Ninestar Corporation(002180) (002180)
Event: the company issued 156 million non-public shares, with an issue price of 32.11 yuan per share, a premium of 6.25% over the base price, and a total fund-raising of 5 billion yuan.
The company's fixed increase plan in August was approved and the placement was completed on December 19. On August 25, 2021, the company's plan for raising supporting funds was approved, and it is planned to raise supporting funds by non-public offering of shares through inquiry. The company made a non-public offering of shares to 18 specific objects such as legal persons, natural persons or other institutional investors who met the requirements of relevant laws and regulations. The final number of shares issued was 155714730, which did not exceed 30% of the total share capital before the reorganization. The issue price is 32.11 yuan, which is no less than 80% of the average stock trading price in the 20 trading days before the pricing benchmark date. The total amount of raised funds is 4999980.30 yuan. Unless otherwise provided by relevant laws and regulations, the shares of this issue subscribed by the issuing object shall not be transferred within 6 months from the date of listing.
The raised funds will be used for M & A, industrialization, R & D and other aspects, which will support the company's business to develop to a higher end. The supporting funds raised this time will be used for the R & D and industrialization projects of high-performance and high security laser printers of the target company, pay the cash consideration for the acquisition of the target assets, pay intermediary fees and relevant taxes, supplement the working capital of listed companies and subsidiaries, and repay loans. Specifically, the funds are expected to be used in the following aspects: ① some will be used to acquire the equity of bentu electronics, which is expected to improve the asset scale and net profit level of listed companies, improve the asset quality of listed companies, and enhance the sustainable profitability and anti risk ability of listed companies. ② Part of the investment will be used for the projects of Hefei printer and consumables production base, regional headquarters and R & D center. This investment will contribute to the improvement of printer production and the allocation of fixed costs, so as to enhance the price competitiveness of printers and promote the improvement of printer sales and ownership. ③ It is used to supplement the working capital and repay debts of listed companies and acquired companies, and the proportion of this part shall not exceed 25% of the price of this transaction or 50% of the total amount of supporting funds raised.
Optimistic about fund-raising, promote the integration of "chip consumables printer service", and continuously enhance the synergy, helping the company to build a world-class leader in the whole industry chain of printers. After years of development, the company's main business has expanded from general consumables and integrated circuits to complete printers, original consumables and print management services. The company's printer consumables business maintains a stable cash flow, thanks to the expansion of printer demand and chip independent property rights. Further, the layout of the whole industrial chain provides a reliable guarantee for creating an advantage in comprehensive operating costs. In 2019, the market share of the annual sales volume of general consumables reached 60.89%, and in 2020, the total sales volume of "Bento" + "Lexmark" printers accounted for 2.7%, ranking the fourth in the world. The company has a certain position in the printer field. The raised supporting funds bring Bento into the body, increase the company's investment in industrialization and R & D, and improve the company's asset quality and profitability, It is conducive to enhancing the business synergy of the company and is expected to help the company further build a world-class leader in the whole industry chain of printers.
Profit forecast and investment rating of the company: considering the full caliber consolidation of bentu in the whole year of 21, we expect the net profit of the company from 2021 to 2023 to be RMB 1.486 billion, 1.923 billion and 2.536 billion respectively, and the corresponding EPS to be RMB 1.38, 1.79 and 2.36 respectively. The current share price corresponds to 33, 26 and 20 times the PE value from 2021 to 2023 respectively. After Bento electronic consolidated, the company will expand its industrialization scale and improve its operation efficiency. The integrated synergy of "chip consumables printer service" is increasing. The company is expected to become the leader of the whole industry layout of world-class printers. Further, the company's aipaike microelectronics is expected to help the company walk out of a new growth curve. Therefore, the company's "recommended" rating is maintained.
Risk tip: printer business development is not as expected; The localization process of printer is not as expected; The development of chip business is less than expected.
