斥资4.5亿元 银河磁体欲并购京都龙泰

Core Viewpoint - Galaxy Magnetics (300127) is focusing on mergers and acquisitions due to a decline in net profit for three consecutive years, with plans to acquire 100% equity of Sichuan Kyoto Longtai Technology Co., Ltd. [1] Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments, with an estimated valuation of approximately 450 million yuan for Kyoto Longtai [1] - The transaction is not expected to constitute a major asset restructuring, a restructuring listing, or a related party transaction [1] - Kyoto Longtai specializes in the research, production, and sales of permanent ferrite materials, primarily used in DC motors, especially in the automotive sector, including new energy vehicles [1] Group 2: Financial Performance - Galaxy Magnetics reported revenues of approximately 992 million yuan, 824 million yuan, and 799 million yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of approximately 171 million yuan, 161 million yuan, and 147 million yuan [3] - In the first half of this year, Galaxy Magnetics achieved revenues of about 389 million yuan, a year-on-year decrease of 2.01%, while net profit increased by 7.26% to approximately 84.25 million yuan [3] - Kyoto Longtai's projected revenues for 2023, 2024, and the first half of 2025 are approximately 138 million yuan, 187 million yuan, and 94.85 million yuan, with net profits of approximately 5.89 million yuan, 11.54 million yuan, and 8.90 million yuan, respectively [3] Group 3: Strategic Implications - The acquisition aims to leverage the rapid growth of the domestic new energy vehicle market, enhancing Galaxy Magnetics' core competitiveness by integrating Kyoto Longtai's customer resources [1] - Post-acquisition, Kyoto Longtai will become a wholly-owned subsidiary, significantly contributing to Galaxy Magnetics' revenue and net profit, thereby diversifying income sources and mitigating overall operational risks [3] Group 4: Operational Risks - Kyoto Longtai's operating capital primarily comes from cash inflows and financing from banks and non-bank institutions, with potential risks related to insufficient working capital affecting production operations [4]