Main points of investment
Event: the company announced the establishment of a 1 billion partnership of Beibo Lianxun Investment Fund Co., Ltd., of which Tibet Lianxun Beibo Investment Management Co., Ltd. contributed 10 million yuan (GP), the company contributed 150 million, Lianxun capital 50 million, controlling shareholders and concerted actors (vice chairman, general manager Mr. Gao Xuelin and director Mr. Gao Xuelin) 300 million, and the remaining 490 million co-raised The investment direction includes energy saving and environmental protection, intelligent manufacturing, intelligent systems, new materials and related advanced manufacturing fields.
The company announced the establishment of Tibet Lianxun Beibo Investment Management Co., Ltd., of which Lianxun Investment contributed 6 million, holding 60%, and the company contributed 4 million, holding 40%, which was used for the daily operation of the investment fund. The company announced that Beibo Lianxun and natural person Hong Yuehui respectively contributed 4080 and 12 million in cash to invest in Beijing Huierjiu Materials (after the capital increase and changed its name to "Beijing Beibo Silicon Nest Technology Co., Ltd."). Beibo Lianxun invested 800000 to transfer Mr. Ma Jiudong to hold 1% of Huierjiu's equity. After this investment, Beibo Investment Fund holds 52% of Beibo Silicon Nest. Northglass Silicon Nest is mainly engaged in the research, development, production and application of new silicon nest materials.
Comments:
Set up an industrial investment fund to accelerate transformation and upgrading: the size of the industrial investment fund is 1 billion, and the company's joint venture capital invests in the areas of energy conservation and environmental protection, intelligent manufacturing, intelligent systems, new materials and related advanced manufacturing, which shows that the transformation and upgrading of the company is accelerated. This investment fund, major shareholders and concerted actors account for 30%, and the company accounts for 15%, realizing the binding of major shareholders and their concerted actors to the interests of the company, which is conducive to reducing the risk of investment in follow-up projects and protecting the interests of shareholders of listed companies.
Increase capital control Beijing Huierjiu, develop circular economy: Beijing Huierjiu is the leader of domestic tailings microcrystal foaming new ecological material (abbreviated as: Silicon nest new material) and the maker of industry standards. At present, the new industry standard has been adopted by the Ministry of Construction, the standard examination has been passed, and it has entered the stage of release. The new silicon nest material is made from solid wastes such as desert eolian sand, coal gangue and fly ash, various tailings slag, construction waste and so on. It is a new green building material and industrial material advocated by the state. With fire insulation, low thermal conductivity, new lightweight, stable performance, non-toxic and tasteless, anti-corrosion, moisture-proof, sound insulation and noise reduction, excellent waterproof and hydrophobic properties, it can gradually replace high energy consumption products such as concrete, porous bricks and red bricks in the future.
Investment advice:
1) the company has a strong willingness to transform and upgrade, and the layout of emerging industries is accelerated. In the past 15 years, the company has established Shanghai Beibo Automation, acquired Shenzhen Zhenxing, and basically completed the 4.0 layout of the glass processing industry. The establishment of an industrial investment fund to expand the scope of investment to energy conservation, environmental protection, new materials and other emerging industries, fully demonstrates the company's strong willingness to transform and upgrade. In addition, the company increases capital holdings in Beijing Huierjiu, silicon nest new materials are renewable materials, is a new type of green building materials and industrial materials advocated by the state, with a wide range of downstream application space and large imagination space.
2) in the short term, the company has obvious advantages in large-size, high-strength energy-saving glass technology, strong demand for overseas orders, guaranteed performance growth, and the glass equipment industry is at the bottom of the boom, with a high probability of marginal improvement. In the medium and long term, the company's strategy is clear, and the layout of emerging industries represented by smart manufacturing and new materials will continue to deepen, which is conducive to the improvement of valuation. It is estimated that the company will have an EPS0.10 of 0.15,0.20 yuan in 16-18 years.
Risk hint: the overseas economy is not as expected and the domestic investment in deep processing of glass is declining.