行(xing)業(ye)(ye)走向成(cheng)熟。

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