Yitoa Intelligent Control(SZ:300131) Zheng Quan Shi Bao·2025-11-10 00:22Core Viewpoint - The semiconductor sector is witnessing a surge in mergers and acquisitions, with Ying Tang Zhi Kong planning to acquire 100% of Guilin Guanglong Integrated Technology and 80% of Shanghai Aojian Microelectronics, indicating a strategic shift towards deeper integration in the semiconductor industry [1][2][5]. Company Summary - Ying Tang Zhi Kong is transitioning from a traditional distributor to a semiconductor IDM (Integrated Device Manufacturer) through a dual strategy of distribution and chip design [2][5]. - The company reported a revenue of 2.13 billion yuan from chip design and manufacturing in the first half of the year, marking a 24.57% year-on-year increase, with this segment now contributing 8.06% to total revenue [5]. - For the first three quarters, Ying Tang Zhi Kong achieved a revenue of 41.13 billion yuan, a 2.4% increase year-on-year, but the net profit attributable to shareholders fell by 43.67% to 26.07 million yuan [5]. Acquisition Targets - Guilin Guanglong, established in 2018, specializes in the R&D, production, and sales of passive optical devices, including a comprehensive range of optical switches and other optical components [2][3]. - Shanghai Aojian Microelectronics, founded in 2015, focuses on power management and signal chain analog chips, with products widely used in consumer electronics, communications, automotive electronics, and medical electronics [3]. Market Context - The A-share merger and acquisition market is heating up, with 12 companies disclosing M&A progress in the week leading up to November 9, 2025, and over 40 semiconductor asset acquisition cases reported since September 2024 [6][7]. - The semiconductor industry's active M&A activity is driven by a combination of industry recovery, improved corporate profitability, and the need to strengthen domestic supply chains amid complex international conditions [7][8].