JoulWatt(SH:688141) Chang Jiang Shang Bao·2025-05-22 23:40Core Viewpoint - The company, Jiewate (688141.SH), is planning to address its operational challenges through a series of strategic actions, including the acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics Co., Ltd. for approximately 319 million yuan, aiming to enhance its semiconductor business and product offerings [1][4]. Group 1: Acquisition and Strategic Moves - Jiewate intends to acquire a total of 41.31% control over Tianyi Hexin, a semiconductor company specializing in high-performance sensor chips and analog chip design, which complements Jiewate's existing product lines [1][4][5]. - The acquisition involves direct and indirect purchases from multiple stakeholders, including a 29.74% stake from ten institutions and additional shares from other entities, with the goal of integrating Tianyi Hexin into Jiewate's consolidated financial statements [4][5]. - Post-acquisition, Jiewate plans to appoint three directors to Tianyi Hexin's board, gaining significant influence over its operations [4]. Group 2: Financial Performance and Challenges - Jiewate has faced financial difficulties, reporting a net profit of 137 million yuan in its first year of listing, a decline of 3.39% year-on-year, followed by consecutive losses in 2023 and 2024, totaling 1.03 billion yuan [2][8]. - The company's revenue for 2023 and 2024 was reported at 1.297 billion yuan and 1.679 billion yuan, respectively, with a significant drop in net profit margins due to increased competition and pricing pressures [8][9]. - As of March 2024, Jiewate's debt-to-asset ratio stood at 50.29%, indicating rising financial pressure, with interest-bearing liabilities amounting to 1.513 billion yuan [3][9]. Group 3: Research and Development Focus - Jiewate has been increasing its investment in research and development, with a reported expenditure of 619 million yuan in 2024, a 24.02% increase from the previous year, and a growing workforce dedicated to R&D [7][8]. - The company has applied for a total of 1,361 patents, with 980 being invention patents, reflecting its commitment to innovation and technological advancement in the semiconductor sector [7]. Group 4: Market Position and Future Outlook - Jiewate has established itself within the supply chains of major industry players, including Samsung and Xiaomi, and is expanding its market presence in emerging sectors such as renewable energy and automotive applications [7][8]. - The company is also exploring a potential listing in Hong Kong to alleviate financial constraints, although its path to sustainable profitability remains uncertain [10].