Core Viewpoint - Huamao Technology (603306.SH) announced a major asset restructuring plan, intending to acquire the remaining 57.84% stake in Fuchuang Youyue for a total consideration of 1.504 billion yuan, aiming for full ownership of the AI computing power industry chain intelligent manufacturing company [1] Group 1: Acquisition Details - The total consideration for acquiring 100% of Fuchuang Youyue, including the previously acquired 42.16% stake, amounts to 1.899 billion yuan [1] - The transaction involves cash payment and share issuance [1] Group 2: Performance Commitments - The sellers, including Yao Peixin, Tan Baihong, and Zeng Hua, have made performance commitments, ensuring that Fuchuang Youyue's net profits will not be less than 200 million yuan, 250 million yuan, and 330 million yuan for the years 2025, 2026, and 2027, respectively, totaling a minimum of 780 million yuan [1] Group 3: Financial Performance - In 2023, Fuchuang Youyue achieved a revenue of 570 million yuan, with a significant increase projected to 1.231 billion yuan in 2024 [1] - The net profit for 2023 was reported at 24.1698 million yuan, expected to rise to 129 million yuan in 2024 [1] - For the first four months of 2025, the company has already generated a revenue of 643 million yuan and a net profit of 74.9273 million yuan [1]

Core Viewpoint - Huamao Technology (SH603306) reached its daily limit with a price of 55 yuan, marking a 10.01% increase and a total market capitalization of 18.447 billion yuan, driven by strategic transformations and positive market sentiment towards AI and computing power sectors [1][2]. Group 1 - Huamao Technology is undergoing a strategic transformation by acquiring 100% equity of Fuchuang Youyue, actively expanding into the AI and computing power industry chain, which is expected to create a second growth curve [2]. - The target company has achieved a net profit of 129 million yuan in 2024, with a cumulative performance commitment of 780 million yuan over the next three years, indicating expectations for profit enhancement [2]. - The controlling shareholder fully subscribed to supporting funds, increasing their shareholding from 14.96% to 20.53%, demonstrating support for the company's development [2]. Group 2 - The company has canceled its supervisory board and revised several management systems, repurchasing 6.42% of its shares (worth 782 million yuan) for employee incentives, which optimizes corporate governance and enhances decision-making efficiency [2]. - The recent popularity of the AI and computing power industry has led to active performance among related stocks, with Huamao Technology's positioning aligning with this market trend, creating a synergistic effect [2]. - Technical indicators such as the MACD forming a golden cross may attract technical investors, and significant net buying from major funds indicates recognition of the company's strategic transformation and growth prospects [2].

Core Viewpoint - Huamao Technology is planning a significant asset restructuring by acquiring the remaining 57.84% stake in Shenzhen Fuchuang Youyue Technology Co., Ltd. for a total consideration of 1.504 billion yuan, aiming to enhance its position in the AI computing power sector and achieve a strategic transformation towards new productive forces [2][6]. Group 1: Acquisition Details - The acquisition will be executed through a combination of share issuance and cash payment, with the total consideration amounting to 1.504 billion yuan, bringing the total investment in Fuchuang Youyue to approximately 1.899 billion yuan [2][5]. - The transaction will involve issuing 34,315,697 shares at a price of 29.8 yuan per share, representing 9.44% of the total share capital post-transaction [5][6]. - The cash component of the transaction is set at 400 million yuan, with 68% of the total consideration being paid in shares [5][6]. Group 2: Company Performance and Market Position - Huamao Technology has established itself as a leader in the automotive passive safety sector, with revenues of 1.637 billion yuan, 2.055 billion yuan, and 2.213 billion yuan for the years 2022, 2023, and 2024, respectively [3]. - The net profit attributable to the parent company for the same years is reported as 198 million yuan, 242 million yuan, and 277 million yuan [3]. - Fuchuang Youyue specializes in high-speed optical module PCBA and high-speed copper cable connectors, with a projected revenue of 1.231 billion yuan in 2024, reflecting a year-on-year growth of 115.8% [3][4]. Group 3: Strategic Rationale - The acquisition is part of a phased strategy to capitalize on the emerging AI computing power demand, with an initial investment made at a valuation of approximately 950 million yuan [4]. - The final valuation for the acquisition is set at 2.6 billion yuan, with an implied price-to-earnings ratio of about 10 times based on the average net profit commitment over three years, showcasing effective cost control and strategic foresight [4]. - The transaction is expected to facilitate Huamao Technology's transition from traditional automotive safety to the rapidly growing AI computing sector, providing significant growth opportunities [6].

Core Viewpoint - Huamao Technology plans to acquire the remaining 57.84% stake in Shenzhen Fuchuang Youyue Technology Co., Ltd. for a total consideration of 1.504 billion yuan, aiming to transform into a new quality productivity enterprise and tap into the AI computing power sector [1][4]. Group 1: Acquisition Details - The acquisition will be executed through a combination of share issuance and cash payment, with a total price of 1.504 billion yuan, bringing the total investment in Fuchuang Youyue to approximately 1.899 billion yuan [1][4]. - The transaction will involve issuing 34,315,697 shares at a price of 29.8 yuan per share, accounting for 9.44% of the total share capital post-transaction [4]. Group 2: Company Performance - Huamao Technology has established itself as a leader in the automotive passive safety sector, with revenues of 1.637 billion yuan, 2.055 billion yuan, and 2.213 billion yuan projected for 2022, 2023, and 2024 respectively [2]. - The net profit attributable to shareholders for the same years is expected to be 198 million yuan, 242 million yuan, and 277 million yuan [2]. Group 3: Fuchuang Youyue's Growth - Fuchuang Youyue specializes in high-speed optical module PCBA and high-speed copper cable connectors, with a projected revenue of 1.231 billion yuan in 2024, reflecting a year-on-year growth of 115.8% [2]. - The net profit for Fuchuang Youyue in 2024 is expected to reach 129 million yuan, showing a significant increase of 433.63% [2]. Group 4: Strategic Insights - The acquisition is part of a phased strategy, with initial investment made at a valuation of approximately 950 million yuan, and a subsequent negotiation reducing the valuation to 850 million yuan [3]. - The final valuation of Fuchuang Youyue is set at 2.6 billion yuan, with an implied price-to-earnings ratio of about 10 times based on three-year average net profit commitments [3].

Core Viewpoint - Huamao Technology is planning a significant asset restructuring by acquiring the remaining 57.84% stake in Shenzhen Fuchuang Youyue Technology Co., Ltd. for a total consideration of 1.504 billion yuan, aiming to transform into a wholly-owned subsidiary and enhance its position in the AI computing sector [2][4]. Group 1: Acquisition Details - The total consideration for the acquisition is 1.504 billion yuan, with Huamao Technology's total investment in Fuchuang Youyue reaching approximately 1.899 billion yuan [2]. - The acquisition will be executed in stages, with the first investment made at a valuation of approximately 950 million yuan, securing a 25% stake at a low price-to-earnings ratio of 7.36 times based on 2024 net profit [4]. - The final valuation of Fuchuang Youyue is set at 2.6 billion yuan, with an average price-to-earnings ratio of about 10 times based on three-year average net profit commitments [4]. Group 2: Financial Performance - Huamao Technology's revenue for 2022, 2023, and 2024 is reported at 1.637 billion yuan, 2.055 billion yuan, and 2.213 billion yuan, respectively, with net profits of 198 million yuan, 242 million yuan, and 277 million yuan [3]. - Fuchuang Youyue's revenue for 2024 is projected to be 1.231 billion yuan, reflecting a year-on-year growth of 115.8%, with a net profit of 129 million yuan, marking a significant increase of 433.63% [3]. Group 3: Strategic Transition - The acquisition is part of Huamao Technology's strategy to transition from traditional automotive safety to the rapidly growing AI computing sector, aiming for a key upgrade to a new quality production enterprise [6]. - The transaction will be financed with 68% of the consideration paid in Huamao Technology's shares, with a planned issuance of 34,315,697 shares at a price of 29.8 yuan per share [5]. - The company plans to raise up to 951 million yuan from its controlling shareholder to support cash payments and the expansion of Fuchuang Youyue's production facilities [5].

2025年9月29日，华懋科技(603306)披露重大资产重组草案，拟以15.04亿元收购富创优越57.84%股权， 实现对这家高成长性算力企业的全资控股。华懋科技此次整体收购的综合市盈率按照平均业绩承诺看为 7.3倍，在当前算力板块估值上涨的背景下，堪称一次精明的"价值投资"。 高成长赛道 富创优越所处的光模块赛道正处于高速成长期。根据Light Counting预测，2024—2029年全球光模块市 场规模将以22%的年均复合增长率增长，2029年有望突破370亿美元。这一增长主要由AI算力需求驱 动，数据中心对800G、1.6T等高速率光模块需求持续攀升。在高速铜缆连接器领域，市场空间同样广 阔。 根据华经产业研究院预测，2024年中国铜缆高速连接器产业规模达87.59亿元，2025年将突破100亿元， 2028年有望超过200亿元。富创优越在这两个高增长领域均有布局，为客户提供光模块PCBA和高速铜 缆连接器等高可靠性组件。 2024年，公司800G光模块PCBA出货量超350万支，已进入全球前十大光模块厂商中的三家供应链，并 向全球20大光模块厂商中的7家批量供货。2025年1—4月，公司800G产 ...

Core Viewpoint - Huamao Technology plans to acquire 57.84% of Fuchuang Youyue for 1.504 billion yuan, aiming for full control of the high-growth computing power company, with a projected average P/E ratio of 7.3 times based on performance commitments, indicating a strategic value investment in the context of rising valuations in the computing power sector [1] Group 1: High-Growth Sector - Fuchuang Youyue operates in the rapidly growing optical module sector, with a projected global market size growth of 22% CAGR from 2024 to 2029, potentially exceeding $37 billion by 2029, driven by AI computing power demand [2] - The market for high-speed copper cable connectors in China is expected to reach 8.759 billion yuan in 2024 and surpass 10 billion yuan in 2025, with projections of over 20 billion yuan by 2028, indicating significant market potential [2] - Fuchuang Youyue has established itself in both high-growth areas, supplying high-reliability components such as optical module PCBA and high-speed copper cable connectors, with 800G product revenue accounting for 40.87% in early 2025 [2] Group 2: Strategic Acquisition - The acquisition allows Huamao Technology to enter the AI computing power sector, optimizing and upgrading its business structure, with Fuchuang Youyue's projected net profit of 1.29 billion yuan in 2024 exceeding 50% of Huamao's net profit for the same year [3] - Fuchuang Youyue's commitment to a net profit of 2 billion yuan in 2025 indicates a significant contribution to Huamao's overall profitability, effectively creating a second Huamao Technology through this acquisition [3] - The projected compound annual growth rate of Fuchuang Youyue's net profit commitments exceeds 28%, highlighting the growth potential and favorable timing of the acquisition [3] Group 3: Valuation Analysis - The valuation of Fuchuang Youyue increased from 950 million yuan to 2.6 billion yuan, supported by a substantial profit increase from 2.4 million yuan in 2023 to 1.29 billion yuan in 2024, reflecting a 433.63% growth [4] - The acquisition includes clear performance commitments, with net profits of no less than 2 billion yuan, 2.5 billion yuan, and 3.3 billion yuan from 2025 to 2027, totaling at least 7.8 billion yuan, resulting in an average P/E ratio of 10 times [4] - Considering the total payment of 1.899 billion yuan for 100% equity, the effective P/E ratio drops to 7.3 times, significantly lower than the average valuation in the A-share optical module sector [4] Group 4: Risk Management - The transaction emphasizes risk control through performance commitments, providing a foundational guarantee for investment returns, with 68% of the transaction value paid via share issuance at a price of 29.80 yuan per share [4] - The core team of Fuchuang Youyue will remain as shareholders of Huamao Technology, ensuring alignment of interests, with a share lock-up period of at least 12 months to prevent short-term speculative behavior [5]

9月29日，华懋科技披露一项精心设计的资产收购方案，拟以15.04亿元对价收购富创优越剩余57.84%股 权。本次交易不仅展现了上市公司在交易结构设计上的专业性，更凸显了其深度布局AI算力赛道的战 略决心。在全球光模块市场预计2029年突破370亿美元的背景下，华懋科技通过创新的交易方案，以最 小成本实现最大战略效益。 精密设计的交易结构：股权+现金实现多方共赢 本次交易方案在支付方式、对价安排和融资设计上体现了高度的专业性。根据草案，15.04亿元的总对 价中，10.22亿元（68%）通过发行股份方式支付，4.81亿元（32%）以现金支付。这种精密的支付结构 设计实现了多重战略目标。股份支付部分，华懋科技以29.80元/股的发行价格向富创优越的13名原股东 定向发行股份。这一安排实现了与核心团队的利益深度绑定——交易完成后，富创优越原主要股东将成 为华懋科技的直接股东，其个人财富与上市公司股价表现紧密关联，这为后续整合和业绩实现提供了坚 实保障。同时，12个月起的股份锁定期设置，有效防止了短期套现行为，维护了二级市场稳定。现金支 付部分则满足了交易对方的流动性需求，特别是对于有退出意愿的财务投资者而言，4. ...

Core Points - Huamao Technology (603306) announced the resignation of its board secretary, Xiao Jianbo, due to work adjustments [1] - Despite resigning from the board secretary position, Xiao Jianbo will continue to serve as the company's financial head [1] Summary by Category Company Announcement - Huamao Technology's board received a written resignation report from board secretary Xiao Jianbo [1] - The resignation is attributed to work adjustments [1] - Xiao Jianbo will retain his role as the company's financial head after stepping down as board secretary [1]

Core Viewpoint - Huamao Technology has adjusted the upper limit of its share repurchase price to ensure the smooth implementation of its repurchase plan in response to changes in the capital market and company stock price [1][4]. Repurchase Plan Review - On December 4, 2024, Huamao Technology's board approved a share repurchase plan using self-owned or raised funds, with a repurchase price not exceeding 42 RMB per share and a total repurchase amount between 250 million RMB and 500 million RMB [2]. - On December 19, 2024, the board agreed to increase the repurchase scale to between 400 million RMB and 800 million RMB, with the upper limit of the repurchase price adjusted to not exceed 41.91 RMB per share starting from June 23, 2025 [2]. Repurchase Progress - As of August 31, 2025, Huamao Technology has repurchased a total of 21,138,449 shares, accounting for 6.42% of the total share capital of 329,060,517 shares, with a total transaction amount of approximately 782.1 million RMB [3]. Adjustment of Repurchase Price Limit - Due to changes in the capital market and stock price, the company adjusted the upper limit of the repurchase price from 41.91 RMB to 60 RMB per share on September 29, 2025, ensuring it does not exceed 150% of the average trading price over the previous 30 trading days [4]. Impact of Adjustment and Decision Process - The adjustment aligns with relevant regulations and market conditions, facilitating the smooth execution of the repurchase without adversely affecting the company's operations or finances, and does not harm the interests of the company or minority shareholders [5].