The company issued a notice to participate in the investment of harmonious green industry fund. Harmonious Green Industry Fund was founded in October 2022, registered in Yibin City, Sichuan Province, engaged in equity investment, investment management and other activities. As of the announcement date, the only general partner of the harmonious Green Industry Fund is Tibet Jinkun Venture Capital Management Co., Ltd. (referred to as "Tibet Jinkun"), and the only limited partner is Yibin Development Venture Capital Co., Ltd. (referred to as "Yibin Venture Capital"). The managing partner is Jinkun of Tibet, and the only shareholder of Jinkun of Tibet is Tibet Tianfu Enterprise Management Co., Ltd. (referred to as "Tibet Tiankun").
Chengdu Harmony Shuangma Investment Co., Ltd. (referred to as "Harmony Shuangma"), a first-tier wholly-owned subsidiary of the company, plans to add 52 million yuan of registered capital to Tibet Jinkun with its own or self-raised funds, becoming a shareholder holding 50% of Jinkun in Tibet. After the completion of the capital increase, Harmony Shuangma and Tibet Tianqi each hold 50% of the shares.
As a general partner, Tibet Jinkun subscribed 225 million yuan to the harmonious Green Industry Fund. Tibet Jinxu Venture Capital Management Co., Ltd. (referred to as "Tibet Jinxu"), a first-tier wholly-owned subsidiary of the company, plans to subscribe 775 million yuan to the harmonious Green Industry Fund as a limited partner.
The total subscribed amount of harmonious green industry fund is 7.5 billion. After the completion of the previous investment, the only general partner of the harmonious Green Industry Fund is Jinkun, Tibet, with a subscription amount of 225 million yuan; the limited partners are Yibin Venture Capital and Tibet Jinxu, and the subscription amount of Yibin Venture Capital is 2.25 billion yuan. The subscription amount of Tibet Jinxu is 775 million yuan. At present, the actual subscription amount of the harmonious Green Industry Fund is 3.25 billion yuan, and the target subscription amount is 7.5 billion yuan. Harmonious Green Industry Fund will register private equity funds and engage in private equity investment business. At the same time, Tibet Jinhe Venture Capital Management Co., Ltd. (referred to as "Tibet Jinhe"), a secondary subsidiary of the company, will sign the Yibin harmonious Green Industry Development Equity Investment Partnership (Limited Partnership) entrustment Management Agreement with the harmonious Green Industry Fund to provide investment management, administrative management, daily operation management and other management services for the harmonious green industry fund.
To help make in China, focusing on the core areas of industrial resources such as intelligent manufacturing, semiconductors, clean energy and so on.
The harmonious Green Industry Fund will invest based on the industrial chain, from materials, equipment, key components to applications, complete the vertical integration of the industrial chain, and carry out horizontal merger and investment around the industry. strive to make the target enterprises grow into the pillar of the domestic advanced manufacturing field, and support local economic construction and industrial upgrading.
Profit forecast and investment advice: the company's wholly-owned subsidiary, Tibet Jinhe (Harmony Jinyu and Harmony Jinhong), has a management fee related party transaction from January to September in 2022, with a total amount of about 230 million yuan including tax.
To sum up, we estimate that the company's 2022E/2023E/2024E revenue will be RMB 18.66 billion RMB 26.46 max RMB 3.491 billion; the net return profit RMB RMB 13.23 pm 20.54 pm RMB 2.684 billion. Yoy+33.8%/55.2%/30.7%; uses the PE segment valuation, and we believe that the reasonable PE of the company's cement building materials segment in 2022 is 7.5x, and that of the private equity business segment is 25x in 2022. Maintain a "buy" rating.
Risk hints: policy risk; increased epidemic risk; private equity business is not as expected; building materials business is not as expected risk.