雪峰科技收购盛世普天估值遭质询 高增长预测是否合理

Group 1 - Xinjiang Xuefeng Technology (Group) Co., Ltd. announced its response to the inquiry letter from the China Securities Investor Service Center regarding the acquisition of 51% equity in Qingdao Shengshi Putian Technology Co., Ltd. from Guangdong Hongda Holding Group Co., Ltd. [1] - The acquisition raised market concerns due to the stable valuation of the target company despite its declining performance [1][3]. - The acquisition and resale transactions were conducted within a year, using the same income approach for valuation but with different assessment dates [2]. Group 2 - Shengshi Putian's net profit has been on a continuous decline, with a reported net profit of 26.39 million yuan in 2023 and only 2.94 million yuan for the entire year of 2024, indicating losses in the second half of 2024 [3]. - Despite the declining profits, the valuation for both transactions remained close, at approximately 301.16 million yuan and 301.53 million yuan [3]. - Xuefeng Technology attributed the short-term losses to temporary factors, emphasizing a recovery in production operations starting from April 2025, with projected revenue of 100 million yuan from April to December 2025 [4]. Group 3 - The company plans to fully release a production capacity of 10,000 tons of emulsified explosives in 2025, which is expected to drive future growth [4]. - The valuation approach focuses on long-term profitability and core resource value, with significant assets such as a production capacity license of 45,000 tons and 19 patents [4]. - The unit capacity valuation of the target company is lower than the industry average, indicating no significant deviation from comparable industry transactions [4]. Group 4 - Xuefeng Technology's performance in the first half of 2025 is expected to face challenges, with a projected revenue of 2.679 billion yuan, a year-on-year decrease of 4.96%, and a net profit of 233 million yuan, down 40.64% [5]. - The market will need to assess whether the acquisition can leverage Shengshi Putian's production capacity to become a new growth engine for the company [5]. - Following the announcement, the company's stock price closed at 9.2 yuan, a slight increase of 0.55% [5].