NFC(SZ:000758) Xin Lang Cai Jing·2025-05-20 05:33Core Decision Content - The company plans to sell all shares of Shengda Resources (approximately 15.9261 million shares, accounting for 2.31% of total equity) within 24 months to optimize asset allocation and focus on its "resources + engineering" dual business strategy [1][2] - The management is authorized to handle transaction details, including timing, method, price, and quantity, with a dynamic adjustment mechanism in place to maximize equity value [2] - The financial goal is to optimize capital structure and reduce the debt-to-asset ratio (58% as of Q1 2025) while enhancing investment capacity in core businesses [2] Strategic Motivation - The asset adjustment reflects the company's ongoing efforts to strengthen its core competitiveness, with the "resources + engineering" business contributing over 96% of revenue in 2024 [2] - The company aims to concentrate resources on major projects such as the Indonesia Darui Lead-Zinc Mine (design capacity of 1 million tons/year) and the Kazakhstan copper smelting plant [2] - R&D investment is expected to grow by 24.31% in 2024, focusing on smart mining and resource recovery technologies, with a target gross profit margin of 65.12% for lead-zinc concentrates [2] - The company has signed new engineering contracts worth 16.488 billion yuan in 2024, a year-on-year increase of 103.71%, with project reserves in Indonesia and Kazakhstan reaching 59.6 billion yuan [2] Shengda Resources: Value and Risk Assessment - As the asset being sold, Shengda Resources has total assets of 6.547 billion yuan and a debt-to-asset ratio of 46%, which is lower than the company's 58% [3] - The net profit attributable to shareholders is only 8.28 million yuan, indicating limited profitability [3] - The long-term demand for metal resources is positive due to the "Belt and Road" infrastructure needs, but short-term price volatility (e.g., zinc prices fell over 15% in 2024) and tightening environmental policies pose risks [3] - The company's shareholding in Shengda Resources is 2.31%, and a one-time sell-off could impact the stock price, with Shengda's current P/E ratio at 22.29, higher than the company's 27.68 [3] Market Impact and Future Directions - The estimated proceeds from the sale, based on Shengda's latest stock price of 13.15 yuan, could amount to approximately 210 million yuan, which can be used to repay current liabilities (9.252 billion yuan) or invest in high-margin projects [4] - By divesting non-core assets, the company can accelerate the construction of the Indonesia Darui Lead-Zinc Mine, enhancing resource self-sufficiency [4] - Future strategies will focus on resource expansion, internationalization of engineering business, and capital operations to improve return on equity (7.37% in 2024) [5]