天赐材料(002709):收购胶黏剂公司 电解液海外布局加速

Tianci Materials (002709): Acquisition of electrolytes from adhesive companies accelerates overseas deployment

東吳證券 ·  11/25/2022  · Researches

Main points of investment

Event: 1) the company plans to spend 383 million yuan to acquire 85% of Dongguan Tengwei held by the chairman of the board of directors and other related parties (55% by Wu Quansheng before the transaction, 30% by Xu Jinfu, 85% by Wu Quansheng after the transaction, and 15% by Wu Quansheng), laying out the lithium adhesive business; 2) the proposed GDR will be listed on the Swiss Stock Exchange, and the new A shares represented by the GDR will not exceed 289 million shares. 3) the company plans to invest and set up a wholly-owned subsidiary in Singapore with a registered capital of S $1 million, which will help to improve the company's globalization strategy platform.

450 million consideration to acquire Dongguan Tengwei to expand adhesive business and contribute new growth points. The company has previously released foamed elastomers, low-density elastomers, high thermal conductivity gels and high thermal conductivity potting adhesives at the Pack end. Tengwei's main business is adhesive for power batteries, which has a synergistic effect with the company's silicone products. Tengwei's revenue of H1 in 22 years is 87 million yuan, net profit is 25 million yuan, expected revenue from January to October in 22 years is 168 million yuan, net profit is 40 million yuan. The assignor undertakes that the annual net profit deducted by Tengwei on 23-24-25 will not be less than 0.49 hundred million yuan, and the cumulative net profit in three years will be no less than 166 million yuan. If it is not reached, it will give cash compensation. If the excess is realized, the management team will be given an additional cash reward (30% of the excess). Tengwei has a valuation of 450 million yuan, corresponding to a price of 85% equity of 382.5 million yuan. Calculated according to the promised performance next year, it will correspond to a valuation of 9x next year. The transaction price is reasonable, which will help to supplement and enrich the company's product line and exert industry synergy.

The company's electrolyte cost advantage is outstanding, the 23-year target doubles the growth, and the market share is expected to further increase. The company expects to ship 330000 tons for the whole year, with an increase of 130%. In 23 years, the company aims to ship 600000 tons, nearly doubling the growth. At the same time, the company plans to issue GDR, set up a Singapore subsidiary, and accelerate the layout of overseas production capacity. We expect the company's global market share to further increase in 23 years. In terms of profit, we expect Q3 to make a profit of about 12,000-13,000 yuan per ton, leading industry competitors, Q4 is expected to maintain 11,000 yuan / ton +, the company's liquid hexafluorine advantage is obvious, we expect hexafluorine cost to be 30,000 yuan / ton + lower than competitors, enjoy excess profits, superimposed 23 years of LIFSI volume, 23 years profit per ton we expect to maintain about 10,000 yuan.

Profit forecast and investment rating: in view of the intensified competition in the industry, we downgrade the company's 2022-2024 return net profit forecast to RMB 58.81 million (originally expected to be RMB 60.46), with a "Buy" rating of + 166%, 10%, 35%, and 20 times PE for 23 years, corresponding to 15x/14x/10x and target price of 67.4 yuan.

Risk hint: electric vehicle sales fall short of expectations, and competition in the industry intensifies.

The translation is provided by third-party software.

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