安宁股份: 四川天健华衡资产评估有限公司关于深圳证券交易所《关于对四川安宁铁钛股份有限公司重大资产购买的问询函》回复之核查意见

Core Viewpoint - The company, Sichuan Anning Titanium Iron Co., Ltd., is undergoing a significant asset acquisition, with the evaluation of the target asset, Jingzhi Mineral, showing a substantial increase in value through both asset-based and income approaches, indicating strong potential for future profitability [1][3][20]. Group 1: Asset Evaluation - The asset evaluation as of March 31, 2025, indicates an increase of 484,290.09 million yuan, with an appreciation rate of 1,831.95% using the asset-based method [3][20]. - The evaluation of finished products is based on a detailed report that estimates the low-grade ore stockpile at 57,961.3 thousand tons, with iron and titanium grades of 15.22% and 5.61%, respectively [3][5]. - The income approach assumes that the acquisition will enable the company to leverage synergies, leading to enhanced operational efficiency and profitability [9][20]. Group 2: Financial Metrics - The expected sales revenue from the processed products is calculated to be 742,908.00 million yuan, based on the estimated production of iron and titanium concentrates [6][20]. - The operating costs and investments are derived from a feasibility report, with total costs including construction investment of 23,060.00 million yuan and taxes of 27,543.00 million yuan [6][20]. - The net profit is projected after deducting taxes and appropriate profit margins, leading to a final evaluation value of 131,959.00 million yuan for the finished products [7][20]. Group 3: Methodology and Assumptions - The evaluation methods employed include both the asset-based approach and the income approach, with the latter considering specific synergies from the acquisition [10][20]. - Key parameters for the income approach include a discount rate of 9.61%, which reflects the weighted average cost of capital (WACC) and is justified by recent comparable cases in the industry [15][20]. - The differences in valuation results between the two methods are attributed to the expected operational synergies and the specific management capabilities of Anning Co. post-acquisition [11][20].