公司获国资入主，彰显了衢州国资委对公司的发展信心，未来将围绕“新质生产力”发展要求，全面提升公司的持续经营能力。Incident: Hong Kong Dongfeng Investment Group Co., Ltd., the controlling shareholder of the company, has signed “Share Transfer Agreements” with Quzhou Zhishang Enterprise Management Partnership and Quzhou Zhiwei Enterprise Management Partnership to transfer their Dongfeng Group shares. After the equity change is completed, Quzhou Zhishang will directly hold 20.00% of the company's shares and become the company's controlling shareholder, and the Quzhou State-owned Assets Administration Commission will become the actual controller of the company.
Quzhou's state-owned assets plan to take over, and the new energy business is expected to receive industrial support
The company is actively carrying out strategic adjustments and transformation, focusing on the new energy material diaphragm industry. In this equity transfer, Quzhou Zhishang and Quzhou Zhiwei purchased 29.90% of the company's shares from Hong Kong Dongfeng Investment, the controlling shareholder of the company, using nearly 2 billion yuan in capital. After this change in equity, Quzhou Zhishang and its co-actor, Quzhou Zhiwei, will hold a total of 29.90% of the company's shares. The company's controlling shareholder will change from Hong Kong Dongfeng Investment to Quzhou Zhishang, and the actual controllers of the company will be changed from Huang Bingwen (founder of the company), Huang Xiaojia (chairman of the company), and Huang Xiaopeng to the Quzhou State-owned Assets Administration Commission. Both Quzhou Zhishang and Quzhou Zhiwei are partnerships controlled by Quzhou Industrial Investment Group, which belongs to the Zhejiang Quzhou State-owned Assets Administration Commission and is mainly responsible for industrial investment in advanced manufacturing fields such as new energy, new materials, high-end equipment, integrated circuits, life and health.
The company was taken over by state-owned assets, demonstrating the confidence of the Quzhou State-owned Assets Administration Commission in the company's development. In the future, it will focus on the development requirements of “new quality productivity” and comprehensively enhance the company's ability to operate continuously.
Through the company, outstanding enterprises are attracted to the high-tech industry, developed into the localized industry, and state-owned and private shareholders are further promoted to invest more resources and make full use of their strengths and strengths. We believe that the Quzhou State-owned Assets Administration Commission's investment is expected to bring more stable financial support to the company, and at the same time provide a broader platform and more industrial support for the company's transformation to new energy materials.
Accelerate the transformation to new materials and new energy sources, and actively optimize the industrial layout
The company adheres to the concept of “speeding up transformation, key investment, and optimizing layout” to accelerate strategic transformation and upgrading. In the field of new energy and materials, optimize the allocation of capital and resources, actively expand new tracks, and cultivate new growth points. At the same time, according to the plan, investments unrelated to the main business will be gradually divested, cash flow management will be strengthened, and the core business will be focused. Through the implementation of new energy power and energy storage battery separators and other comprehensive materials production and R&D projects invested and built by the wholly-owned subsidiaries of Bosheng New Materials in Loudi, Hunan and Yancheng, Jiangsu, respectively, the company optimizes production capacity in line with order requirements, strives to make Bosheng New Materials a leading enterprise in the dry diaphragm industry, continuously optimizes its product structure and strengthens its R&D capabilities.
In addition, the industrial chain continues to be extended in the field of new energy power batteries and energy storage battery materials, and Shantou Bosheng Composite Fluid Technology Co., Ltd. was established to focus on the development and production of products such as composite copper foil, composite aluminum foil, and high-value-added coated diaphragms. The company will expand other comprehensive material categories based on diaphragm products, enhance R&D capabilities for cutting-edge applications of new energy and new materials, and strive to achieve leapfrog development in this business segment. The company actively lays out core materials for semi-solid/solid state batteries such as diaphragms and base films, and closely cooperates with various partners to develop various products, including composite copper/aluminum foil, copper foam, semi-solid battery functional film materials, solid state battery electrolyte composite films and electrolyte coating processes, new energy vehicle coatings, CCS integrated bus structural components, etc., and actively cooperates with the development of semi-solid diaphragms and all-solid base films and carrying out testing work, continuously expanding the product categories and coverage of the company's new materials, and continuously iterating to form new momentum for product growth.
Investment advice: Dongfeng Group is a leading domestic paper-wrapped leader. It is actively developing the medicine package business and transforming to a new energy materials business. In the short term, it is still in a vacuum of adjustment in the new energy materials investment period and the rapid contraction of the traditional cigarette label business. It is expected that the new energy business will enter a harvest period and bring about a recovery in performance. We expect the company's revenue for 2024-2026 to be 1.341, 1.342, and 1.485 billion yuan, up -49.03%, 0.04%, 10.70% year on year, and net profit to mother of -0.097, 0.004, 0.005 billion yuan, up -164.45% year over year, from loss to profit, 10.54%. Corresponding PE is -59.3x, 1293.6x, 1170.3x, and the target price is 3.80 yuan, maintaining growth It has an investment rating of -A.
Risk warning: risk of large fluctuations in raw material prices; risk of new business growth falling short of expectations; risk of HNB policy supervision exceeding expectations; risk of repeated epidemics; risk of falling short of expectations in production capacity construction, etc.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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