新兴铸管12.44亿收购加码钢铁主业 手握资金71.74亿负债率持续优化

Core Viewpoint - The company, Xinxing Ductile Iron Pipes (000778.SZ), plans to enhance its core business through a significant acquisition of 100% equity in Jiangyin Huaren Steel Co., Ltd. for a transaction price of 1.244 billion yuan [1][2]. Group 1: Acquisition Details - The acquisition aims to focus on the company's main responsibilities and accelerate the transformation and upgrading of special steel [1]. - Jiangyin Huaren Steel has an annual steel production capacity of 940,000 tons, high-quality seamless steel pipe capacity of 400,000 tons, and mold steel plate capacity of 50,000 tons [2]. - The acquisition is expected to create synergies in research and development, production, procurement, and sales, enhancing the overall efficiency of the company [2]. Group 2: Financial Health - As of the end of Q3 2025, the company reported cash and cash equivalents of 7.174 billion yuan, with short-term borrowings and current liabilities of 2.325 billion yuan and 1.987 billion yuan, respectively, indicating the ability to finance the acquisition [1][3]. - The company's debt-to-asset ratio has improved from 58.12% at the end of 2018 to 46.33% by Q3 2025 [3]. Group 3: Performance Overview - In 2025, the company achieved a revenue of 27.18 billion yuan in the first three quarters, a slight increase of 0.38% year-on-year, with a net profit of 699 million yuan, up 44.67% [4][5]. - The company has faced challenges in recent years, with revenues declining from 53.3 billion yuan in 2021 to 36.194 billion yuan in 2024, but is now showing signs of recovery [4][5].