Events:
On January 11, 2023, the company issued a preliminary plan to issue shares to specific targets, with a plan to issue no more than 48899755 shares (including capital) to specific targets, and no more than 30% of the company's total share capital before this offering, with an issue price of 8.18 yuan per share. The funds raised by this private placement shall not exceed RMB 400 million yuan, which will be used to replenish liquidity and repay bank loans after deducting the issuance expenses.
After the issue, the company produces the actual controller:
The object of this stock issue is Mulan Investment. Ms. Liu Yancun, the spouse of Chairman Li Qi, and Ms. Li Mu Mu, daughter, each hold 50% of Mulan Investment. On January 10, 2023, Li Qi and Mulan Investment signed a "concerted Action Agreement", which agreed that Mulan Investment should be consistent with Mr. Li Qi when exercising the rights of shareholders of Gaolan shares, including shareholders' proposal rights and shareholders' voting rights. Through this subscription, Gaolan shares have been changed from no actual controller to Mr. Li Qi, Ms. Liu Yancun and Ms. Li Mu Mu, which is conducive to ensuring the long-term sustained and stable development of the company.
The demand for temperature control of energy storage is strong, and the company raises funds to speed up the industrial layout:
According to GGII estimates, the scale of China's energy storage temperature control market will grow from 4.66 billion yuan to 16.46 billion yuan from 2022 to 2025, with a compound growth rate of 52.3%. There is a strong demand for energy storage temperature control market. This issue of shares to specific objects to raise funds will help the company to optimize the capital structure, reduce the asset-liability ratio, further enhance the company's capital strength and anti-risk ability, improve the company's profitability, and enhance the company's core competitiveness. At the same time, replenishing working capital can reduce the company's short-term loan demand, thus reduce financial costs, reduce financial risks and operating pressure, and further enhance the company's long-term sustainable development ability and core competitiveness. On January 11, the company announced that it intends to invest 1 billion yuan to build a "full-scene thermal management R & D and energy storage high-end manufacturing project" in Huizhou, which is mainly used for the R & D, production and sales of the whole chain, such as production and operation, research and development of thermal management and energy storage battery Pack system. After all the projects are completed and reach production, it is estimated that the total annual sales will be 5 billion yuan. The construction of the project will help to speed up the layout of the company in the energy storage industry, further enrich the company's product categories, enhance the company's market share in product segmentation, and enhance the overall profitability.
Investment advice:
The company is a leading enterprise of pure water cooling equipment in China, raising funds to speed up the layout of energy storage temperature control business. We estimate that the operating income of the company from 2022 to 2024 will be 20.74xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx; the corresponding EPS is 0.18and0.42 EPS. We give the company 35 times PE in 2023, corresponding to the target price of 14.70 yuan, and maintain the "buy-A" investment rating.
Risk hint: the risk that the new installed capacity of wind power is lower than expected, the gross profit margin decreases due to intensified competition, the acquisition and integration is unfavorable, the development of new energy vehicle business is not as expected, and the assumption is not as expected.