\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 99 Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) )
Sixiang investment and construction manufacturing headquarters to support sustainable development
The company announced that Dongguan Sixiang, the holding subsidiary, plans to sign the investment agreement on Dongguan Sixiang power battery thermal management and automotive electronics manufacturing headquarters project with the people’s Government of Wangniudun Town, Dongguan, and plans to invest 700 million yuan in the construction of power battery thermal management and automotive electronics manufacturing headquarters project, including 580 million yuan in fixed assets investment (including buildings, structures and their ancillary facilities, equipment investment and land price), Other funds (including initial funds, material procurement, personnel salaries and working capital, etc.) shall not be less than 120 million yuan.
Dongguan Sixiang (51% holding) is currently in a high-speed growth channel, with a revenue of 834 million yuan in 2021, a year-on-year increase of 147%, and a net profit of 74.23 million yuan (9.44 million yuan of excess performance award has been accrued), a year-on-year increase of 67%. The company continued to actively expand its production capacity. In 2021, the production capacity of power battery thermal management products and new energy vehicle electronic manufacturing products was 75 million and 6.5 million, with a capacity utilization rate of 94% and 96%. The production capacity under construction was 60 million and 5 million respectively, with an expansion range of 80% and 77%. The total construction area of the manufacturing headquarters project is about 168000 square meters, and the construction period of the project is 24 months, which will further support the sustainable development of the company.
Equity incentive to fully mobilize the enthusiasm of the core backbone
The company issued the 2022 restricted stock incentive plan (Draft), which plans to grant 33715600 restricted shares to 21 directors, senior managers and core backbone personnel, accounting for about 1.20% of the total share capital, and the grant price is 4.80 yuan per share.
The performance assessment objective is based on the net profit in 2021. The growth rate of net profit in 202223-24 is not less than 25%, 50% and 80%. The net profit is the value after deducting the net profit not attributable to the parent and excluding the impact of equity incentive. Assuming that the company grants restricted shares in June 2022, it is estimated that the total cost of fixed-term shares from 2022 to 2025 will be 17.3 million yuan, and the amortization will be 667, 749, 265 and 500000 yuan respectively in 202223-24-25.
Profit forecast and valuation
Sixiang continues to upgrade its products and expand its customers, with optimistic growth expectations; The layout of new businesses such as energy storage, temperature control and liquid cooling is flexible; The subsequent prosperity of UHV and offshore wind power demand is expected to improve; It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 110 million, 171 million and 224 million, corresponding to pe25 times, 16 times and 12 times, maintaining the “buy” rating.
Risk warning: the gross profit margin is reduced due to the intensification of competition; The order of pure water cooling equipment was less than expected.
