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合康定增美的股比提升,光储事业有望加速发展
事件:6月21日,公司发布2023年度向特定对象发行A股股票预案。公司本次拟向美的集团以4.43元/股的价格发行3.32亿股股份,且不超过本次发行前公司总股本的30%。本次发行后,美的集团及其控股子公司美的暖通将持有公司5.41亿股,占公司总股本的37.56%。
本次定增募集资金总额为14.73亿元,将用于:1)电子设备业务能力提升项目;2)光伏产业平台项目;3)信息化系统升级项目;3)补充流动资金。
合康新能自2020年成为美的的子公司后,从工控拓展至绿电战略落地平台,目前实际承接了美的光伏+户储业务。继万东医疗、科陆电子定增后,合康本次对美的的定增实现了美的持股比例大幅提升。我们认为此次定增体现了合康在集团中的战略价值,也体现美的对于光储业务的重视。
定增募投有望显著提升合康综合实力:我们认为此次定增的资金有利于合康加强研发、产能、渠道等方面的投入。其中研发项目(电气+光伏)投入超10亿元,有利于公司丰富产品结构,构建配套产业链。同时,合康海外渠道建设和品牌营销也有望明显加速。
嫁接美的优势资源,深度协同:
1)除集团统采、研发协同外,我们认为本次募投的信息化建设或将帮助合康进一步贯彻美的在效率上的传统优势;
2)我们认为合康的光储业务或将进一步充分受益于美的在国内外的生产制造、渠道体系、客户资源、资金资信等方面优势;
3)美的具备丰富的C&B端的业务经验,若与合康协同推进“光伏+储能+X”的一体化应用趋势,或将有利于合康进一步扩大业务规模、提升整体竞争力。
盈利预测和投资评级:我们预计公司2023-2025年收入19.21/24.50/30.74亿元,增速为34.9/27.6/25.5%;归母净利润为0.69/1.15/1.54亿元,同比增速为167.8/66.8/34.8%;对应PE89.73/53.79/39.90x,维持“买入”评级。
风险因素:储能产品推广不及预期,海外市场开拓不及预期,地产开工不及预期导致公司变频器订单不及预期