Huafon Spandex(002064) 证券日报·2025-04-13 16:39Core Viewpoint - Huafeng Chemical plans to acquire 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. for a total transaction amount of 6 billion yuan, marking a significant step in the company's integration within the polyurethane industry [2][3]. Group 1: Transaction Details - The acquisition involves issuing shares and cash payments, with 4.04 billion yuan allocated for Huafeng Synthetic Resin and 1.96 billion yuan for Huafeng Thermoplastic [2]. - The transaction constitutes a related party transaction as Huafeng Group is the controlling shareholder of Huafeng Chemical [2]. Group 2: Business Implications - The acquisition will allow Huafeng Chemical to enter the polyurethane resin and thermoplastic polyurethane elastomer sectors, thereby enriching its product line and expanding its asset scale [3]. - The expected revenue for Huafeng Synthetic Resin in 2024 is 3.234 billion yuan, with a net profit of 342 million yuan, while Huafeng Thermoplastic is projected to achieve 3.181 billion yuan in revenue and 163 million yuan in net profit [3]. Group 3: Performance Commitments - The parties involved have made performance commitments for the years 2025 to 2027, with Huafeng Synthetic Resin expected to achieve a total net profit of no less than 967 million yuan, and Huafeng Thermoplastic expected to achieve a total net profit of no less than 604 million yuan during the same period [3]. Group 4: Market Impact - The acquisition is anticipated to enhance Huafeng Chemical's market share in the polyurethane industry and solidify its leadership position [3][4]. - The clear performance commitments are expected to boost market confidence in the transaction and stabilize stock price expectations [4]. Group 5: Strategic Significance - This merger is seen as a potential catalyst for accelerating consolidation within the polyurethane industry in China, which may increase industry concentration [5]. - The combined scale and technological advantages post-merger could improve the competitive position of Huafeng Chemical in the global market [5].