Significant improvements in the company's internal governance structure, changes in upstream and downstream integrated business models, and the expected gradual warming of hydrogen energy asset injection are helping Dale New Materials (300700. SZ) reversed from a difficult situation to a period of rapid growth in performance.
According to the data, Dale New Material is the first company in China to master the core technology of diamond wire and put into large-scale production and a leading diamond wire manufacturer in China. The company is committed to becoming the world's first-class integrated service provider of hard and brittle material processing consumables, providing professional tools and complete solutions for the cutting of hard and brittle materials such as crystalline silicon, sapphire, window system, optical lens, precision ceramics and magnetic materials.
The company's products have been widely used in photovoltaic solar energy, LED, semiconductor, precision optical instruments, national defense and military and other industries, production and sales and market share are in the forefront of the domestic industry, and have been exported to Russia, South Korea, Japan and other countries and regions, covering more than 100 well-known photovoltaic, sapphire processing enterprises around the world, of which typical customers include: GCL-Poly, LONGi Shares, Jinglong Group, Bern Optics, Lens Technology, HC Semitek, Taiwan AUO, Russia Monocrystal, Kyocera, Japan, etc.
The actual controller changes the corporate governance structure of the major change
Combing through the series of announcements recently issued by the company, it can be found that the company's equity governance structure is undergoing earth-shaking changes.
20 trading days ago, the company's original actual controller announced the termination of the consistent actor relationship; 22 trading days ago, the company launched the first equity incentive plan since listing and the proportion was as high as 10%; 6 trading days ago, the company disclosed that it intends to lock in the price to the actual controller, and the holding ratio of the actual controller can be increased from 23.14% to 40.82%.
As a GEM company, the governance structure of Dale New Materials has always been a factor restricting its leapfrog growth. In particular, the shareholding ratio of major shareholders is too low, and the incentives of senior executives and core employees are insufficient, which is not conducive to the company's further use of the capital market to become bigger and stronger. Judging from the series of announcements recently disclosed, Dale New Materials is expected to fundamentally change this situation.
On December 20, 2021, the Company disclosed the 2021 Restricted Stock Incentive Plan, and the number of restricted shares to be granted under this incentive plan is 10.7 million shares, representing approximately 10% of the total share capital of the Company at the time of the announcement of the draft incentive plan. Among them, 8.7 million shares were granted to 29 core backbones for the first time, and 2 million shares were reserved, accounting for 18.69% of the total equity to be granted, for the subsequent introduction and internal promotion of outstanding talents.
On December 22, 2021, Duan Zhiming, the actual controller of the company and 23.14% of the shares, and Yang Huihui, who held 13.08% of the shares, signed the Termination Agreement of the Concerted Action Agreement to terminate the relationship between the two parties. The actual controller of the company will be jointly controlled by Duan Zhiming and Yang Huihui to be controlled by Duan Zhiming alone.
On January 12, 2022, the company disclosed the "Preliminary Plan for Issuing Shares to Specific Targets", which intends to issue no more than 32 million shares to Hunan Chengxiyi Technology Co., Ltd., which is controlled by the actual controller Duan Zhiming, at an issue price of 11.43 yuan per share, regardless of the impact of the additional issuance of equity incentive shares, after the completion of the lock-priced increase, Duan Zhiming can hold a total of 40.82% of the company's shares, which will greatly increase the holding ratio of the actual controller.
Analysts said that after the above measures landed, not only has the corporate governance structure been greatly improved, but the company can also raise enough funds to provide a strong impetus for the company's future leapfrog development. In particular, the actual controller determines that Duan Zhiming is controlled by one person and greatly increases the shareholding ratio, which will help the company improve the efficiency of decision-making, seize opportunities in the rapidly changing market competition, and help the company to implement larger capital operations in the future.
Deeply cultivate the upstream and downstream core customers in the field of photovoltaic new energy
In recent years, leading photovoltaic manufacturing enterprises and emerging industry capital have invested resources to lay out silicon wafer production capacity to meet the growing market demand for photovoltaic products in the future. The steady development of the downstream industry provides a good development opportunity for the diamond cutting line industry.
It has been on the market for five years. Dale New Material has always been the leading market share in the field of sapphire cutting. With the vigorous development of the photovoltaic industry, the revenue scale of the company's related products has exceeded the sapphire market. The company's production capacity in 2022 will be further expanded, relying on the diamond wire industry, deep ploughing in the field of photovoltaic new energy, and deeply bundling downstream customers has become an established strategic proposition.
The company said that under the current good situation of the photovoltaic industry, the company will base itself on the diamond wire industry from the aspects of technology, quality and scale to become bigger and stronger, give full play to the existing production capacity of the diamond wire, achieve lower costs, and greatly improve product profitability. The allocation of relevant resources of the company has been put in place, and the production capacity will be gradually released in 2022.
According to the disclosure, Zhuzhou Dale New Materials Co., Ltd. is a wholly-owned subsidiary of the company, is a large-scale production enterprise specializing in the production of silicon chip lines, established in January 2018, with a registered capital of 100 million yuan and an investment of 441 million yuan, located in the E3-E10 area of Zhuzhou Tianyi Science and Technology City, the industrial park covers an area of 12648 square meters, and the annual production capacity is expected to be 6 billion meters.
According to the company, the main competitors of Dale New Materials are Meichang Shares, Gao test shares, Stellar Technology, Andsal New Materials. The downstream customers of the photovoltaic industry mainly include GCL, LONGi, Jingyuntong and other well-known domestic enterprises, of which the largest customer GCL system sales account for about 30%, Yuze, Taiwan AUO and other companies orders are also increasing rapidly.
The company said that the current industry's recognition of the company's products is still relatively high. Around the leading enterprises in the photovoltaic industry, the strategic cooperation of deep business bundling has become the direction of efforts, and it is not excluded that deeper cooperation will be carried out in the future. With the implementation of the established strategy as scheduled, the company's production capacity will directly enter the state of full production and continuous improvement.
Hydrogen energy asset injection expectations are gradually rising
According to the data, on May 13, 2019, duan Zhiming, the actual controller of the company, established Hunan Chengxiyi Technology Co., Ltd., on December 29, 2020, Hunan Chengxiyi Technology Co., Ltd. established Hunan Gengchi New Energy Technology Co., Ltd.; on May 21, 2021, Hunan Chengxiyi Technology Co., Ltd. and Reshaping Co., Ltd. jointly established Shanghai Yishang New Energy Technology Co., Ltd. At the same time, Hunan Gengchi New Energy Technology Co., Ltd. annual output of graphite composite bipolar plate 100,000 sets of production base project was also launched in Changsha.
Composite bipolar plates are one of the important components of hydrogen fuel cells, and the main business of Reshaping Shares is hydrogen fuel cell systems. According to industry analysts, through the in-depth cooperation with the reshaping of shares, the actual controller of the company has quietly cut into the hydrogen fuel cell industry chain, and the hydrogen energy bipolar plate is expected to be supplied in batches in 2022.
Outside the diamond wire industry, the new energy industry has become the second curve that the company focuses on. According to the company's investor relations activity record sheet disclosed on January 18, the company focuses on expanding new industries around new energy and new materials, and has been researching and laying out energy storage materials, including in vitro projects of actual controllers, which are also in the initial industrialization stage.
The reason for focusing on the new energy industry is because the company's actual controller Duan Zhiming and core executives are mainly from the new energy industry. From 2008 to 2010, Duan Zhiming served as the general manager of Changsha Liyuan New Materials Co., Ltd., a new energy listed company.
The company said that since the listing, the company has also been doing research and reserve related projects, but there are many limited conditions, after the completion of the major shareholder increase, it will be more conducive to industrial investment, mergers and acquisitions. At present, it mainly focuses on M&A opportunities in related industries such as new energy, new materials and semiconductors.
Market participants believe that in view of the great improvement of the company's equity governance structure, the hydrogen energy assets under the actual controller are injected into listed companies or become the best choice under common interests.
This article originated from Easy Publishing
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