TOREAD(SZ:300005) Bei Jing Shang Bao·2025-12-01 14:04Core Viewpoint - The company, Explorer, is making a significant move into the semiconductor industry by acquiring stakes in two semiconductor firms, aiming to enhance its chip business and capitalize on the growing market demand for semiconductor technologies [1][3][11]. Acquisition Details - Explorer plans to invest a total of 678 million yuan to acquire 51% stakes in Shenzhen Betel Electronic Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. [1][3] - The acquisition involves high premium valuations, with Shanghai Tongtu's valuation showing an increase of 2119.65% [1][8]. Financial Performance and Projections - As of the end of Q3 this year, Explorer had approximately 764 million yuan in cash [4]. - Betel is projected to achieve revenues of approximately 179 million yuan and a net loss of 25.19 million yuan in 2024, but is expected to turn profitable in the first eight months of 2025 [8][9]. - Shanghai Tongtu is expected to generate revenues of about 56.06 million yuan and 105 million yuan in 2024 and the first eight months of 2025, respectively [9]. Strategic Rationale - The acquisitions are intended to complement Explorer's existing chip business, enhancing its product offerings in the analog and mixed-signal chip markets [11]. - The integration of Betel's signal chain technology and Shanghai Tongtu's IP resources is expected to strengthen the company's competitive edge in display driving and video processing technologies [11]. Market Context - The trend of A-share companies acquiring semiconductor assets is on the rise, driven by policy support, industry cycles, and strong market expectations for emerging technologies [6]. - The semiconductor IP sector is currently experiencing a golden development period, characterized by technological innovation and market demand [7].