和而泰(002402):擬向控股股東定增募資 用於汽車電子和儲能領域
本報吿導讀: 公司向控股股東定向募資不超過6.5億元,擬建設汽車電子全球運營中心,提升公司汽車電子業務全球服務能力,擬建設數智儲能項目,聚焦儲能變流器和電池管理系統。 事件: 公司披露20 22 年度非公開發行A 股股票預案,發行對象為公司控股股東劉建偉,發行價格為13.92 元/股。 評論: 維持盈利預測、目標價和增持評級。維持2022-2024 年盈利預測為7.05/10.30/14.03 億元,對應EPS 為0.77/1.13/1.53 元,考慮盈利複合增速,維持目標價23.10 元和增持評級不變。 向控股股東定向募資不超過6.5 億。扣除發行費用後擬用於汽車電子全球運營中心建設項目(2.5 億)、數智儲能項目(1 億)和補充流動資金(3 億)。 擬建設汽車電子全球運營中心,提升公司汽車電子業務全球服務能力。國內市場,公司通過與新勢力及傳統整車廠的合作,聚焦於車身域控制、車身控制、電源管理控制和座艙域控制等領域。海外市場,公司獲得了博格華納、尼德科等國際知名 Tier 1 廠商的多個平台級項目訂單。本次募資建設有利於整合公司汽車電子業務板塊客户開拓、研發資源、供應鏈渠道等,有利於引入汽車電子領域優秀研發、銷售人才。 擬建設數智儲能項目,聚焦儲能變流器(PCS)和電池管理系統(BMS)。 PCS 方面:公司在變流器的強弱電控制、變頻率控制、電機控制、負載等技術領域上尋找技術創新點,以更精密、更可靠的技術方式解決行業痛點,以降低產品成本。同時公司在傳統控制的基礎上,通過優化軟件算法,增加智能控制及數據分析功能,通過 PCS 控制器接收控制指令,實現蓄電池組和電網之間的雙向能量轉換,同時滿足負載的供電安全性。BMS 方面:公司受益於在汽車電子電池管理系統領域的先發優勢,目前已完成了儲能電池管理系統的業務佈局,相關項目已開始量產。由於電池管理系統功能已由監測、通訊、保護、顯示、存儲等基本功能向電池系統安全診斷和長壽命運維、系統經濟性指標診斷等高級功能發展,未來公司將進一步加大研發投入,充分發揮電池管理系統的數據匯聚能力,實現電池系統實時數據的採集、分析、狀態診斷和評估,動態優化電池管理系統運行策略及算法模型,達到最佳安全和經濟性的運維模式。 風險提示:匯兑波動的風險,上游元器件價格波動及供給的不確定性。
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