物产中大控股子公司拟收购南太湖电力100%股权

Core Viewpoint - The company, Wuchan Zhongda, is acquiring 100% equity of Huzhou South Taihu Power Technology Co., Ltd. from Meixin Daxin Energy Co., Ltd. for a total consideration of 1.457 billion yuan, aiming to enhance its market share in the cogeneration sector and solidify its leading position in the energy industry [1][2]. Group 1: Acquisition Details - The acquisition price for the 100% equity of South Taihu Power is set at 1.457 billion yuan [1]. - South Taihu Power is a mature enterprise in the cogeneration sector in Zhejiang Province, primarily engaged in coal-fired cogeneration coupled with biomass and solid waste disposal [1][2]. - The company has a total boiler capacity of 480t/h and an installed capacity of 48MW for its power generation units [1]. Group 2: Financial Performance - South Taihu Power is projected to achieve a revenue of 562 million yuan and a net profit of 131 million yuan in 2024, with a net profit of 48.63 million yuan on a revenue of 214 million yuan for the first five months of 2025 [1][2]. Group 3: Valuation and Market Potential - The equity value of South Taihu Power was assessed using two methods: the asset-based approach valued it at 518 million yuan, while the income approach estimated it at 1.532 billion yuan, showing a significant difference of 1.014 billion yuan, or 66.17% [2]. - The company believes that the cogeneration industry has substantial growth potential, supported by favorable national policies aimed at promoting centralized heating projects [2][3]. - South Taihu Power's established market presence and recognition contribute to its competitive advantage, indicating that its book value does not fully reflect its true worth [2]. Group 4: Strategic Implications - The acquisition is expected to drive the development and transformation of the company's energy sector, optimize its industrial structure, and enhance its competitive advantages [3]. - Post-acquisition, South Taihu Power will become a wholly-owned subsidiary of Wuchan Zhongda, included in the consolidated financial statements, without adversely affecting the existing business operations or financial status of Wuchan Zhongda [3].