YAPP(SH:603013) Zheng Quan Shi Bao Wang·2025-05-27 14:28Core Viewpoint - The acquisition of approximately 54.50% of Shanghai Yingshuang Electric Technology Co., Ltd. by Apogee Co., Ltd. for about 578 million yuan is aimed at enhancing Apogee's business in the automotive key components sector, particularly in electric drive systems for new energy vehicles [1][4]. Group 1: Acquisition Details - Apogee Co., Ltd. plans to acquire a controlling stake in Yingshuang Electric, which specializes in the research and production of rotary transformers and special motors [1][3]. - The transaction involves multiple stakeholders, with Shanghai Feichi holding 33.10% of Yingshuang Electric prior to the acquisition [3]. - After the acquisition, Apogee will hold 54.5% of Yingshuang Electric, while Shanghai Feichi's stake will decrease to 23.68% [3]. Group 2: Financial Assessment - As of March 31, 2024, Yingshuang Electric reported total assets of 592 million yuan and net assets of 507 million yuan [4]. - The assessed value of Yingshuang Electric is approximately 1.06 billion yuan, reflecting a 139.62% increase in value based on the net asset assessment [4]. - Yingshuang Electric's revenue for 2024 is projected at 312 million yuan, with a net profit of approximately 54.72 million yuan [7]. Group 3: Market Position and Challenges - Yingshuang Electric previously attempted to list on the Sci-Tech Innovation Board but withdrew its application due to concerns over market competitiveness and financial documentation [5][6]. - The company has faced challenges such as high accounts receivable and a concentrated customer base, with over 98% of revenue coming from rotary transformers [5][7]. - Despite a steady increase in revenue from 46 million yuan in 2020 to 352 million yuan in 2022, recent performance shows no significant growth compared to previous years [7].