Cheersson(SZ:002976) Xin Lang Zheng Quan·2025-04-30 08:58Core Viewpoint - Rima Precision plans to acquire the remaining 49% stake in Guangzhou Xinzhen Auto Parts Co., Ltd. for approximately 197.49 million yuan, aiming to strengthen its position in the seat comfort system sector and promote rapid development in this industry [1][5]. Financial Summary - In 2022, Rima Precision previously acquired a 51% stake in Xinzhen for 178.5 million yuan, and the current acquisition will bring the total investment to nearly 2 billion yuan [2]. - The company currently has only 150 million yuan in cash and equivalents, insufficient to cover its short-term borrowings of 220 million yuan, indicating a worsening financial situation [3][5]. - Rima Precision's debt ratio has significantly increased, reaching 62% by the end of Q1 2025, which is substantially higher than comparable companies [9]. Performance and Risks - Since its listing in 2020, Rima Precision has consistently faced cash flow issues, with operating cash flow falling short of capital expenditures [9]. - The company reported a revenue of 1.774 billion yuan in 2024, a year-on-year increase of 12.51%, but experienced a net loss of 25 million yuan, marking its first loss since going public [12]. - The previous acquisition in 2022 had a premium of 284%, and the target company failed to meet its performance commitments over the past three years, raising questions about the necessity and rationale of the current acquisition [4][7][8].