MYSE(SH:601615) Xin Lang Cai Jing·2026-02-26 01:02Core Viewpoint - Mingyang Smart Energy is actively pursuing the acquisition of Dehua Company, which specializes in space solar cell technology, despite the latter's current financial struggles and lack of profitability. The acquisition raises questions about potential conflicts of interest and the strategic direction of Mingyang Smart Energy in the emerging space photovoltaic sector [1][4][16]. Group 1: Acquisition Details - Mingyang Smart Energy is in discussions regarding the acquisition of Dehua Company, with asset audits and evaluations underway [1]. - Dehua Company, controlled by Zhang Chao, the daughter of Mingyang's chairman Zhang Chuanwei, is currently in the early stages of industrialization and has minimal sales revenue [1][4]. - Analysts express concerns that the acquisition may lead to financial strain on Mingyang, as Dehua's losses will be incorporated into Mingyang's financial statements, negatively impacting net profit and diluting earnings per share [1][10][23]. Group 2: Strategic Goals and Projects - Zhang Chuanwei announced ambitious plans for Mingyang Group, including an investment of over 3.5 billion yuan in six major projects in Zhongshan by 2026, focusing on floating wind power and hydrogen energy [2][15]. - The projects include the construction of the world's first floating wind power mother port and a demonstration project for hydrogen and ammonia integration [2][15]. - Mingyang aims to leverage advancements in space photovoltaic technology to support satellite energy supply, indicating a strategic shift towards deep-sea and deep-space energy solutions [2][15][16]. Group 3: Financial Performance and Market Position - In 2022, Mingyang Smart Energy achieved a revenue milestone of over 30 billion yuan, with a market value nearing 80 billion yuan, but has since faced revenue declines in 2023 [3][16]. - As of February 25, 2026, Mingyang Smart Energy's market value was reported at 50.115 billion yuan, while Mingyang Electric's was 18.782 billion yuan, indicating that the combined market value still falls short of the ambitious "trillion" targets set by Zhang Chuanwei [3][16]. - The company is experiencing operational pressures, including high debt levels and cash flow challenges, which could be exacerbated by the acquisition of Dehua [4][16].