MONTNETS TECHNOLOGY(SZ:002123) Zheng Quan Shi Bao Wang·2025-06-27 01:23Core Viewpoint - DreamNet Technology plans to acquire 100% of Hangzhou Bicheng Digital Technology for a total price of 1.28 billion yuan, aiming to enhance its business structure and profitability through this strategic acquisition [1][3]. Group 1: Acquisition Details - The acquisition will be financed through a combination of share issuance and cash payment, with a total consideration of 1.28 billion yuan and additional fundraising not exceeding 830 million yuan [1]. - The transaction involves a significant asset restructuring, as Bicheng Digital previously attempted an IPO on the ChiNext board but withdrew its application in August 2022 due to market conditions [2][3]. - The net profit projections for Bicheng Digital for 2025, 2026, and 2027 are set at no less than 90 million yuan, 108 million yuan, and 125 million yuan, respectively [2]. Group 2: Financial Performance - For the fiscal year 2024, DreamNet Technology is projected to generate revenue of 4.4 billion yuan, while Bicheng Digital is expected to achieve revenue of 1.363 billion yuan [1]. - DreamNet's revenue is anticipated to decline by 15.87% year-on-year in 2024, while its net profit is expected to increase by 102.09% [4]. - In the first quarter of 2025, DreamNet's revenue and net profit are projected to decrease by 34.49% and 57.76%, respectively [4]. Group 3: Valuation and Share Issuance - The valuation of Bicheng Digital's 100% equity is assessed at 1.312 billion yuan, reflecting an appraisal increase of 164.91% [3]. - The share issuance price for the transaction is set at 8.3 yuan per share, with approximately 100 million shares to be issued, representing 11.07% of the total share capital post-issuance [4]. - Following the transaction, the controlling shareholder's stake in DreamNet will decrease from 14.05% to 12.50%, while the combined stake of the sellers will be 7.02% [4].