HMT(SH:603306) Zheng Quan Shi Bao Wang·2025-09-29 13:32Core Viewpoint - Huamao Technology plans to acquire 57.84% of Fuchuang Youyue for 1.504 billion yuan, aiming for full control of the high-growth computing power company, with a comprehensive price-to-earnings ratio of 7.3 times based on average performance commitments, indicating a strategic "value investment" in the context of rising valuations in the computing power sector [2] Group 1: Industry Growth - The optical module sector, where Fuchuang Youyue operates, is experiencing rapid growth, with a projected annual compound growth rate of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029, driven by AI computing power demand [3] - The market for high-speed copper cable connectors in China is expected to reach 8.759 billion yuan in 2024 and surpass 10 billion yuan in 2025, with projections of exceeding 20 billion yuan by 2028 [3] - Fuchuang Youyue is positioned in both high-growth areas, providing high-reliability components such as optical module PCBA and high-speed copper cable connectors [3] Group 2: Company Performance - Fuchuang Youyue's net profit for 2024 is projected to be 129 million yuan, exceeding 50% of Huamao Technology's net profit for the same year, with a commitment of 200 million yuan for 2025, indicating significant growth potential [4] - The acquisition is likened to "recreating Huamao Technology," given Fuchuang Youyue's high growth rate, with a three-year compound growth rate of over 28% for committed net profits [4] Group 3: Valuation Analysis - The valuation of Fuchuang Youyue increased from 950 million yuan to 2.6 billion yuan, with a net profit of 129 million yuan in 2024, reflecting a growth of 433.63% from 2023 [5] - The acquisition's average annual net profit commitment of 260 million yuan results in a comprehensive price-to-earnings ratio of 7.3 times, significantly lower than the average valuation in the A-share optical module sector [5] - The transaction includes a performance commitment mechanism, ensuring a cumulative net profit of no less than 780 million yuan from 2025 to 2027, providing a foundation for investment returns [5] Group 4: Payment Structure - 68% of the transaction value will be paid through the issuance of shares at a price of 29.80 yuan per share, aligning the interests of Fuchuang Youyue's core team with those of Huamao Technology [6] - A 12-month lock-up period for the shares received by Fuchuang Youyue's original shareholders is established, reflecting confidence in Huamao Technology's long-term value [6]