衢州发展(600208)：收购先导电科 战略布局先进新材料领域

Core Viewpoint - The company has invested a total of 10 billion yuan in high-tech enterprises, with many of the invested companies possessing internationally leading independent controllable technologies. The acquisition of Xian Dao Electric Technology accelerates the company's transformation strategy of "high-tech investment empowerment + real estate asset management" [1][2]. Investment Highlights - The company has formed a substantial scale and system with over 10 billion yuan invested in high-tech enterprises, which have advanced domestic independent controllable and digital technologies. The acquisition of Xian Dao Electric Technology is expected to enhance the company's transformation strategy, leading to a projected dynamic PB of 1.5 times by 2025, with estimated EPS of 0.26 yuan, 0.30 yuan, and 0.35 yuan for 2025-2027, and a BPS of 5.44 yuan in 2025, corresponding to a reasonable value of 8.16 yuan, equating to a dynamic PE of 31.38 times for 2025 [2]. Transaction Details - The listed company plans to acquire 95.4559% of Xian Dao Electric Technology through a share issuance and raise up to 3 billion yuan in matching funds. The net proceeds from the fundraising will be used for working capital, debt repayment, project construction, and transaction-related expenses. The estimated value of 100% equity of the target company is not to exceed 12 billion yuan, with a reference issuance price of 3.46 yuan per share [3]. Valuation of Target Company - The estimated static PE and PB for the target company based on a projected net profit of 444 million yuan and net assets of 8.515 billion yuan for 2024 are not higher than 27.03 times and 1.41 times, respectively, indicating that the valuation of the target company is reasonable [4].