领益智造溢价34倍现金收购立敏达 毛利率降短期债翻番

Group 1 - The company signed a share transfer agreement to acquire 35% equity in Limin Da for 875 million yuan, aiming to enhance its AI hardware server business and overall competitiveness in the enterprise server sector [1] - After the acquisition, the company will control 52.78% of the voting rights in Limin Da, allowing it to consolidate Limin Da into its financial statements [1] - The transaction does not constitute a related party transaction or a major asset restructuring as defined by regulations, and it was decided by the company's general manager without board or shareholder approval [1] Group 2 - The acquisition of Limin Da comes at a high premium, with a valuation of 2.51 billion yuan against a net asset of only 71.27 million yuan, resulting in a premium rate exceeding 34 times [2] - The company's revenue has been growing, from 34.50 billion yuan in 2022 to a projected 44.26 billion yuan in 2024, with a year-on-year growth of 19.3% [2] - However, the company's gross margin has declined from 19.8% to 14.4%, with a slight recovery to 15.7% in the first three quarters of 2025 [2] - Short-term borrowings have increased significantly to 7.33 billion yuan by September 2025, up 129% from the beginning of the year, indicating a notable rise in debt obligations [2]