\u3000\u3000 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) (002483)
Event: the company announced that Nantong Weiwang, Wu Jian and Guangzhou industrial control had signed the confirmation letter, and the three parties confirmed that all the conditions for the effectiveness of the agreement agreed in the above share transfer agreement had been met, and the share transfer agreement had officially entered into force on January 24, 2022. All parties of the company actively promote the equity delivery, and Guangzhou industrial control will soon become the controlling shareholder of the company.
Guangzhou industrial control is a state-owned holding enterprise with rich industrial and financial resources. It will vigorously support the company in preparing to build a high-end equipment base in the south. Guangzhou industrial control is a state-owned holding enterprise with 90% of the shares held by Guangzhou Municipal People’s government and 10% of the shares held by Guangdong Provincial Department of finance. It is formed by the joint reorganization of Guanggang group, Wanbao group and Wanli Group. It has more than 200 enterprises, including Sunward Intelligent Equipment Co.Ltd(002097) and Guangdong Jinming Machinery Co.Ltd(300281) and other listed companies. It is engaged in high-end equipment manufacturing, material manufacturing, refrigeration appliances Rubber chemical industry and other fields have a good industrial foundation and technology accumulation, and are rich in resources. After holding the company, Guangzhou industrial control will actively provide the company with all-round enabling support such as capital operation, market and capital, and strongly support Jiangsu Rainbow Heavy Industries Co.Ltd(002483) to build a high-end equipment industrial base in the South and expand offshore wind power equipment in Guangdong, Hong Kong and Macao Bay area Market orders for port terminal equipment and environmental protection business.
The development of offshore wind power industry has entered the fast lane, and the South China Sea markets such as Guangdong and Fujian will become the largest offshore wind farm. The company’s south base is close to the water and has the first month. It is estimated that China’s offshore wind power installed capacity will exceed 50gw during the 14th Five Year Plan period, of which Guangdong plans to add 17gw of offshore wind power installed capacity during the 14th Five Year Plan period. It is estimated that the offshore wind power installed capacity in Fujian during the 14th Five Year Plan period will also be more than 10GW. Guangdong, Fujian and other South China Sea markets will occupy half of China’s offshore wind power market. At present, the company has a capacity of 200000 tons of offshore wind power foundation piles in Nantong, Jiangsu Province. In the future, the company will continue to establish a new base in Guangdong, vigorously develop offshore wind power equipment and radiate the South China Sea market nearby, which will fully benefit from the development of offshore wind power industry in the whole country and the South China Sea.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 376 million, RMB 497 million and RMB 669 million respectively, and the compound growth rate of the net profit attributable to the parent company in the next three years will be 37.7%. The company will be given 20 times PE in 2022 and the target price will be RMB 10.60, maintaining the “buy” rating.
Risk warning: macroeconomic deterioration risk; Risk of deterioration of industry competition pattern; Goodwill impairment risk.
