从9.5亿到26亿！华懋科技回应上交所就公司并购估值“狂飙”之问

Core Viewpoint - Huamao Technology (603306.SH) is planning to acquire 100% equity of Shenzhen Fuchuang Youyue Technology Co., Ltd. (Fuchuang Youyue) and has responded to the Shanghai Stock Exchange's inquiries regarding the transaction's purpose, valuation, and integration risks [2][3]. Group 1: Acquisition Details - The total transaction price for the acquisition is 1.504 billion yuan, corresponding to a valuation of 2.6 billion yuan for Fuchuang Youyue, with a payment method involving both shares and cash [4]. - The company currently holds 42.16% of Fuchuang Youyue's shares, making it the largest single shareholder, and has been working on management integration for over a year [3][4]. Group 2: Market Potential and Business Strategy - The global market for automotive passive safety components is projected to grow from $22.469 billion in 2023 to $43.263 billion by 2029, with the company holding over 35% market share in the domestic segment [3]. - The semiconductor and information communication manufacturing sector is identified as a second growth curve, with a projected compound annual growth rate of 22% from 2024 to 2029 in the optical module market [3]. Group 3: Financial Performance and Valuation - Fuchuang Youyue's valuation increased from 950 million yuan in September 2024 to 2.6 billion yuan, attributed to industry growth and improved performance, with a net profit of 129 million yuan expected in 2024 [5]. - The estimated price-to-earnings ratio for the acquisition is 20.16, which is lower than the industry average of 51.07, indicating a favorable valuation [5]. Group 4: Integration and Independence - Fuchuang Youyue has achieved complete independence from its former parent company, Hai Neng Da, in terms of business, assets, and personnel, with fair rental agreements in place [6]. - The company has developed a detailed integration plan to maintain stability in Fuchuang Youyue's core team and leverage synergies between the automotive and semiconductor sectors [6].