Incident: The company issued a revised version of the major asset restructuring report, decided to reduce the total amount of supporting capital raised, decided not to adjust the issuance price, and adjust the use, performance commitments and compensation arrangements of the supporting funds raised.
The scale of fund-raising was reduced, the issuance price was not adjusted, and undervaluation integrated the blue sky. This major asset restructuring includes issuing shares and raising supporting capital for the acquisition of Sinochem Blue Sky and project expansion, respectively. On the one hand, the total amount of supporting capital raised in this revision was adjusted from 7.24 billion yuan to 4.5 billion yuan. Specifically, the reflow amount in the plan was reduced from 3.62 billion yuan to 1.4 billion yuan, the 3,000-ton trifluoromethylpyridine project with an investment of 265 million yuan was cancelled, and the proposed capital for the 20,000 ton PVDF project was adjusted from 1,487 million yuan to 1,230 million yuan. On the other hand, the issue price of shares purchased to purchase assets in this issue was originally set at 37.07 yuan/share, and the number of shares to be issued to acquire Blue Sky was set at 195 million shares. However, there is an adjustment mechanism for the issuance price, and the trigger conditions have been met. If adjusted according to the latest transaction average price, the number of shares issued will increase accordingly, further diluting investors' rights. After unanimous negotiations, the board of directors of the company decided not to adjust the current issuance price, and no further adjustments will be made to the issuance price according to this mechanism. The decision not to adjust the issuance price reflects the responsibility of Sinochem's central enterprises, and also reflects the protection of the rights and interests of small and medium-sized investors.
Integrating Sinochem's blue sky, the growth of the main business resonates with the fluorine chemical boom. After the completion of this asset restructuring, Haohua Chenguang Institute will combine the advantages of Blue Sky to create one of the most complete fluorine chemical giants in the country: refrigerants: According to our estimates, Blue Sky's equity quota and holding quota are 8.4 and 102 thousand tons respectively, accounting for 11.3% and 13.7% of the quotas. At the same time, Blue Sky has four generation refrigerant technical reserves; fluorine-containing fine chemicals: Blue Sky Trifluoride series has a production capacity of 192,000 tons, the largest market share in the world, and has the largest market share of difluoride, trifluoride, hexafluoride, etc. Complete lineage; Zhejiang Chemical Institute: The institute has a history of more than 70 years and is a fluorine chemical A leader in research and development; fluoropolymers: Chenguangyuan is a domestic leader in the field of fluororubber and fluoropolymers. Integrating Blue Sky is expected to resonate with the growth of the company's main business and the fluorine chemical industry boom. In addition, this revision added a profit performance commitment for Blue Sky's consolidated caliber, and Sinochem will make up for the difference.
Next year, we will enter the centralized project launch period, and the increase is considerable. The company's Chenguangyuan 26,000-ton fluorine material project, Shuguangyuan's 100,000 civil aviation tire project, the Northwest hospital sealing profile project, the Limingyuan specialty chemicals and special materials project, and the special gas project are expected to be released centrally in the next year, contributing considerable increases.
Investment advice: Affected by industry price fluctuations, we expect the net profit of the company's current main business to be RMB 945/11.87/1,691 million yuan in 2023-2025, respectively; the corresponding PE is 25.2/20.1/14.1 times, respectively.
After 70 years of development, the company is a national-level R&D and production platform for high-performance materials, and a “core asset” for new chemical materials in China. After this restructuring, the high growth of the company's main business is expected to resonate with the fluorine chemical industry boom and enter an important inflection point. Maintain a “buy” rating.
Risk warning: issuance price adjustment risk, fund-raising project implementation risk, transaction approval risk.