Chunqiu ET(SH:603890) Xin Lang Cai Jing·2025-11-27 06:26Core Viewpoint - The company announced a voluntary cash offer to acquire all shares of Asetek A/S to enhance synergies between different business segments [1] Group 1: Synergy and Strategic Complementarity - The acquisition is expected to create significant synergies, achieving a "1+1>2" effect, as the company is a leading provider of notebook structural components with integrated services from precision mold design to manufacturing [2] - Both companies have overlapping customer bases, allowing for rapid expansion of product offerings and market share, which will enhance overall profitability [2] - The company will leverage its strengths in precision manufacturing and supply chain management to internalize Asetek's production processes, effectively reducing manufacturing costs and accelerating capacity expansion [2] Group 2: Strategic Transformation and New Growth Areas - The acquisition will facilitate a strategic transformation from electronic manufacturing to an "electronic + liquid cooling solutions" model, integrating Asetek's core liquid cooling technology [3] - Asetek has over 20 years of experience in the liquid cooling sector and has previously collaborated with major companies in developing data center liquid cooling products, which may be revived post-acquisition [3] Group 3: Financial Projections and Investment Recommendations - The company is projected to achieve revenues of 4.629 billion, 5.639 billion, and 6.767 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.4%, 21.8%, and 20.0% respectively [4] - Expected net profits for the same period are 334 million, 460 million, and 605 million yuan, with growth rates of 58.2%, 37.7%, and 31.4% respectively, leading to a strong investment recommendation [4]