原标题：为何斥资16亿元收购第二大光伏龙头企业，为何对森特股票持乐观态度？
概括
[Spent16billiontobuyasecond-dominantphotovoltaicleaderwhyisoptimisticaboutSenteshares?】LongiandSenteannouncedonMarch5thatLongiintendstoacquireapproximately131millionSentesharesincashbymeansofagreementtransferaccountingfor2725%ofitstotalsharecapitalThetransactionpriceisRMB125pershareandthetotalconsiderationisforthetransaction1635billionyuanAfterthecompletionofthistransactionLongiwillbecomethesecondlargestshareholderofSente(ShanghaiSecuritiesNews)
March 5,Center sharesThere is no other reason for the one-word daily limit. The photovoltaic leader with a total market value of 370 billion yuanLongi sharesTo enter it at a high premium-to be the second largestshareholder。
The stock price of both sides of the premium acquisition has risen
Longi sharesandCenter sharesMarch 5announcement，Longi sharesIntended toAssignment by agreementWay of cash acquisitionCenter sharesAbout 131 million shares, accounting for 27.25% of its total share capital, tradingpriceIt is 12.5 yuan per share, and the total transaction price is 1.635 billion yuan. After the completion of this transaction, Longi will become the second largest shareholder of Sente.
The reporter checked that on March 4, the closing price of Sente shares was 9.56 yuan. Simple calculation, Longji shares this time the premium for the acquisition of Sente shares is nearly 31%.
On March 5, Sente shares opened directly with a single-word daily limit. Although Longji shares opened lower, they eventually closed up 1.37%.This also reflects that investors’the companyThe deal is optimistic.
According to data, Longi shares focus on providing globalclientProvide high-efficiency single crystalSolar energyPower generation solutions, mainly engaged in the research and development, production and sales of monocrystalline silicon rods, silicon wafers, cells and modules, the development of photovoltaic power plants and the provision of system solutions.
The main business of Sente shares is the research and development, production, sales of green, environmental protection, energy-saving new building materials, and provide related engineering design, production, installation and after-sales integrated services, mainly to undertake metal enclosure system engineering (roofing system, wall system ) And sound barrier system engineering; the company mainlyproductIncluding metal composite curtain wall panels, metal roof single-layer panels (aluminum-magnesium-manganese alloy panels, plated baking varnish panels) and sound-absorbing barrier panels. At present, two major business sectors have been formed: metal enclosure system and noise control system.
The company as a leader in the metal enclosure industryenterprise, The core technology is outstanding, the market leader is stable, with advanced metal roofing manufacturing technology and on-site production technology, successively established in Shanghai, Wuhan, Chongqing, Guangzhou and other placesBranch office, The business distribution is becoming more and more reasonable, participating in the construction of a number of national key projects such as Xiong’an Station and Daxing Airport.
Tianfeng SecuritiesResearch reportIt is pointed out that the architectural metal enclosure system is mainly used in industrial buildings and public buildings. The types include industrial plants and logistics.Warehousing, Airport terminal, railway station and largetraffichub,meetingAs well as exhibition centers, stadiums, etc., this type of building is characterized by large span and low number of floors. In the early days, masonry enclosure walls were mostly used. At present, the main structure of this type of building structure is usually steel structure, mainly with assembly enclosures. Among them, metal enclosure is the main application.In the mid-to-high-end market, downstream owners are mainly stronglarge enterpriseOr state-owned enterpriseBusiness unit, For engineeringquality、personalityThere are relatively high requirements in terms of chemical requirements, delivery deadlines, engineering services and contractor strength.
Big prospects for BIPV
What is the logic and story behind a photovoltaic giant with a market value of more than 370 billion yuan buying an equity in a building enclosure company with a market value of more than 5 billion yuan?
“The goal of both parties is distributedPVBIPV (Integrated Building Photovoltaics). “For this transaction, a senior person in the photovoltaic industry told reporters that Longi is the largest photovoltaic company in China, while Sente has hundreds of millions of square meters of roof/surface resources. Longi expects to join hands with Sente to quickly promote BIPV business. Expand the distributed photovoltaic market.
What is BIPV?
There are two business models for distributed photovoltaic power plants. One is to install photovoltaic modules on existing buildings, namely BAPV.Another modeborrowAfter learning the concept of prefabricated building, the processed standardized components are assembled on the roof, namely BIPV (Integrated Building Photovoltaic), the most widely known typical isTeslaroof。
The reporter checked that as early as June 2015, Longji and the Changdu Development and Reform Commission of the Tibet Autonomous Region signed a photovoltaic power generation project investment cooperation agreement. The agricultural greenhouses and structures of the project and the roof of the building are planned to use tracking photovoltaic systems and BIPV (Building Photovoltaic Integration) , The planned total investment is about 500 million yuan.
On August 7, 2020, LONGi released the first prefabricated BIPV product “Longding”, which is mainly for industrialbusinessRooftop users,PositioningFor prefabricated BIPV products. On January 8 this year, the Wuxi Liancheng Kex BIPV photovoltaic power generation project was officially delivered and put into operation. This is the first new plant BIPV photovoltaic power generation project of Longi New Energy and the first prefabricated BIPV application case in Jiangsu Province.
Why are Longji shares and Sente shares optimistic about the BIPV market?
“At present, my country has about 4 billion square meters of completed construction area each year, of which 5% can reach nearly 20GW of installed capacity using BIPV products, which is approximately equivalent to a Three Gorges Project.” Chen Pengfei, general manager of the energy business department, said that BIPV products will usher in a period of market outbreak, driven by policies that support green buildings and near-zero energy buildings in various countries around the world.
In this regard, a person in the photovoltaic industry told reporters that, now that the world is promoting energy optimization, especially China is accelerating the implementation of carbon peaking and carbon neutrality, energy-saving buildings will become “rigid demand”, and distributed photovoltaics will usher in broad development opportunities.
The new research report of Guojun Electric pointed out that the BIPV market has a broad space. BIPV is expected to become a universal new building material, with huge market potential, and the industry is about to start. On the one hand, the continuous progress of photovoltaic technology promotes the continuous decline of costs, and BIPV can generate electricity to recover the investment in buildings; on the other hand, the mandatory installation policy of buildings is expected to be introduced, further stimulating market growth.
(Source: Shanghai Securities News)
(Editor in charge: DF380)
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