Core Viewpoint - Xinyin Electronics plans to use 220 million yuan of IPO excess funds to acquire 80% of Dongguan Guolian Electronics, amid concerns over its weak performance and slow progress on IPO fundraising projects [1][4]. Group 1: Acquisition Details - The acquisition price of 220 million yuan represents a high premium of 314.14% over the assessed value of Guolian Electronics [4][5]. - Guolian Electronics has a small operational scale, with negative operating cash flow and a significant divergence from net profit, raising questions about the potential synergy with Xinyin Electronics [1][5][6]. Group 2: IPO Fund Utilization - Xinyin Electronics has only achieved 8% progress on its IPO fundraising projects over two years, with a two-year delay, and has left a large portion of the raised funds idle for financial management [1][4]. - The planned projects include expanding connector production and establishing a research center, with expected revenues and profits that are now unlikely to be realized due to the slow progress [4][8]. Group 3: Financial Performance - Xinyin Electronics' revenue has fluctuated from 874 million yuan in 2022 to 787 million yuan in 2024, with a decline in net profit from 96 million yuan to 70 million yuan during the same period [7]. - The company's gross margin has decreased from 31.44% in 2020 to 24.55% in 2024, indicating declining profitability [7][8]. Group 4: Market Context - The global laptop market is experiencing a decline, which negatively impacts Xinyin Electronics' main business segment, while its automotive connector business, although growing, remains under 20% of total revenue [8]. - The automotive connector market is dominated by foreign giants, which poses additional challenges for Xinyin Electronics in achieving effective integration with Guolian Electronics [8].
信音电子2.2亿元高溢价收购“袖珍”标的IPO募投项目两年进度仅8%被质疑圈钱