Yangjie Technology(SZ:300373) Zheng Quan Ri Bao Wang·2025-09-13 04:17Core Viewpoint - Yangjie Technology (300373) is making significant progress in acquiring 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, which will make Better Electronics a wholly-owned subsidiary of Yangjie Technology [1] Group 1: Acquisition Details - Yangjie Technology previously attempted to acquire Better Electronics through a share issuance and cash payment but was unable to reach an agreement, leading to the termination of that plan in July [2] - Better Electronics, established in 2003, specializes in the research, production, and sales of power electronic protection components, with applications in automotive electronics, photovoltaics, energy storage, and home appliances [2] - Better Electronics is projected to generate revenue of 837 million yuan in 2024, with a net profit of 113 million yuan, and for Q1 2025, it expects revenue of 218 million yuan and a net profit of approximately 41.71 million yuan [2] Group 2: Strategic Fit and Synergies - The main products of Better Electronics are power electronic protection components, which overlap with Yangjie Technology's over-voltage protection products, creating potential synergies in end-use applications [3] - The acquisition aligns with Yangjie Technology's strategic direction, enhancing its capabilities in power devices and providing a comprehensive service for current and voltage management [3] Group 3: Performance Commitments - The equity of Better Electronics is valued at 2.22 billion yuan as of the assessment date, with a significant appreciation rate of 270.46% compared to the book value of shareholders' equity [4] - The acquisition includes performance commitments, requiring Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027, with provisions for management incentives and performance compensation if targets are not met [4] Group 4: Market Outlook and Expert Opinions - The automotive electronics and energy storage sectors are experiencing rapid growth, and Better Electronics has established a strong customer base in these areas, indicating potential for performance growth [5] - Post-acquisition, Yangjie Technology can enhance its competitiveness in high-growth markets and create a dual competitive advantage in "power chips + circuit protection" [5] - Better Electronics will benefit from Yangjie Technology's financial, technical, and market resources, aiding in scaling production and enhancing R&D capabilities [5]