As a company mainly engaged in automotive plastic interior and exterior trim parts, Junda Co., Ltd. (002865) plans to peel off its main business assets and transform into a hot photovoltaic industry.
sale of main business assets
On January 9, Junda announced that the company was planning to sell major assets and planned to sell 100% equity of Suzhou Junda Automobile Technology Co., Ltd. (hereinafter referred to as “Suzhou Junda”) to Hainan Yang family Technology Investment Co., Ltd. (hereinafter referred to as “Yang Investment”) Hainan Xinsu molding industry and Trade Co., Ltd. (hereinafter referred to as “Hainan Xinsu”) has 100% equity and Hainan Drinda Automotive Trim Co.Ltd(002865) holds asset groups related to auto trim business except the equity of Suzhou Junda and Hainan Xinsu.
As the counterparty of this transaction is Hainan Yang family Technology Investment Co., Ltd., which is an enterprise controlled by the actual controller of the company, this transaction constitutes a related party transaction. After preliminary research and calculation, this transaction is also expected to constitute a major asset restructuring.
Junda Co., Ltd. mainly provides products such as interior and exterior trim for automobile enterprises. Its industry belongs to the automobile parts and accessories manufacturing industry under automobile manufacturing. Since 2018, the company’s performance has continued to accelerate the decline, with losses of 20.3103 million yuan and 81.8898 million yuan in 2020 and the first three quarters of 2021 respectively.
In this context, Junda’s willingness to transform shares is obvious. This time, before selling assets to the company under the actual controller, it also tried to auction idle equipment.
On December 1, 2021, the company announced that affected by the adverse situations such as Sino US trade friction, increasing downward pressure on the economy, switching of environmental protection standards, declining new energy subsidies and intensifying industrial competition, the performance of the automobile market has remained depressed in recent years, and affected by the “lack of core”, some downstream customers have insufficient demand, Part of the production equipment of the company’s automotive plastic interior and exterior trim business is idle. In order to give full play to the efficiency of equipment resources and revitalize stock assets, the company plans to classify and package 14 sets of idle equipment by public listing in Henan property right trading center. The listing price shall be determined by reference to the assessed value and in combination with the company’s demand for revitalizing idle assets, which shall not be less than 90% of the assessed value of 54.5677 million yuan, i.e. 49.1109 million yuan. The final transaction price and the transferee shall be determined according to the bidding results.
However, soon after that, Junda shares was announced. At the expiration of the listing announcement, due to the failure to solicit the intended transferee, the listing was not auctioned.
From January 5 to 7, 2022, the share price of Junda also fell sharply, with a cumulative decline of nearly 26% in the three trading days. On January 9, the company disclosed the announcement of abnormal fluctuations in stock trading, which said that the company did not find that the recent public media reported unpublished material information that may or has had a great impact on the company’s stock trading price. At present, the operation of the company is normal during the period, and the internal and external business environment has not changed significantly.
develop photovoltaic cell business
Although the share price has dropped significantly recently, in fact, benefiting from the layout of the hot photovoltaic industry, the share price of Junda has risen sharply since the second half of 2021, from less than 18 yuan / share to more than 78 yuan / share in half a year.
On July Hainan Drinda Automotive Trim Co.Ltd(002865) 2021, it was announced that it planned to transfer 47.35% equity of Jietai technology held by Hongfu PV in cash, with a transaction amount of 1.331 billion yuan. Meanwhile, the company transferred 3.65% equity of Jietai technology held by Shangrao Zhanhong through agreement, with a transaction amount of 103 million yuan. After the completion of the transaction, the company will invest a total of 1.434 billion yuan to obtain 51% equity of Jietai technology.
Statistics show that Jietai technology is mainly engaged in the R & D, production and sales of Cecep Solar Energy Co.Ltd(000591) battery chips. According to the data of pvinfolink, Zhanyu new energy, the predecessor of Jietai technology’s battery business, ranked among the top five in the industry in terms of battery shipment in 2019. It has maintained long-term cooperative relations with many high-quality customers such as Jingke energy and Jinzhou sunshine, and has strong comprehensive competitiveness in the industry.
Under the dual main business system of “auto parts + photovoltaic cells”, it was further announced in Hainan Drinda Automotive Trim Co.Ltd(002865) December 2021 that Jietai technology signed an agreement with the Management Committee of Anhui laianchahe Economic Development Zone to invest in the construction of high-efficiency Cecep Solar Energy Co.Ltd(000591) cell production base project, with a total planned investment of about 11.2 billion yuan to build 16GW high-efficiency Cecep Solar Energy Co.Ltd(000591) cell project.
It is disclosed that the output value of the above project is expected to be no less than 9 billion yuan in the first and second years and no less than 8 billion yuan in the third year after the first phase of the project is completed at the existing market price. From the first year to the fifth year, the average annual output shall not be less than 8GW, and the average annual tax shall be 250 million yuan.
Although it has been questioned due to a large amount of short-term capital investment, the idea of Junda’s share transformation seems to be more and more firm.
Hainan Drinda Automotive Trim Co.Ltd(002865) believes that after the completion of the above major asset sales transaction, the company will divest the assets of the auto trim business with low operating efficiency, and further concentrate resources to develop the photovoltaic cell business by selling assets to recover funds; It is also conducive to optimizing the company’s asset structure, improving asset liquidity and enhancing the company’s profitability. If the transaction is successfully completed, the company will no longer hold the equity of Suzhou Junda and Hainan Xinsu, and Suzhou Junda and Hainan Xinsu will no longer be included in the scope of the company’s consolidated statements.
(source: Securities Times · e company)
