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復牌即一字跌停!柴發大牛股大動作,擬購買泰豪軍工27.46%股權
格隆匯 04-08 12:04

停牌10個交易日後,泰豪科技恢復交易。

今日,泰豪科技一字跌停,最新報8.6元/股,總市值73.35億元,跌停成交額6104萬元,最高封單額2.8億元。

強化軍工佈局

昨日,泰豪科技公告,擬通過發行股份的方式,購買航發基金、中兵國調基金、中兵投資、重慶泰和峯、榆煤基金合計持有的泰豪軍工27.46%股權。標的資產的評估值及交易作價均尚未確定。

泰豪科技此次的發行價格爲6.15元/股,不低於基準日前120個交易日均價的80%。

資料顯示,泰豪科技當前主營業務正在向軍工裝備產業及軍工技術民用化的應急裝備產業聚焦。

泰豪軍工的主要業務爲車載通信指揮系統、軍用導航裝備、軍用電源裝備、智能化無人平臺等產品的研發、生產及銷售。

目前,泰豪科技對泰豪軍工的控股比例爲72.12%,此前公告回收13.87%的股權,加上此次一次性回收27.46%的少數股權,交易完成後,控股比例將上升至99.58%,基本接近全資。

本次交易將有利於泰豪科技進一步增強對子公司的控制力,提高其持續盈利能力和抗風險能力,強化在軍工裝備領域內的產業佈局。

近兩年,泰豪科技業績出現下滑,2023年實現淨利潤5624.44萬元,同比下滑27.5%;扣非淨利潤虧損7.75億元,同比下滑182.98%。

泰豪科技預計,2024年由盈轉虧,實現淨利潤虧損9.5億元,扣非淨利潤虧損9億元左右。

此次交易有望給泰豪科技帶來財務報表上的變化。

泰豪軍工2023年、2024年的營收分別爲20.12億元、12.97億元,淨利潤爲1.6億元、7361.27萬元。

不過,泰豪軍工近兩年的經營活動產生的現金流量淨額持續爲負,分別爲-6.2億元、-2.07億元。

機構看好

今年以來,國內大廠持續加碼AI,柴油發電機等AIDC由於供需緊張,出現漲價預期。

國內柴發產業鏈供應商主要包括柴油發電機組供應商科泰電源、泰豪科技、濰柴重機、蘇美達等,柴油發動機生產廠商玉柴、濰柴動力等。

在此背景下,相關個股迎來一波大漲行情,股價紛紛翻倍。

其中,科泰電源從去年最低的4.1元/股一度漲至50.36元/股,目前已回撤23%,最新報32.03元/股,總市值102.5億元。

濰柴重機從最低的5.91元/股一度漲到42.02元/股,回撤22%後又反彈了20%,最新報36.54元/股,總市值121.1億元。

泰豪科技從最低的3.2元/股一度漲到12.45元/股,目前已回撤27%,最新報8.6元/股,總市值73.35億元。

關稅衝擊下,個股普遍走弱,科泰電源昨日一度20CM跌停,濰柴重機一度跌超7%。

泰豪科技此次股票復牌的時機不太好,今日跌停也算情理之中。

展望未來,機構普遍預計,數據中心柴發機組的供需錯配情況將持續,同時看好國產替代空間。

對於泰豪科技的此次交易,廣發證券認爲,外資機組進一步漲價、柴發+軍工業績共振起飛。當前外資機組價格已突破300萬元,後續預計在關稅+供需矛盾加劇下價格將進一步上漲,同時玉柴、濰柴的國產份額提升,泰豪科技受益於量價齊升+玉柴滲透率提高帶來的增量。疊加軍工業務反轉向上,今年將進入業績釋放期。當前泰豪科技的市值僅對應今年約15xPE,建議重視。

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