HMT(SH:603306) Zhong Guo Zheng Quan Bao·2025-09-29 21:20Core Viewpoint - Huamao Technology is planning a significant asset restructuring by acquiring the remaining 57.84% stake in Shenzhen Fuchuang Youyue Technology Co., Ltd. for a total consideration of 1.504 billion yuan, aiming to enhance its position in the AI computing power sector and achieve a strategic transformation towards new productive forces [2][6]. Group 1: Acquisition Details - The acquisition will be executed through a combination of share issuance and cash payment, with the total consideration amounting to 1.504 billion yuan, bringing the total investment in Fuchuang Youyue to approximately 1.899 billion yuan [2][5]. - The transaction will involve issuing 34,315,697 shares at a price of 29.8 yuan per share, representing 9.44% of the total share capital post-transaction [5][6]. - The cash component of the transaction is set at 400 million yuan, with 68% of the total consideration being paid in shares [5][6]. Group 2: Company Performance and Market Position - 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 for the years 2022, 2023, and 2024, respectively [3]. - The net profit attributable to the parent company for the same years is reported as 198 million yuan, 242 million yuan, and 277 million yuan [3]. - 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% [3][4]. Group 3: Strategic Rationale - The acquisition is part of a phased strategy to capitalize on the emerging AI computing power demand, with an initial investment made at a valuation of approximately 950 million yuan [4]. - The final valuation for the acquisition is set at 2.6 billion yuan, with an implied price-to-earnings ratio of about 10 times based on the average net profit commitment over three years, showcasing effective cost control and strategic foresight [4]. - The transaction is expected to facilitate Huamao Technology's transition from traditional automotive safety to the rapidly growing AI computing sector, providing significant growth opportunities [6].