Huafon Spandex(002064) 华夏时报·2025-04-17 01:30Core Viewpoint - Huafeng Chemical is acquiring 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic from its controlling shareholder, with a total transaction price of 6 billion yuan in cash and 54 billion yuan through share issuance, reflecting significant asset appreciation rates of 506.96% and 478.49% respectively [2][3][4]. Group 1: Transaction Details - The total transaction price for the acquisition of Huafeng Synthetic Resin and Huafeng Thermoplastic is 60 billion yuan, with cash payment of 6 billion yuan and the remaining 54 billion yuan paid through share issuance [3]. - The assessed value of Huafeng Synthetic Resin's equity is 40.45 billion yuan, with an appreciation rate of 506.96%, while Huafeng Thermoplastic's equity is valued at 19.63 billion yuan, with an appreciation rate of 478.49% [3][4]. - The debt ratios of both target companies are increasing significantly, with Huafeng Synthetic Resin's debt ratio rising from 60.48% at the end of 2023 to 75.75% by the end of 2024, and Huafeng Thermoplastic's debt ratio increasing from 71.44% to 85.21% in the same period [3][4]. Group 2: Financial Performance - In 2024, Huafeng Synthetic Resin and Huafeng Thermoplastic plan to distribute a total of 2 billion yuan in dividends to shareholders, which will entirely benefit the controlling shareholder's family [2][4]. - Huafeng Chemical's net profits have been declining for three consecutive years, with figures of 28.44 billion yuan, 24.78 billion yuan, and 22.20 billion yuan from 2022 to 2024, representing year-on-year declines of 64.17%, 12.85%, and 10.43% respectively [6]. - The average price of domestic spandex (40D) is projected to be 26,417.21 yuan per ton in 2024, reflecting a year-on-year decrease of approximately 17.11% due to oversupply in the market [6][7]. Group 3: Industry Context - The spandex industry is experiencing a downturn, with supply exceeding demand and prices under pressure due to falling raw material costs [7]. - Huafeng Chemical is continuing to expand its production capacity despite the challenging market conditions, with plans to gradually put an additional 150,000 tons of spandex capacity into production starting in 2025 [7]. - The acquisition is expected to enhance the company's performance, with profit commitments for Huafeng Synthetic Resin and Huafeng Thermoplastic set at no less than 3.01 billion yuan and 1.7 billion yuan respectively for the years 2025 to 2027 [8].