\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Events
On March 7, 2022, the company announced that it had reached a preliminary cooperation intention on the proposed acquisition of 100% equity of Yangjiang Shanhe Yacht Manufacturing Co., Ltd. the transaction consideration preliminarily agreed by all parties of this equity transfer was RMB 206.79 million.
Comments
Expand the business field of high-end equipment and open the markets in the South and Southeast Asia. This acquisition is an important link for the company to promote the construction of high-end equipment manufacturing base in the south. Through Yangjiang Shanhe yacht company, the company will quickly obtain scarce resources such as relevant docks and shorelines, focus on expanding relevant markets in high-end equipment business fields such as offshore wind power equipment and material handling equipment, and build the company’s high-end equipment manufacturing base in the south, It will help the company to further expand its business in relevant markets such as southern China and Southeast Asia, expand the production capacity and sales scale of the company’s high-end equipment business such as offshore wind power equipment and material handling equipment, and further improve the profitability of the company.
The business extension of wind power industry chain helps to achieve the goal of “double carbon”. The company’s acquisition of Yangjiang Shanhe yacht company will help the company to further extend to the relevant segments of the wind power industry chain such as wind power tower on the basis of vigorously developing the existing offshore wind power equipment business such as offshore wind power foundation pile and jacket, enrich the product line of the company’s wind power equipment business, and is expected to improve the company’s market share in the field of wind power equipment, Contribute to the rapid development of China Shanxi Guoxin Energy Corporation Limited(600617) industry and make due contributions to the realization of China’s “double carbon” goal.
The geographical location is relatively advantageous, which is conducive to the development of sea breeze resources in Guangdong. According to the 14th five year plan policy of all Haifeng bases, we expect that the new installed capacity of Haifeng will be more than 50gw by 2025, especially in Guangdong Province, which still has considerable supplement. The planned capacity during the 14th Five Year Plan period is about 17-18gw. At present, many projects have opened bidding. The company has obtained orders from Guangdong and Fujian nearby by building a high-end equipment manufacturing base in the south, It can significantly reduce the freight and shorten the delivery time, which is conducive to the continuous landing of the company’s orders after 2022.
The subsidiaries made concerted efforts, and the overall orders in hand were sufficient. At present, the company has sufficient orders on hand. In July 2021, Koch, a German company controlled by the company, obtained an order of 242 million euros for bulk material handling equipment from UAE customers; In January 2022, it obtained an additional order of 911 million euros for bulk material handling equipment from UAE customers; Runbang ocean has undertaken nearly 30000 tons of orders for various offshore wind power foundation piles and offshore wind power supporting equipment products; The subsidiary Runbang industry won the order for Ningbo Zhoushan Port Company Limited(601018) five sets of Tire Container Cranes and other projects. After the south base is put into operation, the order scale of the company may be further improved.
Profit forecast and investment rating: it is estimated that the net profit of the company in 21-23 years will be 360, 470 and 670 million yuan, and the PE will be 21.8, 16.6 and 11.6x respectively. It is recommended continuously!
Risk tips: industry development policy risks; Market competition risk; The formal transaction agreement remains to be reviewed and determined, and there is a risk of suspension or termination of the transaction; The transaction only reaches the preliminary cooperation intention, and the specific content shall be subject to the formal transaction document finally signed by all parties to the transaction.
