Core ideas:
Hongya CNC disclosed a non-public offering of A shares in 2022. The company intends to issue no more than 90.91 million shares to no more than 35 issuers, raising a total of no more than 1 billion yuan, of which 400 million yuan is intended for the construction project of furniture robot automation production line manufacturing base, 500 million yuan is intended for Hongya CNC Group Shunde high-end furniture equipment intelligent manufacturing base, and 100 million yuan is intended to supplement working capital.
Expand production capacity and enhance the competitiveness of the company. Among them, after the completion of the furniture robot automation production line manufacturing base construction project, it will achieve an annual production capacity of 20000 sets (sets) of intelligent edge sealing machines and automatic production lines and other high-end furniture equipment; Hongya CNC Group Shunde high-end furniture equipment intelligent manufacturing base will achieve an annual production capacity of 10000 sets (sets) of cutting board saws, CNC drills and other high-end furniture manufacturing equipment. After the completion of the fund-raising project in the future, it is expected to further enhance the independent innovation and development capability of high-end equipment such as edge sealing machines, cutting board saws, CNC drills and automatic production lines, optimize product structure and enrich product series, in order to better meet the needs of downstream furniture manufacturing enterprises for intelligent, numerical control and flexible production equipment, and consolidate the leading position of the domestic industry. Narrow the gap between the company and the international leading enterprises in product intelligence level and process design.
The actual controller participates in the subscription to demonstrate the confidence of future development. According to the plan, Mr. Li Maohong, the chairman and controlling shareholder of the company, intends to participate in the subscription of the non-public offering shares in cash, with a subscription amount of not less than 150 million yuan and no more than 400 million yuan, fully demonstrating his confidence in the future development of the company.
Profit forecast and investment advice: the company's EPS in 21-23 is expected to be 1.76 / 2.10 / 2.58 yuan per share, considering the company's capacity expansion, maintaining the company's reasonable value of 45.31 yuan per share and maintaining the "buy" rating.
Risk tips: product demand is lower than expected; capacity construction is not as expected; fixed increase project progress is not as expected.