溢价超过44倍！大基金三期为何青睐拓荆科技旗下子公司？

Core Viewpoint -拓荆科技 is expanding its semiconductor equipment business through a capital increase in its subsidiary,拓荆键科, with significant participation from external investors, including国投集新, which will become the second-largest shareholder after the investment [1][2]. Group 1: Investment and Shareholding Structure - The capital increase involves six entities, with拓荆科技 and国投集新 each contributing up to 450 million yuan, while employee shareholding platforms and other investors contribute smaller amounts [2]. - After the capital increase,拓荆科技's ownership in拓荆键科 will decrease to approximately 53.57%, while国投集新 will hold about 12.71% [2]. Group 2: Financial Performance and Valuation - As of mid-2025,拓荆科技's overall revenue is projected to be around 1.954 billion yuan, while拓荆键科's revenue is only 114,550 yuan, with a net loss of approximately 37.47 million yuan [2]. - The pre-investment valuation for this financing round is set at 2.5 billion yuan, reflecting a substantial increase of 4427.36% from the net asset value of 55.22 million yuan [3]. Group 3: Expansion Plans and Projects -拓荆科技 plans to invest 1.768 billion yuan in a high-end semiconductor equipment industrialization base to enhance production capacity and efficiency [4]. - The company also intends to allocate 2 billion yuan for a cutting-edge technology research and development center to optimize existing thin film deposition equipment [4]. - The construction of the industrialization base is expected to take five years, addressing future capacity bottlenecks and supporting sustainable growth [4].