广东宏大（002683）：拟收购大连长之琳，补强公司防务装备板块

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][13] Core Views - The company plans to acquire a 60% stake in Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan to strengthen its defense equipment segment and enhance future financial and operational capabilities [2][10] - The acquisition is deemed fair in valuation, with a 98.97% increase in the valuation of total equity compared to the book value of net assets, and a valuation to net profit ratio of 10.92 [2][3][10] - Dalian Changzhilin specializes in aviation components, and the acquisition is expected to create significant synergies with the company's existing defense equipment business [10][11] - The company has sufficient cash reserves, with a cash balance of 2.938 billion yuan and a debt-to-asset ratio of 50.27% as of March 31, 2025, indicating that the acquisition will not adversely affect its liquidity [2][12] Summary by Sections Acquisition Details - Guangdong Hongda's subsidiary, Hongda Defense, will acquire 60% of Dalian Changzhilin for 1.02 billion yuan, enhancing its defense equipment capabilities [2][10] - Dalian Changzhilin reported a revenue of 731 million yuan and a net profit of 156 million yuan in 2024, with a net profit margin of 21.28% [3][9] Financial Health - As of March 31, 2025, Guangdong Hongda's total assets were approximately 14.57 billion yuan, with total liabilities of about 3.51 billion yuan and net assets of approximately 11.05 billion yuan [9][12] - The acquisition will utilize about 34.72% of the company's cash reserves, ensuring that operational liquidity remains intact [12][13] Profit Sharing Mechanism - A detailed profit-sharing and compensation mechanism has been established for the acquisition, ensuring that profits are distributed based on performance metrics over the next five years [11][12] Long-term Outlook - The company is expected to achieve steady growth, with projected net profits of 1.07 billion yuan, 1.20 billion yuan, and 1.32 billion yuan for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [13][16]