Event: the company issued a non-public offering plan to issue no more than 59.37 million shares to no more than 35 specific targets and raised no more than 900 million yuan.
The additional offering and investment projects are all aimed at the intelligent Internet connection market. The additional funds raised in this issue will be used for: 1) low-cost, miniaturized lidar and intelligent network connection equipment research and development and industrialization construction project for self-driving vehicles (491 million yuan); 2) intelligent network connection research and development center construction project (200 million yuan); 3) intelligent transportation intelligent perception research and construction project (209 million yuan).
It is expected to further strengthen the company's competitive advantage in the field of intelligent transportation systems (ITS). As a leading manufacturer in the field of intelligent transportation system (ITS), after more than 20 years of research and development and practical experience, the company has accumulated a large number of independent innovative technologies in many fields such as vehicle networking, cloud platform and edge computing, and launched a series of products such as lidar at both ends of the road, V2X vehicle-road coordination, ETC, dynamic weighing and so on. To provide comprehensive solutions, business systems, products and services for smart high-speed and smart cities. If this additional issue is carried out smoothly, it is expected to further strengthen the company's competitive advantage in the field of intelligent transportation system (ITS), which is embodied in: 1) strengthening the business layout of the company's intelligent network connection, and enhancing the ability to provide products and services for the overall solution of the intelligent network connection; 2) strengthening the layout of the vehicle-end business and building a business ecology for the coordinated development of vehicles and roads. 3) expand the scale of the company's main business, improve the strategic layout of the company's products, cultivate new profit growth points, enhance the company's core competitiveness and sustainable profitability; 4) optimize the asset-liability structure and enhance the company's capital strength.
Short-term, medium-and long-term investment logic. 1) in the short term, following the outbreak of the ETC OBU market last year, the RSU business will contribute significant performance in 2020. 2) in the medium term, we are optimistic about the company's post-ETC application market, represented by urban parking and other fields. In addition, after the Wuxi 312 accident, the national out-of-limit control is strict, and the weighing business is expected to achieve high growth. 3) in the long run, the 5G V2X vehicle networking relay has a broad market space, and the company is leading in the layout of C-V2X intelligent network connection base station and lidar, aiming at hundreds of billions of markets.
Investment suggestion: the company's income from 2020 to 2021 is expected to be 5.789 billion yuan and 7.294 billion yuan respectively, and the net profit is 1.043 billion yuan and 1.431 billion yuan respectively. The corresponding EPS is 5.27 yuan and 7.23 yuan respectively, and the corresponding PE is 8 times and 6 times respectively.
Investment rating.
Risk hints: uncertainty of 5G-V2X technical solutions and applications; high collaborative complexity of the industrial chain; pressure on the supply of the industrial chain caused by the outbreak of demand; and intensified market competition.
