OLYMPIC(SH:603920) Zheng Quan Shi Bao Wang·2025-08-10 11:02Core Viewpoint - The company, Shiyun Circuit (603920), is expanding its profit margins by investing in the filter market, specifically in Shenzhen New Sound Semiconductor Co., Ltd, acquiring a 3.82% stake for 125 million yuan [1][2]. Investment Details - The investment plan involves Shiyun Circuit and its partners contributing a total of 269 million yuan to New Sound Semiconductor, with Shiyun Circuit investing 125 million yuan, of which 949,234 yuan will be registered as capital and 124 million yuan as capital reserve [2]. - New Sound Semiconductor specializes in the research, production, and sales of SAW and BAW filters, with products already supplied to major brands like Xiaomi, Honor, and Samsung [2][4]. Market Potential - The demand for automotive-grade filters is expected to grow rapidly with advancements in intelligent driving technology, and Shiyun Circuit aims to leverage its customer resources in the automotive electronics sector to support New Sound Semiconductor's market expansion [3]. Financial Performance - New Sound Semiconductor is currently not profitable, with projected revenues of 227 million yuan and 102 million yuan for 2024 and the first half of 2025, respectively, and net losses of 288 million yuan and 55.31 million yuan [4]. - The company's valuation has increased, with the latest round of financing set at a pre-investment valuation of 3 billion yuan, considering its development prospects and technological advantages [4]. Product Development - New Sound Semiconductor has made progress in high-end BAW products and modules, with successful mass production of automotive-grade filters, marking its entry into the automotive front-loading market [5]. Strategic Alignment - The investment aligns with Shiyun Circuit's strategy to establish a presence in high-tech segments of the electronic information industry, focusing on smart automotive and AIoT applications [5]. - The partnership is expected to foster deep collaboration between the two companies, promoting the adoption of new automotive filters and modular solutions [5]. Ownership Structure - The investment involves related parties, with Shiyun Circuit's major shareholder now being a state-owned entity, enhancing the company's financial credibility and market expansion capabilities [6][7].