TOREAD(SZ:300005) 3 6 Ke·2025-12-09 02:39Core Viewpoint - The company is shifting its focus from traditional outdoor products to the semiconductor industry in response to declining performance in its core business, with significant acquisitions planned to facilitate this transition [1][2][4]. Group 1: Acquisition Details - The company announced plans to acquire 51% stakes in Shenzhen Betel Electronics for 321 million yuan and Shanghai Tongtu Semiconductor for 357 million yuan, totaling 678 million yuan in high-premium acquisitions [2][10]. - The acquisition of Betel Electronics has a premium rate of 363.26%, while the acquisition of Shanghai Tongtu has an even higher premium rate of 2119.65% [2][12]. - Both acquisitions are accompanied by performance guarantees, with Betel Electronics required to achieve net profits of at least 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan in 2026, 2027, and 2028 respectively [12][15]. Group 2: Company Background and Financial Performance - The company, established in 1999, was a pioneer in the outdoor products sector and has faced challenges in finding new growth avenues since its peak revenue of 3.808 billion yuan in 2015 [4][6]. - The company has attempted diversification through acquisitions in the tourism sector, but these efforts have not yielded significant results, leading to a revenue drop to 912 million yuan in 2020 [6][17]. - Since the current chairman, Li Ming, took control in 2021, the company has seen a gradual recovery in revenue, with figures of 1.139 billion yuan, 1.391 billion yuan, and 1.592 billion yuan from 2022 to 2024 [17]. Group 3: Semiconductor Business Development - The company has been gradually building its semiconductor business, with previous acquisitions including a 60% stake in Beijing Chip Energy for 260 million yuan and stakes in G2 Touch and Jiangsu Dingmo [8][9]. - By 2024, the company's revenue is projected to reach 1.592 billion yuan, with outdoor business contributing 86.03% and semiconductor business contributing 13.97% [9]. - The semiconductor sector is expected to see significant growth, with the company’s chip business revenue projected to double following the integration of the newly acquired companies [18][19]. Group 4: Market Context and Challenges - The outdoor products market is facing increased competition, with leading brands like Camel, Berghaus, and The North Face dominating online sales [17]. - The semiconductor industry is currently experiencing a valuation boom, with high demand for domestic alternatives, making the acquisitions appear strategically sound despite their high premiums [17][18]. - However, both acquired companies have not established strong market barriers, raising concerns about their ability to deliver sustained performance, which will be crucial for the company's future valuation [20].