TQM(SZ:002510) Di Yi Cai Jing·2025-05-22 07:20Core Viewpoint - Tianqi Mould (002510.SZ) has experienced a significant surge in stock price, attributed to its restructuring concept and acquisition plans, despite facing skepticism from investors regarding its capital operations and financial stability [2][4][8]. Group 1: Stock Performance and Market Reaction - Since May 16, Tianqi Mould has achieved four consecutive trading limits, driven by inflows from retail and quantitative funds [2][5]. - As of May 22, the stock price reached 8.8 yuan, surpassing last year's high and reflecting a cumulative increase of over 100% from a low of 4.32 yuan on April 9 [6][8]. - The stock's trading activity has shown high volatility, with a turnover rate of 46.24% on May 22, indicating intense market speculation [5]. Group 2: Acquisition Plans and Financial Concerns - The company announced plans to acquire 50% of Dongshi Automotive Technology Group, aiming to transition from a mould supplier to a comprehensive service provider [8]. - However, the acquisition faces challenges, including a high dependency on a single customer group and significant cash requirements, with the company needing at least 1 billion yuan for the acquisition [8]. - Tianqi Mould's financial health is concerning, with a debt-to-asset ratio of 68.81% and cash flow pressures that could impact its operational capabilities [8]. Group 3: Historical Capital Operations - Since 2020, Tianqi Mould's major shareholder has attempted multiple equity transfers, all of which have failed to materialize, leading to investor distrust [7]. - The company has faced repeated criticism from investors regarding its inability to execute on promised capital operations, contributing to a loss of confidence in its future acquisition plans [7]. Group 4: Business Performance Metrics - In Q1 2025, Tianqi Mould reported a revenue of 444 million yuan, a year-on-year decline of 1.16%, and a net profit of 20.71 million yuan, down 14.4% [9]. - The company's gross profit margin has also decreased from 15.14% in 2024 to 13.02% in 2025, indicating declining profitability in its traditional mould business [9].