（文章来源：第一财经） 华升股份公告，公司拟通过发行股份及支付现金方式购买深圳易信科技股份有限公司97.40%股份，并 向控股股东兴湘集团发行股份募集配套资金。交易价格66234.17万元。本次交易不会导致公司实际控制 人发生变更。标的公司则深耕AIDC领域，专注于绿色算力基础设施的全生命周期服务，主营业务涵盖 服务器托管服务、智算中心热管理系统设计、智算中心热管理设备研发设计、带宽资源服务、IP地址服 务、算力服务等。 ...

Core Insights - The "Hefei All-Scenario Immersion Oil-Based Liquid Cooling Technology Innovation Consortium" led by Tongyuan Environment has been approved, marking a significant step in high-end cooling technology and injecting new momentum into green computing infrastructure construction [2] Group 1: Industry Context - The rapid development of the digital economy and the advancement of "dual carbon" goals have created unprecedented cooling pressures for new infrastructure such as data centers, 5G base stations, and new energy storage [2] - High power consumption and high heat flux density have become core bottlenecks restricting computing power enhancement and energy efficiency optimization [2] Group 2: Company Initiatives - Tongyuan Environment, focusing on environmental protection and energy conservation, has responded actively to national calls for technological innovation [2] - The consortium includes key players such as PetroChina Karamay Petrochemical Co., Shenzhen Green Cloud Technology Co., China Unicom (Anhui) Industrial Internet Co., H3C Technologies Co., and Hefei University of Technology, forming a cross-domain innovation alliance [2] - The consortium integrates a complete industrial chain resource from cooling working fluids, liquid cooling systems, application scenarios to research support, aiming to provide more efficient, safer, and greener cooling solutions for computing power infrastructure [2]

Core Viewpoint - The acquisition of Shenzhen Yixin Technology Co., Ltd. by Huasheng Co., Ltd. represents a strategic move from traditional textile industry to the green computing infrastructure sector, aiming to seek a "second growth curve" despite facing significant financial and integration challenges [1][5]. Financial Performance - Huasheng Co., Ltd. has experienced continuous losses over the past five years, with revenue figures showing fluctuations: 914 million, 924 million, 901 million, 581 million, and 778 million from 2020 to 2024 [2]. - The company reported a net profit attributable to shareholders of -49.33 million in 2024, a decline of 333% year-on-year, despite a revenue increase of 34% [2]. - The gross profit margin has significantly decreased from 10% in 2023 to 4.61% in 2024, indicating challenges in profitability [2]. Cash Flow and Debt Situation - The cash flow situation is concerning, with negative operating cash flow in four out of the last five years, and a net cash flow of -64.09 million in 2024 [3]. - The debt-to-asset ratio has remained high, ranging from 49.59% to 57.37% from 2021 to 2024, indicating substantial debt pressure [3]. Acquisition Details - The target company, Yixin Technology, reported revenues of 409 million and a net profit of 27.36 million in 2024, with respective year-on-year growth rates of 20.05% and 79.45% [4]. - The acquisition is seen as a potential opportunity for Huasheng to transform, but it also poses significant integration risks [5]. Integration Risks - Business integration risk arises from the vast differences in business models, technology development, and market customers between the textile and computing industries [5]. - Management integration risk is present due to differing management styles and corporate cultures, which could lead to internal conflicts post-acquisition [5][6]. - Technical integration risk is significant as Huasheng lacks the necessary technical talent and R&D capabilities to effectively absorb and innovate within the computing sector [6].

Market Overview - A-shares experienced a significant rise with over 4600 stocks increasing in value, as the Shanghai Composite Index surpassed 3400 points, gaining 1% [1] - The Shenzhen Component Index rose by 1.45%, and the ChiNext Index increased by 1.94%, with a total trading volume exceeding 925 billion yuan, an increase of over 240 billion yuan compared to the previous day [1] Company Specifics: Huasheng Co., Ltd. - Huasheng Co., Ltd. resumed trading and opened at the limit-up price, but quickly fell by 14.8% within three minutes, eventually closing down by 4.33% [3] - The company announced plans to acquire 100% of Yixin Technology through a combination of stock issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries [5] - Huasheng's stock price has increased by 55.49% year-to-date, with a trading volume of 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [6] - The company's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan in the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to rising interest expenses and operational costs [6] Industry Developments: Intelligent Driving - Guangzhou's government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, targeting that by 2027, over 90% of new vehicles will be L2 or higher level [7] - The plan includes incentives for the production of autonomous vehicles, with rewards of up to 50 million yuan for qualifying models [7] - The intelligent driving sector saw a collective rise, with related indices increasing by over 2%, and significant capital inflow into the sector [7] - Tesla launched its Robotaxi service in Texas, charging only $4.2 per ride, indicating a growing focus on the scalability of autonomous driving technology [11] - A report predicts that the intelligent vehicle sector will experience rapid earnings growth, with the potential for a "Davis Double" effect by 2025 [11] Valuation Insights - Among the 120 stocks in the intelligent driving and vehicle networking sector, the median rolling P/E ratio is 47.46, with several stocks, including Huayu Automotive and Yutong Bus, having P/E ratios below 20 [12] - Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential undervaluation [12] Institutional Holdings - Several stocks in the intelligent driving sector have attracted significant interest from social security funds, with 17 stocks receiving heavy investments totaling 7.971 billion yuan [14] - Yutong Bus has been a consistent favorite, with its stock being heavily held for seven consecutive quarters, reflecting strong institutional confidence [14]