\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 03 Bece Legend Group Co.Ltd(000803) )
Event: on May 20, 2022, the company issued the announcement on the change of controlling shareholder’s equity structure and the change of actual controller.
1. Join hands with shangao finance to comply with the general trend of carbon reduction and accelerate the development of the main business of green energy
According to the announcement, on May 19, 2022, the controlling shareholder of the company, Beikong Clean Energy Group Co., Ltd. (Beikong group, hk.01250), issued 48.804 billion shares to China Shandong Hi-Speed Company Limited(600350) Financial Group Co., Ltd. (shangao finance, hk.00412), which completed the subscription of 43.45% of the equity of the former. At present, the controlling shareholder of the company has been changed to shangao finance, and the actual controller of the company has been changed from Beijing SASAC to Shandong SASAC. The change of actual controller will not affect the independence of listed companies, but relying on the resources of controlling shareholders will help listed companies expand their main business.
According to the Bece Legend Group Co.Ltd(000803) official account, the new actual controller, shangao finance, is an important overseas investment and financing platform under Shandong Hi-Speed Company Limited(600350) . In recent years, shangao finance is committed to becoming an excellent industrial investment holding group and layout strategic emerging industries such as new energy, green environmental protection, new consumption and new technology. Later, Shandong Hi-Speed Company Limited(600350) group is a state-owned capital investment company in the field of infrastructure in Shandong Province. Its main business covers the investment, construction, operation, management of transportation infrastructure and intelligent transportation, comprehensive development of supporting land, logistics and related supporting services, investment and management of financial assets, etc.
The company believes that under the background of global carbon emission reduction and national “double carbon” goal, the green energy industry has ushered in unprecedented development opportunities. Relying on the national and Shandong energy industry policy support and Shandong Hi-Speed Company Limited(600350) strong empowerment, the company will explore new green energy tracks, promote the layout of the whole industrial chain with the advantage of cross regional development and integration of scale, open up long-term growth space, and realize the sustained high growth of performance and the comprehensive and rapid development of the company.
2. The main business is the key track of bioeconomy, which is expected to usher in long-term development dividends in the Chinese market
On May 10, 2022, the national development and Reform Commission issued the “14th five year plan” for bioeconomy development, which put forward four key areas of priority development, such as medical health, food consumption, green and low-carbon, and biosafety. The plan brings bioenergy into the overall planning of the national bioeconomy development strategy, and clearly proposes to promote the development of bioenergy and bioenvironmental protection industries. The company is the only listed company on the main board of Shenzhen Stock Exchange focusing on the resource utilization of kitchen waste in China. It is a leading enterprise in the subdivided field of investment and operation of organic solid waste in China. The company exports green renewable energy products such as biodiesel raw materials and biological natural gas through the main processes such as oil extraction treatment and anaerobic microbial treatment of organic waste. At present, the main sales market of biodiesel is still in Europe, and with the promotion of the plan, China’s biodiesel and related markets may also usher in broad development prospects in the future.
3. Profit forecast & investment suggestion: we expect that from 2022 to 2024, the company will achieve revenue of RMB 1.779/2.922/3.743 billion, with a year-on-year increase of 115.24% / 64.21% / 28.10%; The net profit attributable to the parent company was 245 / 440 / 582 million yuan, with a year-on-year increase of 204% / 79.94% / 32.06%, maintaining the “buy” rating.
Risk warning: international war risk; Risk of changes in global carbon reduction policies; The progress of the project is less than expected; Risks of changes in environmental protection industrial policies and local subsidies; Capacity expansion is less than expected; Goodwill impairment risk.
