Event: the company issued a plan to raise 2 billion yuan and issued no more than 49226320 shares to expand the production capacity of 300 million square meters of aluminum plastic film and 100 million square meters of fluorine-free backplane.
The production capacity of aluminum-plastic film has increased by more than 10 times, and a factory has been purchased to speed up the progress of production. Due to the growth of downstream demand, domestic aluminum-plastic film has been imported instead of opportunities. As a domestic aluminum-plastic film leader, the company's products have been recognized by the market. At present, the company's aluminum-plastic film batch sales customers include Ganfeng Lithium, Paron Technology, Nandu Power supply and so on. At the same time, the company is actively expanding potential high-quality customers, the company is now a small batch of Funeng technology delivery, and has entered the final round of testing phase of BYD and the second round of ATL testing phase. This fund-raising investment project will greatly expand the company's aluminum and plastic film production capacity and seize the high point of the market in the context of domestic substitution, and the company's new capacity construction will be invested in advance with self-raised funds. at present, land and factories have been purchased, and the progress of subsequent production will be accelerated. With reference to the current industry situation, we predict that 300 million square meters of aluminum and plastic film production capacity will have a revenue of 6 billion yuan and a profit of 900 million yuan.
Fluorine-free backplane has obvious advantages, supply exceeds demand, and backplane output will double. The company's expanded BO backplane is the company's advantage product, with low cost and non-fluorine environmental protection characteristics, has successfully passed the harsh environment reliability test of TUV and other third-party certification bodies, with high cost performance and safety reliability, exported to Singapore, South Korea, India and other overseas countries, overseas customers are mainly REC, LG, VinaSolar and other large foreign component companies. At present, the company's BO backplane has been shipped to domestic large component manufacturers such as Jing O, Tongwei and Dongfang Risheng, and has passed the product test and certification stage of Longji shares and entered the business negotiation stage. The company's existing backplane production capacity of 114 million square meters, has been full production, the future new capacity is expected to be smoothly digested, output will double, the new capacity has also completed the purchase of land and plant, the speed of production expansion is fast, is expected to be put into production this year.
The core technology of the company is leading, expanding the business of two emerging industries, and there is a huge space for development in the future. The company is one of the earliest domestic enterprises involved in the field of photovoltaic backplane and power battery aluminum-plastic film, with relevant film-making patent technology. In addition, the company relies on its own accumulation in the field of photovoltaic, to develop another photovoltaic POE film business, IPO raised 120 million square meters of production capacity will gradually reach production, will become another growth point of the company's performance. In addition, the company has a number of promising new technologies, including heterojunction grid film, which is expected to form a multi-point flowering situation in the future.
Profit forecast and investment advice. The company's backplane performance will continue to maintain steady growth, while the aluminum-plastic film business will become the company's new revenue growth pole, production expansion will be accelerated, and there will be huge room for growth in the future. We will increase the company's net profit from 2022 / 2023 to 255,542 million yuan, with a compound growth rate of 72.51% over the next three years, with a 30-fold valuation in 2022 and a "buy" rating corresponding to the target price of 46.8 yuan.
Risk hints: one-sided component market shrinks; lithium battery technology iteration; fixed increase new production can not meet the expected risk.