Huafon Spandex(SZ:002064) Guo Ji Jin Rong Bao·2025-04-24 06:35Group 1 - Huafeng Chemical Co., Ltd. announced a major asset restructuring plan to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplast for a total consideration of 6 billion yuan [1] - The acquisition aims to enhance Huafeng Chemical's vertical integration advantage in the polyurethane industry chain [1] - The company's net profit has been declining since 2021, with projected figures of 2.844 billion yuan, 2.478 billion yuan, and 2.220 billion yuan for 2022 to 2024, reflecting year-on-year declines of 64.17%, 12.85%, and 10.43% respectively [4][7] Group 2 - The gross profit margin has also decreased from a peak of 38.70% in 2021 to 17.93%, 15.35%, and 13.83% for 2022 to 2024 [7] - The domestic spandex market is experiencing a downturn, with the average price of spandex 40D expected to drop by 17.11% in 2024 [9] - Huafeng Chemical plans to expand its production capacity, aiming to exceed 475,000 tons by 2025, becoming the largest spandex producer globally [9] Group 3 - The acquisition involves significant premium valuations, with Huafeng Synthetic Resin's equity valued at 4.045 billion yuan (an increase of 506.96%) and Huafeng Thermoplast at 1.963 billion yuan (an increase of 478.49%) [11] - Both target companies have high debt levels, with Huafeng Synthetic Resin's total liabilities reaching 2.08 billion yuan and an asset-liability ratio increasing to 75.75% in 2024 [11] - Large dividend distributions were made by both companies in 2024, totaling 2 billion yuan, raising concerns about financial management [13][14]