This report is read as follows:
The new third board selection layer of the subsidiary Betterre has been successful, and the company holds a 75.5% shareholding. Subsequently, with the opening of the new third board selection layer, the liquidity has been improved, and the equity value of the company will be further enhanced.
Main points of investment:
Maintain the profit forecast, raise the target price to 10 yuan, and adjust to the overweight rating. The profits of the company's real estate and other businesses are weak, and the current core focus is in the subsidiary Bettery. on June 18, the Betteri selection layer was successfully listed. Beitri had a market capitalization of 20 billion yuan before the suspension, and the company's 75.5% equity value was 15.1 billion yuan. It is expected that after the opening of the Betteri selection layer, the liquidity will be improved and the value of the company will be revalued. Therefore, the profit forecast EPS for 2020-2022 is 0.13,0.17,0.20 yuan, and the target price is raised to 10 yuan (+ 4.60 yuan).
The selected layer of Bertrand was successful for a while. Bertre is expected to issue 20 million-40 million shares, which is expected to raise about 2 billion yuan. Based on this, it is estimated that the offering price needs to reach about 50 yuan to meet the requirements of the total amount raised. Before the suspension, the price is 45.91 yuan, so it may issue at a premium. In addition, rich countries, Huaxia, China Merchants, Wanjia and other companies have issued public funds that can participate in the new third board selection layer, and the liquidity of the new third board selection layer is expected to be greatly improved.
Bertre is the world's leading lithium material company. In 2019, the company shipped 59000 tons of negative pole, once again ranked first in the world, customers are mainly Panasonic, Samsung, Ningde, LG and other international quality customers. Panasonic, the company's largest customer, accounted for 26% of sales in 2019. Considering that Panasonic still has a small number of consumer batteries, it is speculated that at least 20% of the company's income comes from Tesla, Inc., which is currently the highest in the lithium industry chain. The company's positive NCA also made a significant breakthrough and began to supply in bulk. The company's lithium iron phosphate cathode ranks second in China, with the domestic demand for lithium iron phosphate rising, the company's lithium iron phosphate shipments are expected to increase significantly.
Catalyst: new three-plate selected layer open plate
Risk hint: the company's real estate and other business profits decline