Gotion High-Tech Co.Ltd(002074) (002074)
Event: on December 12, the company issued the report on the issuance of non-public shares and the listing announcement, and the fixed increase of public shares was implemented.
Volkswagen became the largest shareholder with fixed increase: the number of shares in this non-public offering is 384163346, which does not exceed 30% of the total share capital of the company before issuance. The total amount of funds raised is 7.303 billion yuan, and the net amount of funds raised after deducting the issuance expenses is 7.231 billion yuan. The shares will be listed on December 15. After the completion of this non-public offering and share transfer, Volkswagen China will hold 440630983 shares of the company, accounting for 26.47% of the total share capital of the company. Li Zhen and his concerted actors will hold 30250435 shares of the company, accounting for 18.17% of the total share capital of the company, and be the second largest shareholder of the company.
No change in the company's control right: after the completion of this non-public offering and share transfer, Li Zhen and his concerted action are still the shareholders holding the largest voting right of the company, and the voting right proportion is more than 5% higher than that of Volkswagen China, the shareholder holding the second largest voting right of the company. The directors Li Zhen and his concerted action have the right to nominate account for more than half of the seats on the board of directors of the company. Therefore, after the completion of this non-public offering and share transfer, Li Zhen is still the actual controller of the company, and this offering will not change the control of the company.
Strong alliance and coordinated development: this issue will introduce Volkswagen China as a strategic investor. Volkswagen Group is one of the world's leading automobile manufacturers. By 2025, Volkswagen Group plans to increase the proportion of electric vehicle models in its product lineup to 35%. GuoXuan is expected to benefit from Volkswagen's electrification strategy. The funds raised in this non-public offering will be mainly used for the new GuoXuan battery industrialization project with an annual output of 16gwh high specific energy lithium battery and the new GuoXuan material project with an annual output of 30000 tons of high nickel ternary cathode material, so as to help GuoXuan's capacity planning of 300gwh in 2025.
Profit forecast, valuation and rating: since 2021, the price of upstream raw materials has risen, and the company's profitability is under pressure. It is expected to gradually ease in 22 years; The company's downstream customers expanded smoothly, and the release of new production capacity laid a solid foundation for the company's future revenue growth, down by 21 years The net profit forecast for 22-23 years was raised to 243 / 894 / 1236 million yuan (range of change - 54% / + 2% / + 17%), and the current share price corresponding to PE was 412 / 112 / 81x respectively. The company insisted on "making refined iron and lithium, strengthening three yuan and increasing energy storage" And extends to the field of electric two wheeled vehicles and electric ships. Volkswagen is expected to open up market space by virtue of its customers and product advantages. The company will benefit from Volkswagen's global electrification layout. After Volkswagen's stake, it is expected to bring advanced manufacturing technology and production control experience. The profitability of Gotion High-Tech Co.Ltd(002074) and the proportion of high-end vehicle customers are expected to increase. There is room for performance to exceed expectations and maintain the "buy" rating.
Risk warning: risk of industrial policy change; The cooperation progress between Volkswagen and the company is less than expected; Increased competition has led to a decline in profitability.
