Core Viewpoint - Tongyi Technology (300960.SZ) is extending its business into the power IoT chip sector through a high-premium acquisition of 91.69% equity in Beijing Silingke Semiconductor Technology Co., Ltd. for 561 million yuan, which will significantly enhance its core competitiveness in the market [1][2]. Group 1: Acquisition Details - The acquisition involves a total valuation premium of 387.41% for Silingke, with the company expected to generate a net profit of no less than 175 million yuan over the next three years [1][3]. - The transaction price of 561 million yuan represents 57.6% and 90.52% of Tongyi Technology's total assets and net assets, respectively, constituting a major asset restructuring [2][3]. - Following the acquisition, Tongyi Technology will see an increase in goodwill amounting to 359 million yuan [3][4]. Group 2: Financial Implications - Post-acquisition, Tongyi Technology's asset-liability ratio is projected to rise from 37.53% to 66.95%, indicating a significant increase in financial risk [1][7]. - As of July 2025, Tongyi Technology's cash and cash equivalents stand at 200 million yuan, which presents a funding gap against the total payment of 561 million yuan for the acquisition [7]. - The financial performance of Silingke shows a decline, with a net profit of -3.25 million yuan in the first seven months of 2025, raising concerns about future profitability [6][7]. Group 3: Market and Product Strategy - The acquisition allows Tongyi Technology to apply high-speed power line carrier chips in rail transit systems, thereby expanding its market application range [3][6]. - Silingke's main products include high-speed power line carrier communication chips and modules, which are crucial for the power IoT sector [2][3]. - The sales to the top five customers account for 75.14% of Silingke's revenue, with the largest customer being the State Grid, indicating a concentrated customer base [6][7].
通业科技账面现金仅2亿仍推5.61亿收购 3.59亿商誉悬顶负债率将升至66.95%