On the evening of April 18, China’s MLCC leader Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) disclosed the report on the issuance of fixed value-added shares. The fixed value-added “cake” with a total amount of 5 billion yuan was finally divided up by 10 well-known Chinese and foreign institutions, including the controlling shareholders of the company.
The institutions allocated with Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) fixed increase have a luxurious lineup, and national investment institutions, local state-owned investment institutions, well-known public and private funds and foreign giants have actively supported it
Among them, Guangsheng group, the controlling shareholder of the company, and the advanced manufacturing industry investment fund were allocated the most, both of which were 1.5 billion yuan. Guangdong Hengjian’s three investment platforms were allocated a total of 1.22 billion yuan, Boshi fund was allocated 400 million yuan, and UBS AG and Gf Securities Co.Ltd(000776) participated.
controlling shareholder and advanced manufacturing fund phase II took 60% share
According to the announcement, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) this time, about 262 million shares were issued at the price of 19.1 yuan / share, and the total amount of funds raised was about 5 billion yuan. Finally, a total of 10 institutions were placed. Except that the controlling shareholder Guangsheng group needs to be locked for 18 months, the limited sale period of shares obtained by other institutions is 6 months.
what attracts the most attention is the support of the advanced manufacturing industry investment fund phase II for this fixed increase
Specifically, Guangsheng group, the controlling shareholder of the company, and the advanced manufacturing industry investment fund phase II took 60% of the fixed increase, and were allocated 78.534 million shares respectively, with a subscription amount of 1.5 billion yuan.
The reporter noted that the second phase of advanced manufacturing industry investment fund also jumped to the throne of Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) second largest shareholder with 78.534 million shares.
Statistics show that the national advanced manufacturing industry investment fund was initiated by the national development and Reform Commission, the Ministry of Finance and the Ministry of industry and information technology, with the participation of other investors such as the national development and Investment Corporation. It focuses on rail transit equipment, industrial Siasun Robot&Automation Co.Ltd(300024) , new energy vehicles and other fields, and supports a number of advanced manufacturing enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Shanghai Lianying, CIMC Raffles and so on.
Specifically, Guangdong Hengjian’s three investment platforms were allocated a total of 638743 million shares, with a subscription amount of 1.22 billion yuan; The old public offering fund also appeared in this fixed increase. The number of shares allotted was 209424 million, with an amount of about 400 million yuan.
Other subscribers are also commendable. UBS AG, Huaihai new energy, Gongqingcheng Shengheng investment’s private equity fund, Gf Securities Co.Ltd(000776) respectively received placement of 100 million yuan, 100 million yuan, 90 million yuan and 90 million yuan.
After the issuance, the shareholding ratio of Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) controlling shareholder Guangsheng group increased from 20.5% to 22.65%. The advanced manufacturing industry investment fund phase II ranked the second largest shareholder of the company with a shareholding ratio of 6.79%. The three investment platforms under Guangdong Hengjian also entered the list of top ten shareholders, while Boshi fund became the fifth largest shareholder of the company with a shareholding ratio of 1.81%.
raised investment project overweight MLCC capacity
MLCC is widely used in various electronic products, among which the fastest marginal growth is smart phones, automotive electronics and wearable devices, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) this fixed increase aims to increase the capacity of MLCC.
According to the previously disclosed fixed increase plan, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) 5 billion yuan will be used for the “construction project of high-end capacitor base in Xianghe Industrial Park” and the “project of technological transformation and expansion of 28 billion chip resistors per month”. The proposed fund-raising amount is 4 billion yuan and 1 billion yuan respectively.
Among them, the total investment of the high-end capacitor base construction project of Xianghe Industrial Park is 7.505 billion yuan. The project plans to build a new high-end chip multilayer ceramic capacitor industry base in the plot of Xianghe Industrial Park and its ancillary buildings in Duanzhou District, Zhaoqing City. After completion, the company will realize the new monthly capacity of high-end MLCC by about 45 billion when it reaches production in 2024 (the new annual capacity is about 540 billion).
According to Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) calculation, after the completion of the construction project of high-end capacitor base in Xianghe Industrial Park, it is expected that the annual new operating income will be 4.903 billion yuan, the net profit will be 1.143 billion yuan, and the financial internal rate of return of the project investment will be 15.90% (after tax).
In addition, after the completion of the second raised investment project “technical transformation and expansion project of 28 billion chip resistors per month”, the company will realize the new monthly capacity of about 28 billion chip resistors (about 336 billion new annual capacity) when it reaches production in 2023. It is estimated that after the completion of the project, the annual new operating income is expected to be 914 million yuan, the net profit is 142 million yuan, and the financial internal rate of return of the project investment is 19.83% (after tax).
In fact, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) electronic components business is developing continuously. The company’s previously released performance forecast for 2021 shows that benefiting from the strong market demand for electronic components, the operating revenue and profitability of the company’s main products continue to grow year-on-year. The company expects to achieve a net profit of 930 million yuan to 1 billion yuan in 2021, with a year-on-year increase of 159.26% to 178.78%.
“With the maturity and development of artificial intelligence, Internet of things, big data and cloud computing applications, the demand for MLCC in the application field of wearable devices also increases. The growth potential of smart phones, automotive electronics and wearable devices is huge, which provides a broad space for the application of products in raised investment projects.” For the raised investment project, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) believes that the implementation of the project is conducive to improving the competitiveness of the company’s main products MLCC and chip resistors, and is of great significance to the company’s profitability.
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