【e公司调查】603007，1.8亿购入资产36万元甩卖！高溢价并购走向何方？

Core Viewpoint - *ST Huawang (603007) is selling its wholly-owned subsidiary, Zhongwei International Engineering Design Co., Ltd., for 360,000 yuan, despite having invested 182 million yuan in its acquisition, highlighting the challenges and high premiums associated with past mergers and acquisitions [1][2][3]. Group 1: Acquisition and Financial Performance - The acquisition of Zhongwei International was initially valued at 1.82 billion yuan, with a high premium based on optimistic performance projections, including a commitment for net profits of at least 15 million yuan in 2017 [3][4]. - Following the acquisition, Zhongwei International's performance deteriorated significantly, reporting losses of 280,390 yuan in 2020 and 1.25 million yuan in 2021, with projected losses of 2.78 million yuan for 2024 [4][11]. - As of August 2023, Zhongwei International's net assets were only 27,600 yuan, and it owed 367,800 yuan to *ST Huawang, which it could not repay [4][11]. Group 2: Corporate Restructuring and New Investments - After a series of financial difficulties, *ST Huawang underwent bankruptcy restructuring, with new major shareholders injecting 507.7 million yuan into the company [12][14]. - The new management has committed to achieving significant revenue targets, including 400 million yuan in 2025 and annual revenues of 500 million yuan from 2026 to 2028 [12][13]. - The company is also pursuing new investments, including a controversial acquisition of a 55.5% stake in Niwei Power, valued at 666 million yuan, which could lead to substantial goodwill on the balance sheet [14][15]. Group 3: Market Reactions and Future Outlook - The high premium paid for the Niwei Power acquisition has raised concerns about potential goodwill impairment, as the projected profits may not materialize [15][16]. - The restructuring and new acquisitions have sparked debate among stakeholders regarding the future viability and profitability of *ST Huawang, with mixed expectations about the outcomes of these strategic moves [16].