RTGF(SH:605133) Chang Jiang Shang Bao·2025-08-06 06:54Core Viewpoint - Rongtai Co., Ltd. is expanding through the acquisition of a 51% stake in Zhongshan Audo Electronic Technology Co., Ltd. for a total price of 288 million yuan, which will make Zhongshan Audo a subsidiary of Rongtai [1] Group 1: Acquisition Details - The acquisition price for the 51% stake in Zhongshan Audo is 288 million yuan, and the overall valuation of Zhongshan Audo is 569 million yuan, indicating a value increase of 210.04% [3] - Zhongshan Audo's main products include automotive smart electric pedals, electric support rods, smart side-opening door systems, and body domain controllers, with a leading market share in smart electric pedals in China [1] Group 2: Financial Performance - Zhongshan Audo achieved revenues of 560 million yuan and 220 million yuan in 2024 and the first five months of 2025, respectively, with net profits of 44.13 million yuan and 13.32 million yuan [2] - As of May 2025, Zhongshan Audo's total assets were 665 million yuan, total liabilities were 475 million yuan, and net assets were 190 million yuan [2] Group 3: Synergy and Future Projections - The acquisition is expected to create significant synergies, allowing Rongtai to leverage its domestic and international customer base to expand Zhongshan Audo's client portfolio [1] - Zhongshan Audo has made performance commitments to achieve net profits of no less than 45 million yuan, 55 million yuan, 60 million yuan, and 60 million yuan from 2025 to 2028, totaling at least 220 million yuan over four years [4] Group 4: Rongtai's Financials - Since its listing in February 2021, Rongtai has seen continuous revenue and net profit growth, with revenues of 1.163 billion yuan, 1.545 billion yuan, 2.02 billion yuan, and 2.352 billion yuan from 2021 to 2024, and net profits of 101 million yuan, 134 million yuan, 146 million yuan, and 163 million yuan during the same period [5] - In the first quarter of 2025, Rongtai reported revenues of 662 million yuan, a year-on-year increase of 29.68%, and net profits of 48.23 million yuan, reflecting a growth of 13.76% [5]