Hangzhou Boiler Group Co.Ltd(002534) (002534)
The prospectus of convertible bonds is issued, and the main schedule of issuance is determined
On the evening of December 21, 2021, the company announced the prospectus for public issuance of convertible corporate bonds. The total amount of funds raised by the proposed issuance of convertible bonds is RMB 1.11 billion, the number of issued bonds is 11.1 million, and the initial conversion price is RMB 28.08/share. The coupon rate is set as: 0.30% in the first year, 0.50% in the second year, 1.00% in the third year, 1.50% in the fourth year, 1.80% in the fifth year and 2.00% in the sixth year. New century rating has carried out credit rating on this convertible bond. The main credit rating of this convertible bond is AA and the bond credit rating is AA.
The number of convertible bonds that the original shareholders can preferentially place is the number of convertible bonds on the equity registration date (December 23, 2021, t-1) after the closing of the market, the number of shares of the company registered in the register shall be calculated according to the proportion of placing convertible bonds with a face value of RMB 1.5445 per share. The total share capital of the company's existing A-Shares minus 20568146 shares held by the special securities account for repurchase at the end of the reporting period is 718632904 shares. Calculated according to the priority placement proportion of this issuance, the original A-share shareholders can give priority to subscription The total amount of convertible bonds is about 11099285, accounting for about 99.9936% of the total amount of convertible bonds issued this time.
According to the prospectus, December 23 is the online roadshow; On the 24th, the suggestive announcement of the issuance plan was published The original shareholders shall determine the winning rate of online subscription lottery on the priority placement date (full payment of funds), online subscription date (no subscription funds are required), publish the announcement of online issuance winning rate and priority placement results and online subscription lottery on the 27th, publish the announcement of online lottery results on the 28th, and online investors shall confirm the subscription quantity and pay the subscription money according to the winning number (it is required to ensure that there is sufficient subscription funds in the capital account on T + 2); publish the announcement of issuance results on the 30th and transfer the raised funds to the issuer's account.
The raised investment project aims at the solar thermal energy storage track and helps the transformation of the national industrial structure
The main construction project of the raised funds is the new energy technology manufacturing industry base (the annual output of 580 sets of photothermal Cecep Solar Energy Co.Ltd(000591) heat absorbers, heat exchangers, heat transfer oil heat exchangers and boilers project of Zhejiang Xizi new energy Co., Ltd.), which belongs to " Cecep Solar Energy Co.Ltd(000591) " in the Guiding Catalogue for industrial structure adjustment (2019 Edition) Thermal power generation and heat collection system / agricultural and forestry biomass briquette fuel processing equipment, advanced technology and equipment for boiler and stove manufacturing / waste heat recovery and utilization "belong to encouraged products. After the project is completed and put into operation, it will help the company to launch energy efficiency products related to photothermal power generation, energy storage and chemical fiber industries, which is in line with the national strategy of accelerating the formation of an industrial structure of saving resources and protecting the environment.
The total investment of the new energy technology manufacturing industry base project is 1032154300 yuan, and it is planned to invest 1030 million yuan with the raised funds. The construction period is 2.5 years, The production period is 2.5 years (expected to be put into operation in the second half of the third year). It mainly produces Cecep Solar Energy Co.Ltd(000591) heat absorber, heat storage and exchange equipment of photothermal and energy storage system, nuclear power auxiliary equipment, heat transfer oil heat exchanger, waste heat boiler related to energy conservation and environmental protection and other energy management equipment. It is estimated that the total investment rate of return of the project is 12.08% and the financial internal rate of return (after tax) is 10.09%, the investment payback period is 9.33 years, and the economic and social benefits are good.
Waste heat leader, optical storage pioneer, and multi-directional energy storage layout help the company's long-term development
Waste heat boiler can recover industrial waste heat and is an important means to realize energy efficient utilization; Solar thermal energy storage is a new energy form friendly to power grid. The company is the largest and most complete waste heat boiler research, development, design and manufacturing base in China. It has a national centralized Research Institute of waste heat boiler industry. At the same time, it has ten years of design, R & D and manufacturing experience in the field of solar thermal energy storage. The 50mw molten salt energy storage system independently developed, designed and manufactured has been applied to the 50MW tower molten salt energy storage solar thermal power generation project in Delingha, Qinghai, The average power generation achievement rate is the highest in the same period after the operation of similar power stations in the world.
In the era of multi field layout of new energy, the company has covered photovoltaic, energy storage, hydrogen energy, wind energy and many other sectors. On November 19, Xizi aviation zero carbon plant built by Hangzhou Boiler Group with overall energy solution was launched, which is the first demonstration project of "photovoltaic + molten salt heat storage + liquid flow power storage" in Zhejiang Province. It is of positive significance for building a new power system with new energy as the main body and further improving the flexible regulation capacity and safety guarantee capacity of the power system. At present, the company's layout in this field involves Cecep Solar Energy Co.Ltd(000591) photothermal power generation, new generation photovoltaic cell technology, energy storage (liquid flow cell, molten salt energy storage), hydrogen fuel cell, CCUs (carbon capture, utilization and storage), etc.
Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 611 million, RMB 891 million and RMB 1336 million respectively, corresponding to the current PE of 35x / 24x / 16x respectively, which will continue to be recommended.
Risk statement
Macroeconomic downturn and market demand decline; The price of raw materials fluctuates greatly; Light and heat, energy storage policy change risk, etc.
