Event: on October 13, the company issued a notice on the proposed change of company name and securities acronym, pointing out that in order to meet the company's future development planning and business development needs, and reflect the future development direction of the company, the company plans to change the company name and securities acronym (English name: Shenzhen Sunrise New Energy Co., Ltd. English name: Zhaoxin Co., Ltd.
At the same time, the company issued the announcement on investing in the establishment of Shenzhen Zhaoxin Wisdom parking and charging Co., Ltd. And the change of some non-public offering shares to raise funds and the acquisition of Henan Xietong New Energy Development Co., Ltd. announcement of 100% equity.
Comments:
Changing the name of the company is more conducive to strategic transformation. We pointed out in a series of related research reports that the company's main business is fine chemicals, which is expected to grow steadily (10-15%). At the same time, photovoltaic power generation begins to contribute profits, and the power stations are located in Anhui, Zhejiang and other central and eastern regions. There is no problem of abandoning light and power limitation, and the revenue is guaranteed. At present, the gross profit is more than 55%, and the photovoltaic power station is expected to contribute net profit geometrically in 2016. In 2016, the chemical industry and new energy business structure is expected to change from 9:1 to 5:5 business structure, new energy business will become the company's main business. In the semi-annual report, the performance increased by 107%, and the performance growth in the third quarter is expected to be 100%, 150%. The performance is expected to accelerate, mainly because the contribution of new energy business shows an accelerated upward trend.
The change of the company name is more in line with the company's business strategy transformation, but also highlights the company's management transformation and upgrading confidence and determination.
Set up smart parking and charging and purchase new energy, further improve the integrated optical storage and charging network, practice the "four comprehensive" strategy, and actively distribute new energy vehicles, charging piles and energy storage.
The company set up Zhaoxin Wisdom parking and charging Co., Ltd., with a registered capital of RMB 500 million, in order to meet the needs of the company's strategic development and promote the company's layout and development in the new energy operation ecosphere. Speed up the realization of the company's goal of building a new energy operation ecosystem with new energy electric vehicles as the core. Together with the 15 wholly-owned subsidiaries established before, we will jointly promote the integration of optical storage and charging of the company. This investment is conducive to connecting people, cars and piles in series, forming the integration of Internet, vehicle network, power grid and road network, and realizing the strategic pattern of integration and scale of company pile, vehicle, transportation, maintenance and investment. The acquisition of 100% stake in Henan Xietong is to change the photovoltaic power station project to be built into its own grid-connected photovoltaic power station project, which is conducive to speeding up the realization of the company's goal of photovoltaic power generation connected to the grid, so that it can generate project revenue as soon as possible and improve the efficiency of the use of funds raised by the company.
Profit forecast. In the context of the continuous release of supportive policies in the photovoltaic and new energy vehicle industry, the company has expanded the scale of power stations and moved into the areas of new energy vehicle operation, charging piles and energy storage, and the transformation of the "four comprehensive" strategies has been accelerated. performance is expected to grow explosively. The diluted forecast company's EPS for 2016-2018 is 0.08,0.16 and 0.20 respectively, with a "buy" rating.
Risk hint
The company's photovoltaic power plant operation, new energy vehicles, charging piles and energy storage business fell short of expectations.
