Zhejiang Dahua Technology Co.Ltd(002236) (002236)
1、 Event overview
On December 1, 2021, the company issued an announcement and signed the non-public development bank share subscription agreement with effective conditions with China Mobile. This agreement intends to adjust the issuance object of the non-public offering from China mobile capital to China Mobile, the parent company of China mobile capital. The issuance price of the non-public offering is 17.67 yuan / share, and the number of shares issued is 288624700, It is proposed to subscribe for the shares of this non-public offering in cash.
2、 Analysis and judgment
China Mobile's fixed growth is advancing smoothly, and the synergy drives industrial resonance
According to the announcement, before the equity change, China Mobile did not hold the company's shares. After the equity change, China Mobile will hold more than 8% of the company's shares and plan to hold the company's shares for a long time for more than 3 years. In 2020, China Mobile has 942 million mobile customers, 210 million wired broadband customers, 13.84 million government and enterprise customers, 870 million Internet of things intelligent connections, more than 300000 self owned and cooperative channel outlets, and more than 43.5 billion yuan of ICT solution revenue in industry, agriculture, education, government affairs, medical treatment, transportation and finance, Promote "network + cloud + dict" to achieve leapfrog development. China Mobile has various strategic resources. This fixed increase will continue to deepen the strategic partnership and realize resource sharing and complementary advantages.
Continue to expand and improve the main business and further give play to the scale effect
The main projects targeted by fixed growth fit their own business and strengthen industrial chain coordination in the era of big IOT. The funds raised in this non-public offering will be used to promote key projects such as "smart IOT solutions" and the construction of three intelligent manufacturing and R & D centers. In the smart IOT, the company will promote the rapid sinking of channels; Continue to build an open system around business value, and design solutions and closed-loop services in the implementation of IOT aware access and integration, data processing, data application, scenario scheme implementation, etc. The three intelligent manufacturing and R & D centers build their own sustainable competitiveness, continue to strengthen the research, development and commercialization of multi-dimensional perception, artificial intelligence, cloud computing and big data, software platform, machine vision and Siasun Robot&Automation Co.Ltd(300024) , 5g, network security and other technical fields, and continue to innovate based on customer needs.
3、 Investment advice
The development of 5g will expand aiot from consumer oriented applications to industrial and production-oriented applications. Sensors, cameras, network infrastructure, big data, cloud and AI technology will be the key and core of aiot. The long-term development of the industry still maintains a good trend. As a leading enterprise in R & D platform, the company is in the market, R & D The supply chain and other aspects have accumulated a deep moat, and the advantages of the company's platform will continue to be reflected in the rapidly changing market in the future. This time, the company plans to introduce China Mobile as a strategic shareholder through private placement, which is expected to further promote the company's business development with the help of China Mobile's strategic resources. It is estimated that the company's EPS from 2021 to 2023 will be 1.27 yuan, 1.59 yuan and 1.98 yuan respectively, and the corresponding PE will be 19 times, 15 times and 12 times respectively. For the first coverage, give a "recommended" rating.
4、 Risk tips:
Risk of intensified industry competition; Risks of new related parties; Slow layout of new areas and risks.
