邦基科技拟大手笔收购7家公司，能否提振业绩?

Core Viewpoint - Shandong Bangji Technology Co., Ltd. plans to acquire 100% equity of six companies, including Shandong Beixi Agricultural and Animal Husbandry Co., Ltd., and 80% equity of Shanghai Paistong Animal Husbandry Technology Consulting Co., Ltd., transitioning from a single feed producer to an integrated "feed + breeding" enterprise [1][2] Group 1: Acquisition Details - The acquisition involves seven companies, with the preliminary pricing for the share issuance set at 13.33 yuan per share, based on the average price over the previous 60 days [2] - The target companies primarily engage in pig breeding and sales, adopting a "combined breeding" model influenced by Riverstone's U.S. breeding experience [2] - Two of the target companies have reported losses since 2023, with Xinpig Agricultural facing significant financial challenges, including projected losses exceeding 20 million yuan in both 2023 and 2024 [2] Group 2: Financial Performance - Bangji Technology's net profit attributable to the parent company has declined for three consecutive years, with figures of 110 million yuan, 82.41 million yuan, and 50.53 million yuan from 2022 to 2024 [1] - The decline in profit is attributed to low capacity utilization rates and increased fixed costs due to the rollout of investment projects [1] Group 3: Market Context and Challenges - The acquisition marks a critical step for Bangji Technology in extending its industrial chain and enhancing synergy [3] - The company faces challenges in entering the pig breeding sector, which is characterized by strong cycles, and its ability to achieve performance growth through business expansion remains to be seen [3] - Previous attempts to acquire Riverstone's Chinese pig breeding assets have failed, raising questions about the current acquisition's success [3]