Qianjing Landscape(SH:603778) 21世纪经济报道·2025-12-04 13:09Core Viewpoint - The article discusses the recent surge in the stock price of Guosheng Technology, a loss-making photovoltaic company, highlighting the potential reasons behind this phenomenon, including a planned acquisition and the overall market sentiment in the photovoltaic sector [1][2]. Company Overview - Guosheng Technology (603778.SH) has seen its stock price increase significantly, with a cumulative rise of over 300% from a low of 3.23 yuan to a high of 13.64 yuan within a few months [2][4]. - The company has a history of poor financial performance, with losses exceeding 400 million yuan from 2020 to 2022, leading to a change in control [4]. Financial Performance - In the first three quarters of this year, Guosheng Technology reported a loss of 1.51 billion yuan, which is significantly below its profit commitment of 50 million yuan for 2023 [5]. - The company failed to meet its performance commitments for 2023 and 2024, achieving only 11.2 million yuan in net profit for 2023, which is less than 40% of the target [5]. Market Conditions - The photovoltaic industry is currently experiencing a downturn, with falling prices for photovoltaic components impacting profit margins [4]. - Guosheng Technology's focus on heterojunction technology has faced challenges in gaining market share due to high prices compared to other technologies [4]. Strategic Moves - To address its financial struggles, Guosheng Technology is pursuing acquisitions, including a planned purchase of 100% of Fuyue Technology for 240.6 million yuan, aiming to enter the high-precision lithium battery component market [7][8]. - The company also plans to invest 230 million yuan in a secondary subsidiary to develop a solid-state battery manufacturing project [7]. Acquisition Analysis - Fuyue Technology reported revenues of 74.83 million yuan and a net profit of 10.09 million yuan from January to August this year, but its net assets are only 18.99 million yuan, raising concerns about the high acquisition price [8]. - The acquisition has attracted scrutiny from the stock exchange regarding its fairness and valuation, indicating potential regulatory challenges ahead [8].