Automobile air conditioning compressor leader Aotecar New Energy Technology Co.Ltd(002239) (002239) plans to join the embrace of Chongqing Changan Automobile Company Limited(000625) group!
On February 14, the company announced that Zhang Yongming, the actual controller, was planning the change of control. The subject to be controlled by Zhang Yongming planned to transfer 320 million Aotecar New Energy Technology Co.Ltd(002239) shares to China Chongqing Changan Automobile Company Limited(000625) Group Co., Ltd. (hereinafter referred to as ” Chongqing Changan Automobile Company Limited(000625) group”), accounting for 9.9% of the total share capital, and issued shares to Chongqing Changan Automobile Company Limited(000625) non-public to further increase its shareholding ratio. The trading of the company’s shares will be suspended from the opening of the market on February 15, and the suspension is expected to be no more than two trading days.
In the auto parts industry, Aotecar New Energy Technology Co.Ltd(002239) has the highest market share in the field of air conditioning compressor. In recent years, it has continued to increase the thermal management system of new energy vehicles, and has previously established a cooperative relationship with Chongqing Changan Automobile Company Limited(000625) . As this change of ownership is put on the agenda, it remains to be seen whether the follow-up two can collide with new sparks in industrial chain cooperation.
proposed master Chongqing Changan Automobile Company Limited(000625) group
Up to now, Tianyou Co., Ltd. and Tianyou Holding Co., Ltd. have invested a total of 2.023 billion shares, accounting for 2.023% of the total capital stock of Tianyou Holding Co., Ltd. and Tianyou Holding Co., Ltd. respectively, and Zhang Tianyou Holding Co., Ltd. and Tianyou Holding Co., Ltd. have invested 2.091 billion shares, accounting for 2.023% of the total capital stock of Tianyou Holding Co., Ltd. and Tibet Tianyou Holding Co., Ltd., respectively; Superimposed on the voting rights of more than 5% of the previously entrusted shareholder Wang Jinfei’s 6.02% shares, the cumulative proportion of shares controlled by the company reached 28.87%.
According to the announcement, Aotecar New Energy Technology Co.Ltd(002239) Yizhu Chongqing Changan Automobile Company Limited(000625) group will adopt the mode of equity transfer + non-public offering, in which the proportion of equity transfer is 9.9%, and the proportion of non-public offering shares is not clear.
In addition, according to the intention agreement, Zhang Yongming may give up the voting rights of relevant shares and make certain adjustments to the corporate governance structure to further consolidate the control of Chongqing Changan Automobile Company Limited(000625) group.
Public information shows that Chongqing Changan Automobile Company Limited(000625) group is subordinate to China Ordnance Equipment Group Co., Ltd. and the actual controller is the SASAC of the State Council. It is mainly engaged in automobile manufacturing and related industries. It has 20 secondary enterprises, including Chongqing Changan Automobile Company Limited(000625) (000625), Jiangling Motors Corporation Ltd(000550) (000550), Harbin Dongan Auto Engine Co.Ltd(600178) (600178), Hunan Tyen Machinery Co.Ltd(600698) (600698) and other listed companies. If this change of ownership takes place, Aotecar New Energy Technology Co.Ltd(002239) will be transformed by private enterprises into a holding enterprise of central enterprises.
In the secondary market, Aotecar New Energy Technology Co.Ltd(002239) share price has been the first to rise for respect. On February 14, the intraday rise was more than 7%. As of the closing, it rose 5.83% to close at 3.63 yuan / share.
It should be noted that Zhang Yongming, who plans to transfer the control right this time, is also a regular customer in the capital market. In 2018, Zhang Yongming took over the control of Aotecar New Energy Technology Co.Ltd(002239) from Wang Jinfei. In the same year, his controlled Guanhao Biotech Co.Ltd(300238) (300238) landed on the gem. However, Guanhao Biotech Co.Ltd(300238) suffered Waterloo in the year following its listing, with a loss of 460 million yuan; In the past two years, it has been out of the mire of loss. According to the performance forecast, it is expected to make a profit of 70-90 million yuan in 2021, with a year-on-year increase of 50% – 70%.
seeking transformation
Aotecar New Energy Technology Co.Ltd(002239) is in the auto parts industry. Its main products include auto air conditioning compressor, auto air conditioning system, battery and energy storage system thermal management products and their key components, which are closely related to the whole vehicle factory. According to regular reports, the company’s main customers include Geely Automobile, Byd Company Limited(002594) , Volkswagen, SAIC GM Wuling, Chery Automobile, Chongqing Changan Automobile Company Limited(000625) , BAIC, stellantis, Great Wall Motor Company Limited(601633) and other mainstream automobile factories at home and abroad. Perhaps it is based on the cooperation foundation in the early stage that this change of control is facilitated.
Among Aotecar New Energy Technology Co.Ltd(002239) many products, air conditioning compressors can be called “stars”, with a market share of about 19%, ranking among the top in the industry; In the first half of 2021, it contributed 1.3 billion yuan of revenue, accounting for 52.48% of the overall revenue, and the gross profit margin was 19.79%. In recent years, the company has actively transformed the field of new energy vehicle thermal management. In 2020, the relevant business revenue reached 571 million yuan, accounting for 15.32% of the overall revenue.
It is worth mentioning that due to the impact of the epidemic, Aotecar New Energy Technology Co.Ltd(002239) 2020 accrued large asset impairment losses, falling into the first loss since listing in 2008, with a net profit of – 296 million yuan.
In 2021, Aotecar New Energy Technology Co.Ltd(002239) completed a non-public offering project with a fixed increase of 442 million yuan for projects such as new energy vehicle heat pump air conditioning system and the fourth generation electric compressor with an annual output of 600000 units, and continued to increase the business of new energy vehicles. The above fixed increase also attracted the capital injection of private Qianhe Capital Management Co., Ltd., which was led by the former “public offering brother” Wang Yawei.
Benefiting from the transformation of business structure, Aotecar New Energy Technology Co.Ltd(002239) significantly reduced losses. According to the performance forecast, the company expects a loss of 45-90 million yuan in 2021, with a year-on-year loss reduction of more than 200 million yuan; The net profit after deducting Non Profits ranges from a loss of 22 million yuan to a profit of 23 million yuan. The company said that benefiting from the expansion of business scope, the main business orders are full. In addition to the traditional automobile air conditioning compressor and air conditioning system business, the thermal management parts of new energy vehicles have increased significantly. However, subject to the obvious rise in the price of main raw materials and metal, the company still hasn’t come out of the haze of loss after serious shortage and price rise of key semiconductor parts such as superimposed chips.
