高溢价豪赌！探路者拟6.78亿元收购两公司 加码芯片业务

Core Viewpoint - The company, Explorer, announced a significant acquisition plan involving a total investment of 678 million yuan to acquire 51% stakes in two semiconductor companies, Betel and Shanghai Tongtu, aiming to enhance its chip business portfolio [1][4]. Group 1: Acquisition Details - The acquisition involves using self-owned funds of 321 million yuan for Betel and 357 million yuan for Shanghai Tongtu, and it does not constitute a related party transaction or a major asset restructuring [1][4]. - Betel is a leading design company in the mixed-signal chip sector, particularly in smart lock fingerprint recognition, while Shanghai Tongtu excels in video compression and AMOLED display driver technologies [2][4]. Group 2: Financial Performance and Projections - Betel's estimated revenue for 2024 is approximately 179 million yuan, with a projected net loss of 25.19 million yuan, but it is expected to turn profitable in 2025 [6][7]. - Shanghai Tongtu is projected to achieve revenues of about 56.06 million yuan in 2024 and 105 million yuan in the first eight months of 2025, with corresponding net profits of 5.54 million yuan and 18.89 million yuan [7]. Group 3: Strategic Rationale - The acquisitions are intended to create a deep complementarity with the existing chip business, enhancing the company's product range and customer base in the analog and mixed-signal chip markets [9]. - The integration of Betel's signal chain technology and Shanghai Tongtu's IP resources is expected to significantly boost the company's competitive edge in display driving and video processing technologies [9]. Group 4: Market Context and Trends - 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 [3][4]. - The semiconductor IP sector is currently experiencing a golden development period, characterized by technological innovation and market demand [5]. Group 5: Recent Financial Performance - Explorer's revenue and net profit have shown a decline in the first three quarters of the year, with revenues of approximately 953 million yuan, down 13.98% year-on-year, and a net profit of about 33.04 million yuan, down 67.53% [10][11]. - Despite the recent downturn, the company's stock price has surged by 42.77% from October 20 to December 1, outperforming the broader market [11].