猪价跌跌不休时豪赌养猪，邦基科技是救命还是送命？

Core Viewpoint - The company, Bangji Technology, is making a significant move to acquire seven pig farming enterprises despite a backdrop of declining pork prices, indicating a strategy of expansion against market trends [1][2]. Group 1: Acquisition Strategy - Bangji Technology plans to acquire 100% stakes in several pig farming companies, including Beixi Agriculture and others, through a combination of cash and stock issuance [2]. - The acquisition aims to extend the company's operations from pig feed production to the downstream pig farming sector, creating a vertically integrated supply chain [2][3]. - The final transaction price for the acquisitions will be determined based on an assessment value, reflecting the company's strategic shift [2]. Group 2: Market Conditions - Pork prices have been on a downward trend, with a 0.7% decrease in May and monthly declines of 1.9%, 4.4%, and 1.6% from February to April [2][3]. - The average price of live pigs peaked at 15.76 yuan per kilogram in January but has since dropped significantly, impacting profitability in the sector [3]. - Major competitors like Muyuan and Wens Foodstuffs have also reported declining sales, indicating a challenging market environment for all players [3]. Group 3: Financial Performance - Bangji Technology has experienced a continuous decline in net profit for three consecutive years since its IPO, with a projected revenue of 2.542 billion yuan for 2024, but a net profit of only 50 million yuan, down 40.24% year-on-year [6][8]. - The company attributes the profit decline to low capacity utilization rates and changes in customer structure, leading to increased accounts receivable [8]. - The company has frequently altered its fundraising projects, indicating potential instability in its financial strategy [9][11].