Xin Lang Cai Jing·2025-09-11 15:57Group 1 - The company reported a record high order backlog of 30.25 billion yuan as of Q2 2025, maintaining high levels for seven consecutive quarters [1] - New orders signed from July 1 to September 11, 2025, amounted to 12.05 billion yuan, representing a significant year-on-year increase of 85.88%, with AI computing-related orders accounting for approximately 64% [1] - The company plans to acquire 97% of Xinlai Zhihong through a combination of share issuance and cash payment, with the share price set at 106.66 yuan per share, not lower than 80% of the average trading price over the previous 20 trading days [1] Group 2 - Xinlai Zhihong, established in 2018, is one of the first domestic RISC-V CPU IP providers, and the acquisition will enhance the company's strategic layout in heterogeneous computing platforms and strengthen its competitive advantage in AI ASIC design services [2] - The target company has a wide range of downstream applications, including partnerships with China Mobile and other tech firms, which will help the company enhance its presence in high-growth areas such as AI, IoT, and automotive electronics [2] - Post-acquisition, the company aims to achieve cost synergies by standardizing integration and sharing resources like wafer fabs and EDA tools, thereby reducing R&D and operational costs [2] Group 3 - The company is expected to achieve revenues of 30 billion, 38 billion, and 47 billion yuan from 2025 to 2027, with projected net profits of -1.0 billion, 2.0 billion, and 4.2 billion yuan respectively [2] - The current valuation premium is attributed to the company's status as a top ASIC provider in China, with significant advantages in technology accumulation, customer resources, and product implementation [2]