美克家居通过重大资产并购，进入AI算力产业链核心节点

Core Viewpoint - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology in a "shares + cash" deal, aiming to raise matching funds not exceeding 100% of the transaction price, with its stock resuming trading and hitting the daily limit on January 5, closing at 3.21 yuan [1] Industry Overview - The acquisition targets a rapidly growing sector, particularly in AI computing power, where high-speed copper cables are essential for short-distance interconnections between GPU servers, offering significant cost-effectiveness and low power consumption [2] - The global demand for high-speed copper cables is expected to exceed 200 million units by 2025, with a compound annual growth rate (CAGR) of over 25%, potentially reaching a market size of $6 billion by 2028 [2] - China's "East Data West Computing" initiative provides substantial market and policy benefits for domestic high-speed interconnection products [2] Competitive Advantage of the Target - Wande Technology is recognized as a "hidden champion" in the high-speed copper cable sector, focusing on low-power interconnection solutions for data centers, with its 800G cables already in mass production and positive feedback on its advanced 1.6T OSPP ACC products [3] - The company holds over 70% of the global market share for 800G Loopback Testers and ranks among the top three in the non-NVIDIA OEM market for 800G active copper cables [3] - Wande's client base includes major players in the AI computing industry, such as Arista, Cisco, Google, Meta, Microsoft/LinkedIn, Celestica, Jabil, and Amphenol, indicating strong market recognition [3] Financial Performance - Wande Technology's revenue for 2023 was 45.9772 million yuan, while its revenue from January to September 2025 reached 76.2923 million yuan, with a net profit of 18.3491 million yuan, significantly surpassing the entire revenue of 2023 [4] - The company's growth trajectory aligns with its commitment to achieve a net profit of 30 million yuan by 2025 [4] Market Response - The market has reacted positively to this strategic acquisition, reflecting a broader trend of traditional industries integrating high-tech assets to enhance productivity, supported by government policies encouraging mergers and acquisitions [5] - In 2024, significant asset restructuring events in the A-share market increased by 44.12%, with 4044 disclosed M&A events, indicating a growing trend in the sector [5] - Companies like Shenyu Co. and Wolong Nuclear Materials have seen substantial stock price increases due to their investments in the high-speed copper cable sector, with gains of 248.61% and 238.59% respectively [5] Future Outlook - Post-acquisition, Meike Home will present a dual-driven model combining consumer brand appeal with technological strength, facing the challenge of integrating and stimulating innovation in its tech business while maintaining its high-end home furnishings brand [6]