Guangzhou Automobile Group Co.Ltd(601238) (601238)
1、 Event overview
On November 29, Guangzhou Automobile Group Co.Ltd(601238) issued a suggestive announcement on the asset restructuring and capital increase of GAC EA, a wholly-owned subsidiary.
2、 Analysis and judgment
The restructuring kicked off the mixed reform, and ai'an is expected to become the company's independent pure electric new energy platform
Core contents of the reorganization: 1) Guangzhou Automobile Group Co.Ltd(601238) increased capital to ea'an with cash of RMB 7.407 billion, and GAC passenger cars increased capital to ea'an with physical assets such as production equipment of RMB 3.557 billion; 2) GAC EA purchased the intangible assets and fixed assets related to the pure electricity field of GAC Research Institute and GAC passenger cars by paying 4.975 billion yuan in cash and assuming liabilities, and undertook the R & D personnel in the pure electricity field of GAC Research Institute. After the reorganization, the registered capital of GAC ea'an will increase to 6 billion yuan, with dual capital and technology empowerment, so as to realize the integration of "production, marketing and research", and further strengthen its comprehensive competitiveness.
The brand strategy of aian is clear and is expected to enter the fast lane of rapid development
EA released a clear development strategy: 1) pure electric platform: it has an all aluminum pure electric exclusive platform gep2 with advantages in mileage and so on 0 (gep3.0 will be launched in 2023); 2) capacity planning: it is expected to have a capacity of 400000 vehicles in 2023; 3) battery technology: safety technology of magazine battery system can ensure safety, and sponge silicon negative electrode battery technology can bring super endurance; 4) fast charging: A480 overcharge pile + graphene overcharge technology; 5) independent cell production line is expected to be completed by the end of 2022 to achieve mass production. We believe that The company's forward-looking layout and reserves of core technologies such as batteries and more active capacity planning are expected to drive ai'an into a period of rapid development.
Independent "twin stars" shine, and technology + system boost the valuation of Eyan
Under the big director system, GAC motor has a clear path to build popular models, and the technical support of GPMA modular platform and two hybrid routes helps GAC motor improve its competitiveness. Ai'an focuses on the core technology of EV + ICV, and the mixed reform will bring institutional advantages. Subsequently, gac-ai'an will further promote employee stock ownership and introduce war investment, and actively seek an appropriate time to go public. The battery and electric drive industry chain can provide core competitiveness independently and controllably. It is expected that the dual enabling of system + technology is expected to boost the valuation of Eyan. The strong rise of independent "Gemini" has driven the company's profitability to continue to rise, and the valuation system is expected to be reconstructed.
3、 Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 6.23/89.4/10.93 billion respectively, corresponding to 27 / 19 / 16 times of the current share price PE. The company grasps the opportunity of the rise of the new energy market, takes multiple measures in technology and system, and its independent rise is expected to become a new growth point of the company. For the first coverage, give a "recommended" rating.
4、 Risk tips:
Fluctuations in raw material prices and chip supply; New product expansion is less than expected; The recovery of passenger car market was less than expected.
