Changzhou Almaden Co.Ltd(002623) (002623)
event
The company plans to purchase 100% equity of Fengyang Silicon Valley by issuing shares and paying cash to Shouguang Lingda, Shouguang daling, Sinopec capital, Huangshan Yida, Yang Shanghai Zhongyida Co.Ltd(600610) , Suqian Yida and Huahui, instead of publicly issuing shares to raise supporting funds. Among them, 73.7% equity was purchased by issuing shares at an issue price of 35.73 yuan / share (closing price of 41.39 yuan / share on December 10), and 26.3% equity was purchased by paying cash; after the completion of this transaction, the company will hold 100% equity of Fengyang Silicon Valley, and its profitability is expected to rise significantly.
The pain points of the original film are completely solved, and the profitability is expected to be improved
In the past, the company’s deep processing business was located in Changzhou, with an output of about 40 million square meters in 2020, The new production capacity is the same as the new original production capacity of the parent company (3 * 650T / D) supporting facilities. It is expected that the annual production capacity of 120-150 million square meters will be formed after it is put into operation in September, and the total production capacity of the company is expected to increase to 150-180 million square meters. At present, 100% of the original glass of Fengyang Silicon Valley is supplied to the company, which is expected to meet about 80% of the original demand of the company. At the same time, there are four 1000 ton daily melting kilns in Fengyang Silicon Valley, which will be built one after another. With the original production capacity put into operation, the company will The reduction of the company’s original film shortage has been effectively alleviated, which is conducive to the improvement of the utilization rate of deep processing capacity. After the production of Fengyang original film deep processing integrated capacity, it is also expected to significantly reduce the transportation cost. The long order signed with Longji, Trina Solar and Jingao can digest most of the company’s processing capacity. The gross profit margin of 21q1-q3 company is only 6.85%, compared with 42.1% of Flat Glass Group Co.Ltd(601865) . We believe that with the injection of kiln assets, the photovoltaic glass business is expected to usher in the stage of double growth of sales volume and unit profit.
The parent company’s original film capacity injection will eventually usher in the landing and maintain the “buy” rating
In 21 years, the company’s performance is still subject to the supply and price of the original tablets. However, with the full production and capacity climbing of the three original tablets kilns of the parent company, the Q4 situation is expected to be significantly improved. On August 28, the company announced that it had signed the cooperation framework agreement with Xi’an Longji new energy Co., Ltd. to carry out in-depth cooperation in the field of photovoltaic building integration. Xi’an Longji was responsible for the development and construction of the building photovoltaic integration project for the subsequent new plant roof and curtain wall of the company, and jointly developed the ultra-thin light anti glare glass for 1.6mm BIPV, Xi’an Longji promises to give priority to purchasing the company’s products for the photovoltaic glass used in BIPV products from 2022 to 2027. At the same time, the company is a qualified supplier of Tesla, and the subsequent performance is flexible. The parent company’s original film production capacity is injected into the company, the company’s original film deep processing integration ability is expected to be greatly strengthened, and the profitability is expected to be greatly improved. We expect that the company’s net profit attributable to the parent company from 21 to 23 years is RMB 0.9/2.07/330 million, maintaining the “buy” rating.
Risk tip: the PV installation is less than expected, the company’s production expansion is less than expected, the price rise of raw materials is higher than expected, and the contract is a framework agreement, which is uncertain
