Important events:
On August 26th, the company signed the Strategic Cooperation Framework Agreement with Inner Mongolia Anjie Natural Gas Co., Ltd. And its shareholders Li Ruilin, Zhang Li and Zhao Xinli to jointly carry out projects such as LNG filling station, liquefaction plant and automobile renovation plant.
Summary of the report:
The two sides of the transaction will carry out cooperation in various fields by signing an agreement. Inner Mongolia Anjie Natural Gas Co., Ltd. was established in July 2010. it operates projects involving liquefied natural gas processing plants and liquefied natural gas filling stations, and now operates a LNG filling station in Shibatai Town, Zhuozi County, Wulanchabu City. The main contents of this framework agreement include: (1) the shareholders of Party B, Lui Ruilin, Zhang Lili and Zhao Xinli, intend to sell their combined 70% stake in Anjie to the company, and the other shareholders promise to give up the right of preemption. (2) the two sides agree to carry out cooperation in the field of LNG filling stations. (3) the two sides agreed to carry out cooperation in Xinghe County vehicle renovation Plant. (4) the two sides agree to cooperate in the liquefaction plant of Cr Industrial Park. (5) the two sides agree to cooperate in other areas other than LNG business in order to seek the diversified development of the company.
New development has been made in the field of LNG. In March this year, the company signed a cooperation agreement with Green Energy Hi-Tech, through cooperation with Green Energy High-tech to achieve complementary advantages and expand the layout of the whole industry chain upstream and downstream of LNG. The previous cooperation agreement is only an intentional agreement between the two parties, this time it is further, the company through equity acquisition to better achieve binding with the interests of partners. If the cooperation can be carried out smoothly, it will help to improve the company's industrial layout and enhance the company's profitability in the future.
In June this year, the company announced a plan to raise 225 million yuan to promote the company's existing Jintenxing warehousing, Shandong oil and gas, green energy high-tech cooperation to carry out the construction of LNG and other projects. We take a positive view of the company's LNG supply chain strategic expansion and the opportunity to enter the clean energy supply chain. Considering the dilution effect of equity after the rights issue, 14-16EPS is expected to be 0.21,0.24 and 0.26 yuan respectively, corresponding to 52x14PE 45x15PE and 42x16PE respectively, maintaining the company's "overweight" rating.