INICI03 Recently, Hyde Control issued an announcement on requesting the general meeting of shareholders to authorize the Board of directors to issue shares to specific objects in a simple procedure, that is, it intends to put forward a new fixed increase plan.
At present, Haide Control has not officially released the new fixed increase plan, nor has it disclosed the investment direction in detail.
Haide Control’s main business covers industrial electrical automation business, industrial information business, new energy business and other three sectors, is the concept of industrial robot leading stock.
Before preparing for a new round of financing, Hyde Control had thrown out a fixed increase plan in 2023. After a year or so, the above financing finally failed to land successfully.
As of the close of trading on June 5, Hyde’s share price was 9.38 yuan, with a total market value of 3.301 billion yuan.
Twists and turns: the last round of fixed increase plan was terminated
On March 28 last year, Hyd Control disclosed a major asset restructuring plan to purchase 75% of Shanghai XINICI03 ingzhida Automation Technology Co., LTD. (referred to as “Xingzhida”) by issuing shares and paying cash. At the same time, it is proposed to raise matching funds (private placement) by issuing shares to no more than 35 qualified specific objects.
On June 8 last year, Haide Control disclosed the proposed amount of additional funding, that is, no more than 697 million yuan. According to the announcement, about 337.5 million yuan is intended to be used to pay the cash consideration of the transaction, and the proportion of the amount used is 48.42% of the total amount of the raised matching funds. About 319.5 million yuan is intended to be used to supplement the working capital of listed companies, with the use amount accounting for 45.84%.
It can be seen from the data that nearly half of the proposed additional capital raised in this transaction is used for trading. In addition, more than 40% of the raised funds were used to meet Hyder Control’s capital needs.
In late June last year and mid-August last year, Hyde Control successively received merger and acquisition and reorganization inquiry letters, audit inquiry letters, regulators on the financial pressure, performance commitment, whether it is conducive to enhancing the ability of listed companies to continue to operate a number of questions.
By April 27 this year, Haide Control issued an announcement to terminate the material asset restructuringINICI03 matters, the reason is that the comprehensive impact of recent market environment changes and other factors, the parties to the transaction believe that at this stage to continue to promote the material asset restructuring matters of greater uncertainty. At the same time, the fixed increase matching with the major asset restructuring has also ended.
On May 21 this year, at the 2023 annual online performance presentation and the investor presentation on the termination of major asset restructuring matters, Hyde Control replied to investor questions and said that it would promote industrial mergers and acquisitions of high-quality targets with synergies with the company at the right time.
It is worth noting that less than 2 months after the termination of the last round of fixed increase plan, Haide Control has the idea of a new round of financing.
New financing idea: Request authorization to raise 300 million
On June 4 this year, Haidao Control announced that in order to improve the efficiency of the company’s equity financing decision-making, it requested the general meeting of shareholders to authorize the board of directors to issue shares to specific objects in a simple procedure (” fixed increase “), and the total proposed financing did not exceed 300 million yuan and did not exceed 20% of the net assets at the end of the latest year.
Hyde Control said that the use of the raised funds should comply with the provisions, including compliance with relevant policies and laws and regulations; The raised funds may not be used for holding financial investment, and may not be invested directly or indirectly in companies whose main business is trading in securities.
The last round of fixed increase plan was not successfully implemented, and now they want to raise funds. A clue can be found in asset-liability ratios and short-term debt service indicators.
From the financial report, from 2021 to 2023, the current ratio controlled by Hyde decreased from 1.746 to 1.451, the quick ratio decreased from 1.472 to 1.086, and the short-term debt repayment index value showed a downward trend.
Another set of data shows that by the end of 2023, the asset-liability ratio controlled by Haide was 60.26%, an increase of 9.78 percentage points year-on-year (the industry average asset-liability ratio was 28.02% during the same period), hitting a new high since 2015. In detail, since the third quarter of last year, the asset-liability ratio controlled by Haide has exceeded 60%.
In the first quarter of this year, the asset-liability ratio controlled by Haide was 58.54%, an increase of 8.77 percentage points year-on-year. During the same period, the industry’s average asset-liability ratio was 28.44%.
It is worth noting that Haide Control responded to investor questions, saying that the growth of the company’s asset-liability ratio in the third quarter was mainly due to the rapid expansion of new energy storage business.
It is understood that the proportion of new energy business revenue controlled by Hyder rose from 11.47% in 2021 to 40.77% in 2023, and the total proportion of the three-year period increased by 29.3 percentage points.
Hyde Control believes that new energy and AI are the main track for future global and domestic economic development. In addition, the company has established a strategy of taking smart manufacturing as the main body and digitization and green as the two wings of business development.
We are also concerned that betting on new energy businesses has made Hydecontrol suffer from profitability “pains” in the short term.
In 2023, Hyde-Control achieved revenue of 3.552 billion yuan, an increase of 31.27%; Net profit attributable to 117.3 million, down 17.20% year-on-year. Hyde explained that one reason is that the necessary investment in the new energy business, especially the energy storage business, has affected the company’s overall profit realization.
