恒润股份拟斥资12亿豪赌风电：现金4亿短期借款超8亿 营收净利连降4年

Core Viewpoint - Hengrun Co., Ltd. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components, despite facing significant financial challenges and a history of declining profits [1][2]. Financial Performance - The company has experienced a continuous decline in revenue and net profit for four consecutive years, with a loss of 138 million yuan in 2024, marking the highest loss in its history [2]. - In Q1 2025, Hengrun reported total revenue of 708 million yuan, a year-on-year increase of 108.27%, and a net profit of approximately 29.89 million yuan, indicating a return to profitability, but sustainability remains uncertain [2]. - The company's cash flow situation is concerning, with negative operating cash flow for three consecutive years from 2022 to 2024, totaling a net outflow of 378 million yuan [2]. Debt and Liquidity - As of Q1 2025, Hengrun's cash and cash equivalents amounted to only 400 million yuan, while short-term borrowings reached 846 million yuan, resulting in a cash-to-debt ratio of only 0.414 [2]. - The company's short-term borrowings increased by 9.08% compared to the previous year, and the proportion of short-term debt to total assets rose by 1.26 percentage points [2]. Shareholder Concerns - The controlling shareholder has pledged a significant portion of their shares, with 128 million shares pledged, accounting for 29.05% of the total share capital, with a pledged market value of 1.857 billion yuan [3]. - The company's stock price is significantly below the warning and liquidation thresholds, raising concerns about potential forced liquidation if the stock price continues to decline [3][4]. Project Risks - The company acknowledges the risk of not being able to raise sufficient funds in a timely manner to proceed with the project, which also faces uncertainties related to land use, environmental approvals, and construction permits [5]. - Industry analysis suggests that while the wind turbine gearbox market has potential, the large investment scale and long construction period expose the company to macroeconomic, policy, and market fluctuations [6].