HMT(SH:603306) Zhong Guo Zheng Quan Bao·2025-09-29 15:00Core Viewpoint - Huamao Technology plans to acquire the remaining 57.84% stake in Shenzhen Fuchuang Youyue Technology Co., Ltd. for a total consideration of 1.504 billion yuan, aiming to transform into a new quality productivity enterprise and tap into the AI computing power sector [1][4]. Group 1: Acquisition Details - The acquisition will be executed through a combination of share issuance and cash payment, with a total price of 1.504 billion yuan, bringing the total investment in Fuchuang Youyue to approximately 1.899 billion yuan [1][4]. - The transaction will involve issuing 34,315,697 shares at a price of 29.8 yuan per share, accounting for 9.44% of the total share capital post-transaction [4]. Group 2: Company Performance - Huamao Technology has established itself as a leader in the automotive passive safety sector, with revenues of 1.637 billion yuan, 2.055 billion yuan, and 2.213 billion yuan projected for 2022, 2023, and 2024 respectively [2]. - The net profit attributable to shareholders for the same years is expected to be 198 million yuan, 242 million yuan, and 277 million yuan [2]. Group 3: Fuchuang Youyue's Growth - Fuchuang Youyue specializes in high-speed optical module PCBA and high-speed copper cable connectors, with a projected revenue of 1.231 billion yuan in 2024, reflecting a year-on-year growth of 115.8% [2]. - The net profit for Fuchuang Youyue in 2024 is expected to reach 129 million yuan, showing a significant increase of 433.63% [2]. Group 4: Strategic Insights - The acquisition is part of a phased strategy, with initial investment made at a valuation of approximately 950 million yuan, and a subsequent negotiation reducing the valuation to 850 million yuan [3]. - The final valuation of Fuchuang Youyue is set at 2.6 billion yuan, with an implied price-to-earnings ratio of about 10 times based on three-year average net profit commitments [3].