Nyocor Co.Ltd(600821) (600821)
event:
Guokai new energy, a wholly-owned subsidiary of the company, plans to purchase 90% equity of Heze Zhijing held by Yu Yingnan in cash; It is proposed to join Suzhou longying No. 1 green venture capital partnership as a limited partner and invest in state power investment group Hydrogen Energy Technology Development Co., Ltd. as a fund limited partner.
comment:
Guokai new energy, a wholly-owned subsidiary, plans to purchase 90% equity of Heze Zhijing
Guokai new energy, a wholly-owned subsidiary of the company, plans to purchase 90% equity of Heze Zhijing held by Yu Yingnan in cash. After the completion of this transaction, the company will indirectly hold 90% equity of Heze Zhijing through Guokai new energy. Taking June 30, 2021 as the appraisal base date, the book value of the net assets of Heze Zhijing parent company is 8.1193 million yuan, the appraisal value is 154 million yuan, the appraisal appreciation is 146 million yuan, and the appreciation rate is 1793.26%. The corresponding price to book ratio of the target company is 8.28. The appraisal value of 90% equity of Heze Zhijing is 138 million yuan. The transaction price of this transaction is 138 million yuan based on the appraisal results.
The installed capacity of the subject project is 50MW, which is expected to strengthen the company's layout in the wind power sector
The approved installed capacity of the subject project to be purchased in this transaction is 50MW, located in Heze City, Shandong Province. The project was fully connected to the grid and started trial operation in December 2020. No main business income was generated in 2020 and RMB 20.3707 million was generated in 2021h1. This transaction will enable the company to strengthen its business layout in the wind power business sector and key areas of Shandong, further improve the overall installed capacity of operating power stations and help the company's performance grow continuously. At present, Nyocor Co.Ltd(600821) power station projects are mainly distributed in areas with excellent scenery resources such as Xinjiang, Ningxia, Shandong, Hebei and Shanxi. By the end of June 2021, the approved installed capacity of the company was 2925.98mw, including 2208.48mw photovoltaic power station and 717.50mw wind farm; The actual grid connected capacity is 2454.43mw, including 1806.93mw photovoltaic power and 647.50mw wind power. In addition, the company has reserved nearly 3gw of new energy power station projects in many provinces and cities across the country.
Invest in hydrogen energy to create a new profit growth point
Guokai new energy, a wholly-owned subsidiary of the company, intends to join Suzhou longying No. 1 green venture capital partnership as a limited partner and invest in Hydrogen Energy Technology Development Co., Ltd. of state power investment group as a limited partner of the fund. The total scale of the fund shall not exceed 106 million yuan, and the subscribed capital of Guokai new energy shall not exceed 26.5125 million yuan. The company's investment layout in the core industry of hydrogen energy is conducive to creating a new profit growth point of the company.
Investment suggestion: comprehensively considering the company's projects in hand and maintaining the performance forecast, it is expected that the company will realize a net profit attributable to the parent company of RMB 422 / 833 / 1180 million from 2021 to 2023, a year-on-year increase of 649% / 97% / 42%, corresponding to 36 / 18 / 13 times of PE, maintaining the "buy" rating.
Risk warning: the risk that the transaction progress is less than expected and the policy promotion is less than expected; The pace of subsidy payment has slowed down significantly; Industrial technological progress slows down; Industry competition intensifies; The risk that the company's development projects fail to meet the expectations, and the assets acquired by wholly-owned subsidiaries fail to meet the expectations, etc
