Leading enterprise of automobile air conditioning compressor Aotecar New Energy Technology Co.Ltd(002239) is expected to welcome heavyweight shareholders.
On the evening of February 14, Aotecar New Energy Technology Co.Ltd(002239) announced that Zhang Yongming, the actual controller of the company, and the controlling shareholder were planning the change of control and the issuance of shares to specific objects. At present, it has signed the share transfer intention agreement with China Chongqing Changan Automobile Company Limited(000625) Group Co., Ltd. (hereinafter referred to as ” Chongqing Changan Automobile Company Limited(000625) ” group). The Chongqing Changan Automobile Company Limited(000625) group plans to transfer 321 million shares of the company held by the controlling shareholder, Accounting for 9.9% of the total share capital of the company. At present, the trading of the company’s shares is suspended. Taking the closing price of 3.63 yuan / share on the trading day before the suspension as a reference, the market value of the shares to be transferred by Chongqing Changan Automobile Company Limited(000625) group this time reaches 1.165 billion yuan.
According to the announcement, the company will also plan to issue non-public shares to Chongqing Changan Automobile Company Limited(000625) group at the same time. Will Chongqing Changan Automobile Company Limited(000625) group take control of the listed company? On February 15, the relevant person in charge of Aotecar New Energy Technology Co.Ltd(002239) revealed in an interview with the reporter of Securities Daily: “at present, the above transactions are in the process of planning and preparation, and there is uncertainty. The trading of the company’s shares is expected to be suspended for no more than two trading days. The specific progress can be paid attention to the follow-up announcement.”
former partners want to become “shareholders”
As a manufacturer that entered the automotive thermal management parts and systems market earlier in China, Aotecar New Energy Technology Co.Ltd(002239) has the professional R & D system and strong creativity of air conditioning system and core component compressor, as well as rich development experience and professional manufacturing technology.
With strong technical development strength and product quality advantages, as well as the novel design of thermal management products of automobile air conditioning system, Aotecar New Energy Technology Co.Ltd(002239) has established a long-term and stable strategic cooperation and supporting relationship with well-known vehicle manufacturers at home and abroad, and accumulated many high-quality customers. Chongqing Changan Automobile Company Limited(000625) under Chongqing Changan Automobile Company Limited(000625) group is one of the main customers of the company. In addition, the main customers also include Weilai, GM, Ford, Volkswagen, SAIC, Geely, BAIC, Jaguar Land Rover and Contemporary Amperex Technology Co.Limited(300750) .
“The market share of antitrust companies may be high after the approval of antitrust authorities.” An unnamed industry source told reporters.
In fact, Aotecar New Energy Technology Co.Ltd(002239) the upcoming shareholder is also very strong. According to the data, the shareholder of Chongqing Changan Automobile Company Limited(000625) group is China Ordnance Equipment Group Co., Ltd., and the actual controller is SASAC of the State Council. At present, the group has 20 secondary enterprises and 4 listed companies including Chongqing Changan Automobile Company Limited(000625) , Jiangling Motors Corporation Ltd(000550) , Harbin Dongan Auto Engine Co.Ltd(600178) , Hunan Tyen Machinery Co.Ltd(600698) .
The announcement shows that according to the share transfer intention agreement, the parties to the transaction have made preliminary agreements on the corporate governance structure adjustment plan, the transfer restrictions of the company’s shares held by the company’s controlling shareholders and Zhang Yongming, and the waiver of voting rights. At the same time, the company will also plan to issue shares to Chongqing Changan Automobile Company Limited(000625) group. If Chongqing Changan Automobile Company Limited(000625) group takes control of the listed company, it will add a new listing platform.
From industrial cooperation to equity investment, Chongqing Changan Automobile Company Limited(000625) why does the group meet Aotecar New Energy Technology Co.Ltd(002239) ? Zhang Xiang, a researcher at the automotive industry innovation research center of Northern University of technology, told the Securities Daily, “The air conditioning of new energy vehicles is a core component. The high technical level of air conditioning can effectively reduce the consumption of heat energy and increase the mileage. As a car enterprise with the top sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars, Chang’an has a large demand for heat pump air conditioning every year. For car enterprises, if they can have a resource of core components, they can give priority to ensuring the supply.”
car air conditioning compressor track welcomes heavy players
Founder Securities Co.Ltd(601901) research shows that heat pump air conditioning is of great significance to new energy vehicles. The use of heat pump air conditioning in winter can be extended by 50 km to 80 km, which is equivalent to adding more than 1000 heat pumps, creating more than 7000 yuan of value, and the vehicle factory has a strong willingness to use it.
In November 2021, during the investigation by Haitong Securities Company Limited(600837) , Zhongtai Securities Co.Ltd(600918) and other institutions, Aotecar New Energy Technology Co.Ltd(002239) disclosed that with the gradual shrinkage of China’s traditional fuel vehicle market and the vigorous development of new energy passenger vehicle and commercial vehicle market, the company will gradually change the original industrial layout and focus on the development of electric compressor and heat pump air conditioning system for new energy vehicles. On this competitive track, the company has considerable technical reserves, mass production capacity and stable customer relations.
Despite its leading technology and catching up with the tuyere of new energy vehicles, the performance of Aotecar New Energy Technology Co.Ltd(002239) has been poor in recent two years.
Financial data show that in 2020, Aotecar New Energy Technology Co.Ltd(002239) achieved an operating revenue of 3.727 billion yuan, a year-on-year increase of 16.08%, and the net profit attributable to shareholders of listed companies was -296 million yuan. Affected by the high logistics costs of overseas business and the rising price of raw materials, the company’s net profit attributable to the shareholders of Listed Companies in 2021 is expected to lose 45 million to 90 million yuan.
Pan Helin, member of the information and communication economy expert committee of the Ministry of industry and information technology and executive director of the Digital Economy Research Institute of Central South University of economics and law, said in an interview with reporters, “For Chongqing Changan Automobile Company Limited(000625) group, we should look at the whole supply chain. Although it is a loss making enterprise, it belongs to the upstream of the supply chain. On the one hand, it can stabilize the supply chain of Chongqing Changan Automobile Company Limited(000625) air compressor and Aotecar New Energy Technology Co.Ltd(002239) The needs of. It belongs to the business extension of vertical integration to enhance the premium ability of the supply chain. On the other hand, it can improve the performance of in car air conditioning and other facilities through enterprise integration. This cooperation is worthwhile for the Chongqing Changan Automobile Company Limited(000625) group. “
In the interview, pan Helin suggested, “In the future Aotecar New Energy Technology Co.Ltd(002239) can continue to build barriers. Barriers can be technical barriers, such as mastering the manufacturing capacity of core accessories. Through localization, improving self-sufficiency and mastering core technologies, we can build technical barriers. They can also be scale barriers, such as Contemporary Amperex Technology Co.Limited(300750) , which is to achieve supply capacity on a large scale, so as to obtain more b-end customers.”
