纬德信息上市后业绩走势弱于同业濒临*ST 斥巨资控股负净资产标的是否合理？

Core Viewpoint - WeiDe Information is planning to invest in Beijing Shuangzhou Technology Co., Ltd. to acquire a controlling stake, despite its recent poor financial performance and the high valuation of the target company [1][10]. Financial Performance - WeiDe Information reported a profit of just over 10 million yuan last year, while the investment in Shuangzhou Technology is valued at 1.5 billion yuan [1]. - The net profit of Shuangzhou Technology for 2024 is projected to be only 3.63 million yuan, with a negative net asset of -32.61 million yuan, leading to a PE ratio of approximately 41 and a PS ratio of about 9.19, which are significantly higher than industry peers [1][10]. - Since its IPO in 2022, WeiDe Information has seen its gross margin decline from over 60% to below 40%, with revenue shrinking by nearly 30% [1][2]. Market Position and Competition - WeiDe Information's gross margin has decreased significantly, dropping from over 60% to a range of 35%-40% after its IPO, while competitors have maintained stable margins [3][5]. - The company has been losing its competitive edge in the information security sector, particularly in the electric power distribution network, where it once held a strong position [3][5]. - The revenue of WeiDe Information for 2024 is expected to be below 100 million yuan, which may trigger delisting warnings under the Shanghai Stock Exchange rules [7][10]. Investment Rationale - The investment in Shuangzhou Technology is seen as a strategy to seek new growth opportunities and enhance market competitiveness by integrating resources in the information security field [10]. - However, the financial fundamentals of Shuangzhou Technology raise questions about the justification of its 1.5 billion yuan valuation, given its low revenue growth and negative net assets [10][11]. Stock Performance - Following the announcement of the investment intention, WeiDe Information's stock price nearly doubled, reaching 30.03 yuan per share, resulting in a PE ratio of 217 and a PS ratio exceeding 25, which are significantly higher than its industry peers [11][12].