Yangjie Technology(SZ:300373) Guo Ji Jin Rong Bao·2025-09-12 13:28Core Viewpoint - Yangjie Technology is set to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, indicating a significant premium over its previous valuation [1][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a premium of over 270% compared to Better Electronics' previous valuation [3]. - Better Electronics had previously been listed on the New Third Board and attempted an IPO in 2023, which was later withdrawn in 2024 [3][4]. - The company specializes in the research, production, and sales of power electronic protection components, including fuses and thermal protectors [3]. Group 2: Financial Performance - Better Electronics reported revenues of 449 million yuan, 561 million yuan, and 627 million yuan from 2021 to 2023, with net profits of approximately 33.92 million yuan, 90.25 million yuan, and 110 million yuan respectively [3][4]. - The company achieved a significant increase in net profit in 2022, with stable growth in 2024 and the first quarter of 2025, projecting net profits of 148.46 million yuan and 41.13 million yuan respectively [4][6]. - An earnings commitment has been set, requiring Better Electronics to achieve a total net profit of no less than 555 million yuan from 2025 to 2027 [4]. Group 3: Strategic Rationale - The acquisition is expected to enhance Yangjie Technology's product and technology portfolio, strengthening its position in the power electronics sector [5]. - The synergy between Yangjie Technology and Better Electronics is anticipated to improve customer offerings and competitive advantage in the market [5]. - Post-acquisition, Yangjie Technology expects to see significant growth in revenue and profitability metrics [6]. Group 4: Transaction Challenges - The acquisition process faced delays, initially planned as a share issuance and cash payment, which was later changed to a pure cash acquisition due to market conditions and negotiation challenges [7]. - The number of transaction parties was reduced from 67 to 6, indicating a streamlined approach to finalize the acquisition [7].