探路者6.78亿元并购构筑技术护城河 “感知+显示”芯片矩阵形成

Core Insights - The acquisition of 51% stakes in Shenzhen Betel Electronic Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for approximately 678 million yuan marks a strategic shift for the company from an outdoor consumer brand to an "intelligent interactive technology platform" [1][2] - This move aims to build a unique ecological moat combining "outdoor scenarios + smart chips" [1] Group 1: Acquisition Details - The acquisition targets two high-barrier segments: Betel focuses on human-computer interaction and biometric recognition, holding the largest market share in fingerprint sensors for smart locks and security [1][2] - Shanghai Tongtu, with its RISC-V architecture-based display bridge SoC chips, also ranks first in its niche market, extending its capabilities to AI scenarios such as facial and vehicle detection [1][2] Group 2: Financial Commitments - Betel's profit commitments for 2026 to 2028 are set at no less than 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan, totaling 150 million yuan [2] - Shanghai Tongtu has a similar profit commitment of 150 million yuan for the same period, providing clear growth expectations for the listed company [2] Group 3: Business Synergies - Betel's products complement the existing G2 Touch subsidiary, allowing for product bundling and a complete solution for overlapping customer bases [2] - Shanghai Tongtu's video compression and display technologies will enable the development of high-value chips in collaboration with the group's subsidiaries, expanding the application areas into multimedia, smart driving, and machine vision [2][3] Group 4: Strategic Importance - This strategic acquisition is a significant move for the company amid global innovation in smart terminals and the trend of semiconductor localization [3] - By integrating Betel's and Shanghai Tongtu's core technologies, the company strengthens its capabilities in smart sensing and image processing, establishing a complete technology chain from basic chips to system solutions [3]