Incident: On the evening of December 12, Henghua Technology announced the acquisition of 20% of the shares of Hebei Yangye New Energy Technology Co., Ltd. The company plans to use its own capital to transfer 20% of Yangye New Energy's shares. The share transfer price is 30 million yuan. The acquisition is aimed at continuing to expand the company's business in the new energy sector.
The photovoltaic project of the acquired subsidiary was approved, and the new energy increment was determined: According to the company announcement, Hebei Yanxiao New Energy Technology Co., Ltd., a wholly-owned subsidiary of Yangye New Energy, has obtained Hebei Province's 2021 Power Source Network Load Storage Integration and Multi-Energy Complementarity Pilot Project (750MW PV Project in Yuxian County, Zhangjiakou City, Hebei Province) and its approval. Driven by the dual carbon policy, the company makes full use of its own BIM platform, professional software development services, and complete industry qualifications to continue to expand market development in new energy fields such as photovoltaics, wind power, energy storage, integrated energy, etc., to provide early consultation and design for new energy projects and digital operation and maintenance services for new energy projects after project completion. After the acquisition of Yangye New Energy, its subsidiary developed the power source network load storage project of New Energy is a relatively high quality photovoltaic project resource. The company has priority access to the right to participate in the integrated design, construction and construction of targeted projects, products and services related to virtual power plants, and the digital operation of project assets, which is expected to bring a definite increase in new energy projects to the company.
Source network cargo storage business collaboration helps the company's new energy transformation: In recent years, the company has actively promoted business transformation and continued to expand the new energy market. The company's current acquisition and development of NEV's power source network load storage project can effectively strengthen new technology research and development and iteration capabilities in source network load storage, etc., and further enhance the synergy of the new energy business, thereby promoting the company's transformation and development in the field of new energy.
Investment advice: As a leading domestic BIM software company, the company fully applies advantages such as independent professional BIM platforms and services to continue market development in new energy fields such as photovoltaics and wind power energy storage.
Excellent participation rights in high-quality photovoltaic projects, virtual power plant products, etc. obtained in this acquisition of Yangye New Energy are expected to open up the company's determined performance growth in the new energy sector. At the same time, the acquisition can also effectively strengthen the company's technical strength, enhance business collaboration, and help the company's new energy transformation. We are optimistic about the company's long-term development. We raised the company's profit forecast and predicted that the company's net profit for 2022-2024 would be 0.62/1.39/214 million yuan, EPS of 0.10/0.23/0.36 yuan, and PE 108/48/31 times.
Risk warning: The implementation of newly acquired subsidiary projects falls short of expectations; the risk of changes in the competitive pattern of the industry; the risk that the advancement of emerging businesses falls short of expectations; and the progress of domestic substitution falls short of expectations.