Report guide
The company plans to invest a total of 91.6 million yuan to establish a new energy industry investment fund.
Main points of investment
Invest in Hanwatt and layout the charging pile business of new energy vehicles
The company intends to contribute not less than 51.6 million yuan to jointly set up a M & A fund with Mr. Chen Hankang, the actual controller of Guangzheng Venture Capital, which is mainly used for equity investment in Jiangsu Hanwatt Electric Power Technology Co., Ltd. Hanwatt is mainly engaged in urban new energy vehicle charging facilities research and development, manufacturing, sales, charging station overall solutions, charging facilities operation services and other business, the existing products include AC charging products, DC charging products (30/60/120KW) and so on. Hanwatt's gambling performance in 2017-19 was 5000,000,000,000 yuan respectively, with an overall valuation of 600 million yuan. The M & A fund plans to contribute 430 million yuan and hold 61.43% of Hanwatt's equity. The company has the right to give priority to the acquisition of Jiangsu Hanwatt Electric Power Technology Co., Ltd. Held by the fund under the same conditions. Through the industrial merger and acquisition fund, the company distributes the related business of new energy vehicle charging equipment, and further improves the company's new energy vehicle industry chain.
Set up an industrial M & A fund to lay out the new energy automobile air conditioning compressor, powertrain and special vehicle business company to contribute no more than 40 million yuan, and jointly set up a M & A fund with Mr. Chen Hankang, the actual controller of Weiji Investment, invest in some or all of the equity of Liuzhou Yizhou Automobile Air conditioning Co., Ltd., China Auto Commercial Automobile Co., Ltd. (Hangzhou) and Nanjing Juneng Transmission equipment Co., Ltd. Liuzhou Yizhou is mainly engaged in scroll compressor and vehicle air conditioning system related business, has a complete and mature electric compressor, electric air conditioning system industry chain. China Automobile Corporation is mainly engaged in environmental hygiene, cultural media, municipal power, medical ambulance, professional transportation and other five plate special vehicle business. Nanjing Ju Neng is mainly engaged in new energy vehicle powertrain system business. The net profits of the three companies from January to August 2017 were 10.49 million yuan, 10.87 million yuan and-2.75 million yuan respectively. Liuzhou Yizhou and its subsidiary Hefei Cano are engaged in the related business of new energy automobile air conditioning, which belongs to the relationship between upstream and downstream in the industrial chain. Nanjing Coneng is expected to fill the gap in the powertrain of the core parts of new energy vehicles, and the business development direction of the three companies is consistent with the strategy of the whole industry chain.
In the early stage, the company has made a series of transformational investments in the core parts industry of new energy vehicles by means of acquisition, equity participation and cooperative investment. at present, the company is involved in the business of new energy vehicles, including batteries, motors, electric controls, air conditioners, vehicle controllers and other subdivisions. At present, the company is planning to issue shares to buy new energy bus manufacturing enterprises, which will extend to the downstream of the whole vehicle manufacturing link on the basis of mastering the production and supply resources of key parts of new energy vehicles. create the whole industry chain platform of new energy vehicle business. This time, the company participates in the establishment of M & A funds, further excavates the investment opportunities to extend the whole industry chain of new energy vehicle business, and further distributes the business of charging piles, air-conditioning compressors, special-purpose vehicles and powertrain one after another. make full use of the capital advantages of the M & A fund to reserve high-quality M & A projects for the company's industrial development, cultivate new profit growth points, and expand the company's business areas. To protect the company's sustained, healthy and stable development.
Profit forecast and valuation
The new energy vehicle industry where the company is located is still in the early stage of development in China, and there is a huge space for the future. The company's business layout of the whole industry chain is still the first among the domestic listed companies. On the basis of the steady growth of traditional household appliance parts business, new energy vehicle business is expected to contribute greater performance flexibility to listed companies. We expect the company's EPS to be 0.20,0.27,0.36 yuan per share from 2017 to 2019, an increase of 21.15%, 32.15% and 32.59% over the same period last year, corresponding to the current stock price valuation of 48 times, 37 times and 28 times, maintaining the "buy" rating.
