强化产业链布局，中化国际欲借并购解业绩困局

Core Viewpoint - The company Sinochem International (600500.SH) is planning to acquire 100% equity of Nantong Xingchen Synthetic Materials Co., Ltd. from its affiliate, BlueStar Group, through a share issuance at a price of 3.51 yuan per share, aiming to enhance its competitiveness in the epoxy resin sector and leverage industry chain synergies [1][2]. Group 1: Acquisition Details - The acquisition will make Nantong Xingchen a wholly-owned subsidiary of Sinochem International, with the share issuance price set at 3.51 yuan per share, which is 80% of the average trading price over the last 120 trading days [2]. - This transaction is classified as a related party transaction since both Sinochem International and BlueStar Group are controlled by China National Chemical Corporation [2]. Group 2: Financial Performance - Sinochem International has reported cumulative losses exceeding 5.4 billion yuan over the past two and a half years, highlighting the urgent need for this acquisition to reverse its declining performance [1][6]. - The company’s revenue for 2023 was 54.27 billion yuan, down 37.94% year-on-year, with a net loss of 1.85 billion yuan, marking a 240.99% decline [7]. - For 2024, the company expects further losses, with projected net losses between 808 million yuan and 949 million yuan for the first half of 2025 [7]. Group 3: Nantong Xingchen's Business Overview - Nantong Xingchen specializes in the production and sales of PPE, PBT, epoxy resins, and bisphenol A, with strong performance expected in 2023, 2024, and the first half of 2025, achieving revenues of 4.649 billion yuan, 4.41 billion yuan, and 2.37 billion yuan respectively [4]. - The company holds significant competitive advantages in the epoxy resin market, leading in domestic market share and possessing proprietary technology in PPE production [4][5]. Group 4: Industry Context - The chemical industry is currently facing a downturn, with product prices under pressure, which has significantly impacted Sinochem International's main business [1][9]. - The company is also contending with overcapacity and intensified competition in the lithium battery and other sectors, leading to a continuous compression of profit margins [9].