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为加速推广BIPV:隆基股份溢价收购森特股权
返回列表 来源: 发布日期: 2021.03.30 浏览次数:


       隆基股份拟收购森特股份27.25%股份,持续加码BIPV市场布局。公司依托全面综合能力优势,进一步整合产业链资源,前瞻布局BIPV市场,有望打造业绩新增长极。维持“增持”评级。维持2020-2022年EPS 2.24、3.33、4.43元的预测,公司持续加码BIPV布局、2021年供应链保供超出预期有望增厚利润、2022年新电池技术提升盈利。基于隆基前瞻布局、规模优势、技术领先,给予2021年40倍PE,维持目标价133.2元。
      收购森特股份成为第二大股东,持续加码BIPV市场布局。公司拟以协议转让方式现金收购森特股份27.25%股份,交易对价总额为16.35亿元,本次交易完成后,公司将成为其第二大股东。森特股份为全国领先的建筑金属围护系统一体化服务商,主要承接金属围护系统工程(屋面系统、墙面系统)和声屏障系统工程,具备丰富的行业实践经验。公司此次收购协议,有望依托森特的渠道优势和设计施工能力,加速BIPV产品的推广。BIPV市场空间广阔,前瞻把握行业启动前夕。BIPV有望成为普适的新型建材,市场潜力巨大,行业启动在即。一方面,光伏技术不断进步推动成本持续下降,BIPV能够发电收回建筑物投资;另一方面,建筑强制安装政策有望出台,进一步刺激市场增长。中性预测,中国新建建筑BIPV市场年装机容量有望达到18GW。公司前瞻布局BIPV市场,于2020年6月联合中科建筑研究院共同编制《建筑光伏组件》标准,2020年8月发布首款BIPV产品——隆顶。此次收购森特股份,公司进一步整加码BIPV市场布局,有望率先享受BIPV市场启动红利,打造业绩新增长极。催化剂。供应链长单签订、电池新技术亮相、BIPV新品推出和大单签订。风险提示。国际贸易及汇率风险、海外疫情影响光伏装机的风险。

Longji shares to acquire 27.25% of the shares of Cent, continue to increase the BIPV market layout.Relying on the comprehensive ability advantages, the company further integrates industrial chain resources, forward-looking layout of the BIPV market, and is expected to create a new growth pole of performance. Maintain "Overweight" rating.Maintaining the forecast of 2020-2022 EPS of 2.24, 3.33, 4.43 yuan, the company continues to increase the BIPV layout, the supply chain in 2021 is expected to exceed expectations to increase profit, and the new battery technology to improve profit in 2022. Based on Longji's forward-looking layout, scale advantage and leading technology, the company gives 40 times PE in 2021 and maintains the target price of 133.2 yuan.

Acquisition of Cent shares to become the second largest shareholder, continue to increase the BIPV market layout.The company plans to acquire 27.25% of Cent shares in cash by means of agreement transfer, with a total consideration of 1.635 billion yuan. After the completion of this transaction, the company will become its second largest shareholder. As a leading integrated service provider of building metal envelope system in China, Centercorp mainly undertakes metal envelope system engineering (roof system, wall system) and sound barrier system engineering, with rich practical experience in the industry.The acquisition agreement is expected to accelerate the promotion of BIPV products by relying on Cent's channel advantages and design and construction capabilities. BIPV market space is broad, forward-looking grasp the eve of the start of the industry.BIPV is expected to become a universal new building materials, the market potential is huge, the industry is about to start. On the one hand, the continuous progress of photovoltaic technology to drive the cost of continuous decline, BIPV can generate electricity to recover the building investment;On the other hand, mandatory construction installation policy is expected to further stimulate market growth. Neuter forecast, China's new building BIPV market annual installed capacity is expected to reach 18GW.The company has a forward-looking layout of the BIPV market. In June 2020, the company jointly compiled the "Building Photovoltaic Module" standard with the China Institute of Architecture, and released the first BIPV product -- the roof in August 2020. The acquisition of Sent shares, the company further increase the overall BIPV market layout, is expected to take the lead in enjoying the BIPV market start dividend, to create a new growth pole performance.The catalyst.Supply chain long order signing, battery new technology debut, BIPV new product launch and big order signing. Risk warning.International trade and exchange rate risks, overseas epidemic risk affecting photovoltaic installation.




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