Haibo heavy Co., Ltd. issued a proposed equity acquisition announcement: the company intends to acquire 51% of Qinhuangdao Boguan Technology through cash. Boguan Technology, with the production of photovoltaic module equipment as the core, is a high-tech enterprise integrating R & D, design, manufacturing, sales and service. If the equity acquisition is successfully completed, it will speed up the landing of the company's photovoltaic construction development strategy and bring new growth points for the company's business.
Boguan technology orders are sufficient, capacity expansion is expected to promote explosive growth. In terms of performance, the sales of Boguan Technology is about 200 million yuan in 2022, with a compound growth rate of 50% in the past three years; in terms of profit margin, the gross profit margin is maintained at 30% Muth35%, and the net profit rate is maintained at 20% Muth25%; in terms of production capacity, Boguan Technology has a production capacity of about 150 laminators in 2022, and the new plant is expected to be completed and put into production in June 2023, and the production capacity will be expanded to 400-500 units. The order of Boguan Technology showed explosive growth in 2022. At present, the market is still in short supply. It is expected that Boguan Technology will be able to absorb the new capacity in 2023, which will provide sufficient guarantee for the company's performance growth.
The company accelerates the layout of photovoltaic equipment and photovoltaic buildings to develop the second growth curve. 1) driven by the dual-carbon policy, there is a broad space for the newly installed capacity of photovoltaic in China during the 14th five-year Plan period, the market for photovoltaic modules is accelerated and photovoltaic buildings have a bright future. 2) the company and Boguan science and technology complement each other to form business coordination and work together to promote new performance growth. On the one hand, the merger is expected to be achieved in the first half of 2023, which will bring considerable profit increase for the company; on the other hand, it will lay a solid foundation for the follow-up company to carry out business in BIPV, BAPV and so on. 3) in September 2022, a strategic cooperation was reached with Jinzhi Technology. With the gradual improvement of the layout of the company's photovoltaic construction business, it is expected to accelerate the landing of the company's building photovoltaic integration business.
The company's traditional main business at home and abroad, 23 years of performance is expected to usher in rapid repair. 1) in the domestic market, the rapid operation of the company's production and operation will fully benefit from the improvement of bridge steel structure permeability catalyzed by the dual-carbon policy, and the future performance will be guaranteed. 2) in the foreign market, the company has signed a cooperation agreement with DLT, which is expected to quickly open the Southeast Asian market and improve the company's performance. 3) the acceleration and landing of the building photovoltaic business is expected to bring new business increments for the company in 2023.
Profit forecast and valuation: we adjust our profit forecast for the company. It is estimated that the net profit from 2022 to 2024 will be 69 million yuan, 262 million yuan and 361 million yuan respectively, corresponding to the closing price PE of 52.5,13.8 and 10.0 times respectively on January 9th. Maintain the "prudent overweight" rating.
Risk hints: macroeconomic policy risk, steel price fluctuation risk, lower-than-expected risk of equity acquisition, and lower-than-expected risk of new business development.