WELLTECH(SZ:002058) Zheng Quan Ri Bao Zhi Sheng·2025-08-26 13:07Core Viewpoint - The acquisition of Shanghai Zijiang New Materials Technology Co., Ltd. by *ST Weitai aims to establish a dual main business layout in the automotive sector, enhancing the company's competitive edge and profitability through synergies in the aluminum-plastic film market [1][3]. Company Summary - *ST Weitai is acquiring a 51% stake in Zijiang New Materials, which specializes in the research, production, and sales of aluminum-plastic films for soft-pack lithium batteries [2][3]. - Zijiang New Materials holds 68 domestic patents, including 18 invention patents, and has achieved significant sales growth, with a 2025 Q1 revenue of 155 million yuan, reflecting a 26.31% year-on-year increase [2]. - The company has reduced its reliance on a single customer, BYD, with sales proportions dropping to 22.69% and 25.62% for 2024 and Q1 2025, respectively [2]. Industry Summary - The global aluminum-plastic film market is projected to reach 1.39 billion square meters in shipments by 2030, with a market size of 16.07 billion yuan, where China's shipments are expected to be 770 million square meters [3]. - Currently, domestic aluminum-plastic films account for less than 40% of the market, positioning Zijiang New Materials as a leading player in the domestic market [3]. Financial Summary - The valuation of Zijiang New Materials is assessed at 1.1 billion yuan, with an expected revenue growth from 679 million yuan in 2025 to 1.107 billion yuan by 2029 [4]. - The acquisition price is set at 546 million yuan, funded through self-owned capital and bank loans, with a funding gap of approximately 279 million yuan to be covered by a loan agreement with Shanghai Bank [5]. - The company's debt ratio is projected to rise from 44.85% to 79.08% post-acquisition, but the financial structure remains stable, with Zijiang New Materials maintaining an average dividend payout ratio of 65% over the past two years [5][6].