Cctech(SZ:300604) Chang Jiang Shang Bao·2025-09-09 23:30Core Viewpoint - Changchuan Technology (300604.SZ) is acquiring the remaining 49% stake in its subsidiary, Kewaiseng Visual Technology, for 119 million yuan, aiming to enhance its research and development capabilities in AOI equipment [1][3]. Group 1: Acquisition Details - The acquisition will result in Changchuan Technology holding 100% of Kewaiseng after previously acquiring 51% for 96.9 million yuan in December 2024 [1][3]. - The overall valuation of Kewaiseng has increased from 190 million yuan to 243 million yuan, reflecting a nearly 28% growth [1][4]. - The funding for the acquisition will come from self-owned funds and a bank merger loan, with a maximum of 60 million yuan being sought from the China Export-Import Bank [3]. Group 2: Financial Performance - In the first half of 2025, Changchuan Technology reported revenues of 2.167 billion yuan, a year-on-year increase of 41.8%, and a net profit of 427 million yuan, up 98.73% [1][6]. - The company’s R&D investment reached 577 million yuan, accounting for 26.65% of its revenue, marking a 35.38% increase year-on-year [2][7]. - The company’s main products, including testing machines and sorting machines, saw significant revenue growth, with respective increases of 34.3% and 50.36% [6][7]. Group 3: Strategic Implications - The acquisition is expected to strengthen Changchuan Technology's overall management and decision-making efficiency, aligning with its long-term strategic development goals [5]. - The integration of Kewaiseng's core visual software platform and algorithms is anticipated to enhance the company's R&D capabilities in AOI equipment, which is a key product line [1][4].