TOREAD(SZ:300005) Cai Jing Wang·2025-12-08 02:40Core Insights - The acquisition of 51% stakes in Beitelai and Shanghai Tongtu for a total of 680 million yuan marks a strategic move by the company to solidify its presence in the semiconductor and edge AI sectors, creating a comprehensive layout from "graphics to display to touch to perception" [1] - The core value of the acquisition lies in the leading market positions and strong technological barriers of the target companies, providing a stable revenue foundation for the company [1] Group 1: Beitelai - Beitelai has over a decade of experience in mixed-signal chain chips, holding the top market share in fingerprint recognition chips for smart locks and significant positions in touch chips for laptops [1][2] - The company’s unique technology innovations, such as the FD wake-up technology, have reduced standby power consumption to the lowest in the industry, while its latest floating touch control chip addresses interaction bottlenecks in emerging scenarios like AI glasses and wearable devices [1][2] - Beitelai's product line includes touch chips, biometric sensors, and dedicated MCUs, which enhance security and interactivity when combined with edge AI, with expectations of benefiting from a projected 30% growth in AI penetration in security and finance by 2025 [2] Group 2: Shanghai Tongtu - Shanghai Tongtu has established competitive barriers in display processing and IP licensing, with its RISC-V architecture-based screen bridge SOC chip leading the high-end OLED smartphone market [2][3] - The company’s proprietary compression algorithm achieves a compression ratio of 1:8, saving 50% storage space compared to similar products, which is a critical advantage in the context of high memory costs for AI terminals [2] - Shanghai Tongtu plans to develop PQ image enhancement chips and scaler chips, which are highly compatible with edge AI applications, optimizing video processing for AI photography without cloud uploads [3] Group 3: Strategic Implications - The integration of Beitelai and Shanghai Tongtu into the company’s chip business represents a qualitative change, creating a complete ecosystem from chip design to IP licensing to terminal solutions [3] - The expected cumulative net profit of 300 million yuan from the two companies between 2026 and 2028, along with a performance incentive mechanism, aligns with the company's strategic goals [3] - The trend of integrating "technology and scenarios" is gaining traction in the capital market, with the company leveraging its outdoor ecosystem to enhance its chip business and maintain its leadership in the outdoor sector [4]