拟溢价260%收购亏损企业，晶丰明源商誉风险高企

Core Viewpoint - Jinfeng Mingyuan is expanding its business through acquisitions, with the latest being the purchase of Sichuan Yichong Technology for 3.283 billion yuan, raising concerns about the high premium and potential impact on financial performance [1][2][4]. Group 1: Acquisition Details - Jinfeng Mingyuan plans to acquire 100% of Yichong Technology for 3.283 billion yuan, with a premium of 260.08% based on market valuation [1][2]. - The acquisition will significantly increase Jinfeng Mingyuan's goodwill to 1.997 billion yuan, representing 35.56% of total assets and 62.10% of net assets [1][5]. - Yichong Technology has shown strong revenue growth, with projected revenues of 651 million yuan and 957 million yuan for 2023 and 2024, respectively, indicating growth rates of 45.82% and 47.04% [2][3]. Group 2: Financial Performance - Jinfeng Mingyuan has faced declining net profits over the past three years, with losses of 206 million yuan, 91 million yuan, and 33 million yuan for 2022, 2023, and 2024, respectively [4][5]. - Yichong Technology has also reported losses, with net losses of 510 million yuan and 513 million yuan for 2023 and 2024 [4][5]. - The company has a cash flow challenge, with only 280 million yuan in cash and short-term debts of 373 million yuan, necessitating a fundraising effort of up to 1.8 billion yuan [3][5]. Group 3: Market Position and Clientele - Yichong Technology has established a strong client base, including major companies in the mobile and automotive sectors such as Samsung, BYD, and Xiaomi [3]. - The company has a high research and development expenditure, with R&D costs of 496 million yuan and 413 million yuan for 2023 and 2024, resulting in R&D expense ratios of 76.2% and 43.2% [3]. Group 4: Future Commitments - Yichong Technology has committed to performance targets, promising net profits of no less than 92 million yuan, 120 million yuan, and 160 million yuan for its charging chip business in 2025, 2026, and 2027, respectively [6].