GenTech(SH:688596) Zheng Quan Zhi Xing·2025-07-08 09:13Core Viewpoint - Shanghai Zhengfan Technology Co., Ltd. plans to acquire 62.23% equity of Liaoning Hanjing Semiconductor Materials Co., Ltd. in cash, making Hanjing a subsidiary, which aligns with the company's strategic development in the semiconductor sector [1][2]. Transaction Overview - The acquisition will enhance Zhengfan's customer resources and create strong synergies in product expansion, technology research and development, and operational capabilities, driving growth in the semiconductor core components sector [2][3]. - The transaction does not constitute a related party transaction or a major asset restructuring as per relevant regulations [1][5]. Target Company Profile - Hanjing Semiconductor specializes in high-precision quartz and advanced ceramic materials, with products including quartz tubes, quartz boats, and silicon carbide ceramics [3][6]. - Hanjing is recognized as a leading supplier in the domestic quartz products industry and has established itself as a core supplier for major semiconductor equipment manufacturers [3][6]. Financial Data - Hanjing's financial performance shows significant growth, with total assets of approximately 97.95 million yuan and net profit of about 23.2 million yuan for the most recent period [8]. - The projected cumulative net profit for Hanjing from 2025 to 2027 is expected to be no less than 393 million yuan [9]. Valuation and Pricing - The agreed valuation for 100% equity of Hanjing is 1.8 billion yuan, with the corresponding price-to-earnings (PE) ratio calculated at 21.4 times based on 2024's net profit [9][10]. - The valuation aligns with industry standards, considering Hanjing's market position and future performance commitments [10]. Impact on the Company - The acquisition is expected to expand Zhengfan's high-consumption component product line and enhance its operational efficiency and service quality [10]. - The integration of resources and expertise is anticipated to strengthen Zhengfan's market presence in the domestic and international semiconductor markets, contributing to long-term performance growth [10].