Xiangdian Electric Co., Ltd. (600416): Reloaded with light equipment

Event: The company intends to pre-list the transfer of 100% equity of Xiangdian Wind Energy on the San Francisco Stock Exchange.

At the same time plan to 5.

The price of 17 yuan / share is not more than 2 to the Hunan State-owned Assets Supervision and Administration Xingxiang Group.

9.0 billion shares, raising less than 10.

81 million is used for replenishment.

Opinion: Except for the supplementary subsidiary, Hunan Guozizhen is supported by gold and silver.

Xiangdian Wind Energy is 13 per year in 2018.

2 ‰, a decrease of 3 ‰ from January to September of 19, and it is hopeless to turn losses under the existing conditions.

This treatment is the second action after the transfer of the Changsha Pump Factory to stop the bleeding point.

Press Xiangdian Wind Energy13.

8.4 billion net assets are estimated, if the transfer is successful, the listed company is expected to get better return of funds.

In the future, the company will focus on the motor, electrical control and military industry sectors.

In terms of financial support, in September 2017, the Air Force, Xingxiang Group has subscribed for Xiangdian shares9.

4 trillion debts are currently repayable to 6 in other words.

9 yuan / share, until September 14, 2020 is the share conversion period.

The lock price is 5.

17 yuan / share fixed increase financing10.

800 million, with a sales restriction period of 18 months, which once again reflects the determination of Hunan state-owned assets to grow larger and stronger listed companies.

The 2019 third quarter report shows the company’s long-term borrowing1.

30,000 yuan, the first three quarters of financial expenses 2.

6.8 billion yuan.

After the completion of the additional issuance, it is expected to significantly reduce the level of defects and improve financial reporting by paying off bank borrowings.

Electromagnetic ejection and all-electric propulsion technology are the company’s core competitiveness and have the world advanced level.

The Hunan Electric Power Company, established by the company in 2017, focuses on military products. Under the guidance of academician Ma Weiming as its core team, it has developed rapidly in the field of cutting-edge equipment technologies such as all-electric systems, special motors, and efficient energy storage.

In 2018, Hunan Electric Power achieved revenue10.

270,000 yuan, net profit 75.63 million yuan.

The consolidated balance sheet in the company’s three quarterly report for the year of 19 showed that the advance receipts at the end of September were as high as 9.

600 million.

We predict that this is mainly the military donations received in advance by Hunan Electric Power.

The additional issue announcement revealed that the company is currently setting up a high-end technology research and development platform to accelerate the deployment of civil satellite launch power systems, marine integrated power systems, high-power permanent magnet motors, ultra-high-power density motors, high-power intelligent offshore wind turbines, rail transit traction systems, and newHigh-end products such as electric drive systems for energy vehicles, and electric drive systems for special vehicles.

In terms of civil satellite launch power systems, the electric propulsion system in the aerospace field is also known as “electric rocket”. It will confine electrons in a magnetic field and use accelerated 上海夜网论坛 polarization to obtain thrust. It has the advantages of simple structure, high specific impulse and high efficiency.

The use of electric rockets can achieve spacecraft attitude control, position maintenance, orbit and interplanetary navigation and other tasks.

Profit forecast: According to the company announcement, the company is actively carrying out restructuring business, and the involvement of Xingxiang Group has created a better environment for the development of listed companies.

The company has built a core military product platform, with key national projects, too much cash flow, and is expected to incubate more new projects.

We expect that after the divestiture of assets, the profitability of high-quality military assets of listed companies will quickly emerge.

The company has forecasted a reduction of 1.4 billion US dollars in 19 years and fully cleared.

Considering the urgent demand for military products, the rapid growth of Hunan Electric Power’s orders and the significant decrease in financial expenses, we expect the company’s net profit in 2019-2021 to be -14.

2 billion, 3.100 million and 4.

9 trillion, corresponding to EPS are -1.

23 yuan, 0.

27 yuan and 0.

43 yuan; corresponding PE is -7.

8X, 36X, 22X, the market value space in the long run is above 200 ‰.

The first coverage was given a “strong recommendation” rating.

Risk warning: The progress of asset divestiture and additional issuance is less than expected, and military orders are less than expected.