Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding a significant cash asset purchase, providing detailed explanations on various aspects such as operational management, cabinet charging, and financial indicators [1] Group 1: Impact of Personnel Changes and Financial Forecasts - The target company will implement a new management model starting July 1, 2025, transitioning 11 personnel from operational management services, which is not expected to significantly impact profitability or operational capacity [2] - The assessment of labor costs and management expense ratios has been deemed reasonable, taking into account historical wages, future personnel numbers, and expected salary increases [2] Group 2: Cabinet Charging Standards and Justification - The standard core cabinet charging rate for 2029 is set at 300 RMB/A/month (excluding tax), which is considered reasonable based on factors such as downstream demand, price stability, and supply constraints in the Beijing IDC market [3] - The assessment highlights that the supply of data centers in Beijing is limited due to land, electricity, and policy restrictions, which supports the pricing strategy [3] Group 3: Assumptions of Continuous Use in Asset Evaluation - The assumption of continuous use in asset evaluation is justified based on the contract with Client A, which extends until December 31, 2030, considering demand, pricing, supply, and equipment risks [4] Group 4: Considerations in Revenue Method Evaluation - The revenue method evaluation incorporates short-term operational optimizations for energy savings and anticipates long-term capital expenditures based on current conditions [5] - The evaluation assumes a high probability of achieving a 95% cabinet occupancy rate, supported by strong customer adherence and favorable location advantages [5] Group 5: Financial Metrics Comparison with Industry Peers - The target company's gross margin fluctuates from Q1 2023 to Q1 2025, showing reasonable differences compared to industry peers due to factors like scale effects and pricing methods [6] - The sales expense ratio is higher than industry average at 3.00%, attributed to professional sales service fees, while management expenses are elevated due to a fund operation model [6] - The transaction's asset valuation has a price-to-book ratio of 2.98, which is lower than the average and median values of comparable companies, indicating a cautious valuation approach [6]
宇顺电子跨界收购标的公司相关情况披露:运营管理、机柜收费及财务指标分析