资产增值3.28亿，毛利率预测逆势上扬遭问询 佛塑科技回复

Core Viewpoint - The Shenzhen Stock Exchange has issued an inquiry letter regarding Foshan Fospower Technology Group Co., Ltd.'s acquisition of 100% equity in Jinli Co., focusing on the valuation of intangible assets and the reasonableness of the predicted gross margin growth [1][2] Group 1: Asset Valuation - The inquiry highlights that the overall valuation increase of intangible assets is 328 million yuan, representing a 210% increase [1] - The assessment agency, Zhonglian International, attributes the increase in land use rights to rising regional land prices, with the assessed value of 16 land use rights totaling 4.437 billion yuan, up from a book value of 3.072 billion yuan, resulting in an overall increase rate of 44.41% [1] - The increase in intangible assets, particularly patent rights, is valued at 2.582 billion yuan, based on a technology sharing rate of 1.87% and a discount rate of 16.14%, which aligns with industry benchmarks [1] Group 2: Revenue Forecast - The target company's projected main business revenue is expected to reach 4.052 billion yuan in 2025, increasing to 5.286 billion yuan by 2029, with gross margin rising from 24.27% to 31.54% [2] - The inquiry questions the forecast's divergence from the declining gross margin trend during the reporting period, but the assessment agency responds that the company has already turned a profit in the first half of 2025, achieving a gross margin of 29.91%, which is higher than the forecast [2] - Future gross margin recovery is supported by an increase in the sales proportion of ultra-thin high-strength diaphragms and reduced costs due to domestic sourcing of raw materials [2]