As of last Friday (April 7) closing, the total market value of Beibo shares was 4.742 billion yuan. The company has not yet disclosed its annual report and performance forecast for 2022. Under such circumstances, it seems not pleasant to disclose the "Plan for Issuing Stocks to Specific Targets in 2023".
Beibo intends to raise 1.193 billion yuan, accounting for more than 25% of the company's current total market value, of which nearly 70% is used for the main business capacity. However, the company's annual earnings are not large, dividends are not active, and the current dynamic P/E ratio is more than 123 times.
According to the plan of additional issuance, the shares to be issued by Beijing Glass Co., Ltd. will not exceed 30% of the total share capital of the company before the issuance, that is, not more than 10000 shares of the 28115, and the total amount of funds raised will not exceed 1.193 billion yuan. Among them, 816 million yuan was used for two production base projects, accounting for 68.37% of the total fund-raising scale. There are four
specific fund-raising projects, the largest of which is the construction project of intelligent tempering equipment and energy-saving fan production base, with a total investment of 62646 0.22 million yuan, a 41659 of 0.71 million yuan to be invested with the raised funds, and a construction period of 24 months. The project will have an annual production capacity of 200 sets of glass tempering equipment and 10000 sets of ternary flow fan equipment. The after-tax internal rate of return on investment of the
project is 14.49%, and the after-tax payback period including the construction period is 7.34 years .
The second largest project is the construction of high-end curtain wall glass production base, with a total investment of 44105 0.33 million yuan, and plans to use the raised funds to invest 39924 0.63 million yuan, with a construction period of 24 months. The after-tax internal rate of return on investment of the project is 15.14%, and the after-tax payback period including the construction period is 7.12 years.
In addition, the total investment of the R & D center construction project is 19068 73000 yuan, and the 17745 is planned to use the raised funds to invest 83000 yuan, with a construction period of 36 months. Another 200 million yuan will be raised to supplement liquidity.
Under the background of double carbon, photovoltaic and glass curtain wall are facing better development opportunities .
Data show that in 2022, the new installed capacity of photovoltaic in the world will reach 230 GW, a record high, and the installed capacity of photovoltaic in 2030 is expected to be about 436 GW-516 GW. According to the Roadmap for the Development of China's Photovoltaic Industry (2022-2023) issued by China Photovoltaic Industry Association, the newly installed photovoltaic capacity in China will reach 87.41 GW in 2022, an increase of 59.3% over the same period last year. It has ranked first in the world for ten consecutive years.
According to relevant reports such as the Global Building and Construction Status Report 2021 issued by the United Nations Environment Programme, building and construction accounted for 36% of global energy consumption in 2020, and the total energy consumption in the whole process of building in China accounted for 45.5% of the total energy consumption in China. In building energy consumption, the energy consumption caused by glass doors and windows accounts for about 50% of the total building energy consumption. High-end curtain wall glass has superior lighting performance, thermal insulation performance and beautiful facade. Therefore, energy-saving glass, the development of high-end glass and glass intensive processing industry are supported by policies.
If the issuance is successful, the holding ratio of the actual controller will be reduced to 35.70%, and the control of Beibo shares will not change.
At present, Gao Xueming directly holds 65000 shares of Beibo 43494, accounting for 46.41% of the company's total equity, and is the controlling shareholder and actual controller of the company. According to the calculation that the number of shares issued in this issue does not exceed the upper limit of 28115 1000 shares, after the completion of this issue, Gao Xueming's holding ratio is 35.70%.
Beibo shares announcement information is not much, the company has not yet disclosed the 2022 annual report or performance forecast, as of the end of the third quarter of last year, the company's net profit of 28.8551 million yuan. It can be said that the company's profit scale is not large, and the dividend is not active.
Data show that in 2019, 2020 and 2021, Beibo shares realized net profits of 26.6284 million yuan, 13.6321 million yuan and 54.9042 million yuan respectively for ordinary shareholders of listed companies. Among them, in 2020, the company implemented a cash dividend of 0.35 yuan (including tax) per 10 shares, with a total dividend of 32.801 million yuan. In other years, the company did not pay any form of dividend. We will wait and see whether the additional issuance of
Beijing Glass Co., Ltd. will be successful in 2023.
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