國聯股份(603613):擬發佈GDR融資約30億元人民幣 奠定未來成長所需資金需求
事件:公司發佈董事會議決議公吿,擬在瑞士證券交易所發行GDR(全球存託憑證)進行融資。GDR 以新增發的A 股做為基礎證券,本次增發A 股股票數不超過4000 萬股(相當於發行前總股本8.03%)。按8 月5 日收盤價(約95 元/股)估計,本次融資金額將超過人民幣30 億元。 本議案將於8 月23 日提交臨時股東大會審議。 GDR 增發非融資有利於奠定公司未來成長所需的資金需求:公司工業品電商平台拼購模式涉及部分應收應付款項,營業週期約為3~4 天。過去數年間,公司經營規模飛速增長,公司收入從2019 年的72 億元增長至2021 年的372 億元;公司也不斷投入嘗試雲工廠等新模式。在此過程中,公司營運資金的需求也有所提升,本次融資落地後有望保證未來成長所需的資金基礎。 本次發行有望引入國際長期投資者,或意味着公司業務模式得到越來越廣泛的認可:本次發行的GDR 將在瑞士證券交易所上市,有望引入國際長線投資者。本次發行的GDR 自上市之日120 日內不得轉換為境內A 股股票,公司控股股東、實控人認購的GDR 自上市之日起3 年內不得轉讓,其它轉換限制未來將由股東大會授權董事會或董事會授權人士確定。 工業品電商仍處於滲透率不斷提升的階段,行業未來成長空間大:據公司2021 年年報測算,2021 年國聯股份6 大行業平台在對應行業中的總體滲透率僅1.02%,除塗多多(2.09%)、玻多多(1.09%)以外,其餘多多平台在對應行業中的滲透率均不足1%。未來隨着產業互聯網不斷成長演進,公司滲透率有望進一步提升。本次GDR 發行後,公司也有望對接更多海外的資源,利好公司推進跨境業務和全球供應鏈戰略。 盈利預測與投資評級:我們看好工業品電商滲透率的不斷提升,以及公司的長期增長潛力。我們預計公司歸母淨利潤預測為9.9/ 15.9/ 25.2 億元(維持不變),同比增速為72%/ 60%/ 58%,8 月5 日收盤價對應P/E為48/ 30/ 19 倍,維持“買入”評級。 風險提示:工業品價格波動,新平台發展不及預期,用户流失,客户違約風險,行業競爭加劇等
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