\u3000\u3000 Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) (000157)
Event: on February 7, 2022, the company announced that it plans to use its own funds of 780 million yuan to acquire 29.99% shares of Shenzhen Roadrover Technology Co.Ltd(002813) (002813. SZ). After the completion of this share transfer, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) will become the controlling shareholder of Shenzhen Roadrover Technology Co.Ltd(002813) . Subsequently, some offers will be made to all shareholders of Shenzhen Roadrover Technology Co.Ltd(002813) as appropriate. The proportion of shares to be purchased shall not be less than 18.83% (48.82% in total) of the total share capital of Shenzhen Roadrover Technology Co.Ltd(002813) .
Key investment points
It is proposed to acquire Shenzhen Roadrover Technology Co.Ltd(002813) controlling shares for 780 million at a fair price
The company plans to purchase Shenzhen Roadrover Technology Co.Ltd(002813) 35988000 shares with its own funds of 780 million yuan (accounting for 29.99% of the total share capital). The purchase price is about 21.67 yuan / share, which is lower than the price before Shenzhen Roadrover Technology Co.Ltd(002813) suspension and the average price in the previous 12 months. The purchase price is fair and reasonable.
Shenzhen Roadrover Technology Co.Ltd(002813) mainly engaged in intelligent and information-based automobile, overweight and digital transformation
Shenzhen Roadrover Technology Co.Ltd(002813) it is mainly engaged in intelligent cockpit, intelligent cockpit, intelligent assisted driving and vehicle networking related products. Its subsidiaries have invested in the research and development of intelligent driving and driverless solutions and intelligent travel solutions, and have invested and carried out the business of ultra-fine powder of metallurgical waste residue. From January to September 2021, Shenzhen Roadrover Technology Co.Ltd(002813) total revenue was 262 million yuan, and the net profit attributable to the parent company was 5.5254 million yuan. This acquisition will help Shenzhen Roadrover Technology Co.Ltd(002813) to explore the front loading market of construction machinery, and accelerate the upgrading of Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) concrete machinery, hoisting machinery, high machinery and excavator from construction machinery and high-end agricultural machinery products to intelligent and unmanned, so as to achieve win-win cooperation in the industrial chain.
Nanyang Changfeng, a subsidiary, was included in the gambling agreement to play a synergistic effect with Zoomlion new materials
Shenzhen Roadrover Technology Co.Ltd(002813) Nanyang Changfeng, a wholly-owned subsidiary, is mainly engaged in fine slag powder, which is a new green building material. As a high-quality admixture for cement and concrete, it can improve the product performance of Zoomlion new material dry mixed mortar. From January to June 2021, Shenzhen Roadrover Technology Co.Ltd(002813) slag powder achieved a revenue of 97 million yuan, accounting for 55% of the total revenue and a gross profit margin of 23.8%. The company and Shenzhen Roadrover Technology Co.Ltd(002813) made a bet in this share transfer agreement and agreed that the net profit attributable to the parent company of Nanyang Changfeng from 2022 to 2024 should not be less than 25 million yuan. The sustainable development of Nanyang Changfeng business is expected to form a synergistic effect with Zoomlion new materials, accelerate the layout of Zoomlion in the new materials sector and smooth the periodic fluctuation of construction machinery.
The issuance of special bonds was accelerated, and attention was paid to the opportunities of the construction machinery sector under the background of steady growth
In December 2021, the central economic work conference set the tone of "steady growth". Since the end of 2021, the issuance of special bonds, as an important tool for stabilizing investment and making up for weaknesses, has accelerated. At the end of 2021, the Ministry of Finance issued a quota of 1.46 trillion yuan of new special bonds in 2022 in advance, promoting the issuance and use of the quota in the first quarter of this year. According to the Securities Daily, as of February 8, 511.4 billion yuan of new special bonds had been issued during the year, and 35% of the new special debt limit had been issued in advance. According to this progress, the limit issued in advance is expected to be issued in 22q1. The issuance of new special bonds will be accelerated to promote the physical workload of major projects. It is suggested to pay attention to the opportunities of the construction machinery sector under the background of steady growth of infrastructure construction.
Profit forecast and investment rating: considering the cyclical fluctuations of the industry, we expect the net profit of the company from 2021 to 2023 to be 6.9/7/8 billion yuan, and the current market value corresponding to PE is 9.5/9.3/8.2x, maintaining the "buy" rating.
Risk tip: industry cycle fluctuation; Industry competition intensifies; Risk of continuous rise in raw material prices
