Enjie (002812): Proposed to acquire 100% equity of Suzhou Jili to further consolidate the leading level

The company’s recent situation Enjie announced on August 4 that it had copied with Shengli Precision the “Agreement on the Equity Transfer of Suzhou Jieli New Energy Materials Co., Ltd.” and planned to use cash for 20%.

2 yuan to acquire 100% equity of Jieli in Shengli Precision, 9 of which.

500 million for the transfer transaction equity, 10.

700 million is less than 10 for Jieli’s victory precision.

700 million other payables budget.

Commenting on the acquisition of Jelly further increased market share.

According to CIAPS data, in terms of wet zoning, Enjie and Geli 1H19 respectively account 深圳桑拿网 for 33% and 9% of the output share, ranking first and second in the industry.

After completing the acquisition, Enjie will cover a total of 42% of the wet volume expansion rate, further consolidating the industry’s market share.

The customer base is high quality, and the acquisition brings synergy.

Geli currently has a total of 8 production lines with a high production capacity of about 400 million square meters (semi-finished base film), an average monthly volume of more than 30 million square meters, and a product yield of more than 90%.

Geli Power mainly supplies 9-12um scattered to CAL, with monthly supply exceeding 10 million flats. In terms of consumption, it has mass-produced 5-7um high-end ultra-thin sheets for consumer batteries to international Japanese and Korean customers.

Enjie is currently one of the major suppliers of CATL, and it is cutting into the global supply of power batteries for LG Chem.

We believe that the acquisition of MRT power can strengthen the supply share in CATL, and at the same time form a customer base synergy between 3C and Power’s overseas customers, further enhancing overseas competitiveness.

We expect the completion of the acquisition to increase the short-term asset-debt ratio.

The company terminated 1Q19 currency cash4.

54 trillion, notes receivable 3.

500 million.

We believe the completion of the US $ 2 billion cash consideration transaction will bring an increase in short-term asset-liability ratio.

It is estimated to maintain a net profit forecast of 19 / 20e8.

38/11.

6.1 billion.

Currently, it can sustain 19 / 20e 32 / 23xP / E and maintain target price 41.

78 yuan corresponds to 19 / 20e 40 / 29x P / E and 26.

9% space, maintain outperform industry rating.

The risk acquisition was not completed successfully, the expansion demand was less than expected, and the company’s market share was less than expected