预测股价最高涨超9倍？ *ST东易重整“画饼”

Core Viewpoint - The stock of *ST Dongyi experienced a significant surge of 258% over 29 trading days, but faced a sharp decline after the court accepted its restructuring plan, indicating potential market volatility and speculative trading behavior [2][3]. Stock Price Prediction - The pre-restructuring plan projected a stock price range of 9.87 to 62.27 yuan per share, with the upper limit being over 20 times the price paid by industrial investors at 2.3 yuan per share [3][4]. - The lack of disclosed valuation models and third-party assessments raises concerns about the credibility of the stock price predictions, which may mislead investors [3][4]. Regulatory Concerns - The direct prediction of stock prices in the restructuring plan is seen as a violation of information disclosure principles, potentially misleading investors and violating regulatory guidelines [4][5]. - The China Securities Regulatory Commission emphasizes that companies should provide objective and prudent earnings forecasts based on their operational conditions post-restructuring [4][5]. Business Transformation and Risks - The surge in *ST Dongyi's stock price is attributed to market expectations surrounding its restructuring and transition to a computing power business model, with industrial investor Beijing Huazhu Technology Co., Ltd. involved [6][7]. - The restructuring plan includes commitments from Huazhu Technology to donate assets to *ST Dongyi, which raises concerns about the actual value and feasibility of these assets [7][8]. Financial Projections and Comparisons - The projected total market value of *ST Dongyi could reach 592 billion yuan if the stock hits the predicted maximum price, but this valuation lacks fundamental support based on actual business performance [8][10]. - Comparisons with competitors like Dongfang Guoxin highlight significant disparities in project scale and operational readiness, with *ST Dongyi's assets still under development [9][10]. Asset Donation and Associated Risks - The asset donation from Huazhu Technology is contingent on the completion of the restructuring plan, with potential penalties for non-compliance, but the low net asset value raises concerns about the viability of the donation [11][12]. - The financial health of Huazhu Technology, with a high debt ratio and limited operational experience in computing power, poses risks to the success of the asset integration and future profitability of *ST Dongyi [12].