\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Key points of announcement: Guangzhou Automobile Group Co.Ltd(601238) announcement: gac-e’an will implement employee equity incentive, shareholding of scientific and technological personnel of GAC Research Institute and synchronous introduction of strategic investors. 1) Guangzhou Automobile Group Co.Ltd(601238) agreed to increase the capital of gac-e’an through non-public agreement, implement equity incentive for 679 employees of gac-e’an, and 115 scientific and technological personnel of GAC research institute hold the equity of gac-e’an “from top to bottom”; 2) Introduce strategic investors such as Chengtong Group, Nanwang kinetic energy and Guangzhou AIAN to meet the needs of state-owned capital layout and structural adjustment. The total financing for this capital increase is 2.566 billion yuan. The registered capital of gac-e’an will increase from 6 billion yuan to about 6.421 billion yuan, of which Guangzhou Automobile Group Co.Ltd(601238) holds about 93.45% shares, gac-e’an employee equity incentive platform and GAC Research Institute scientific and technological personnel holding platform hold about 4.55% shares, and Chengtong Group, Nanwang kinetic energy and Guangzhou AIAN jointly hold about 2%. Subsequently, gac-e’an will start a round of financing and joint-stock restructuring, and seek listing at the right time and place.
Equity incentive + employee stock ownership to establish a long-term incentive mechanism. The equity incentive plan involves 697 key technical personnel and management personnel of ea’an, covering about 20% and deeply binding core employees; GAC Research Institute owns 115 employees in AIAN, who can enjoy the dual incentive policies of Guangzhou Automobile Group Co.Ltd(601238) , GAC AIAN and effectively drive the improvement of GAC AIAN’s R & D strength. The construction of the company’s long-term incentive mechanism will fully stimulate the vitality of enterprises and the enthusiasm of employees, provide stronger support for the development of main business, and further improve the competitiveness and profitability of the company.
Introduce war investment to optimize the company’s equity structure and governance structure Guangzhou Automobile Group Co.Ltd(601238) simultaneously introduce Chengtong Group, Nanwang kinetic energy and Guangzhou AIAN, three strategic investors to meet the needs of state-owned capital layout and structural adjustment. 1) Chengtong Group is a central enterprise directly under the State Council, and the resources and policy support of high-quality state-owned enterprises will further enable the development of GAC AIAN. 2) China Southern Power Grid kinetic energy is a special fund jointly established by China Southern Power Grid and China Southern Airlines Group, which will help gac-e’an promote the layout of charging facilities, power exchange and energy storage and other energy ecological construction, green travel ecological co construction and intelligent transportation technology cooperation business. 3) Guangzhou AIAN is the fund established by several high-quality state-owned enterprises in Guangzhou led by Guangzhou industrial investment, which is conducive to GAC AIAN to continue to cultivate Dawan district and promote business development based on local advantages.
The listing plan helps the company realize diversified financing. The company aims to complete the round a financing and joint-stock restructuring of GAC ea’an before the third quarter of 2022, and further introduce market-oriented strategic investors with strategic synergy, policy guidance and market influence. At the same time, gac-e’an will seek listing at the right time and place, which will help promote the diversified financing level of the company, establish an independent capital market platform and enhance the vitality of e’an brand.
Profit forecast and investment rating: we expect that with the launch of GAC motor + GAC ea’an new model, a new round of product cycle will continue to be launched in large quantities, and the cycle of Japanese models is strong, which is expected to continue to improve. We maintain our expectation of net profit attributable to parent company from Guangzhou Automobile Group Co.Ltd(601238) 2021 to 2023, which is 7.1/94/11.7 billion yuan, with a year-on-year increase of + 19.8% / + 31.4% / + 24.6% respectively; The corresponding EPS from 2021 to 2023 is 0.69/0.91/1.13 yuan and PE is 16 / 12 / 10 times. For a long time, we still insist on optimistic about GAC’s independent + Japanese new car cycle, continue to increase the volume, and maintain the Guangzhou Automobile Group Co.Ltd(601238) “buy” rating.
Risk warning: Overseas epidemic control is lower than expected; The recovery of passenger car demand was lower than expected.
