不差钱？这家A股拟纯现金收购，标的资产刚刚扭亏

Core Viewpoint - The company, Dike Co., plans to acquire 60% of Zhejiang Suote for 696 million yuan, which is an associated transaction. This acquisition will allow Dike Co. to control the Solamet® photovoltaic silver paste business previously owned by DuPont Group [2][4]. Financial Performance of Zhejiang Suote - Zhejiang Suote reported a loss of over 12.56 million yuan in 2023, with operating profit and net profit at -6.82 million and -12.56 million yuan respectively [3][4]. - In 2024, Zhejiang Suote is projected to turn a profit with operating profit and net profit of 48.37 million and 50.91 million yuan respectively [4][5]. - The overall valuation for 100% of Zhejiang Suote is 1.16 billion yuan, representing an approximately 80% premium over its net assets [4]. Transaction Details - The acquisition will be funded through the company's own funds and financing methods such as acquisition loans [4]. - The transaction does not constitute a major asset restructuring as it does not meet the 50% threshold for total assets, net assets, and operating income as per regulatory requirements [5][7]. Financial Metrics - As of December 31, 2024, Zhejiang Suote's total assets are projected to be 243.60 million yuan, with total liabilities at 179.10 million yuan, resulting in net assets of 64.50 million yuan [5][6]. - The company's asset-liability ratio increased significantly from 33% to 73.5% due to a substantial rise in liabilities [7]. Company Financial Health - Dike Co. has 2.595 billion yuan in cash, which appears sufficient to cover the 696 million yuan cash requirement for the acquisition [9]. - However, the company has a high overall asset-liability ratio of 82%, indicating potential liquidity concerns [9]. Goodwill Implications - The acquisition will result in approximately 309 million yuan of goodwill, which is about 86% of the company's projected net profit for 2024 [11]. - Future annual goodwill impairment tests will be necessary, and any underperformance of the acquired assets could negatively impact Dike Co.'s financial results [11]. Market Position - As of May 23, Dike Co.'s market capitalization stands at 5.819 billion yuan [13].