Core Viewpoint - The company, Zhiwei Intelligent, has abruptly changed its previously announced asset purchase plan of up to 3 billion yuan for high-performance computing servers, opting for a more flexible and lower-risk approach due to market uncertainties and potential financial pressures [2][6]. Group 1: Announcement and Market Reaction - On March 29, Zhiwei Intelligent announced the cancellation of the 2025 second extraordinary general meeting and adjusted its high-performance computing server procurement plan [2][4]. - Following the announcement, the company's stock price dropped over 4% on the first trading day [3]. Group 2: Original and Adjusted Procurement Plans - The original plan involved a one-time procurement of high-performance servers with a contract amount not exceeding 3 billion yuan, funded by the company's own and self-raised funds [4]. - The adjusted plan will now involve on-demand procurement in batches, allowing the company to manage liquidity risks and alleviate current supply and funding pressures [8][9]. Group 3: Financial Implications and Company Performance - The original procurement plan represented over 50% of the company's latest audited net assets and was seen as a significant gamble that could strain liquidity [5]. - The company had also announced a guarantee of up to 6 billion yuan for a subsidiary, which is 3.11 times its net assets for 2023, raising concerns about financial stability [5]. - Despite the challenges, the company is experiencing a projected net profit increase of 220%-311% in 2024, with a profit forecast of 105 million to 135 million yuan [11]. Group 4: Business Segments and Trends - Zhiwei Intelligent has three main business segments: industry terminals, ICT infrastructure, and industrial IoT hardware, with industry terminals contributing over 60% of revenue [10]. - The company has faced declining revenue growth and gross margins in its main segments, leading to a nearly 40% drop in net profit in the year of its IPO and a further 70% decline in 2023 [10][11]. - The "other" product category has seen a significant increase in gross margin, rising from 12% in 2023 to 51.86% in the first half of 2024, largely due to the impact of the newly established subsidiary, Tengyun Zhican [12][13].
智微智能：争议中，30亿算力服务器投资计划“秒变”按需采购