\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 522 Jiangsu Zhongtian Technology Co.Ltd(600522) )
Specifically: on the evening of March 2, the company announced that it planned to acquire 100% equity of Zhongtian emerging materials and Zhongtian Electric Technology held by Jiangsu Zhongtian Technology Co.Ltd(600522) group with its own capital of 381 million yuan. The equity transfer price of Zhongtian emerging materials and Zhongtian Electric Technology was 202 million yuan and 179 million yuan.
The underlying assets are of high quality and have obvious synergy after acquisition. Zhongtian Xinxing materials is mainly engaged in battery cathode materials, which are used for lithium battery manufacturing. After the acquisition, it will further improve the company’s new energy industry chain, extend to the upstream materials required for the production of high-performance lithium-ion batteries, master the main material links and improve cost control through joint research and development and scale advantages. Zhongtian Electric Technology is mainly engaged in the R & D, manufacturing, construction, operation and maintenance and services of high and low voltage switchgear and complete sets of equipment. After the acquisition, it will further improve the layout of the power industry chain and continue to benefit from the construction of new infrastructure and smart grid. According to the announcement, in 2021, Zhongtian Xinxing materials achieved a revenue of 109 million yuan and a net profit of 5.91 million yuan, and Zhongtian Electric Technology achieved a revenue of 241 million yuan and a net profit of 3.29 million yuan.
Continue to focus on the main business and open up growth space. Over the years, the company has focused on the two major directions of communication and new energy, and achieved excellent results. At present, the company has a full layout in the fields of optical fiber and cable, offshore wind power, power transmission and new energy, and continues to focus on the development trend of new infrastructure and new energy industry. This acquisition will further improve the layout of the company’s industrial chain, and Zhongtian Xinxing materials will further strengthen the layout of the company’s technology and products in the direction of energy storage batteries, so as to further improve the development quality. Zhongtian Electric Technology is closely related to the company’s power transmission direction, which is expected to further improve the company’s comprehensive competitiveness on the new infrastructure and smart grid side.
The scenery is full of resonance, and the growth is far from the ceiling. As a leader in the offshore wind power industry, the company has obvious advantages in submarine cable and construction. Through cooperation with leaders in the industrial chain, the company’s comprehensive strength continues to improve. The sea breeze has high certainty and bright market prospect. The company has a solid industry position, leading product and technology layout, and has the ability of globalization. The inflection point of optical fiber and cable has been realized, and the profit elasticity of bidding price will be released. The power transmission business company has been laid out for many years. Through the continuous improvement of product structure and the growth of power grid investment under the construction of new power system, it is expected to achieve steady growth. The new energy business layout of the company is leading, including photovoltaic, energy storage, power station design and construction. Facing the deterministic and rapid growth opportunity of the industry, the company is expected to build the new energy sector into the next main business sector to drive the future growth of the company.
Investment suggestion: considering the related assets and credit impairment of the company in 2021, we predict that the net profit attributable to the parent company from 2021 to 2023 will be RMB 130 / 36.5 / 4.37 billion, and the corresponding PE of the current stock price is 512.1 / 17.8 / 14.8 times respectively. Based on the good development prospects of the company’s marine series / power transmission and other businesses in the next few years and the recovery of the optical fiber and cable industry, the “buy” rating is maintained.
Risk tip: the competition in the optical fiber and cable industry intensifies, and the development of offshore wind power is less than expected.
