JXPCB(SH:688655) Sou Hu Cai Jing·2025-04-10 13:14Core Viewpoint - The announcement of a major asset restructuring by Xunjiexing (688655.SH) comes at a time when the company is facing its first loss since its listing, raising market concerns about the timing and effectiveness of the acquisition strategy [2][8]. Company Summary - Xunjiexing plans to acquire 100% equity of Shenzhen Jiazhihong Electronics Co., Ltd. through a combination of cash and share issuance, along with raising matching funds [2][3]. - The company has experienced a continuous decline in net profit since 2021, culminating in a loss in 2024, which raises questions about the potential success of the acquisition in improving financial performance [2][8]. - The acquisition target, Jiazhihong, reported revenues of 307 million yuan in 2023 and 491 million yuan in 2024, with net profits of 9.10 million yuan and 19.87 million yuan respectively, indicating strong growth and the potential to surpass Xunjiexing's revenue in 2024 [4]. Industry Context - The PCB industry is highly competitive, with over 40 listed companies in the A-share market, and Xunjiexing's gross margin has been declining from 26.50% in 2021 to 18.33% in 2024 [6][9]. - Despite the ongoing losses, Xunjiexing is expanding its production capacity, with three production bases aimed at providing comprehensive PCB services, although this has not prevented the decline in gross margins [8][9]. - The company's asset-liability ratio has increased from 23.80% in 2021 to 40.40% in 2024, indicating rising financial risk amid aggressive expansion efforts [9].