63亿元出售核心资产 东方精工“断腕”转型引发估值倒挂争议|并购谈

Core Viewpoint - The company, Dongfang Precision, is undergoing a significant transformation by divesting its core business, which accounts for nearly 70% of its revenue, in search of a new future [1][7]. Group 1: Asset Sale Details - Dongfang Precision plans to sell 100% equity of Fosber Group, Fosber Asia, and Tiruña Asia to a subsidiary of Bo Feng Company for a base price of €774 million (approximately ¥6.3 billion) [1][7]. - The divested companies primarily focus on corrugated cardboard production lines, contributing 67.2% of Dongfang Precision's revenue in 2024 [1][7]. Group 2: Financial Implications - The transaction's valuation corresponds to a static price-to-earnings ratio of approximately 13.8 times, contrasting sharply with Dongfang Precision's dynamic P/E ratio of 34.56 times at the time of the announcement [2][9]. - In the first three quarters of 2025, the company's revenue increased by 2.53% to ¥3.389 billion, but the net profit excluding non-recurring items decreased by 7.28% [2][9]. - The sale of the Fosber-related assets, which were acquired for €74 million in total, is expected to result in a significant revenue drop of over 60% for the company post-transaction [2][9]. Group 3: Business Challenges - After selling its "cash cow," Dongfang Precision faces the challenge of a steep decline in performance, with remaining businesses (water propulsion equipment and corrugated box printing) expected to account for only 35% of revenue in the first half of 2025 [2][9]. - The rapid growth of the company's subsidiary, Baisheng Power, is accompanied by a declining gross margin, which fell from 26.87% in 2020 to 21.38% in the first half of 2025 [3][9]. Group 4: Historical Context - Dongfang Precision's transformation is influenced by a history of failed acquisitions, including a significant investment in the power battery company Pride, which resulted in substantial losses and a goodwill impairment of approximately ¥3.45 billion in 2018 [4][10]. - The company ultimately sold its entire stake in Pride for ¥1.5 billion in 2019 after incurring a loss of ¥3.876 billion for the year [4][10]. Group 5: Future Outlook - For a publicly traded company with a market capitalization exceeding ¥20 billion, the sale of ¥6.3 billion in assets may be just the first step in its transformation process [5][11].