Sunway(SH:603333) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-25 08:19Core Viewpoint - The company plans to increase its stake in Sichuan Zhongfu Taihua New Material Technology Co., Ltd. to 51% through a capital increase, which is expected to significantly enhance its profitability and operational stability through a dual-driven strategy of "cables + chemicals" [2][7]. Group 1: Investment and Growth Potential - The capital increase will raise Sichuan Zhongfu Taihua's registered capital from 500 million to 1.02 billion yuan, with the company holding 51% of the shares [3]. - Sichuan Zhongfu Taihua is set to enter a capacity release phase in 2026, with new production capacities including 200,000 tons/year of hydrogen peroxide, 60,000 tons of electronic-grade anhydrous hydrogen fluoride, and 70,000 tons of electronic-grade hydrofluoric acid [2][4]. - The company has committed to achieving a net profit of no less than 180 million yuan from 2026 to 2028, which is expected to significantly improve the profitability of the parent company [4][6]. Group 2: Risk Mitigation Measures - The investment includes performance compensation and loss buyback clauses, ensuring that if profit targets are not met, the controlling shareholder will compensate the difference in cash [5][6]. - If Sichuan Zhongfu Taihua incurs losses from 2026 to 2028, the controlling shareholder will buy back the shares at the investment price plus interest, providing a safeguard for the company's investment [6]. Group 3: Business Strategy and Financial Health - The company aims to expand into electronic chemicals and related basic chemicals, while maintaining its core business in special cables, thus establishing a dual-driven growth model [7]. - As of October 31, 2025, the company has a debt-to-asset ratio of 29.02% and sufficient liquidity with cash reserves of 490 million yuan and a bank credit line of 310 million yuan [7][8]. - The capital increase will not dilute earnings per share as it does not involve issuing new shares, and the existing cable business will continue to operate normally [8]. Group 4: Market Expansion and Structural Optimization - Following the change in controlling shareholder, the company has initiated internal management upgrades and external channel expansions, including establishing marketing offices in key domestic and international locations [9]. - The strategy to grow both the cable and chemical businesses will optimize the company's business structure and reduce reliance on a single business, enhancing its resilience and sustainable development [9].