晋级A股半导体引线框架材料全球前四稀缺标的，至正股份资产优化“进行时”

Core Viewpoint - The restructuring of Zhizheng Co. is aimed at enhancing its supply chain resilience and optimizing its asset portfolio by acquiring a majority stake in Advanced Packaging Materials International Co., a leading semiconductor lead frame supplier, which is expected to significantly improve the company's financial performance and market position [1][3][8]. Group 1: Company Restructuring - Zhizheng Co. is in the process of a major asset restructuring, which involves divesting its loss-making cable polymer materials business and acquiring a 99.97% stake in Advanced Packaging Materials International Co. [1][3] - The restructuring is expected to transform Zhizheng Co.'s financials, with projected total assets increasing from 630 million yuan to 4.77 billion yuan and revenue rising from 360 million yuan to 2.61 billion yuan by 2024 [8][9]. Group 2: Market Position and Competitiveness - Advanced Packaging Materials International Co. is ranked among the top five global suppliers of semiconductor lead frames, holding a market share that has increased from 8% in 2021 to 9% in 2023 [3][4]. - The company has established long-term relationships with major semiconductor clients, with partnerships typically exceeding 20 years, which enhances its competitive edge in the market [5][6]. Group 3: Financial Impact - Following the asset acquisition, Zhizheng Co.'s earnings per share are projected to improve from -0.41 yuan to 0.11 yuan, representing a significant increase of 0.52 yuan, while the net asset value per share is expected to rise from 3.03 yuan to 20.88 yuan, an increase of 589.12% [9][10]. - The successful completion of the restructuring is anticipated to provide a strong foundation for Zhizheng Co.'s long-term valuation and financial stability [9][10]. Group 4: Strategic Importance - The acquisition aligns with the broader trend of enhancing domestic semiconductor supply chain resilience and security, which is critical for the industry [1][10]. - The restructuring is seen as a milestone event for Zhizheng Co., marking its strategic shift towards the semiconductor sector and potentially attracting more foreign investment into the A-share market [10][11].