Photovoltaic auxiliary materials faucet set sail again. The company mainly engaged in photovoltaic silicon wafer cutting edge materials, semiconductor wire cutting edge materials, waste mortar recycling, diamond line production and sales, photovoltaic power station construction and so on. After the integration of Xinda and new materials, the company has become the leader of photovoltaic accessories, the leader of silicon carbide, the first in the whole industry of resin diamond line, and the best in the industry of electroplating diamond line; taking this as a starting point, the company acquires Saiwei and is involved in the silicon wafer industry; at the same time, relying on the industrial advantages of Pingping Coal Group, invest in the field of lithium cathode and locate the group's new materials and new energy platform.
Reorganize the merger and acquisition of Saiwei to open up the silicon wafer industry chain. In 16 years, the company reorganized Jiangxi Saiwei in bankruptcy by issuing shares plus paying cash, issuing 280 million shares at the price of 7.59 yuan per share and paying 702 million yuan in cash to acquire 100% shares in Jiangxi Saiwei and Xinyu Saiwei. At the same time, the company issued 277 million shares at the price of 7.59 yuan per share to raise 2 billion supporting funds to pay for the acquisition cash and the construction of silicon wafer investment projects.
After the reorganization, the company will open up the upstream and downstream industrial chain, make use of the downstream wafer power WEDM business, and greatly reduce the wafer production cost; at the same time, with the help of the group's power station and battery wafer business, it is expected to drive the higher-than-expected growth of Saiwei wafer.
With the help of capital power, Seville is expected to regain its glory. Suppressed by the "double evils" of Europe and the United States, coupled with the rapid expansion and poor management of its affiliated enterprises, Seville 15 entered the bankruptcy reorganization process at the end of the year. However, there is still a strong accumulation in silicon wafer production scale, R & D technology, business channels and so on. At present, it has more than 3.51GW polysilicon wafer production capacity, in the forefront of the industry. After entering the bankruptcy procedure, Saiwei took a series of cost control measures, and both ends of the purchase and sale gradually stabilized. In the first half of 16 years, the gross profit increased sharply. Jiangxi Saiwei SDK had revenue of 1.79 billion yuan and net profit of 114 million yuan; Xinyu Seville camp had revenue of 399 million yuan and net profit of 21.29 million yuan.
Position the new material and new energy platform of Pingdingshan Shenma Group. The company is located in the new materials and new energy platform of Pingping Coal Group, relying on the industrial advantages of Pingping Coal Group, the company invests to develop the field of lithium anode and environmental protection business.
In the first half of 16 years, the company set up a wholly-owned subsidiary "Henan Yicheng Hanbo Energy Technology Co., Ltd." with an annual output of 10000 tons of carbon-graphite anode materials for lithium-ion batteries. Henan Yicheng Environmental Protection Technology Co., Ltd. In order to smoothly promote the implementation of the carbon-graphite anode material project for lithium-ion battery and further integrate the resources of the project, Sun Company "Henan Yicheng Xineng carbon material Co., Ltd." has a good prospect.
Investment strategy and rating. Through the acquisition of Sevy SDK, the photovoltaic accessories leader Yi Cheng Xineng is expected to set sail again, realizing the integrated development of diamond wire cutting, silicon wafer, battery chip, power station and so on; at the same time, the active layout of lithium anode and environmental protection field. Taking into account the dilution of additional issues, we expect the company's EPS in 2016-18 to be 0.08,0.24,0.47 yuan respectively. Combined with the valuation level of the same industry, we give the company a valuation of 50 times PE in 2017, corresponding to the target price of 12.00 yuan, covering for the first time and giving a "buy" rating.
Risk hint: policy risk, industry competition intensifies.
