Shenzhen Colibri Technologies Co.Ltd(002957) (002957)
Event: on November 28, the company announced that Kerui new energy, a wholly-owned subsidiary of the company, plans to pay cash to acquire 100% equity of Huizhou Dingli Intelligent Technology Co., Ltd. (hereinafter referred to as “Dingli intelligent”), with a transaction price of 277 million yuan.
comment:
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, including 42% gambling equity, equity transaction consideration of RMB 126 million and 58% non gambling equity, transaction consideration of RMB 150.8 million, with a total transaction consideration of RMB 276.8 million. The performance commitment of the gambling counterparty is that the net profits deducted in 2021, 2022, 2023 and 2024 are RMB 20 million, RMB 25 million, RMB 35 million and RMB 40 million respectively.
The significance of this acquisition is that the company will integrate the post-processing process business of lithium battery manufacturing equipment industry, effectively improve its new energy business layout and supplement the whole line capacity of the middle and rear sections of lithium battery. Dingli intelligent products focus on the post-processing process of lithium-ion battery production, including formation / capacity separation equipment, voltage internal resistance test equipment, sorting equipment and other core equipment. In the field of new energy, Kerui is positioned as a solution provider in the middle and rear section of lithium battery equipment. At present, it can provide lamination, glue winding, vacuum packaging, Mylar package, pressure molding and other production equipment. The acquisition of Dingli intelligence will help to supplement the company’s overall solution capability in lithium battery charge and discharge test equipment.
Continue to promote the “3 + n” plan. The company’s main products include automatic testing equipment and automatic assembly equipment, automatic equipment accessories and precision parts, which are widely used in mobile terminal, new energy, electronic cigarette, automobile, hard disk, medical treatment, food and logistics. The company continued to increase investment in technology research and development, and actively carried out business expansion for mobile terminals, new energy, precision parts and molds. Among them, in the field of mobile terminals, the company actively expands the application process and subdivision fields of testing equipment, and continues to research, develop and expand the categories of AR / VR related testing and assembly equipment, so as to prepare for the growth of AR / VR related equipment demand in the future.
Focus on strategic layout of new energy business. At present, new energy vehicles are in a high climate. With the substantial expansion of production by downstream battery manufacturers, lithium battery equipment has ushered in strong demand. The company is positioned as a solution in the middle and rear section of the new energy lithium battery manufacturing equipment industry. At present, it has adjusted more energy to the mass production support of the new energy business and maintained close communication with China’s mainstream battery enterprises. At the same time, the power battery cutting and stacking integrated machine and the whole line capacity of the middle and rear section of square aluminum have achieved a breakthrough in orders. This acquisition will further expand the business capacity of the whole line in the middle and rear section of lithium battery, form synergy in technology accumulation and customer resources, and meet the strategic development planning objectives of the company.
Profitability forecast and valuation. We are optimistic about the future development of the company. It is estimated that the company’s revenue from 2021 to 2023 will be RMB 2.522/3.602/4.633 billion respectively, and the net profit attributable to the parent company will be RMB 283/3.93/511 million respectively, corresponding to pe42 / 31 / 23 times.
Risk warning: the launch of downstream new products is less than expected, the risk of gross profit margin decline due to intensified competition, and the risk of customer concentration
