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★并购重组市场活跃 "两创"板块公司表现抢眼
Zhong Guo Zheng Quan Bao· 2025-07-03 01:56
Core Viewpoint - The M&A market is experiencing significant growth, driven by favorable policies and active participation from innovative companies, particularly in high-tech sectors such as biomedicine and semiconductors [1][2][3] Group 1: M&A Market Overview - Over 1,600 M&A events have occurred in the A-share market this year, with 86 classified as major restructurings, significantly higher than 40 in the same period last year [1] - Companies in the "Two Innovation" sectors, including the Sci-Tech Innovation Board and the Growth Enterprise Market, are leading the M&A activities, with 41 out of 86 major restructurings coming from these boards [2] Group 2: Policy Support - The China Securities Regulatory Commission (CSRC) has implemented policies to support M&A activities, particularly for "Two Innovation" companies, allowing for flexible payment methods and encouraging resource allocation towards new productive forces [2] - The revised "Major Asset Restructuring Management Measures" further clarifies support measures for listed companies engaging in M&A [2] Group 3: Strategic Focus of Companies - Companies are increasingly focused on acquiring high-tech targets that can enhance their technological capabilities and expand their industry chains [3] - The M&A targets this year are predominantly in emerging industries such as semiconductors, electronic components, biomedicine, and data communication [3] Group 4: Specific M&A Examples - Huada Jiutian announced plans to acquire a controlling stake in Chip and Semiconductor Technology (Shanghai), reflecting the high technological content of M&A targets this year [3] - Companies like Huibo Yuntong and Chenghe Technology are pursuing acquisitions to enhance their product offerings and competitive advantages in their respective fields [4][5] Group 5: Business Strategy and Synergy - Companies are using M&A to not only resolve operational challenges but also to enhance their asset quality and profitability [5] - Vertical integration is a key strategy, as seen with Yangguang Nuohuo's acquisition of Jiangsu Langyan Life Science, which aims to streamline production and improve operational efficiency [6] - Horizontal expansion is also emphasized, with companies focusing on complementary advantages rather than just scale, as demonstrated by Dike Co.'s acquisition of Zhejiang Suote Material Technology [6]
呈和科技终止重组股价三连阳 营收净利9连增业绩有望延续
Chang Jiang Shang Bao· 2025-07-02 03:46
Core Viewpoint - The major asset restructuring between Chenghe Technology and Wuhu Yingri Technology has been terminated due to the inability to reach consensus on key terms, leading to fluctuations in Chenghe Technology's stock price [1][2][5]. Company Overview - Chenghe Technology, established in 2002, specializes in the production of environmentally friendly, high-performance polymer materials and additives, recognized as a national-level "little giant" enterprise and a "green factory" [7]. - The company has a strong market position, being a supplier to major firms such as Sinopec, PetroChina, and Shell, and has achieved significant growth in revenue and net profit over the years [8]. Financial Performance - From 2016 to 2024, Chenghe Technology has experienced continuous double-digit growth in both revenue and net profit, with revenue increasing from 168 million to 882 million yuan and net profit rising from 27 million to 2.05 billion yuan [8]. - In the first quarter of this year, the company reported revenue and net profit of 220 million and 71 million yuan, respectively, reflecting year-on-year growth of 14.97% and 15.82% [8]. Market Position and Strategy - Chenghe Technology is positioned as a leader in the fine chemical sector, focusing on the development of high-performance nucleating agents and synthetic hydrotalcite, with products achieving international advanced levels [7][8]. - The company aims to accelerate the import substitution process, which is supported by its successful market expansion and product development [8].
呈和科技终止收购映日科技51%股权,股东分歧致重组失败
Sou Hu Cai Jing· 2025-06-27 02:17
Group 1 - The company announced the termination of its planned major asset restructuring, which involved acquiring at least 51% of Wuhu Yingri Technology Co., Ltd. through cash payment [1][2] - The termination was primarily due to the complexity of Yingri Technology's shareholder structure, leading to disagreements among shareholders regarding the company's future operational plans [2][3] - The parties involved agreed to terminate the transaction after thorough research and friendly negotiations, and a termination agreement was signed, marking the end of the restructuring process [2][3] Group 2 - Yingri Technology is a high-tech enterprise specializing in the research, production, and sales of high-performance sputtering targets, playing a significant role in the electronic device manufacturing industry [4] - The company's products are critical materials used in the manufacturing of semiconductor display panels, touch screens, and solar cells, with applications across various downstream sectors such as consumer electronics and smart home appliances [4] - The potential acquisition was expected to create synergies in customer resource sharing and brand influence, allowing the company to quickly enter the display industry [4]
688625,重大重组终止
中国基金报· 2025-06-26 14:30
【 导读 】 因股东结构复杂, 呈和科技 终止收购 映日科技 见习记者 杨晨 6月2 6 日晚间,呈和科技 ( 证券代码:688625) 发布公告,宣布筹划超过两个月的收购芜湖映日科技股份有限公司(以下简称映日科 技)不低于51%股权的重大资产重组事项终止。 股东结构复杂致重组搁浅 回溯公告, 2025 年 4月7日,呈和科技与映日科技股东张兵、天津美泰真空技术有限公司、罗永春及芜湖映鑫企业管理合伙企业(有限合 伙)签署 了 《收购意向协议》,计划以现金方式收购标的公司不低于51% 股权。 根据披露, 上述 交易完成后,呈和科技预计将实现对映日科技的控股。标的公司100%股份的整体估值 约 18亿元,交易预计构成重大资 产重组。 资料显示, 映日科技是一家专业从事高性能溅射靶材研发、生产及销售的高新技术企业 。 该公司 的蒸镀材料新业务与呈和科技主营产品 同属于高分子有机材料,在化学合成工艺上与呈和科技有高度协同性。 呈和科技 表示,由于映日科技股东结构较为复杂,且与公司对未来经营发展规划意见不一,未能就本次交易事项的核心条款达成一致意 见,特别是关于业绩承诺方的安排在沟通过程中发生了较大变化,降低了公司对本 ...
研判2025!中国成核剂行业概述、主要应用领域、市场规模及重点企业产销量分析:制造业高端化转型的关键助剂,市场需求随产业升级持续增长[图]
Chan Ye Xin Xi Wang· 2025-06-14 01:53
Industry Overview - Nucleating agents are key additives for resins like polypropylene and polyethylene, enhancing product transparency, rigidity, and thermal stability, widely used in automotive parts, medical devices, and high-end packaging [1][12] - In 2024, China's demand for nucleating agents is projected to reach 13,000 tons, marking an 18.18% year-on-year increase, driven by the upgrading of manufacturing sectors such as automotive, home appliances, and packaging [12][1] Industry Development History - The nucleating agent industry in China has evolved through four stages: initial research and reliance on imports before the 1980s, technological accumulation from the 1980s to 1990s, rapid growth in the early 2000s, and a high-end development phase from 2010 onwards [3][4] - The current phase emphasizes technological innovation, with domestic companies developing nucleating agents with independent intellectual property, achieving performance levels comparable to international standards [4][14] Industry Chain - The upstream of the nucleating agent industry includes raw materials and production equipment, while the midstream focuses on manufacturing nucleating agents, and the downstream encompasses applications in modified plastics, biomedicine, food, and energy chemicals [6] Current Industry Status - The global nucleating agent market is in a stable expansion phase, with a projected market size of $968 million in 2024, reflecting a 2.87% year-on-year growth, driven by increasing performance requirements in packaging, automotive, and consumer goods sectors [10] Key Companies' Performance - The Chinese nucleating agent market is characterized by foreign dominance and the rapid rise of domestic companies. Companies like Chenghe Technology are breaking the import monopoly through technological breakthroughs and capacity expansion [14][16] - Chenghe Technology's nucleating agent production is expected to reach 10,800 tons in 2024, a 26.53% increase, with a sales volume of 9,700 tons, up 32.03%, and a gross margin of 55.91% [16] Industry Development Trends - Future trends include technological innovation and product upgrades, focusing on environmentally friendly, efficient, and multifunctional nucleating agents [20] - The demand for nucleating agents is expected to grow due to the rise of new technologies like 5G, IoT, and AI, as well as the expansion of domestic polyethylene and polypropylene production capacity [22] - The domestic market's reliance on foreign companies is decreasing as local firms enhance their technological capabilities and market competitiveness, leading to increased domestic production rates [23]
并购重组市场活跃 “两创”板块公司表现抢眼
Zhong Guo Zheng Quan Bao· 2025-06-05 21:02
在政策利好加持下,并购重组市场持续升温。 华大九天拟对芯和半导体的收购是今年以来并购重组标的科技含量高、技术成色足的一个缩影。 Wind数据显示,今年以来,A股上市公司共有1600余起并购重组事件;其中,86起事件构成重大重组, 远超去年同期的40起。中国证券报记者6月5日梳理并购重组案例发现,无论是竞买方、还是标的方,科 创型企业在并购重组市场的表现都较为抢眼。生物医药、半导体、新一代信息技术……一批相关行业上 市公司着力通过并购技术密集型企业实现转型升级,培育新质生产力。 政策导向护航 5月,科创板上市公司海光信息发布公告称拟通过换股方式吸收合并上市公司中科曙光,以抢抓信息技 术产业发展新机遇、做大做强主业。无独有偶,创业板上市公司迈普医学也于5月公告称拟收购广州易 介医疗科技有限公司不低于51%的股权,易介医疗是一家集先进介入医疗器械研发、生产、制造和销售 为一体的科技型创新企业。 记者梳理发现,在今年以来发生的并购重组案例中,"两创"板块公司表现抢眼,呈加速增长态势。亿华 通拟购买定州旭阳氢能有限公司100%股权、腾景科技拟购买深圳市迅特通信技术股份有限公司100%股 份……今年的86起重大重组,来自 ...
呈和科技(688625):业绩符合预期,国产替代趋势加强,进军靶材打造第二成长曲线
Shenwan Hongyuan Securities· 2025-05-21 06:15
上 市 公 司 基础化工 2025 年 05 月 21 日 呈和科技 (688625) ——业绩符合预期,国产替代趋势加强,进军靶材打造第 二成长曲线 报告原因:有业绩公布需要点评 增持(维持) | 市场数据: 2025 年 05 月 20 日 | | | --- | --- | | 收盘价(元) | 46.75 | | 一年内最高/最低(元) 56.89/29.68 | | | 市净率 | 4.6 | | 息率(分红/股价) | 2.35 | | 流通 A 股市值(百万元) | 6,327 | | 上证指数/深证成指 3,380.48/10,249.17 | | | 注:"息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产(元) | 10.24 | | 资产负债率% | 58.77 | | 总股本/流通 A 股(百万) | 135/135 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 05-20 06-20 07-20 08-20 09-20 10-20 11-20 12-20 01 ...
呈和科技(688625):单季度利润创历史新高,国产替代充分受益中美贸易争端
CMS· 2025-04-30 13:34
证券研究报告 | 公司深度报告 2025 年 04 月 30 日 呈和科技(688625.SH) 单季度利润创历史新高,国产替代充分受益中美贸易争 端 事件:公司发布 2024 年年报和 2025 年一季报,公司 2024 年实现营收 8.82 亿 元,同比增长 10.31%,归母净利润 2.5 亿元,同比增长 10.68%,其中四季度 实现营收2.34亿元,同比增长8.83%,归母净利润5234万元,同比下降10.51%。 2025 年一季度公司实现营收 2.2 亿元,同比增长 14.97%,归母净利润 7146 万元,同比增长 15.82%,扣非后归母净利润 6819 万元,同比增长 12.15%。 公司单季度盈利再创历史新高。 强烈推荐(维持) 周期/化工 目标估值:NA 当前股价:47.95 元 基础数据 | 总股本(百万股) | 135 | | --- | --- | | 已上市流通股(百万股) | 135 | | 总市值(十亿元) | 6.5 | | 流通市值(十亿元) | 6.5 | | 每股净资产(MRQ) | 10.2 | | ROE(TTM) | 18.8 | | 资产负债率 | 58.8 ...
呈和科技(688625):归母净利润延续稳健增长 成核剂国产替代有望提速
Xin Lang Cai Jing· 2025-04-30 08:43
2024 年营业收入稳中有升,业绩延续较快增长。2024 年,呈和科技实现营业收入8.82 亿元,同比增长 10.31%;实现归母净利润2.50 亿元,同比增长10.68%;销售净利率为28.37%,同比提升0.09 pcts;2024 年公司主营的成核剂营业收入5.11 亿元,同比增长24.09%,毛利率55.91%,同比减少1.12pcts,其中成 核剂销量9727.54 吨,同比增长32.03%,公司以复合助剂形式销售的成核剂占比提升。2025 年一季度, 呈和科技实现归母净利润0.71 亿元,同比增长15.82%,创下公司历史最佳单季度业绩。 风险提示:市场开拓风险;业务拓展、在建项目进展不及预期的风险等。 IPO 募投项目建成投产,公司成核剂产能实现翻倍。公司对募投项目的部分产品产能进行调整优化,高 附加值的透明成核剂的生产效率将有所提升。 投资建议:公司是国内成核剂龙头企业,所处行业存在广阔的进口替代空间,随着公司在建产能的逐步 释放,我们看好公司稳健成长。我们预计2025-2027 年公司归母净利润为3.01/3.75/4.69 亿元(2025-2026 年原值为3.26/3.87 亿元,暂不考 ...
呈和科技(688625):看好成核剂国产替代加速 收购映日科技开辟第二增长曲线
Xin Lang Cai Jing· 2025-04-30 06:38
投资建议:预计2025-2027 年公司归母净利润为3.3/4.4/5.4 亿元,维持"强烈推荐"评级。 风险提示:下游需求不及预期,新项目放量不及预期,贸易关税风险。 24FY 成核剂销售高增,25Q1 业绩新高,看好国产替代加速。分产品看,公司24FY 成核剂/合成水滑 石/NDO 复合助剂/抗氧剂营收为5.1/1.2/0.6/0.7 亿元,同比+24%/-1%/+28%/-20%,毛利率为 56%/47%/25%/15%,同比-1/+3/-1/-7pct,其中成核剂销量9728 吨,同比+32%,维持高增速。公司南沙 项目整体于2024 年末建成并投产,产能得到显著提升,产销稳健增长下25Q1 公司业绩创新高。成核剂 需求侧看2024 年全国聚丙烯产量3472万吨,同比+7%;总产能为4339 万吨,同比+9%,随着PP 材料在 新能源、环保等新兴领域的广泛应用,产业有望继续保持增长态势,而国内成核剂自美国美利肯进口敞 口较大,当前公司成核剂产品指标和应用性能方面已经达到国际先进水平,部分更是达到国际领先水 平,未来关税反制有望加速公司国产替代。 收购映日科技开辟第二增长曲线,看好公司长期业务拓展。据公 ...