标的资产高增长“变脸”？溢价跨界收购后股价惨遭跌停

Core Viewpoint - Lionhead Co., Ltd. has announced a significant change in its acquisition plan for Lipu Technology, reducing the acquisition stake from 100% to 97.4399% due to unpaid transfer payments by the founder [2][7]. The financial performance of Lipu Technology has deteriorated, with a projected net profit for 2024 revised down from 43.27 million to 35.01 million, indicating a nearly 20% reduction [2][12]. Financial Performance - Lipu Technology's asset-liability ratios as of the end of 2023, 2024, and May 2024 were 83.8%, 74.92%, and 71.21% respectively [3]. The company reported a revenue of 123 million in the first five months of this year, with inventory reaching 220 million [3]. The projected net profit for 2024 is 35.01 million, but the performance in the first five months has only yielded 295.5 thousand, less than 10% of the promised performance [3][12]. Acquisition Details - The acquisition involves issuing shares and cash to purchase 97.4399% of Lipu Technology from 14 parties, with a total valuation of 679.81 million [7][14]. The acquisition price reflects a price-to-earnings ratio of approximately 19.42 times based on the revised net profit for 2024 [2][14]. The issuance of new shares will account for 22.33% of the total post-issue share capital, priced at 6.69 per share, which is about 47% of the closing price on August 6 [8][17]. Strategic Intent - Lionhead Co., Ltd. aims to transform its business strategy by entering the machine vision sector through this acquisition, seeking to create a second growth curve and enhance its profitability [10]. However, the financial health of Lipu Technology raises concerns, with high levels of debt and inventory, and declining gross margins [11][12]. Valuation Concerns - The acquisition price represents a premium of nearly 300%, with a price-to-earnings ratio close to 20 times the projected net profit for 2024 [14]. The differentiated pricing strategy for various stakeholders in the acquisition indicates a complex valuation approach [14].