凭单一客户支撑起33.5亿元收购 *ST宇顺豪赌数据中心赛道

Core Viewpoint - *ST Yushun plans to acquire 100% equity of three companies for a total cash payment of 3.35 billion yuan, aiming to enter the rapidly growing data center market and diversify its business amidst current losses [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Zhong'en Cloud Technology, Shenhui Biyuan, and Zhong'en Cloud Information, which focus on developing and operating large-scale, high-performance data centers [2]. - The funding for the acquisition will come from loans from the controlling shareholder, the company's own funds, or self-raised funds [1]. Group 2: Financial Performance - The target companies reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of 94.78 million yuan, 173 million yuan, and 44.91 million yuan [2]. - *ST Yushun's revenue for 2022 to 2024 was 135 million yuan, 155 million yuan, and 220 million yuan, with net losses of 25.48 million yuan, 964,400 yuan, and 17.57 million yuan, respectively [3]. Group 3: Risks and Concerns - The target companies rely heavily on a single client, referred to as Internet Client A, which poses a risk if the client terminates or does not renew the contract [4][5]. - The acquisition will significantly increase *ST Yushun's goodwill from 33.12 million yuan to 2.514 billion yuan, raising the goodwill to total asset ratio from 8.18% to 41.53%, which may lead to impairment risks if performance does not meet expectations [3]. Group 4: Market Position and Strategy - The company aims to diversify its business into data center infrastructure services, LCD-related products, and distribution equipment, which could mitigate operational risks and enhance future growth potential [2]. - Despite the high customer concentration, *ST Yushun believes that the nature of the wholesale data center industry and the difficulty of client relocation will not adversely affect the target companies' ongoing operations [5].