Core Viewpoint - The company, Lvtong Technology, is expanding into the semiconductor equipment sector through the acquisition of a 46.92% stake in Jiangsu Damo Semiconductor Technology Co., Ltd. for 450 million yuan, along with an additional investment of 80 million yuan, totaling 530 million yuan for a 51% ownership stake [4][5]. Group 1: Acquisition Details - The acquisition aims to diversify Lvtong Technology's business from its current focus on electric vehicles to the semiconductor field, which aligns with the company's long-term strategic planning [4][7]. - Damo Semiconductor, established in 2017, specializes in semiconductor front-end measurement equipment solutions, with a market share of approximately 13% in the semiconductor equipment market [4][5]. - Damo Semiconductor has existing relationships with major clients such as SMIC, TSMC, and Global Foundries, indicating a strong market position [4][5]. Group 2: Financial Performance - Damo Semiconductor is projected to achieve profitability in the fiscal year 2024, with expected revenues of 278 million yuan and a net profit of 64.93 million yuan [5]. - The company has a net asset value of 225 million yuan as of March 31, 2025, and the equity value assessment for Damo Semiconductor is 964 million yuan, reflecting a value increase of over 300% [5]. - Performance commitments for Damo Semiconductor include net profits of no less than 70 million yuan, 80 million yuan, and 90 million yuan for the fiscal years 2025, 2026, and 2027, respectively, with a cumulative profit target of at least 240 million yuan over three years [5]. Group 3: Strategic Context - Lvtong Technology has been facing declining performance in its core electric vehicle business, with net profits dropping by 15.64% and 45.98% in 2023 and 2024, respectively [7]. - The company is actively seeking opportunities for external growth through investments and acquisitions to explore new strategic industries and foster new revenue growth points [8]. - The acquisition is funded by excess proceeds from Lvtong Technology's IPO, which raised a net amount of 2.101 billion yuan, with excess funds totaling 1.696 billion yuan [8].
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