TMT(SH:600458) Yong Xing Zheng Quan·2025-07-04 07:37Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The recent private placement has improved the company's asset situation and the implementation of the fundraising projects is expected to enhance competitiveness [1][4]. - The total amount raised from the private placement is approximately RMB 1.3 billion, with a net amount of approximately RMB 1.29 billion after deducting issuance costs [2]. - The fundraising will lead to an increase in total assets and net assets, while reducing the debt-to-asset ratio, thereby enhancing the company's financial strength and debt repayment capability [2][3]. Summary by Relevant Sections Fundraising Details - The private placement was conducted at a price of RMB 12.18 per share, which is 127.01% of the base price of RMB 9.59 per share [1]. - A total of 106,732,348 shares were issued, with the funds allocated to projects aligned with the company's main business and national industrial policies [2][3]. Financial Impact - The fundraising is expected to optimize the capital structure, improve profitability, and enhance the company's ability to sustain operations and manage risks [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at RMB 661 million, RMB 860 million, and RMB 1.059 billion respectively, with corresponding P/E ratios of 16.73, 12.85, and 10.44 [4][12]. Business Structure - The fundraising projects are closely related to the company's existing main business and are expected to strengthen its competitive advantages without causing significant changes to the business structure [3].