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.