\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Event: the company announced that the company signed the acquisition framework agreement with relevant parties and planned to acquire 100% equity of Yangjiang Shanhe yacht company with a transaction consideration of 210 million yuan. The company will conduct comprehensive due diligence on Yangjiang Shanhe yacht company and complete the due diligence before April 15, 2022.
The acquisition of Yangjiang Shanhe wharf resources has taken a big step forward for the company’s southern high-end equipment base. The purpose of the company’s acquisition of 100% equity of Yangjiang Shanhe is to quickly obtain its scarce resources such as relevant docks and coastlines in Yangjiang, Guangdong, which is an important link for the company to promote the construction of high-end equipment manufacturing base in the south. In the south base, the company will focus on expanding the production capacity of existing offshore wind power foundation piles and jackets, and further extend the product line to wind power industry chain related subdivisions such as wind power towers, so as to enrich the company’s wind power equipment product line, improve the company’s profitability and reduce the risks caused by business concentration.
The development of South offshore wind power industry has entered the fast lane, and the company’s south base is close to the water first. It is estimated that the new installed capacity of offshore wind power in China will exceed 65gw during the 14th Five Year Plan period; Among them, Guangdong plans to add 17gw of offshore wind power installed capacity during the 14th Five Year Plan period, Hainan plans 12.3gw, and Fujian plans to exceed 10GW, so the offshore wind power installed capacity in the South China Sea is planned to exceed 40gw, which will be the region with the largest scale of offshore wind power development in China. At present, the company has a capacity of 200000 tons of offshore wind power foundation piles in Nantong, Jiangsu Province. Now it continues to establish a new base in Yangjiang, Guangdong Province, vigorously develop offshore wind power equipment and radiate the South China Sea market nearby, which will fully benefit from the development of offshore wind power industry in the whole country and the South China Sea.
Guangzhou industrial control is a state-owned holding enterprise with rich industrial and financial resources, which will support the rapid development of the company. Guangzhou industrial control is a state-owned holding enterprise with 90% of the shares held by Guangzhou Municipal People’s government and 10% of the shares held by Guangdong Provincial Department of finance. It is formed by the joint reorganization of Guanggang group, Wanbao group and Wanli Group. It has more than 200 enterprises, including Sunward Intelligent Equipment Co.Ltd(002097) and Guangdong Jinming Machinery Co.Ltd(300281) and other listed companies, which are engaged in high-end equipment manufacturing, material manufacturing, refrigeration appliances Rubber chemical industry and other fields have a good industrial foundation and technology accumulation, and are rich in resources. After holding the company, Guangzhou industrial control will actively provide the company with all-round enabling support such as capital operation, market and capital, and strongly support Jiangsu Rainbow Heavy Industries Co.Ltd(002483) to build a high-end equipment industrial base in the South and expand offshore wind power equipment Market orders for port terminal equipment and environmental protection business.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 376 million, RMB 497 million and RMB 669 million respectively, and the compound growth rate of the net profit attributable to the parent company in the next three years will be 37.7%. The company will be given 20 times PE in 2022 and the target price will be RMB 10.60, maintaining the “buy” rating.
Risk warning: macroeconomic deterioration risk; Risk of deterioration of industry competition pattern; Goodwill impairment risk.
