Main points of investment:
Intelligent electrical and energy efficiency management experts enter into new energy. Jiuzhou Electric is a well-known domestic intelligent electrical equipment supplier and power supply and distribution energy efficiency management solution provider. In recent years, with the deterioration of the competitive environment in the traditional power equipment industry, the company has found another way to enter the new energy wind power and photovoltaic industry through resource integration.
Hand in hand with SPIC to open the prelude to the integration of new energy assets. The controlling shareholder of the company cooperates with two secondary enterprises under the State Power Investment Group to set up an industrial investment fund, which is intended to rely on its profound industrial operation background and rich industrial investment experience to jointly integrate new energy assets. This move is expected to become a vital driving force in the future development of the company.
Layout of lead-carbon super batteries, aiming at the energy storage market. The company has strategic cooperation with Harbin University of Technology and Tailai County Government. Set up a joint laboratory with the former to develop the application of lead-carbon superbattery in the field of power and energy storage, and enhance the company's technical level and R & D strength in this field; cooperate with the latter to invest in energy storage projects, it is expected to invest 500 million in electric energy storage equipment with power 120MWH and capacity 30MW. This will set an example for the company to promote lead-carbon energy storage technology on a large scale.
Determined to become an important participant in the energy Internet. Thanks to its 20 years of R & D, manufacturing and management experience in battery, power quality management, high and low voltage frequency conversion and other fields, the company has successfully cut into the new energy generation end, and has the development potential in energy storage, charging, electricity sales and other fields. The company is laying out orderly in the core links such as energy Internet development, distribution, sale and use, and will become an important participant in the energy Internet market in the future.
Haocheng Electric, EPC/BT General contract to promote performance growth. With the gradual improvement of the capacity utilization of the company's traditional power equipment business and the recovery of accounts receivable, superimposed Haocheng Electric's 16-year performance commitment of 45 million yuan, the traditional main business is expected to achieve small growth. The company's 16-year new energy EPC/BT project orders of more than 2 billion yuan, is expected to contribute nearly 100 million yuan in net profit that year, the company's annual performance will achieve substantial growth.
Equity incentive shows the company's confidence in future development. On December 18, 15, the company awarded restricted shares to 81 motivators at a price of 6.62 yuan, a total of 7.676 million shares, with an employee coverage rate of 8.72%. According to the conditions of exercise, the non-net profit deducted by the company in 15-17 years is not less than 30 million, 100 million, 200 million (accumulative). This effectively combines the interests of employees with the operation of the company to protect the achievement of performance goals.
Profit forecast and rating. The company is a manufacturer of intelligent electrical equipment successfully entering the field of new energy. By holding hands with SPIC and laying out lead-carbon superbatteries, we aim at new energy and energy storage markets, and are determined to become an important participant in the energy Internet. The company's 16-year traditional business is expected to grow slightly, new energy EPC/BT package, Haocheng Electric to help reverse performance. It is estimated that the EPS for 16-18 years will be 0.34,0.52,0.68 yuan respectively. According to the average valuation of the industry, it will be given 32 times PE for 17 years, with a target price of 16.64 yuan, maintaining the buy rating.
Risk hint. The progress of new energy EPC/BT project business is not as expected, and the extension is not as expected.