Event: recently, new progress has been made in the listing process of many important investment projects of the company: 1) on November 21, the IPO of Gurivat HKEx passed a hearing and was about to be listed; 2) on November 18, Honeycomb Energy
Science and Technology Innovation Board IPO was accepted.
[Gurivat is about to be listed, or it may become the fourth largest IPO project of the HKEx this year] 1) according to Bloomberg, Gurivat may raise US $1 billion, which is expected to become the fourth largest IPO of the HKEx this year. Before IPO, Bateson Group contributed 400 million yuan and owned 2.9% of Guriwatt, while Best Select contributed 500 million yuan and held 3.62%. After penetration, Sichuan Shuangma's own funds and its funds contributed about 261 million yuan to Guriwatt, with a total stake of 1.89%. 2) Guriwatt focuses on sustainable energy power generation, power storage, electricity consumption and energy digitization, becoming the world's third largest photovoltaic inverter provider in 2021, ranking first in the world in household photovoltaic inverters and user-side energy storage inverters. The company's performance increased rapidly, 2019-2022H1, with revenue of 10.01,18.93,31.94 and 2.345 billion yuan and net profit of 0.92,3.66,5.73 and 395 million yuan.
[honeycomb Energy is valued at 60 billion yuan, and Sichuan Shuangma holds a market capitalization of about 14 times the capital contribution after listing] 1) before IPO, Tianjin Harmony Haihe contributed 14.08 million yuan and held 0.43% of Honeycomb Energy, while Zhuhai Huanyu contributed 46.49 million yuan and held 1.43%. After penetration, Sichuan Shuangma's own funds and its funds contributed a total of about 28.11 million yuan to Honeycomb Energy, with a total shareholding of 0.86%. After IPO, the shareholding proportion was diluted to 0.65%, and the market value of the holding is expected to reach 392 million yuan, about 14 times the amount of capital contribution. 2) Honeycomb Energy focuses on the R & D, production and sales of new energy vehicle power battery and energy storage battery system, and its main products are lithium ion battery system. From 2019 to 2022H1, the revenue was 9.29,17.36,44.74 and 3.738 billion yuan, which increased rapidly, and the net profit of returning mother was-3.26,7.01,11.54 and-897 million yuan respectively.
[it is optimistic that the company will further release the investment income of the managed fund and pay attention to the incremental income contributed by the landing of the new fund] A number of important projects in the first phase of the fund of the company have been withdrawn. In addition to the above-mentioned projects, China Micro Corporation, Aojie Technology and Huada Intelligence have been listed previously, Zhi European Technology and Yitang Semiconductor have been reported to the Securities Regulatory Commission, and IPO such as Jethydrogen Technology has been accepted. It is expected that the projects invested by the company will be listed centrally next year. Investment returns and performance returns are being gradually realized. At the same time, the first new fund in the second phase has landed, with a management scale of 7.5 billion, and is expected to contribute management fee income this year. We judge that the second fund in the second phase is also expected to accelerate the landing. We estimate that the net profit of Sichuan Shuangma in 2022-24 is 13.7,20.4 and 3.04 billion respectively, and the current valuation corresponds to 22-year 12xPE. With the performance of the first phase of the fund cashing + the landing of the second phase of the new fund, the company's high performance growth is expected to gradually materialize, maintaining the "buy" rating.
Risk hints: the capital market fluctuates sharply; the landing of the new fund is lower than expected; there is uncertainty in the provision of Carry; there is uncertainty in the listing of invested projects.