Tai Mei Ti A P P·2025-05-26 08:15Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang marks a significant step in the domestic computing power industry, transitioning from "single-point breakthroughs" to "vertical integration" [1][3]. Group 1: Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a stock swap and raise supporting funds, with trading suspended for up to 10 days starting May 26 [1]. - This merger is the first major asset restructuring case under the new regulations, highlighting the importance of both companies in the domestic computing power sector [1][3]. Group 2: Company Profiles - Haiguang Information is a leading player in high-end processors, focusing on general-purpose CPUs and AI computing processors, while Zhongke Shuguang is a leader in high-end computers, storage, and data center products [2]. - Zhongke Shuguang holds a 27.96% stake in Haiguang Information, making this a unique case of a subsidiary acquiring its parent company [2]. Group 3: Financial Performance - For 2024, Haiguang Information expects revenue of 9.162 billion, a 52.4% increase year-on-year, with a net profit of 1.931 billion, up 52.87% [2]. - Zhongke Shuguang anticipates 2024 revenue of 13.148 billion, an 8.4% decline, but a net profit increase of 4.1% to 1.911 billion [2]. Group 4: Strategic Implications - The merger is expected to create a combined market value exceeding 400 billion, enhancing the competitive landscape of the domestic computing power industry [2][3]. - The integration aims to optimize resource allocation and strengthen the domestic computing power supply chain, addressing industry gaps and enhancing capabilities [3][4]. Group 5: Technological Synergy - The merger will create a complete industrial chain from chip design to computing services, enhancing the technological collaboration between the two companies [4][5]. - This integration is anticipated to improve the application of domestic chips in key sectors such as government, finance, and energy, promoting healthy development in the information industry [4].