\u3000\u3000 Jiangxi Jovo Energy Co.Ltd(605090) (605090)
\u3000\u30001. Plan for issuing shares to purchase assets and supporting raised funds
Jiangxi Jovo Energy Co.Ltd(605090) it is proposed to issue shares, convertible corporate bonds and pay cash to 53 Sentai energy shareholders such as new sources and Li Wanling to purchase 100% shares of Sentai energy held by them. As of the signing date of the plan, the estimated value of 100% of Sentai energy's shares on the trading base date was 1.8 billion yuan to 2.1 billion yuan. In this transaction, Jiangxi Jovo Energy Co.Ltd(605090) plans to issue convertible corporate bonds to no more than 35 specific investors to raise supporting funds for the construction of Sentai energy project, Jiangxi Jovo Energy Co.Ltd(605090) and Sentai energy to supplement working capital and pay M & a transaction taxes.
\u3000\u30002. Introduction to Sentai energy
Sentai energy is an energy investment management company integrating LNG production, storage, transportation and sales. The main business scope is LNG production, sales, LNG logistics distribution and filling station operation.
Sentai energy's LNG liquefaction plant in Sichuan has a stable supply relationship with Zhejiang oil field responsible for exploitation and sales, has a strong guarantee of feed gas resources, and has the advantage of large-scale procurement cost; Sentai energy is located in the upstream of the LNG liquefaction plant in Inner Mongolia. The feed gas comes from the conventional natural gas of Sulige No. 4 treatment plant of PetroChina Changqing Oilfield, which can meet the gas demand of Inner Mongolia Sentai 1.25 million m3 / day for a long time. The group has successively invested and built five LNG production and processing plants in Inner Mongolia and Sichuan. At present, it has an annual production capacity of nearly 600000 tons of LNG.
The audit and evaluation related to this transaction have not been completed, so the financial data disclosed in the plan has not been audited. According to the disclosure, Sentai energy has total assets of 1.46 billion yuan and total liabilities of 760 million yuan in 2021.
\u3000\u30003. The acquisition is in line with the Jiangxi Jovo Energy Co.Ltd(605090) strategy: the natural gas "goes to the land, to the terminal and out of South China", and the hydrogen energy industry chain is arranged
"Sea air + land gas" is conducive to realizing resource coordination, improving gas source guarantee, reducing cost fluctuation and enhancing Jiangxi Jovo Energy Co.Ltd(605090) core competitiveness; The market radiation scope of Jiangxi Jovo Energy Co.Ltd(605090) will expand from South China to southwest and northwest regions; Jiangxi Jovo Energy Co.Ltd(605090) will quickly enter the LNG vehicle filling market and effectively expand the application field of LNG business terminal.
At present, almost all high-purity helium in China depends on imports, which is expensive and the resource security situation is grim. In the future, helium extraction by bog will become an important development field of Jiufeng; At the same time, Jiufeng's closed-loop development of the whole industrial chain of "hydrogen production by natural gas reforming" and future hydrogen energy business can be supported by Sentai. Profit forecast: maintain the forecast of net profit attributable to the parent company of RMB 800 / 10.3 / 1.3 billion in 21 / 22 / 23, and maintain the "overweight" rating.
Risk prompt: transaction approval risk; The risk of suspension, suspension or cancellation of the transaction; Risk of adjustment of trading scheme; Risks of acquisition and integration; Gas source stability risk; LNG price fluctuation risk, etc
