Event
On April 27, the company announced that it planned to acquire the generalized convertible equity held by Ruihong Investment, Haiyi Investment and Generalized Investment by means of cash payment, with a total payment of 68 million yuan. After the completion of this acquisition, the company will hold 51% of the equity of the generalized transfer, which will become the holding subsidiary of the company. Recently, the generalized conversion has completed the industrial and commercial change registration and filing procedures, and Enkeri has become the controlling shareholder of the generalized conversion.
Brief comment
Rooted in power electronics technology, focus on intelligent high-frequency switching power supply
The company is mainly engaged in the R & D, production and sales of intelligent high-frequency switching power supply and related power electronic products in the field of power electronics industry. The company's business is located in the intelligent high-frequency switching power supply core components products and solution suppliers, the current products are divided by application areas, including power operation power supply modules and systems, electric vehicle charging power supply modules and systems, and other power products.
The broad sense of acquisition is changed and the layout is improved, and the performance is promised to ensure development.
Generalized converter is mainly engaged in the procurement and sales of rail transit related materials and equipment, rail transit related technical consultation and so on. After the completion of the transaction, on the one hand, it will help to improve the company's industrial layout and expand the company's business scope; on the other hand, it will develop in coordination with the company's electric vehicle business, and then enhance the company's comprehensive strength. The target seller also promised the performance of the company for the year 18-21, and if it fails to meet the performance commitment, it will compensate the company accordingly.
Seize the historical opportunity and focus on the layout of electric vehicle business
The company mainly provides DC charging core components and complete systems. In the first three quarters of 17 years, the company's sales revenue of electric vehicle charging power products continued to grow, and in the fourth quarter, due to the shortage of power semiconductor devices from upstream suppliers and rising prices, the order could not be delivered on time, affecting the company's total revenue decreased by 2.13% compared with the same period last year. The company's revenue from the new energy vehicle business in the past 17 years is 310 million yuan, accounting for more than 80% of the revenue. 18Q1's revenue and net profit have improved compared with the same period last year, and the company's performance is developing steadily.
The fundraising project is about to be built.
The company was listed on the gem of Shenzhen Stock Exchange on November 1, 2017, and the company's IPO work progressed smoothly. Listed funds are mainly used for intelligent high-frequency switching power supply industrialization projects and intelligent high-frequency switching power supply R & D center projects. after raising funds are in place, the company will gradually promote the construction of fund-raising projects. The project land has been obtained, and the company is speeding up the processing of construction examination and approval documents and related procedures, and strives to start construction in the second half of this year.
It is estimated that the EPS of the company in 1819 is 2.36yuan and 2.78yuan respectively, and the corresponding PE is 34 times and 28 times respectively. The first rating, given a "buy" rating, the target price is 89.10 yuan.