股价跌落神坛，华菱线缆：遇合适标的仍可能进行收购

Core Viewpoint - Hualing Cable (001208.SZ) announced the termination of its acquisition of Hunan Xingxin Aerospace New Materials Co., Ltd. after nearly 10 months of planning, leading to a significant drop in its stock price [2][10]. Group 1: Acquisition Details - Hualing Cable's acquisition plan for Xingxin Aerospace was seen as a substantial move in the commercial aerospace sector, given Xingxin's strong background in high-temperature resistant materials used in major Chinese space missions [3][11]. - The termination was due to unresolved differences in key terms such as valuation and payment methods, despite ongoing negotiations [4][12]. - Analysts suggest that such discrepancies are common in emerging industries like commercial aerospace and semiconductors, emphasizing the need for better communication and flexible payment structures to mitigate risks [4][12]. Group 2: Market Reaction - Following the acquisition termination, Hualing Cable's stock price fell to 24.11 yuan, a 10% drop, with a further decline to 22.86 yuan the next trading day [5][13]. - Prior to the announcement, Hualing Cable's stock had seen significant gains, including a 60% increase over a short period, reaching a historical high of 31.90 yuan [5][13]. Group 3: Financial Performance - Hualing Cable has shown stable revenue growth, with total revenue increasing from 2.543 billion yuan in 2021 to 4.158 billion yuan in 2024, and a net profit rebound in 2024 to 109 million yuan, up 26.1% year-on-year [6][14]. - However, the company's profitability has faced pressure, with gross profit margin declining from 18.44% in 2021 to 11.58% in the first three quarters of 2025 [6][14]. Group 4: Future Prospects - Despite the acquisition's failure, Hualing Cable remains committed to exploring opportunities in the commercial aerospace sector and has plans for further acquisitions to optimize its industry layout [7][8][15]. - The company has already engaged in another acquisition, planning to acquire a 70% stake in Anhui San Zhu Intelligent Technology Co., Ltd. through cash and convertible bonds [8][15].