Sou Hu Cai Jing·2025-10-08 13:42Core Viewpoint - The consumer electronics sector is experiencing a wave of mergers and acquisitions, with GoerTek's recent acquisitions being particularly noteworthy, totaling over 10 billion yuan, marking the largest scale of mergers in the company's history [2][3] Mergers and Acquisitions - GoerTek announced plans to acquire Mia Precision and Changhong Industrial, followed by a loan acquisition of UK-based Plessey, and a proposed acquisition of 100% equity in Shanghai Aolai Optical [2] - The acquisition of Mia Precision and Changhong Industrial, valued at approximately 10.4 billion HKD (95 billion yuan), is significant as it marks GoerTek's first foray into the precision structural components business [2][3] Business Expansion - Post-acquisition, GoerTek aims to expand its business scale in precision components and extend its reach into emerging fields such as automotive electronics and wearable devices, thereby opening new growth avenues [3] - The acquisitions are expected to deepen GoerTek's collaboration with Apple, enhancing the company's future development value beyond the acquisition cost [3] Focus on Emerging Markets - GoerTek's smaller acquisitions also target clients like META, which remains dominant in the global AI glasses market, with META's partnership with Ray-Ban expected to yield over 1.5 million units in 2024 [5] - The acquisition of Plessey, a leading Micro-LED company, is strategically aimed at strengthening ties with META, which holds a significant market share in AR products [6] Strategic Shift - GoerTek is transitioning from being solely an Apple OEM to a diversified AI hardware manufacturer, aiming to reduce reliance on a single client and mitigate performance volatility [7][9] - The company plans to increase its R&D expenditure to 6.27% in the first half of 2025, focusing on acoustic, optical, and diversified smart hardware products [9] Technological Advancements - GoerTek has achieved breakthroughs in optical and acoustic technologies, providing advanced solutions for clients like Meta and Sony [10] - The acquisition of Plessey will enable GoerTek to control the entire supply chain from chip design to module packaging, ensuring high product yield and cost reduction [10] Global Market Position - In the first half of 2025, 84.63% of GoerTek's revenue came from overseas markets, highlighting the company's focus on regions with higher commercial maturity and consumer willingness to pay [11] - GoerTek's subsidiary, GoerTek Microelectronics, is set to go public in Hong Kong, which could serve as a bridge to overseas capital markets [12][13]