盯上了“光芯片”代工及测试？ 纳尔股份拟收购菲莱测试过半股权

Core Viewpoint - NAR Co., Ltd. plans to acquire a controlling stake of at least 51% in Feilai Testing Technology Co., Ltd. for an estimated transaction amount of 350 million to 400 million yuan, aiming to expand into the semiconductor testing sector [1][4]. Group 1: Company Overview - Feilai Testing specializes in semiconductor chip testing reliability solutions and offers a full range of services from wafer to device testing, including various testing equipment [2][4]. - In 2024, Feilai Testing is projected to generate revenue of 123 million yuan with a net profit of 1.90 million yuan, resulting in a net profit margin of 1.54% [2]. - In comparison, Huafeng Measurement and Control, a leading domestic semiconductor testing equipment manufacturer, is expected to achieve revenue of 905 million yuan and a net profit of 334 million yuan, with a net profit margin of approximately 37% [2]. Group 2: Market Context - The packaging industry is shifting towards advanced packaging, which increases the requirements for testing equipment, posing challenges for back-end testing equipment manufacturers [2]. - Domestic manufacturers excel in testing and sorting but are relatively weaker in processes such as die bonding, cutting, grinding, and encapsulation [2]. Group 3: Strategic Rationale - The acquisition may be driven by the rising demand for optical modules due to AI, as NAR Co. is likely interested in Feilai Testing's optical chip production and testing assets [3][4]. - Feilai Testing has received multiple honors, including "National Specialized and Innovative Small Giant" and "High-tech Enterprise," and holds 45 patents as of December 2024 [3][4].