观想科技借重组打响保壳战？收购标的业绩波动营收不足2亿赛道竞争激烈

Core Viewpoint - Guanshang Technology has not seen significant revenue growth since its listing, with Q3 revenue falling short of 100 million yuan. The company's ongoing weak performance raises questions about its ability to restructure and avoid delisting under new regulations, especially given the modest revenue scale and volatility of the acquisition target [1][3][12]. Group 1: Company Performance - Since its listing in December 2021, Guanshang Technology's revenue has consistently remained below 300 million yuan, with a significant drop in profitability reported in Q3. The company's revenue for the first three quarters was 65.36 million yuan, a year-on-year increase of 4.86%, while the net profit attributable to shareholders was 763,000 yuan, down 86.14% year-on-year [3][14]. - The company's financial performance indicates a lack of strong revenue generation capability, as evidenced by its fluctuating net profit, which has hovered around the breakeven point [3][14]. Group 2: Acquisition Details - Guanshang Technology plans to acquire 100% of Liao Jing Electronics through a combination of issuing shares and cash payments, while also raising supporting funds from no more than 35 specific investors. This transaction constitutes a major asset restructuring [1][12][19]. - The acquisition target, Liao Jing Electronics, has reported revenues of 147 million yuan, 114 million yuan, and 132 million yuan for the years 2023 to 2025 Q3, with net profits of 54.90 million yuan, 25.51 million yuan, and 40.57 million yuan respectively. Although the revenue scale is relatively small, it exceeds 100 million yuan, which may help mitigate delisting risks for Guanshang Technology [5][16]. Group 3: Industry Context - The military semiconductor industry in China is experiencing significant growth, supported by national strategies for domestic substitution and improvements in industry certification systems. However, the sector is also facing increasing competition from new entrants, intensifying market dynamics, and a trend towards homogenization in the mid-to-low end market [7][18]. - If the acquisition target fails to keep pace with market trends and maintain a competitive edge in core supporting areas, it may face challenges in an increasingly competitive environment [7][18]. Group 4: Strategic Intent - The acquisition aims to create a synergy between software and hardware technologies, enhancing the overall quality of Guanshang Technology. The company has established a strong technical foundation in areas such as AI-enabled systems and digital twin technology, which will complement the hardware advantages of the acquisition target [10][20]. - The integration of Liao Jing Electronics' semiconductor expertise with Guanshang Technology's existing capabilities is expected to improve product reliability and operational stability, thereby enhancing the company's competitive position in the defense information sector [21].