A plan to issue A shares to specific targets in 2023 was announced. The company plans to issue no more than 30% of the company's total share capital before this offering to no more than 35 investors (including 35) who meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and the total amount of capital raised in this offering (including issuance fees) shall not exceed 1270.5 million yuan. The funds raised this time are to be invested in the following projects: precision intelligent optical equipment production and construction projects, photovoltaic perovskite equipment expansion construction projects, headquarters and R&D center construction projects, laser production expansion construction projects, overseas technical support and network construction projects, and supplementary working capital.
The optical smart device business creates a moat for the company's emerging markets. The precision intelligent optical complete equipment production and construction project is mainly used to produce complete precision intelligent optical equipment such as MR/AR testing equipment, VCSEL module testing equipment, inductance line equipment, laser welding equipment, etc., to meet subsequent market growth requirements. The company's products have been recognized by leading overseas customers such as Meta. We believe that by increasing production capacity, the company has the ability to digest through maintenance of existing customers and exploration of potential customers, laying a good foundation for the company to expand its market share.
Seize the development potential of perovskite and consolidate the competitiveness of the new energy business. The company has made a precise layout in lithium batteries and photovoltaics: in the field of lithium batteries, the company focuses on the pain points of industry customers and fully cooperates with all laser processing aspects of lithium battery production. In 2022, the company continued to receive orders from leading power battery companies such as BYD, Ningde Times and Kodali for laser equipment; in the photovoltaic field, the company's perovskite laser die-cutting equipment has launched second-generation product solutions, received mass production orders from leading customers in the industry, and has carried out in-depth cooperation with a wide range of industry customers. The company plans to build a photovoltaic perovskite laser equipment production base with a high level of automation, reasonable spatial structure layout, clean and environmentally friendly to produce laser marking and cleaning equipment covering P1 to P4, thereby effectively expanding the production capacity of photovoltaic perovskite laser equipment, improving performance stability and technical process level, shortening the equipment commissioning cycle, and fully meeting the processing needs of customers GW grade photovoltaic perovskite battery production lines.
Profit forecast. We believe that after the new business expansion is gradually implemented, the company's revenue and net profit are expected to grow rapidly. The company's net profit attributable to shareholders of listed companies from 2023 to 2025 is estimated to be RMB 154 million, RMB 234 million, RMB 331 million, and EPS of RMB 1.62, RMB 2.46, and RMB 3.48, respectively. Referring to comparable companies, considering the continued development of the company's lithium battery and photovoltaic business, new consumer electronics projects are expected to rise sharply in volume and price in the future. They will be given 25-30 times dynamic PE in 2024, corresponding to a reasonable value range of 61.50 yuan to 73.80 yuan, and given a “superior to the market” rating.
Risk warning. The slowdown in the 3C industry's growth rate affected the development of the laser industry falling short of expectations, industry competition exceeded expectations, and sales of the company's new products fell short of expectations.