Event: on the evening of March 1, the company disclosed a major asset restructuring plan, intending to issue shares and pay cash, totaling 1.1 billion yuan to buy 100% equity of Yuchen Automation and Chengjie Intelligence, while raising supporting funds of no more than 658 million yuan.
Main points of investment
The acquisition of Yuchen Automation and Chengjie Intelligent Plan has been announced, and the synergy effect is worth looking forward to.
In this acquisition, the company will buy 100% equity in Shenzhen Yuchen for 450 million yuan, of which 293 million yuan will be paid in the transaction consideration by issuing shares, accounting for 65% of the transaction consideration, and the issue price is 16.03 yuan per share. A total of 18.25 million shares are proposed to be issued, and 157 million yuan of the transaction consideration will be paid in cash, accounting for 35% of the transaction consideration. The 100% equity of Shenzhen Chengjie Intelligent equipment was acquired with 650 million yuan, of which 392 million yuan was paid for the transaction consideration by issuing shares, accounting for 70% of the transaction consideration, and the issue price was 16.03 yuan per share. A total of 24.42 million shares are proposed to be issued, and 258 million yuan of the transaction consideration is paid in cash, accounting for 30% of the transaction consideration.
Yuchen and Chengjie intelligent equipment promise that the net profit from 2018 to 2020 will be no less than 3000, 000, 000, 50, 000 respectively
Extending to the middle and rear section of the equipment, it is expected to open up the lithium battery production line and upgrade the entire supplier.
Since Keheng acquired a 90% stake in Haoneng Technology for 450 million yuan in 2016, it has opened the layout of the double-leading business of "materials + equipment". The simultaneous acquisition of Chengjie Intelligence and Yuchen Automation is also a forward-looking layout for Ke Heng to further strengthen the lithium equipment market and enhance the company's competitiveness in the field of lithium equipment. Chengjie Intelligent products are mainly the core equipment in the middle of the core production, including lithium electricity, ultra-electric industry fully automatic film production, winding equipment. Yuchen's products are the middle and rear equipment of battery production, which mainly provide lithium battery professional assembly and test automation equipment for power battery enterprises. We believe that after the successful acquisition, Ke Heng is expected to open up the entire lithium battery production line, and the two target companies can form a good synergistic effect with the front equipment business of Haoneng Technology, realizing the effective series of production links in the front, middle and back stages of lithium battery production, forming the integrated supply capacity of lithium battery equipment, and further enhancing the competitiveness of Ke Heng in the field of lithium battery equipment.
Shenzhen Yuchen Automation, an automation equipment manufacturer cultivated by CATL
Yuchen Automation is a solution provider of intelligent manufacturing system. At present, Yuchen Automation's main products are blue film machine, shell machine, helium inspection machine, liquid injection machine and other lithium-ion power battery equipment. At the same time, it also has R & D and manufacturing capability for rear module / PACK equipment. By emphasizing the optimization of equipment structure design, standardization, module integration and so on, Yuchen successfully applied automation equipment to realize the integration of production line and the improvement of production process, and achieved 100% capacity utilization. Yuchen Automation has established cooperative relations with CATL, Yiwei Lithium Energy, AVIC Lithium Power, Penghui New Energy, Bic Battery, Lion Technology, Tafel and other well-known domestic enterprises. Market information shows that Yuchen Automation's battery customers are basically concentrated in the top 20 installed power batteries, while major customers are concentrated in the top 10 areas. The growth of battery shipments and capacity expansion of high-quality customers provide support for the growth of orders and market share of Yuchen Automation.
Shenzhen Chengjie Intelligence, a new supplier of lithium battery winding machine.
Chengjie Intelligence is a professional manufacturer of film winding equipment, which is committed to the research, development, production and sales of automatic film winding equipment in the field of capacitors, supercapacitors, lithium batteries and Ni-MH batteries. The company has 65 types of winding equipment, has more than 90 professional winding engineers, and can produce more than 150 sets of all kinds of automatic winding equipment and more than 80 sets of all kinds of automatic film-making equipment every month. Mr. Kui Dehong, the chairman of the company, has been working on winding equipment for more than 24 years. In addition, the company has 36 employees who have worked in the field of winding equipment for more than 20 years. At present, Chengjie intelligent winding equipment has a market share of more than 60% in the field of electrolytic capacitors, more than 50% in the field of supercapacitors, and more than 30% in the field of lithium batteries.
With the key technology accumulated in the field of film production and winding, Chengjie's intelligent product line has been quickly cut into the lithium battery industry from capacitors, and all kinds of square and cylindrical power battery production and winding equipment have been widely recognized by customers. at present, it has established cooperative relations with domestic well-known lithium battery manufacturers such as BYD, Yiwei Lithium Energy and Penghui New Energy, and will become the main equipment supply enterprises in this field in the future.
Profit forecast and investment rating: if we do not take into account this acquisition, we expect the company's 2019-2020 net profit to be 13x1.8 million, corresponding to the current share price PE of 28max 20X; if we consider this acquisition, we expect the company's 2019-2020 pro forma net profit to be 235,000,000, corresponding to the current share price PE of 18Unix, maintaining the "buy" rating.
Risk hint: the progress of the acquisition is not as expected, and the synergy after the acquisition is not as expected.