Summary of the report:
Events:
On the evening of July 5, Kangsheng Co., Ltd. announced that Kangsheng Investment, a wholly-owned subsidiary, plans to jointly invest with Kunyu Fund and Chairman Chen Hankang to set up an industrial investment fund with a scale of no more than 2 billion yuan. Among them, the contribution of Kunyu Fund as a general partner does not exceed 5 million yuan, Kangsheng Investment and Chen Hankang are inferior limited partners, Kangsheng Investment does not exceed 200 million yuan, and Chen Hankang contributes no more than 500 million yuan. The investment direction of the industrial fund includes but is not limited to: charging pile production, vehicle independent suspension production, special vehicle manufacturing, new energy vehicle air conditioning compressor production, power battery production and other industrial directions.
Comments:
The 2 billion yuan industrial fund highlights the confidence of major shareholders, and the chain layout in the core areas is expected to continue to promote the rapid growth of the company's performance. The total size of the industrial investment fund this time is no more than 2 billion RMB, in addition to the subscription contribution of Kangsheng Investment, a wholly-owned subsidiary, which does not exceed 200 million RMB, Chairman Chen Hankang will personally subscribe to no more than 500 million RMB, occupying a large share of the industrial investment fund. We believe that Kangsheng has basically completed the layout chain of new energy vehicles from "manufacturing-spare parts-complete vehicles-sales-leasing-service". The chairman's contribution of 500 million yuan demonstrates the absolute confidence of major shareholders in the future development of the company. From another point of view, the further huge investment of major shareholders reflects the strong driving force of management to improve the management level of the company, which lays a solid foundation for the rapid growth of the company's performance.
The layout of industrial funds will help to consolidate the company's position as a major shareholder, and Kangsheng will open a new chapter of growth. Judging from the company's quarterly report, the shareholding ratio of major shareholder Chen Hankang and his actors is 28.61%. This time, the major shareholder personally invested no more than 500 million yuan to contribute to the industrial investment fund, which in fact further consolidated the position of the major shareholder. it can be expected that the follow-up industrial investment fund for the industrial chain of a series of resource integration will further enhance the status and voice of major shareholders. The cohesion and centripetal force of the company's management will be greatly improved, so as to comprehensively enhance the company's management capacity and execution, and continue to push the company into a new round of growth.
The industrial fund is locked in five core areas, laying a solid foundation for building the most complete new energy automobile industry chain in China. The direction of the industrial investment fund mainly includes charging piles, vehicle independent suspension (matching wheel side motor), new energy vehicle air conditioning compressor, power battery and special vehicle field. From the perspective of the layout of the company's new energy vehicle industry, the company itself has the core technology of new energy motor and electric control, and the wheel side motor core technology of Chengdu Lianteng, a subsidiary, will be closely combined with vehicle independent suspension technology. it will have the most complete chassis modular supply solution in China. The power battery company has joined hands with Guoxuan Hi-Tech to build production capacity. The measures to further strengthen the integration of the power battery field in the future will enable the company to have a complete supply capacity of motor electronically controlled batteries, the three core components of new energy vehicles. Improve the layout of the company's most valuable core components in new energy Investing in the field of new energy vehicle air conditioning compressors will complement each other with the company's subsidiary Hefei Carnot air conditioners, and further increase the company's competitiveness in the electric vehicle air conditioning industry; the continuous layout and expansion of the field of special purpose vehicles is to further improve the company's layout in the field of new energy vehicles, lock in the subdivision of vehicle advantages, and form an integrated industrial chain planning from parts to vehicles. The investment in the charging pile field demonstrates the company's determination to enter the charging pile operation industry and further improve the company's layout in the field of new energy vehicle services. To sum up, the establishment of the industrial investment fund is expected to quickly lock and complete the whole industry chain layout of the company's new energy vehicle "parts-chassis-complete vehicle-financial leasing-operation service". To become one of the rare perfect layout of the whole industrial chain in the new energy vehicle market, we think that the company is expected to make use of the industrial fund to rapidly grow into a new leader in the field of new energy vehicles!
Maintain a "buy" rating. We believe that the company is a new leader in the field of new energy vehicles and is committed to building a "parts-vehicle-operation service" whole industry chain business model. It is estimated that the company's EPS in 17-19 will be 0.31 EPS 0.49max 0.70 yuan, maintaining a "buy" rating!
Risk hint. The company's business expansion in the field of new energy vehicles is lower than expected.
