Goke(SZ:300672) Zhong Guo Jing Ying Bao·2025-05-23 11:49Core Viewpoint - The semiconductor industry is experiencing accelerated mergers and acquisitions, with Guokewai planning a significant asset restructuring through the acquisition of a foundry company, which is expected to enhance its industry chain integration and vertical integration strategy [1][6]. Company Summary - Guokewai (300672.SZ) announced a major asset restructuring plan, intending to acquire a company engaged in specialty semiconductor wafer foundry and customized chip foundry services, with the transaction expected to constitute a significant asset restructuring [1][3]. - The company’s stock price surged by 12.54% on May 20, two days before the announcement, raising concerns among investors about potential insider trading [1][3]. - Guokewai reported a significant decline in revenue for the year 2024, with total revenue of 1.978 billion yuan, a year-on-year decrease of 53.26%, while net profit attributable to shareholders was 97 million yuan, a slight increase of 1.13% [4]. - The company’s revenue drop was primarily due to poor performance in its smart vision and ultra-high-definition smart display product lines, with sales from smart vision products down 23.43% and ultra-high-definition products down 70.15% [4]. - In Q1 2025, Guokewai's revenue showed signs of recovery, with a total of 305 million yuan, a year-on-year decline of 11%, while net profit increased by 25% to 52 million yuan [5]. Industry Summary - The semiconductor industry is witnessing a trend of consolidation, with policies from the regulatory body supporting mergers and acquisitions, which has sparked enthusiasm in the sector [7][8]. - Guokewai's move to acquire a foundry indicates a strategic shift towards the IDM model, aiming to enhance its supply chain stability and product quality while addressing its manufacturing shortcomings [6][8]. - The transition from a Fabless model to a Foundry model involves significant capital investment and operational costs, presenting challenges for companies like Guokewai [7]. - Successful integration of a foundry could contribute to the self-sufficiency of China's semiconductor industry, aligning with national policy directions [8].