博众精工斥资4.2亿溢价400%对外收购加码转型 资金缺口扩大定增募投项目全部延期

Core Viewpoint - The company, Bozhong Precision, announced a plan to acquire 70% of Shanghai Wodian Industrial Automation Co., Ltd. for 420 million yuan, marking a significant investment in the automotive smart equipment sector despite facing financial difficulties and operational challenges [1][2]. Financial Overview - The acquisition price represents a 400% premium, resulting in an estimated goodwill of approximately 360 million yuan for Bozhong Precision [1][3]. - As of the end of Q1 2025, Bozhong Precision had around 1.4 billion yuan in cash, which is insufficient to cover 1.7 billion yuan in short-term borrowings and current portion of long-term debt [5]. Operational Challenges - Bozhong Precision has experienced stagnant performance for two consecutive years, with a net profit of 398 million yuan in 2024, reflecting a year-on-year growth of only 2.04% [9]. - In Q1 2025, the company reported a revenue of 73.7 million yuan, a decline of 0.80% year-on-year, and a net loss of 31 million yuan, indicating an expansion of losses [10]. Accounts Receivable Issues - The company's accounts receivable reached 3.49 billion yuan in 2024, a 38% increase year-on-year, with an accounts receivable turnover period of 216 days, up 29% [11]. - In Q1 2025, accounts receivable stood at 3.199 billion yuan, a 27% increase year-on-year, with a turnover period of 403 days, reflecting a 34% increase [11]. Fundraising Difficulties - Bozhong Precision's IPO in May 2021 aimed to raise 1.165 billion yuan but only secured 462 million yuan, falling short of 40% of the target [13]. - A subsequent fundraising plan in January 2022 aimed for 1.7 billion yuan but ultimately raised only 1 billion yuan, which is 60% below the planned amount, with all three investment projects delayed until December 2026 [13]. Strategic Shift - The acquisition of Shanghai Wodian is intended to leverage its expertise in automotive smart equipment, aiming to diversify Bozhong Precision's business structure into a multi-faceted industrial automation solutions provider [4]. - The target company has established partnerships with major automotive brands such as BMW, Mercedes-Benz, Xiaomi, and Geely, indicating potential for future growth [3]. Profitability Expectations - The transaction includes a commitment from the target company to achieve a cumulative net profit of no less than 185 million yuan from 2025 to 2027, suggesting an expected annual profit of approximately 62 million yuan [7]. - In 2024, the target company reported a net profit of 38.57 million yuan, indicating expectations for significant growth in future performance [7].