Dawn(002838) 证券时报网·2024-11-12 04:47Company Overview - Daen Co Ltd (002838) announced a restructuring plan to acquire 100% of Shandong Daen Titanium Industry Co Ltd (Daen Titanium) through a combination of share issuance and cash payment [1] - The company's stock resumed trading on November 12, 2024, and hit the daily limit up on the first trading day [1] - The restructuring aims to integrate industrial and asset dimensions, extending the company's industrial chain and enhancing synergies between core assets [1] Transaction Details - The company plans to issue shares to specific investors at a price of 8.37 yuan per share, with the total fundraising not exceeding 100% of the transaction value and the number of shares not exceeding 30% of the total shares after the transaction [2] - The raised funds will be used for Daen Titanium's 100,000 tons/year co-production titanium dioxide green production project, transaction cash payment, working capital, or debt repayment [2] - If the fundraising is insufficient, the company will use its own funds or other financing methods to cover the shortfall [2] Business Synergies - Daen Titanium's titanium dioxide products can directly synergize with the company's functional polymer materials, special engineering materials, and masterbatch businesses, meeting the upgrading needs of new energy vehicles, consumer electronics, and electronic appliances [2] - Daen Titanium's ferrous sulfate can be used to prepare lithium iron phosphate and lithium manganese iron phosphate for high-performance lithium battery cathodes, while the company's hydrogenated nitrile rubber (HNBR) can be used as a binder for high-performance lithium battery cathode materials [3] - The integration of Daen Titanium's new nano-titanium dioxide with the company's insulation materials, shielding materials, and carbon nanotubes (CNTs) will promote collaborative R&D, management, and sales in strategic emerging fields such as ultra-high voltage cable materials and defense applications [3] Financial Impact - Before the transaction, the company had 2023 revenues of 4.544 billion yuan, total assets of 5.096 billion yuan, net assets of 3.252 billion yuan, and net profit of 155 million yuan [4] - Daen Titanium had 2023 revenues of 1.622 billion yuan, total assets of 1.004 billion yuan, net assets of 492 million yuan, and net profit of 123 million yuan [4] - Post-transaction, the company's revenue, asset size, and profitability are expected to significantly improve, with key financial indicators such as return on assets, turnover rate, and earnings per share expected to be optimized [4] Strategic Development - The transaction aligns with Daen Group's overall strategy of focusing on "one circle, three chains," strengthening three major industries, refining related enterprises, improving joint ventures, achieving "three transformations," and moving towards two 100-billion-yuan goals [3] - The integration of the polymer new materials and titanium industries will enhance overall advantages, improve management efficiency, extend the industrial chain, and achieve mutual empowerment between the two business segments [4] - The company will continue to absorb and integrate high-quality resources around the concept of chemical new materials to accelerate the realization of its strategic vision [5]