Megmeet(SZ:002851) Zheng Quan Zhi Xing·2025-03-28 14:30Core Viewpoint - Shenzhen Magmeter Electric Co., Ltd. is issuing A-shares to specific investors, which may dilute immediate returns, but the company has committed to measures to compensate for this dilution and protect the interests of minority investors [1][5][13]. Financial Impact Analysis - The issuance price is set at 47.50 yuan per share, with the total amount raised not exceeding 2,663.01 million yuan [2][5]. - The company's net profit for 2024 is projected to be 411.147 million yuan, with a net profit of 362.7906 million yuan after excluding non-recurring gains and losses [2][3]. - Under three hypothetical scenarios, the basic and diluted earnings per share (EPS) are projected to decrease post-issuance, with the most significant decline occurring if the net profit remains flat compared to 2024 [3][4]. Necessity and Reasonableness of the Issuance - The funds raised will be used for projects including the expansion of the global R&D center and the construction of various production bases, which align with the company's strategic direction and market trends [5][7]. - The company has a strong market position in the power supply sector, ranking seventh globally in sales volume according to Micro-Tech Consultants [11]. Project Relationship and Resource Reserve - The fundraising projects are closely related to the company's core business in power electronics and control technologies, enhancing its market competitiveness [7][9]. - The company has a well-established management team and a significant number of R&D engineers, with over 2,500 personnel dedicated to innovation and development [8][9]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance operational efficiency, increase investment in core businesses, and ensure effective use of raised funds to mitigate the risk of diluted immediate returns [12][13]. - The company has committed to maintaining a consistent dividend distribution policy to ensure timely shareholder returns [12][13]. Commitments from Key Stakeholders - The controlling shareholder and senior management have made commitments to uphold the measures designed to compensate for the dilution of immediate returns, ensuring accountability and transparency [13][14].