This report is read as follows:
The company plans to issue convertible corporate bonds to non-specific objects to raise funds for smart photovoltaic, battery smart management, smart home and other areas, to develop non-grid business.
Events:
The company intends to issue convertible corporate bonds to non-specific objects, raising a total of no more than 380 million yuan, 153 million yuan for smart photovoltaic and battery smart management PLC chip research and development and industrialization project, 137 million yuan for smart home multi-mode communication gateway and intelligent equipment PLC chip research and development and industrialization project, 90 million yuan for science and technology reserve fund project.
Comments:
Maintain earnings forecasts, target prices and overweight ratings. The estimated net profit of homing from 2022 to 2024 is 0.97 billion yuan, and the corresponding EPS is 1.72 million yuan, respectively. Considering that the company is in the large-scale construction cycle of smart grid of high-speed power line communication, and continues to expand to non-grid areas, the performance is growing rapidly, maintaining the target price of 60.14 yuan and increasing the holding rating.
Smart photovoltaic chips have a broad prospect. In order to meet the needs of digital and intelligent management in the photovoltaic field, and further open up the application market space of intelligent photovoltaic chips, the company plans to launch special chip products and chip-level solutions used in the photovoltaic field through the implementation of this fund-raising project. endow the intelligent photovoltaic industry, seize the commanding heights of the domestic development of intelligent photovoltaic chips, and also realize the export sales of photovoltaic core control chips. Promote China's photovoltaic industry to continue to move towards the middle and high end of the global value chain.
The demand for battery smart management chips is growing rapidly. Battery intelligent management in addition to the measurement of the battery itself by the special chip for power management, centralized intelligent management requires the battery to have a communication interface, which has a huge demand in electric vehicles and other battery monitoring occasions. The use of power line communication technology is a more effective way. Through the implementation of this project, the company develops PLC chips and chip-level solutions for battery smart management in new energy fields such as batteries, electric vehicles and energy storage, expands product lines in new energy fields, and enables the development of related technology industries at the same time, consolidate and enhance the company's competitive position in the chip industry.
Develop basic network and communication core chips to promote the development of smart home and independent key technologies.
The company has domestic independent PLC core technology, integrates PLC technology into smart home, develops highly integrated multimode communication chip products, integrates PLC, WiFi, Bluetooth and other communication modes, and provides customers with a convenient, efficient and stable multimode gateway communication scheme, which meets the convenience and stability of equipment connection in the intelligent solution of the whole house, thus reducing the difficulty for customers to deploy intelligence in the whole house. It is of great significance to establish domestic independent technology in the field of smart home basic communications and to seize the commanding heights of network communication technology and chips.
Risk hint: the risk of being highly dependent on power grid companies and the risk that the business development of non-power grid market is less than expected.
