一年两谋跨界收购，华菱线缆押注机器人是“第二曲线”还是估值故事？ | 并购一线

Core Viewpoint - Hualing Cable plans to acquire control of Anhui SanZhu Intelligent Technology Co., Ltd. for a total consideration not exceeding 270 million yuan, positioning it as a "second growth curve" amid stagnant performance [2][10] Group 1: Acquisition Details - The acquisition of SanZhu Intelligent is the second purchase by Hualing Cable this year, reflecting an urgent transformation strategy to overcome performance stagnation [2][11] - SanZhu Intelligent, established in 2017, is recognized as a national high-tech enterprise, specializing in connectors for servo drive systems and robotics, with notable clients including Panasonic and Midea [4][10] - The financial performance of SanZhu Intelligent is strong, with total assets of 185 million yuan, net assets of 94 million yuan, revenue of 209 million yuan, and net profit of 25 million yuan as of the end of 2024 [8] Group 2: Financial Commitments and Strategic Goals - Post-acquisition, SanZhu Intelligent's shareholders have committed to a net profit of approximately 71 million to 75 million yuan from 2026 to 2028, with specific annual targets to be negotiated [10] - The acquisition aims to enhance Hualing Cable's integrated solution capabilities and extend its industrial chain, aligning with its strategic goal of becoming a leading enterprise in high-end cable integration and intelligent composite transmission [10] Group 3: Company Background and Market Position - Hualing Cable, a leading manufacturer of special cables in China, has seen a decline in net profit growth since its IPO, with figures of 135 million yuan, 110 million yuan, 87 million yuan, and 109 million yuan over the past four years [13] - The company operates primarily in the To G sector, serving major clients in military aerospace, energy, and power systems, and has been significantly impacted by policy changes [11][13] - In 2024, Hualing Cable announced a 1.215 billion yuan private placement to invest in new energy and power cable production, addressing liquidity issues and a high debt ratio exceeding 61% [15]