Since 2022, Guangdong Dowstone Technology Co.Ltd(300409) has been introduced into war casting for three times!
Guangdong Dowstone Technology Co.Ltd(300409) ( Guangdong Dowstone Technology Co.Ltd(300409) ) announced on April 8 that the company and the employee stock ownership platform plan to increase the capital of Griffin, the operation platform of the company’s carbon materials business sector, and introduce Byd Company Limited(002594) and other strategic shareholders, with a proposed capital increase of 600 million yuan.
Since February 18 this year, it was announced to increase the capital and shares of the wholly-owned subsidiary Guangdong Jiana Energy Technology Co., Ltd. (hereinafter referred to as “Guangdong Jiana”) by introducing strategic investors, Guangdong Dowstone Technology Co.Ltd(300409) 3 on February 9, it again announced a plan to introduce war investment for the subsidiary, which is intended to introduce strategic investors and set up a shareholding platform for the senior management team, Increase capital and shares of subsidiary Wuhu Jiana Energy Technology Co., Ltd. (hereinafter referred to as “Wuhu Jiana”).
It is worth mentioning that on November 25, 2021, Guangdong Dowstone Technology Co.Ltd(300409) injected 100% equity of Guangdong Jiana into Wuhu Jiana, which also became the operation platform of lithium battery materials business of listed companies.
According to public information, Guangdong Dowstone Technology Co.Ltd(300409) was founded in September 2007 and listed on Shenzhen Stock Exchange in December 2014. The company is deeply engaged in ceramic materials business and actively expand the field of new energy lithium battery. In 2016, the layout of upstream resources (cobalt raw materials and cobalt salts) in the field of new energy and key materials such as ternary precursor of lithium cathode core material, lithium conductive material graphene and carbon nanotube conductive agent began, forming an industrial layout of “lithium battery material + carbon material + ceramic material” and realizing industrial linkage and integration.
As of the closing on April 8, Guangdong Dowstone Technology Co.Ltd(300409) fell 1.61% to RMB 18.90, with a total market value of RMB 10.938 billion.
6 billion capital increase in Griffin
introducing Byd Company Limited(002594) and other strategic shareholders
According to Guangdong Dowstone Technology Co.Ltd(300409) disclosure, Foshan Griffin new energy Co., Ltd. (hereinafter referred to as “Griffin”) as the operation platform of the company’s carbon materials business segment, in order to correspond to the rapid development of the industry and meet the needs of the rapid development of new energy vehicles, based on the company’s development potential and development space in the field of carbon materials, it is proposed that the parent company Guangdong Dowstone Technology Co.Ltd(300409) , employee stock ownership platform will increase the capital of Griffin and introduce Byd Company Limited(002594) and other strategic shareholders, To increase capital investment in Griffin, enrich its product types, expand production scale, build a perfect industrial chain system and R & D system, optimize the company’s long-term incentive mechanism, strengthen talent introduction, and improve its business scale and market competitiveness.
According to the announcement, in order to enhance Griffin’s competitive strength and promote the rapid and steady development of the company’s carbon materials business, the company plans to increase its capital by 600 million yuan (the final amount shall be subject to the actual amount of capital increase). Among them, Byd Company Limited(002594) will increase the capital of Griffin by 100 million yuan through cash contribution with its own funds, and subscribe for the newly increased registered capital of Griffin by 15.6 million yuan; Foshan Nanhai Yingtian Investment Co., Ltd. (hereinafter referred to as “Yingtian investment”) will increase the capital of Griffin by 150 million yuan in cash with its own funds and subscribe for the newly increased registered capital of Griffin by 23.4 million yuan Guangdong Dowstone Technology Co.Ltd(300409) , ESOP (including some directors, supervisors, senior managers and core employees of listed companies) and other investors’ capital increase amount shall be subject to the actual amount.
Guangdong Dowstone Technology Co.Ltd(300409) said that Byd Company Limited(002594) as a pioneer and leader in the new energy vehicle industry, has strong technology accumulation and leading market share in the field of new energy vehicles, and has the advantage of technology research and development in the field of new energy vehicles Byd Company Limited(002594) is an important customer of Griffin. Griffin introduces Byd Company Limited(002594) as a strategic investor, which can give better play to the synergy of upstream and downstream industries, strengthen technological R & D and innovation, and enhance Griffin’s competitive advantage in the industry and grow rapidly.
Guangdong Dowstone Technology Co.Ltd(300409) also said that the capital increase will further enhance Griffin’s capital strength, help to expand its production and operation scale and improve its market competitiveness. After the capital increase, Griffin is still a holding subsidiary within the scope of the company’s consolidated statements, which has no significant impact on the company’s financial status and operating results.
It is understood that Griffin is Guangdong Dowstone Technology Co.Ltd(300409) carbon materials business operation platform, integrating its subsidiaries Qingdao Haoxin New Energy Technology Co., Ltd., Jiangmen Haoxin new energy Co., Ltd., Ganzhou Haoxin new energy Co., Ltd. and Jiangmen Dow new energy materials Co., Ltd. After the integration, the company rapidly expanded the production scale of conductive agent and further improved the complete conductive agent supply chain and R & D system covering catalyst, carbon nanotube powder, high-purity powder, conductive slurry, NMP recovery and so on.
twice introducing state-owned assets strategy into shares
On March 9, Guangdong Dowstone Technology Co.Ltd(300409) announced that the company plans to increase capital and shares of its subsidiary Wuhu Jiana by introducing strategic investors and setting up a shareholding platform for senior management team, of which strategic investors plan to increase capital by 1.44 billion yuan in cash; The shareholding platform of the senior management team increased its capital by 30 million yuan in cash. The total capital increase of 1.47 billion yuan will be used for the investment and construction of a three yuan precursor project with an annual output of 100000 tons in Wuhu City.
Before the implementation of this capital increase, Wuhu Jiana was a wholly-owned subsidiary of Guangdong Dowstone Technology Co.Ltd(300409) and Guangdong Dowstone Technology Co.Ltd(300409) will dilute its shareholding in Wuhu Jiana to 87.07% after the capital increase. However, it is worth mentioning that the post investment valuation of Wuhu Jiana will reach 11.365 billion yuan based on the calculation that the current round of strategic investors obtained 12.67% equity of Wuhu Jiana with a total of 1.44 billion yuan.
The announcement shows that the strategic investors plan to increase their capital by 1.44 billion yuan in cash, of which Wuhu Jiangbei new area development investment fund Co., Ltd. (hereinafter referred to as “Qianwan fund”) contributes 144 million yuan, with a corresponding shareholding ratio of 1.27%; Wuhu Antai investment guidance fund management Co., Ltd. (hereinafter referred to as “Antai fund”) invested 454 million yuan, with a corresponding shareholding ratio of 3.99%; Wuhu Yinhu Industry Co., Ltd. (hereinafter referred to as “Yinhu industry”) invested 389 million yuan, with a corresponding shareholding ratio of 3.42%; Wuhu industrial investment fund Co., Ltd. (hereinafter referred to as “Wuhu industrial investment”) invested 454 million yuan, with a corresponding shareholding ratio of 3.99%.
The strategic investors participating in the capital increase of Wuhu Jiana in this round have the background of Anhui and Wuhu state-owned assets. Among them, Aetna fund, Yinhu industry and Wuhu industrial investment are enterprises wholly controlled by Wuhu state owned assets, while the shareholder background of Qianwan fund includes Anhui SASAC and Wuhu SASAC.
Guangdong Dowstone Technology Co.Ltd(300409) said that after the completion of this transaction, the company will set up a production base in Wuhu to build ternary precursors and supporting projects. At that time, the company will form three ternary precursors production and manufacturing bases of “Yingde + Longnan + Wuhu”, which will effectively ensure the company’s capacity construction, expand market share, enhance the company’s competitiveness and promote the realization of the company’s strategic planning and business objectives.
It is worth mentioning that Guangdong Dowstone Technology Co.Ltd(300409) announced a plan to lead the war for its subsidiaries as early as February 18 this year. The company will increase the capital and shares of Guangdong Jiana by introducing strategic investors. Ganzhou No. 3 new energy materials fund and Ganzhou No. 4 new energy materials fund will increase the capital of Guangdong Jiana by 400 million yuan and 300 million yuan respectively.
The investors of Ganzhou No. 3 new energy materials fund and Ganzhou No. 4 new energy materials fund are state-owned enterprises. After the capital increase, the two funds will hold 4.12% and 3.09% equity of Guangdong Jiana respectively. At present, the capital increase has been implemented. Ganzhou No. 3 new energy materials fund and Ganzhou No. 4 new energy materials fund have held 7.22% equity of Guangdong Jiana, while Wuhu Jiana holds the remaining 92.78% equity of Guangdong Jiana.
According to the announcement, Ganzhou No. 3 new energy materials fund and Ganzhou No. 4 new energy materials fund were established in 2022. The investors are state-owned enterprises and have good performance ability. The total equity capital increase of 700 million yuan by investors and the 300 million yuan self raised by Guangdong Jiana will only be used for the construction and operation of Jiangxi Jiana’s 100000 tons of ternary precursor capacity and 20000 tons of cobalt salt, 30000 tons of nickel salt and 50000 tons of battery recovery capacity project. The project is expected to be completed and put into operation before December 31, 2025.
2021 outstanding performance
Guangdong Dowstone Technology Co.Ltd(300409) 1 on January 14, the company released the performance forecast for 2021. In 2021, the company’s pre profit was 495605 million yuan, with a year-on-year increase of 717.96% – 899.73%.
Guangdong Dowstone Technology Co.Ltd(300409) said that during the reporting period, the strategic layout advantages of the company’s new materials were prominent. Benefiting from the high economic development of the new energy industry, the industry demand continues to improve, the orders of cobalt salt, ternary precursor products and graphene / carbon nanotube conductive agent products are sufficient, the product structure is optimized, the gross profit margin is significantly increased year-on-year, the sales volume and price of products are rising, and the prospect is promising. In the ceramic material sector, although under the pressure of fluctuations in the real estate industry, the company’s product sales have increased significantly and the product market share has further expanded.
Guangdong Dowstone Technology Co.Ltd(300409) previously disclosed three quarterly reports showed that the company achieved an operating revenue of 1.829 billion yuan in the third quarter of 2021, with a year-on-year increase of 85.69%; The net profit attributable to the parent company was 183 million yuan, a year-on-year increase of 419.69%; The basic earnings per share is 0.32 yuan. The company achieved a net profit of 445 million yuan in the first three quarters, a year-on-year increase of 637.01%.
China Merchants Securities Co.Ltd(600999) said that Guangdong Dowstone Technology Co.Ltd(300409) business layout is clear and the card position is the core material of new energy. Ternary precursors fully enjoy the dividends of industry development, integrated layout, volume and price rise, and capacity expansion, which will open the road of rapid growth. The ceramic business will benefit from the technological upgrading of the industry, obtain new growth space and have a more stable leading position. It is estimated that the net profit attributable to the parent company in 2022 / 2023 will be RMB 787 / 1035 million, corresponding to 15.9 / 12.1 times PE, which highlights the cost performance of the company. Continue to maintain the “strongly recommended – a” rating.
Sinolink Securities Co.Ltd(600109) it is estimated that the net profit of Guangdong Dowstone Technology Co.Ltd(300409) 2021-2023 will be 555, 741 and 948 million yuan, corresponding to EPS of 0.96, 1.28 and 1.64 yuan, and corresponding PE of 23.70, 17.8 and 13.9 times Sinolink Securities Co.Ltd(600109) adopts the PE valuation method to give the company 35 times the overall valuation in 2022, with a target price of 44.8 yuan, covering for the first time, and giving the company a “buy” rating.
