Event: the company announced on October 18 that it intends to acquire 51.06% of Bosheng New Materials (the company's holding subsidiary, which specializes in the research, production and sales of lithium-ion battery separators) through mixed payments. before the transaction, the company held 48.9% of Bosheng Xinliao. After the completion of the transaction, the company will hold 100% equity, and Bosheng Xincai will become a wholly-owned subsidiary of the listed company.
The company is expected to continue to increase the capacity layout of the company's battery diaphragm products in new energy vehicles, energy storage and other new materials, and the industry's second growth curve is beginning to take shape.
Entering the supply system in the era of BYD and Ningde, production capacity has been released and profitability has improved continuously. With its high-quality diaphragm and large-scale production capacity, Bosheng New Materials has entered the supply system of BYD and Ningde era, and is one of the few domestic companies with independent research and development, mass production and sales of 12 μ m thick three-layer co-extrusion diaphragm. Bosheng Xinliao achieved revenue of 42.217 million yuan in 2021, an increase of 62.4% over the same period last year, with revenue of 61.283 million yuan from the same period last year. In 2020-21, net profit increased by 34.0% and 122.4% respectively compared with the same period last year, and the net interest rate of 22H1 changed from negative to positive to 8.8%. According to Bosheng Xincai's bet results, the year-on-year growth rate of net profit in 2022-24 is not less than 224.8%, 58.3%, 26.3%.
Bosheng New Materials initial planning Hunan, Jiangsu two major production and research and development bases to be completed no less than 30 production lines. At present, Bosheng New Materials Hunan Phase I Base has reached full production, while Jiangsu Yancheng Phase I Base is expected to reach full production in 22Q4. Bosheng new materials existing capacity is in full production, diaphragm products are mainly supplied to blade batteries. Jiangsu Yancheng Phase I production base is expected to fully reach production in 22Q4, before the second phase is in the equipment delivery stage, is expected to gradually reach production in mid-2023, the new capacity will be supplied to BYD, Ningde era and other head battery enterprises. It is expected that the energy storage diaphragm of Ningde era will be released in 2023. After the acquisition of listed companies, quickly solve the source of funds, and plan to speed up the production progress of Hunan Base Phase II, Phase III and Yancheng Base Phase II project.
Investment suggestion company ploughing tobacco label for 30 years, is the first echelon of tobacco label industry, with industrial chain and scale advantages. The company accelerates the industrial layout of class I materials and new materials, arranges the high growth track, expands the high value-added and high growth business track, the comprehensive gross profit margin is expected to further improve, and the space for long-term growth will be opened. It is estimated that the net profit of returning to the mother in 22-24 will be 7.1 / 850 million yuan respectively, and the corresponding share price PE will be 14X/12X/10X, maintaining the "buy" rating.
The risk suggests that raw material prices fluctuate, new business growth falls short of expectations, and investment returns fluctuate sharply.
