\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event overview: on March 17, the board of directors of the company deliberated and approved the proposal on the implementation of employee equity incentive and related matters by ai’an, and agreed to implement employee equity incentive by means of non-public agreement capital increase, hold the equity of ai’an by the scientific and technological personnel of GAC Research Institute “from top to bottom” and introduce some strategic investors at the same time.
ESOP binds core talents, and “holding up and holding down” releases the vitality of the enterprise. Gac-e’an raised a total of 2.566 billion yuan, of which 1.782 billion yuan was invested by equity incentive objects, including 679 employees of gac-e’an and 115 scientific and technological personnel of GAC Research Institute, with a shareholding ratio of about 4.55% and an incentive coverage of about 20%, fully mobilizing the enthusiasm of the company’s core backbone and excellent employees Guangzhou Automobile Group Co.Ltd(601238) creatively adopted the “upper holding and lower holding” shareholding method to give 115 scientific and technological personnel the equity of ea’an, which is an innovative breakthrough for Guangzhou Automobile Group Co.Ltd(601238) as the “double hundred enterprises” in the reform of state-owned enterprises to make full use of policy dividends and fully promote the reform. As the main R & D body of Guangzhou Automobile Group Co.Ltd(601238) , GAC Research Institute has close business ties with gac-e’an. The capital increase enables some R & D talents to enjoy the dual incentive policies of Guangzhou Automobile Group Co.Ltd(601238) and gac-e’an at the same time, so as to stimulate innovation vitality to the greatest extent.
Introduce a number of industry giants to jointly enhance competitiveness. In this financing, Chengtong Group, Nanwang kinetic energy and Guangzhou AIAN are simultaneously introduced as strategic investors, with a shareholding ratio of about 2%. Among them, Chengtong Group is a state-owned capital operation company of a central enterprise, which can link to the resources and policy support of high-quality state-owned enterprises to enable the development of gac-e’an; The special fund “Southern Power Grid kinetic energy” jointly established by China Southern Power Grid and China Southern Airlines Group will participate in this mixed reform, 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; Guangzhou ai’an, a fund established by a number of high-quality state-owned enterprises in Guangzhou under the leadership of Guangzhou industrial investment, participated in the mixed reform, which is conducive to GAC ai’an to continue to cultivate Dawan district and promote business development based on local advantages. According to the plan, with the completion of employee equity incentive, gac-e’an will further start the a-round financing and joint-stock restructuring, and actively seek an appropriate time to go public. By introducing strategic investors and round a financing, ea’an is expected to cooperate in depth with strategic investment partners with advantages in resources, market and technology, give full play to its independent and controllable advantages in the battery and electric drive industrial chain, and improve its market competitiveness.
Effective incentives to boost sales, the valuation of aian is expected to exceed 100 billion. As the core carrier of Guangzhou Automobile Group Co.Ltd(601238) developing electric intelligence, ea’an has developed rapidly in the “track” of new energy relying on the advantages of the group’s global system. In 2021, ea’an sold 124000 vehicles, exceeding the annual target of 100000 vehicles. 22m1 aionsplus and aionlxplus with a range of 1008km are listed. Fast charging + long endurance create strong product power, and ai’an is expected to increase both volume and price. From 2019 to 2021, the average annual compound growth rate of sales volume of ai’an reached 123%, and the capacity utilization rate once exceeded 160% in 2021. The phase II project of 22m2 ai’an intelligent ecological factory was successfully completed. With the active promotion of factory expansion + new construction, it is expected that the production capacity of ai’an will reach 200000 / 400000 vehicles in 2022 / 2023, and the sales volume is expected to double this year. Compared with the valuation level of “Wei Xiaoli” PS, the valuation of ai’an is expected to exceed 100 billion.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 7.03/91.5/11.04 billion yuan respectively, corresponding to 17 / 13 / 11 times of the current share price PE respectively. The company grasps the opportunity of the rise of the new energy market and takes multiple measures in technology and system. The independent rise is expected to become a new growth point of the company and maintain the “recommended” rating.
Risk tips: price fluctuation of raw materials and chip supply fluctuation; The expansion of new products was less than expected.
