Yida Technology plans to control the scale of PV business and invest 400 million in the field of automotive micro-motors

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Original title: Yida Technology plans to control the scale of photovoltaic business to invest 400 million in the field of automotive micro-motors

Every reporter, Sun Jiaxia, edited by Chen Junjie

Recently, Yuda Technology (002516, SZ) announced that in order to comply with the company's strategic transformation and development, the company's wholly-owned subsidiary, Yida New Energy Investment Co., Ltd. (hereinafter referred to as Yida New Energy) and the relevant parties signed the "Investment Framework Agreement." The company plans to invest no more than 400 million yuan, and acquire the equity of the company to intervene in the research, development, production and sales of automotive micro-motors.

It is worth noting that the previous main business of the company was the sales of automotive fabric accessories and the investment operation of photovoltaic power plants, and has never been involved in the automotive core parts business. After the completion of the acquisition, Yida Technology may face many challenges in management and integration.

Plans to invest 400 million to transform

Yuda Technology said that all shareholders of Changda New Energy and Changzhou Fulin Zhongdian Electrical and Trade Co., Ltd. (hereinafter referred to as Fulin Industry and Trade), Changzhou Fubang Electric Co., Ltd. (hereinafter referred to as Fubon Electric), Fulin Industry and Trade Fubon Electric, Changzhou Fuwo Electric Co., Ltd. (hereinafter referred to as Fuwo Electric) signed the Investment Framework Agreement.

According to the announcement, Fulin Industry and Trade intends to restructure and acquire 100% equity of each of Fubon Electric and Fuwo Electric. After the completion of the reorganization, Yida New Energy will invest in Fulin Industry and Trade through the transfer of 100% equity of Fulin Industry and Trade and increase capital, and hold 100% equity of Fubon Electric and Fuwo Electric through Fulin Industry and Trade.

The investment of Yida New Energy will be implemented by cash acquisition. The specific investment amount will be determined by the parties with reference to the evaluation report issued by the evaluation agency, and the initial estimate is no more than RMB 400 million.

According to the company, the invested company has been engaged in research, development, production and sales of automotive motors for more than 12 years. More than 95% of the company's products are sold to major automotive component assembly plants in Europe. In 2015, the top 9 sales customers of the investee were Mahle and other international first-line auto parts assembly plants, which indirectly provided products to internationally renowned automakers including TOYOTA and BMW. In addition, the investee is also actively exploring new customers in overseas markets such as North America.

However, since there is no direct correlation between the above acquisition business and the company's existing business, there may be management risks in the investment.

In this regard, Lu Fengming, the secretary of the Board of Directors of the company, said in an interview with the "Daily Economic News" that the company's strategic transformation has been thinking and preparing for a long time. "As early as June 28th, we can see that the company has renamed its wholly-owned subsidiary 'Jiangsu Yuda Power Investment Co., Ltd.' to 'Qinda New Energy' and increased its registered capital from 1 billion yuan to 1.5 billion yuan. This reflects the company's rethinking and positioning of the overall layout of non-traditional automotive fabric accessories."

Lu Fengming said, "At the board meeting on October 20th, the company deliberated and set up a new energy vehicle research and development company by investing 500 million yuan. It is clearly mentioned in the purpose of setting up, is to comply with the new development trend of green energy conservation in the automotive industry. Actively participate in the research and development of new energy vehicle core components and new energy logistics vehicle vehicle related technologies, so as to seize business opportunities in the new energy vehicle revolution. Therefore, before the announcement of this investment plan, the company has already had an overall strategic layout. More mature thinking. At the same time, combined with the development prospects of the automobile and parts industry and the company's own advantages, the specific implementation strategy is fully demonstrated and compared."

Will control the scale of photovoltaic business

Lu Fengming also told the reporter of "Daily Economic News" that the strategic planning of Yida Technology has clearly identified auto parts as one of the new strategic goals. In the long run, the company's development path in the automotive field is from automotive fabrics to automotive trims to automotive core components.

Previously, the business area of ​​Yida Technology was focused on the sales of automotive fabric accessories and the investment operation of photovoltaic power plants.

Lu Fengming said that the company will further enlarge and strengthen the existing automotive interior business, on the one hand, by strengthening research and development capabilities, and consolidating the company's current leading position in the automotive OEM market; on the other hand, expanding the automotive interior market, At the same time, expand the aftermarket of automotive trim.

As for the investment operation of photovoltaic power plants, Lu Fengming said that with the increase in installed capacity of the company's power stations in the past few years, it has already contributed a certain amount to the income and profits. As a clean energy source, PV is still the direction of policy encouragement. However, considering the problems of power cuts and subsidies lag in real life, the company's future strategy is to control scale and optimize adjustment.

According to the record of institutional investors' access to the Shenzhen Stock Exchange's interactive and easy-to-disclose disclosure, on December 2, Shen Jieliang, chairman and president of the company, introduced the company's strategic adjustment. The company started investing in photovoltaic power station operations in 2013, but the current development Some difficulties were encountered, mainly due to the power cuts in some areas and the slow payment of funds from the state. Therefore, after the completion of the private placement in 2016, the company is also thinking about how to achieve better transformation and upgrading.

Under such circumstances, Shen Jieliang said that on the one hand, the company's automotive fabrics are the basis of the listing and will continue to grow stronger. One of them is to improve the quality of profit through industrial chain cooperation. Second, from the OEM market to the after-sales market, from cars to other means of transportation, to consolidate the leading position of the company in the field of transportation-specific fabrics at home and abroad; on the other hand, the company's future new energy business will focus on electricity to auto parts, especially It is the development direction of new energy vehicles, and gradually realizes the continuous upgrading and transformation of the company from automobile fabrics to automotive parts and auto parts.

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