Shenzhen Clou Electronics Co.Ltd(002121) ( Shenzhen Clou Electronics Co.Ltd(002121) ) intends to transfer 27% equity of its holding subsidiary, Shenzhen Automotive Power Network Co., Ltd. Its core asset is the charging station, which is in the top 10 in China, and the number of charging piles is in the top 9 in China.
Based on the appraisal report issued by the asset appraisal institution as the pricing reference, and in accordance with the principle of no less than the appraisal value, the listing reserve price of 27% equity of vehicle power grid on the property right trading platform is 259.2 million yuan. The corresponding vehicle power grid is valued at 942 million yuan, double the value-added compared with 2019.
Vehicle power grid is mainly engaged in the R & D, production and sales of new energy vehicle charging equipment, the construction, investment, operation and maintenance of charging network and relevant value-added services.
Through the continuous layout and development in the bus charging market, real estate charging pile Market and main engine plant vehicle pile market, and strengthening the cooperation with local traffic investment and urban investment, as of June 30, 2021, the vehicle power grid has connected 16400 charging piles, ranking ninth in the total number of charging piles of various operators in China, and the total number of charging stations has reached 920, It ranks 10th in the total number of charging stations of various operators in China, and has realized interconnection with more than 20 provincial and municipal regulatory platforms, third-party charging platforms and online car Hailing platforms in the industry. In recent years, with the increasing number of electric vehicles, charging equipment, as a necessary infrastructure for the development of electric vehicles, has maintained rapid growth, and the industry valuation has been rising.
Shenzhen Clou Electronics Co.Ltd(002121) in April 2016, jointly funded the establishment of vehicle power network with CDB development fund Co., Ltd., of which Shenzhen Clou Electronics Co.Ltd(002121) holds 57.14% equity of vehicle power grid and CDB development fund Co., Ltd holds 42.86% equity of vehicle power grid. In December 2018, Shenzhen Clou Electronics Co.Ltd(002121) repurchased 42.86% of the equity of vehicle power grid from China Development and Exhibition fund Co., Ltd. after the repurchase, Shenzhen Clou Electronics Co.Ltd(002121) held 100% of the equity of vehicle power grid.
In September 2019, Shenzhen Clou Electronics Co.Ltd(002121) transferred 25% equity of the vehicle power grid to Zhuhai zhixinhui investment partnership (limited partnership) and 17.06% equity of the vehicle power grid to Shenzhen Yuanzhi Huaxin emerging industry equity investment fund partnership (limited partnership), Transfer 6.67% of the equity of car power grid to Shenzhen Jianxin Yuanzhi investment loan linkage equity investment fund partnership (limited partnership), and transfer 0.27% of the equity of car power grid to Shenzhen xinfuhui No. 2 investment partnership (limited partnership). After the equity transfer is completed, Shenzhen Clou Electronics Co.Ltd(002121) holds 51% of the equity of car power grid. The valuation of the equity transfer is 300 million yuan. The transfer object is state-owned enterprises and employees. The transaction is expected to generate 42.45 million yuan of equity transfer income.
As of December 31, 2020, the total assets of vehicle power grid are 446 million yuan and the net assets are 258 million yuan; In 2020, it will realize an operating revenue of 319 million yuan, an operating profit of 138262 million yuan and a net profit of 13.232 million yuan. As of September 30, 2021, the total assets of vehicle power grid are 415 million yuan and the net assets are 237 million yuan; From January to September 2021, the company realized an operating revenue of 218 million yuan and a net profit of -21398500 yuan.
The transfer price of the asset is evaluated by the income method. According to the discounted cash flow model, the discounted present value of free cash flow generated by the main business is 919 million yuan. The determined appraisal value is 942 million yuan, which is 296.84% higher than the book net assets.
Shenzhen Clou Electronics Co.Ltd(002121) announced that after the equity transfer is completed, the vehicle power grid will no longer be included in the scope of the company’s consolidated statements. As of September 30, 2021, the current balance receivable from CRGL and its subsidiaries was 127 million yuan.
In 2018, the vehicle power grid realized an operating revenue of 338 million yuan and a net profit of 32.404 million yuan. Both revenue and profit have been reduced, but the valuation has increased a lot.
With the hot sales of new energy vehicles, there is a strong demand for charging piles, and these resources are scarce in urban space. The Shenzhen Clou Electronics Co.Ltd(002121) announcement said that the valuation of relevant assets is improving, indicating that capital prefers charging pile assets.
