Sunway(SH:603333) 2 1 Shi Ji Jing Ji Bao Dao·2025-05-28 13:19Core Viewpoint - Shangwei Co., Ltd. (603333.SH) has experienced significant stock price fluctuations, with a 61.03% increase since May 22, contrasting with a 1.41% decline in the Shanghai Composite Index during the same period, raising concerns about potential market manipulation [1][3]. Company Changes - On May 23, 2023, it was announced that Fuhua Chemical acquired 25.35% of Shangwei's shares through judicial auction, changing the controlling shareholder from Li Guangsheng to Fuhua Chemical, with Zhang Hua as the new actual controller [3]. - Li Guangsheng was previously sentenced to three years and ten months in prison for manipulating the securities market [3]. Business Strategy - Fuhua Chemical has committed to enhancing Shangwei's sustainable development and profitability over the next 12 months by increasing its electronic chemical products and related businesses [3]. - The report also indicates that Fuhua Chemical may consider asset sales, mergers, or partnerships involving Shangwei in the future [3]. Financial Performance - Shangwei's financial performance has been under pressure due to cyclical contractions in the cable industry and fluctuations in copper prices, with projected revenue for 2024 at 1.735 billion yuan, a year-on-year decline of 21.39%, and a net profit of 16.34 million yuan, down 20.06% [4]. - Fuhua Chemical's revenue for 2022 to 2024 is reported as 9.529 billion yuan, 6.929 billion yuan, and 7.672 billion yuan, with net profits of 2.770 billion yuan, 600 million yuan, and 603 million yuan respectively [4]. - As of December 31, 2024, Fuhua Chemical's total assets are projected to be 13.441 billion yuan, with a net asset value of 3.725 billion yuan and a parent company debt-to-asset ratio of 69.32% [4].