Events:
The company issued a non-public offering plan on June 13, which intends to issue no more than 52 million shares and raise no more than 800 million yuan. after deducting the issuance expenses, all the funds raised will be used for the "Automobile lightweight Composite parts-Yiwu production Base Project".
Event comments:
Set to increase the weight of automobile lightweight business, establish the status of the industry. 1) after years of technology and experience accumulation, the company has occupied a leading position in the domestic composite equipment industry, and has built a complete industrial chain from composite equipment, process, materials, mold development, product design to product production. It has the ability to provide A-class surface composite exterior decoration parts, and has a comprehensive leading advantage. The subsidiary Haiyuan New Materials has 15 production lines, including 6 LFT-D glass fiber production lines, 7 SMC glass fiber products production lines, 1 SMC carbon fiber products production line and 1 HP-RTM carbon fiber products production line.
The company has successively reached batch supply cooperation agreements with Geely New Energy vehicles, Ningde Times, brilliance BMW, Yutong, Dongfeng Liuqi and other customers, and a number of projects have entered the stage of mass supply. Among them, Geely New Energy Company MPC-1 project life cycle is expected to achieve sales revenue of 450 million yuan, Ningde era battery box cover project life cycle is expected to achieve a total sales revenue of 150 million yuan. 2) the first phase of Yiwu production base project plans to put into two automotive SMC lightweight products and LFT-D lightweight products production lines with a standard production capacity of 400t / a, as well as two carbon fiber production lines. The second phase plans to invest four SMC lightweight products production lines and four carbon fiber production lines. The project is close to customers and will provide lightweight body parts for Geely New Energy Company, Zhejiang Geely holding Group and other vehicle-related enterprises in East China. After the project was put into production, the company's production capacity expanded significantly, which enabled the company to seize the opportunity of capacity expansion of potential customers in the region, develop new customers, provide support for the company's business expansion, and establish a competitive position in the industry.
With the help of the development opportunity of new energy vehicles, the prospect of automobile lightweight is broad. According to the medium-and long-term Development Plan of the Automobile Industry, by 2020, the annual production and sales of new energy vehicles will reach 2 million, and in 2017, China will sell 777000 new energy vehicles, which means that the sales of new energy vehicles in the next three years will reach 37%. According to the statistics of the China Association of Automobile Manufacturers, China sold 328000 new energy vehicles in the first five months of this year, an increase of 141.6 percent over the same period last year. The medium-and long-term Development Plan of the Automobile Industry proposes that by 2020, the specific energy of the power battery will reach more than 300 Wh / kg, and strive to achieve 350 Wh / kg. The specific energy of the system will reach 260 Wh / kg and the cost will be reduced to less than 1 yuan / Wh. The Roadmap of Energy Saving and New Energy vehicle Technology points out that the weight of the whole vehicle in 2020, 2025 and 2030 will be 10%, 20% and 35% lower than that in 2015, respectively. With the popularization of new energy vehicles and the strictness of vehicle emissions, automobile lightweight is imperative, and lightweight composite parts such as glass fiber and carbon fiber are important constituent elements for new energy vehicles to reduce body weight and increase mileage. With the help of the opportunity of the development of new energy vehicles and driven by policies, the automobile lightweight market has a broad prospect.
Investment advice:
Taking into account the dilution effect of non-public offering shares for the time being, we expect the net profit attributable to the parent company owner of 2018UniGet 20119 in 2020 to be 0.98 Universe 1.76 / 300 million yuan, corresponding to EPS 0.38 Placement 1.15 yuan, and corresponding Pamp E to 42-24-14 times. The company's automobile lightweight business is bound to front-line lithium battery and vehicle manufacturers, entering a new stage of rapid growth, the rapid development of construction lightweight business, the effectiveness of the integration of mechanical equipment resources, the performance inflection point is highlighted, and we maintain the "buy" investment rating.
Risk Tips:
The market expansion of construction lightweight business is not as expected, the promotion process of automobile lightweight market is slow, the sales of new products of press and whole-line equipment are not as expected, and the fund-raising project has not been approved.