Shanghai RAAS(002252) Xin Jing Bao·2025-03-27 13:06Core Viewpoint - Shanghai Laishi plans to acquire 100% equity of Nanyue Biological for 4.2 billion yuan, which is expected to enhance its revenue and profit scale, but will also increase goodwill [1][5]. Group 1: Acquisition Details - The acquisition involves purchasing 87.9766% of Nanyue Biological for 3.695 billion yuan and 12.0234% for 505 million yuan [2]. - The estimated value of Nanyue Biological is between 4.11 billion yuan and 4.519 billion yuan, resulting in an appreciation rate of approximately 400% [2][3]. - If Nanyue Biological's plasma collection reaches 305 tons by 2025, an additional payment of 50 million yuan will be made to the controlling shareholder [2]. Group 2: Industry Context - The blood product industry in China has a high entry barrier, with fewer than 30 operational blood product companies, leading to a supply shortage of plasma [3]. - The number and quality of plasma collection stations are critical for the profitability and cost structure of blood product companies [3]. Group 3: Financial Impact - Nanyue Biological is the only blood product company in Hunan Province, with projected revenues of 657 million yuan for 2023 and 447 million yuan for the first nine months of 2024 [4]. - Post-acquisition, Shanghai Laishi's revenue, gross profit, and net profit attributable to shareholders are expected to increase by 447 million yuan, 81 million yuan, and 72 million yuan, respectively, representing growth rates of approximately 7%, 4%, and 4% [5]. Group 4: Goodwill Concerns - The acquisition will result in significant goodwill, adding to the existing high goodwill from previous acquisitions, which totaled 14.187 billion yuan as of Q3 2023 [7][8]. - The company has a history of frequent acquisitions, spending 7.4 billion yuan on multiple blood product companies, which has contributed to its rapid revenue growth from under 500 million yuan in 2013 to nearly 8 billion yuan in 2023 [7].