Issue shares to purchase assets and raise matching funds for projects. The company announced the purchase of 100% equity in Guangzhou Huagong Baichuan Technology Co., Ltd. in the form of a non-public offering. Relying on Huachuan University of Technology, Huagong Baichuan has unique advantages in multi-disciplinary personnel selection, training and exchange, and has a high-level R & D team with wide professional coverage and rich experience in polymer materials related fields. After the successful acquisition, it will significantly strengthen the company's talent and independent innovation ability, and form complementary advantages.
The holding subsidiary of the company plans to invest in the construction of the "Guangzhou Nansha Free Trade Zone South China Cross-Border E-commerce Park" project in which it already owns the free trade zone. On the one hand, for cross-border e-commerce enterprises to provide warehousing, network communications, supporting facilities and other high-quality infrastructure and hardware environment. On the other hand, an integrated e-commerce service platform for cross-border trade will be built to provide bonded warehousing, e-commerce customs clearance, logistics, sorting and distribution, data exchange, foreign trade coordination, business information, Internet supply chain finance and other comprehensive services for cross-border e-commerce enterprises stationed in the park. The investment in the first phase of the project is 46.55 million yuan, the construction period is expected to be 5 months, and the average annual income is about 10.77 million yuan.
The separator of lithium-ion battery has a broad prospect. The safety performance, high pressure resistance and oxidation resistance of the power storage lithium ion battery separator developed and manufactured by Jinhui Company are excellent, and it has passed the trial certification of some manufacturers, and the feedback effect is good. The company carries on the production and sale of power energy storage lithium-ion battery diaphragm, which is conducive to promote the industrial production of the project as soon as possible, adapt to the development trend of new energy vehicles and energy storage batteries, and have broad prospects.
Implement the stock option incentive plan. The company recently introduced an equity incentive plan, the first batch of incentives for 195 people, the exercise price is 9.46 yuan. The equity incentive plan will fully mobilize the enthusiasm of the company's core management personnel and key technical personnel, and effectively combine the interests of shareholders, the interests of the company and the personal interests of the core management and technical personnel.
Give the company an investment rating of "increasing its holdings" with a target price of 16.50 yuan. The company is a leading enterprise in the domestic plastic new materials industry, gradually forming an industrial layout based on four series of products: dialysis materials, electrical materials, optical materials and barrier materials. Jinhui company has a broad prospect of lithium-ion battery separation. the acquisition of Huagong Baichuan will significantly strengthen the company's talent and independent innovation advantages. at the same time, the construction of the cross-border e-commerce park in Nansha Free Trade Zone will bring transformation opportunities to the company. It is estimated that the company's EPS for 15-17 years will be 0.25,0.33,0.36 yuan respectively. With reference to the valuation of the company in the industry and considering the growth of the company, it will give the company 50 times PE in 16 years, corresponding to the company's target price of 16.50 yuan. Give "overweight" investment rating.
Risk tips: (1) Industry competition aggravates the risk.