通润装备8.4亿收购盎泰电源业绩承诺落空 资金与商誉风险双双承压

Core Viewpoint - Tongrun Equipment's acquisition of Antai Power has not met profit commitments, leading to significant financial repercussions and highlighting challenges in the photovoltaic industry [1][3][4]. Company Summary - Antai Power is projected to achieve a cumulative net profit of approximately 184 million yuan in 2023 and 2024, falling short of the promised 202 million yuan [1]. - Compensation obligations from related parties amount to approximately 39.1 million yuan from Zhengtai Electric, 1.39 million yuan from Shanghai Chuo Feng, and 4.46 million yuan from Shanghai Zhi Zhe [1]. - The company reported a negative operating cash flow of 70 million yuan in Q1 2025, continuing a trend of cash outflow [1]. - The asset-liability ratio surged from 17.91% to 56.87% post-acquisition, with total liabilities reaching 2.773 billion yuan [2]. Industry Summary - The photovoltaic industry is experiencing a downturn, with a 56% year-on-year reduction in financing scale and over 15 companies halting or postponing fundraising plans [3]. - The global photovoltaic installation growth rate is expected to drop to 15% in 2025, with China's inverter production capacity surplus projected to exceed 40% [3]. - The industry's blind expansion has led to overcapacity and price wars, making it difficult for companies like Tongrun Equipment to maintain profitability [3][4].