Shenzhen Colibri Technologies Co.Ltd(002957) (002957)
Event: Kerui new energy, a wholly-owned subsidiary of the company, plans to acquire 100% equity of Dingli intelligence with its own or self raised funds. The total consideration of this transaction is RMB 276.8 million. Differential pricing is adopted for the acquisition, and the acquisition price corresponds to 11 times of the performance commitment in 2022.
Differentiated pricing is adopted for this equity transaction, of which 42% are gambling equity, with a transaction consideration of 126 million yuan, and 58% are non gambling equity, with a transaction consideration of 150.8 million yuan. The performance commitment of gambling equity is that the net profits realized in 2021, 2022, 2023 and 2024 after deducting non recurring profits and losses are 20 million yuan, 25 million yuan, 35 million yuan and 40 million yuan respectively. According to the acquisition consideration, the corresponding valuations from 2021 to 2024 are 13.8 times, 11.1 times, 7.9 times and 6.9 times respectively.
The acquisition helps the company improve the whole line capacity of the middle and rear section of lithium battery. The company’s new energy business is positioned as a solution provider in the middle and rear section of the lithium battery manufacturing equipment industry, focusing on the leading enterprises in the new energy battery industry. It is one of the leading suppliers of equipment in the bare cell manufacturing and cell assembly section. Dingli intelligent is a high-tech enterprise specializing in the design, R & D, production, sales and technical services of intelligent test equipment for lithium battery charge and discharge, It is one of the few power batteries in the industry that can supply various types of power batteries at the same time (cylindrical, soft pack and square lithium batteries) provide a complete set of solutions for the post-treatment process of lithium batteries. Dingli intelligent products focus on the post-treatment process of lithium-ion batteries, including formation / capacity separation equipment, voltage internal resistance test equipment, sorting equipment and other core equipment, and can provide customers with high-end equipment and overall solutions for factory automation production lines. Acquire Dingli intelligent It will help to supplement the company’s overall solution capability in the middle and rear section of lithium battery.
The lithium battery business has been developed smoothly and the product matrix has been continuously improved. At present, the company has launched new products such as blue film wrapping machine and power battery cutting and stacking machine. The blue film wrapping machine has entered the mass production stage, and continues to obtain orders from many customers. The development of power cutting and stacking machine has been completed, waiting for small batch verification of production scenarios. The company delivered the high-speed version of consumer battery cutting and stacking all-in-one machine to customers, doubled and improved the lamination speed, and was recognized by customers. In addition, the company expects to form the capacity of the whole assembly line of square aluminum and soft core in the second half of 2021, and the company’s lithium battery product matrix is constantly improved.
Profit forecast and investment rating: without considering the impact of the merger after the acquisition, we expect the net profit attributable to the parent company from 2021 to 2023 to be 241 million yuan, 379 million yuan and 480 million yuan respectively, and the PE corresponding to the current stock price is 47.4 times, 30.1 times and 23.8 times, giving a “overweight” rating.
Risk warning: the integration risk of the acquisition target, the risk that the progress of new energy business is not as expected, and the risk of rising raw material prices.
