Event: the company announces that the company intends to use 40.8 million of its own funds to acquire 51% of the shares held by Hou Xuedang in Guangdong Beibo Electronic Glass Co., Ltd., with a registered capital of 80 million. Hou Xue Party set up after the free transfer or transfer of the cover glass business, technology and intangible assets of its controlled enterprise Dongguan Henghe Chang Glass Co., Ltd., including special glass. Touch glass and electronic glass research and development, production, sales.
Comments:
Step-by-step acquisition, reduce risk, protect shareholders' interests: the company obtains 51% of the registered capital of Guangdong Beibo Electronics by contributing 40.8 million and borrowing 19.2 million, and the two sides adjust the valuation of Guangdong Beibo's net profit in 17-19 years. If the average net profit in 17-19 years is more than 43 million, 20 million but less than 43 million, 5 million but less than 20 million, the company will supplement the corresponding consideration according to 10 times, 8 times and 5 times PE respectively. And if the average annual sales reached 500 million in 18-19, the net profit reached 50 million, and the growth rate was not less than 20%, the company promised to give up its controlling stake to support a separate listing. This can reduce the risk of acquisition and safeguard the interests of minority shareholders.
Henghechang is one of the leading glass cover manufacturers in China: Henghe was founded in 2007, focusing on the production and sales of medium and large size touch screen glass cover, with 2 invention patents, 32-80 inch, AG, AF, AR and other high additional glass cover production capacity, is BOE, Ofeiguang, Laibao and other important partners, with an average annual sales scale of more than 10 million, with a high industry status.
Formally marching into electronic glass, industrial upgrading accelerated: the company is a leader in the production of super-large specification, high-strength and energy-saving building glass, focusing on developing high value-added business in the field of glass deep processing. Since 2015, the company has accelerated its industrial upgrading and acquired Beibo Zhenxing to realize the layout of the automotive glass field. after this acquisition, the company has officially entered the field of electronic glass, forming three major business sectors: oversized architectural glass, automotive glass and electronic glass. In addition, the company set up an industrial investment fund with a scale of 1 billion in the early stage, focusing on energy conservation, environmental protection, new materials and other emerging industries, and the first phase of the silicon nest board circular economy project has been successfully launched. in the future, it is expected to fully benefit from the development of national prefabricated buildings.
Investment advice:
1) the company speeds up the industrial upgrading, and the "3x" mode opens up a new space for the company's growth. After the completion of the acquisition of Guangzhou Northeast Glass, the construction of the three major glass business sectors of "super-sized building glass, automobile glass and electronic glass" has been completed, which is expected to become the core engine of the company's development in the future. at the same time, relying on the industrial investment fund company will actively incubate new industrial projects such as silicon nest board. We believe that the company is expected to accelerate its development in the "3x" mode.
2) in the short term, the company's large-size, high-strength and energy-saving glass technology has obvious advantages, the company's performance growth is guaranteed, and the glass boom has obviously risen in the past 16 years, the certainty of the improvement of the equipment industry in 17 years is high, and the company's overall management is improving. In the medium and long term, the company's strategic upgrading continues to land, and the development is expected to exceed expectations, and the development is expected to exceed expectations.
3) the company is expected to EPS0 in 16-18.
10, 0.15, 0.20 yuan.