Goke(SZ:300672) Zheng Quan Shi Bao Wang·2025-06-05 15:52Core Viewpoint - Guokewai (300672.SZ) plans to acquire 94.366% equity of Zhongxin Integrated Circuit (Ningbo) Co., Ltd., enhancing its asset scale and business strength, while addressing the domestic communication chip industry's reliance on foreign suppliers [1][5][8] Group 1: Acquisition Details - The acquisition involves issuing shares and cash payments, with Zhongxin Ningbo's total assets projected at 4.314 billion yuan and revenue at 454 million yuan by the end of 2024 [1] - Zhongxin Ningbo is one of the few domestic wafer manufacturing companies capable of producing filters covering the SUB6G frequency band, possessing advanced BAW filter manufacturing technology [1][5] Group 2: Market Context - The domestic M&A market has been active since 2025, with significant asset restructuring transactions exceeding 200 billion yuan, marking a shift towards quality enhancement in the capital market [3] - The "Six Merger Guidelines" issued by the China Securities Regulatory Commission aim to support the acquisition of upstream and downstream assets, enhancing the quality of A-share capital markets [3][4] Group 3: Strategic Partnerships - Zhongxin Ningbo has established a comprehensive strategic partnership with a leading domestic mobile communication terminal company, ensuring stable supply and production of high-end filter products [6] - The partnership includes a long-term supply framework agreement, allowing the partner company to prioritize purchasing filters manufactured by Zhongxin Ningbo [6] Group 4: Operational Synergies - The acquisition will enable Guokewai to develop capabilities in high-end filters and MEMS, creating a dual-driven system of digital chip design and analog chip manufacturing [7] - The collaboration will enhance supply chain management, technology development, and operational efficiency, improving overall performance and cost control [7] Group 5: Strategic Importance - This acquisition is a key move to seize policy opportunities and align with national strategies, filling technological gaps and preventing quality assets from flowing to other capital markets [8] - Successful execution of this transaction could attract more high-quality unprofitable projects to consider A-share market listings, reinforcing the domestic capital market's appeal [8]