Main points of investment:
Company announcement: plans to invest 50 million yuan to establish Lixin (Jiangsu) Energy Science and Technology Co., Ltd. The registered capital of the company is 1 billion yuan, and the proportion of equity of the company is 5%.
The joint venture company 3 billion invests in power lithium batteries and new energy storage battery systems. The company and seven other companies jointly funded the establishment of Lixin Energy Company. The main purpose of the company is to invest in the lithium battery project, with a total investment of 3 billion yuan. After the completion of the project, it will reach an annual output of 3 billion watt-hours of automotive lithium-ion power battery and new energy storage battery system. The products of the project are mainly used in the field of new energy electric vehicles such as new energy commercial vehicles, passenger vehicles and special vehicles, as well as energy storage systems matched with photovoltaic power generation and wind power generation. After the project reaches production capacity, it will form a supporting capacity of 200000 new energy vehicles and at least the production capacity of 1GWh energy storage system.
The joint venture company will continue to optimize the industrial structure of the parent company. The company's existing business is jumbled, involving real estate development, trade and logistics, engineering construction and manufacturing, with poor profitability. This time, by taking a stake in the new energy power battery R & D and production company, the company has taken another step in the adjustment of the industrial structure and continues to adjust to emerging industries.
Acquisition of Aike Semiconductor, subsidiary positioning of IC third-party testing, strive to be the industry leader. The company issued shares to acquire 100% equity of Aike Semiconductor, the transaction price is 1.08 billion yuan, the issue price is 10.76 yuan, and the assets have been transferred. At the same time, the company plans to issue shares to raise a total of no more than 1.068 billion yuan, which will be used for Aike Semiconductor's test capacity expansion project and supplement the liquidity of listed companies.
The industrial structure of the parent company continues to be optimized, and the IC test performance of the subsidiary continues to grow at a high level, maintaining profit forecasts and buying ratings. It is estimated that the net profit for 16-18 years will be 1.46 million RMB 2.62 billion yuan, of which 16 years will be combined with the profits of Aike for the next 7 months. In order to make a reasonable valuation, we choose the profits of the company for 18 years. Taking into account the equity amortization after the non-public offering raised funds, the EPS for 17-18 is 0.45 PE 0.70, and the corresponding PE is 41 Universe 26. Taking into account the rapid growth of the company's performance and the company's leading position in the field of independent testing, as well as the expectation of capital operation, 50 times PE is given, and the target price is 23%, which is 25% higher than the market price.