山东国资13.4亿入主通裕重工，突围净利困境或挑战重重

Core Viewpoint - The control of Tongyu Heavy Industry has changed hands again after more than four years, with Shandong Guohui Capital acquiring a 15.5% stake from Zhuhai Port Group for 1.341 billion yuan, leading to a shift in actual control from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets Supervision and Administration Commission [2][4]. Group 1: Control Change Details - The transaction involves a cash acquisition and a voting rights delegation, with Zhuhai Port Group transferring 604 million shares (15.5% of total shares) to Guohui Capital at a price of 2.22 yuan per share, totaling 1.341 billion yuan [4]. - After the transaction, Zhuhai Port Group will retain 188 million shares (4.83% of total shares) with voting rights exclusively delegated to Guohui Capital [4]. - The change in control comes after Zhuhai Port Group's four-year tenure, during which Tongyu Heavy Industry's performance declined significantly [4][10]. Group 2: Company Performance - Tongyu Heavy Industry has experienced a continuous decline in net profit for four consecutive years, with figures dropping from 285 million yuan in 2021 to 4.1 million yuan in 2024, reflecting year-on-year decreases of -25.36%, -13.57%, -17.01%, and -79.73% respectively [10]. - The company's gross margin has also decreased significantly, falling from a stable range of 23%-26% between 2018 and 2020 to a range of 12.73%-17.28% from 2021 to 2024 [11]. - The decline in performance is attributed to intensified competition in the wind power industry, leading to a decrease in product prices [11]. Group 3: Market Reaction - Following the announcement of the control change, Tongyu Heavy Industry's stock surged by 9.43% on its first trading day after resuming trading, closing at 2.67 yuan per share [3]. Group 4: Future Prospects - Guohui Capital, which has been eyeing Tongyu Heavy Industry for some time, aims to leverage its local roots to improve the company's performance [12]. - Despite a significant increase in net profit in the first quarter of the year, the growth was primarily due to reduced financial expenses and recovery of bad debts, with revenue remaining stagnant [13].