Event
The company announced that in order to promote its strategic layout in the field of new energy, the company acquired a 51% stake in Shanmu New Energy with 76.5 million yuan in cash through its wholly-owned subsidiary Estelle New Energy, which was included in the company's consolidated statement.
Mountain new energy ploughs the field of lithium battery with advanced production technology.
Shanmu New Energy was founded in April 2005, mainly engaged in lithium-ion battery research and development, production and sales, has established a sound research and development system, mastered the core technology of battery production and battery PACK technology, can carry out independent development and design according to customer needs. The company's products mainly include cylindrical iron lithium battery, soft package (polymer) battery, large square iron lithium battery, large battery assembly and electronic power management system (PACK), etc., which are widely used in special lithium battery fields such as home energy storage, base station energy storage and 3C consumer electronics.
Cut into the new energy track and explore new growth points
The company's main business is digital distribution business and digital retail business, mainly mobile phones as the core of 3C digital, fast-selling goods. 2022.8.25 the company has carried out strategic cooperation with Zero Automobile, established a multi-level three-dimensional automobile new retail service network, and cut into the new energy vehicle race track. With the acquisition of Shanmu New Energy, the company is expected to give full play to the advantages of capital, channel, management, brand and culture to empower the development of Shanmu New Energy, extend its business tentacles to the field of new energy lithium electricity, and explore the road of its own brand. 2022Q1~Q3, Shanmu New Energy has achieved revenue of 237 million yuan and net profit of 11.0473 million yuan, which is expected to become a new growth point of the company.
Investment suggestion
After years of development, the company has grown into a leading enterprise in digital distribution and digital retail business, with multi-dimensional competitive advantages such as brand cooperation, product coverage and regional promotion in the industry. With the gradual emergence of the Matthew effect in the mobile phone field, the company's mobile phone sales business is expected to achieve steady growth, and the company is gradually increasing the new energy track, which is expected to create a new growth point. It is estimated that in 2022-2024, the EPS will be 0.76,1.09 and 1.51 yuan per share respectively, and the corresponding share price PE will be 13.8,9.6 and 6.9 times respectively, maintaining the "buy" rating.
Risk hint
As a result of the epidemic, offline sales fell short of expectations, and the expansion of fast consumer goods and private brands fell short of expectations.