当轨交电气设备遇上电力通信芯片，通业科技与思凌科1+1>2的“战略联姻”

Core Viewpoint - The acquisition of the chip design company Silingke by Tongye Technology marks a strategic expansion into the power IoT communication chip sector, indicating the company's intent to establish a "second growth curve" beyond its core rail transit equipment business [1][13]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silingke for 561 million yuan, a reduction from the previously proposed 100% acquisition [3]. - The valuation of Silingke has been adjusted from a maximum of 670 million yuan to 612 million yuan due to minor discrepancies in financial data, alleviating some financial pressure on Tongye Technology [2]. - The acquisition will be financed partly through a loan from Tongye's actual controllers, which will help reduce external financing needs and financial costs [2]. Group 2: Financial Performance of Silingke - Silingke, founded by a team of PhD researchers from the Chinese Academy of Sciences in 2016, focuses on the research, design, and sales of IoT communication chips, particularly for power systems [4]. - The company has shown stable financial performance with projected net profits of 27.71 million yuan and 20.36 million yuan for 2023 and 2024, respectively [5]. - Silingke's revenue from self-developed chips has consistently accounted for over 89% of its main business income in recent years [5]. Group 3: Synergies and Strategic Fit - The merger is expected to create synergies in business, technology, marketing, and management between Tongye Technology and Silingke, enhancing operational efficiency [8][9]. - Tongye Technology's existing products can integrate Silingke's communication chips, improving communication efficiency and reducing construction difficulties in rail transit systems [9]. - Both companies share similar customer bases, allowing for streamlined marketing and service integration post-acquisition [10]. Group 4: Profit Commitment and Future Outlook - Silingke's core team has committed to achieving a cumulative net profit of no less than 175 million yuan over three years, which aligns with reasonable valuation metrics compared to similar acquisitions [11][12]. - The acquisition is seen as a strategic move to tap into the growing power IoT chip market, which is supported by favorable policies and has significant growth potential [13].