Core Viewpoint - The company plans to acquire the remaining 57.84% stake in Fuchuang Youyue for 1.5 billion, aiming for full control and establishing a second growth curve [1][2]. Group 1: Acquisition Details - The total transaction price for acquiring Fuchuang Youyue is 1.504 billion, with 1.023 billion raised through a share issuance and 481 million paid in cash [2]. - The controlling shareholder, Dongyang Huasheng, will fully subscribe to 951 million in supporting financing, increasing its stake from 14.96% to 20.53% [2]. - The financing will be used for a 400 million acquisition payment and 480 million for domestic and international capacity expansion [2]. Group 2: Fuchuang Youyue's Business Overview - Fuchuang Youyue is a leading optical communication service provider with a well-established global production capacity [3]. - The company has over 18 years of experience in optical communication and is one of the largest optical module PCBA manufacturers in China [3]. - Fuchuang Youyue has a strategic production layout in Shenzhen and Malaysia, with plans to expand to 16 production lines by June 2025 [3]. Group 3: Financial Performance - Fuchuang Youyue's revenue and profit are projected to grow significantly, with 2024 revenues expected to reach 1.23 billion, a year-on-year increase of 116% [4]. - In the first four months of 2025, the company achieved revenues of 640 million, with a net profit margin increasing from 4.2% in 2023 to 11.7% [4]. - The core products include high-speed optical module PCBA, copper cable connectors, and maritime communication products, with significant revenue contributions from these segments [4]. Group 4: Investment Outlook - The acquisition of Fuchuang Youyue is expected to enhance the company's position in the semiconductor and computing manufacturing sectors, driven by the ongoing AI wave [5]. - The company forecasts net profits of 543 million, 720 million, and 915 million for 2025-2027, with corresponding year-on-year growth rates of 96%, 33%, and 27% [5]. - The company is rated as a "buy" with projected PE ratios of 31, 24, and 19 for the respective years [5].
华懋科技(603306):拟全资控股富创优越 全面切入算力制造