\u3000\u3 China Vanke Co.Ltd(000002) 015 Gcl Energy Technology Co.Ltd(002015) )
The fixed increase was implemented, the issue price was RMB 1.390, and the fund-raising was RMB 3.765 billion
On March 3, 2022, the company issued the report on the issuance of Gcl Energy Technology Co.Ltd(002015) non-public Development Bank A shares. The final number of shares issued this time was 270863302, the issuance price was 13.90 yuan / share, and the total amount of funds raised was 3764999780 yuan. The issuance cost is 4429518196 yuan, and the net fund-raising is 372070471584 yuan.
A total of 14 Issuers (including 8 class a professional investors and 6 ordinary investors) are finally allocated to this issuance. The shares subscribed by the issuers shall not be transferred within 6 months from the date of listing.
This issuance will help the company improve its asset structure and speed up the layout of power exchange business
After the completion of this non-public offering, the company's total assets and net assets will increase, and the asset liability ratio will decrease accordingly. As of the third quarter of 2021, the company's asset liability ratio will exceed 70%. After this fixed increase, the company's asset liability ratio is expected to decrease to 62%. The company's asset quality has been improved, its solvency has been improved, its financing ability has been improved, and its asset structure has become more reasonable.
After deducting the issuance expenses, the funds raised in this non-public offering are intended to be invested in the construction project of new energy vehicle power station, the construction project of information system platform and R & D center and the project of supplementary working capital. The use of raised funds complies with relevant national industrial policies and the company's future development strategy. In the future, the company will transform from energy production to energy services, focusing on creating a convenient, economical and green travel ecology, with the vision of becoming a leading mobile energy service provider.
According to the previous fixed increase plan, the company plans to invest 3.38 billion yuan to build 300 passenger car replacement power stations and 185 heavy truck replacement power stations. At the same time, the company plans to invest and build 6000 replacement power stations to serve 500000 vehicles during the 14th Five Year Plan period. At present, the company has established long-term cooperation with Chery, Dongfeng, Geely, Futian, Sany and other auto enterprises in product development, market promotion and other aspects.
Under the power exchange mode, the operation of the power exchange station or the largest part of the market space
Under the power exchange mode, car enterprises, battery suppliers, power exchange equipment suppliers, power exchange operators and other links will usher in the incremental market. Previously, we predicted that the investment in new power exchange equipment from 2022 to 2025 may be 3.551 billion yuan, 7.519 billion yuan, 12.023 billion yuan and 16.564 billion yuan respectively, with a total of about 39.7 billion yuan, slightly larger than the battery incremental market. From 2022 to 2025, the annual operation space of power exchange station is expected to reach 8.315 billion yuan, 24.371 billion yuan, 61.456 billion yuan and 135755 billion yuan respectively, which is still the largest link in the market space of power exchange field.
Join hands with Guiyang industry control to accelerate the promotion of battery bank
In February 2022, the company signed a strategic cooperation framework agreement with Guiyang Industrial Development Holding Group Co., Ltd. the two sides will focus on the power exchange track and carry out business cooperation in seven aspects: battery and energy asset management, power exchange network construction and operation. Guiyang industrial control group is a large comprehensive state-owned group integrating state-owned capital investment, operation and industrial leadership. In 2021, Guiyang industrial control group has a revenue of 31.6 billion yuan, a total profit of 2.54 billion yuan, an asset scale of more than 320 billion yuan and strong financial strength.
The two sides will focus on the cooperative battery bank, which will truly realize battery sharing and asset service, and accelerate the promotion and application of vehicle electricity separation mode. The cooperation between the company and Guiyang industrial control will achieve the purpose of complementary advantages and resource sharing between the two sides, which is expected to help the company alleviate the problem of battery capital source in the layout of power exchange station, make the asset light operation mode of power exchange station possible, help to further improve the company's market competitiveness and sustainable profitability, and comply with the company's long-term development strategy and the interests of all shareholders.
Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 1.003 billion yuan, 1.396 billion yuan and 2.027 billion yuan respectively, and yoy will be 25%, 39% and 45% respectively. Continue to focus on recommendation.
Risk tips
Macroeconomic downturn and market demand decline; Significant fluctuations in the price of electricity or fuel; The promotion of power exchange business was not as expected.
