亏损股盈新发展拟5.2亿收购 标的现金流连负溢价521%

Core Viewpoint - Yingxin Development (000620.SZ) has announced a plan to acquire 60% of Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, which will enhance its business capabilities in the semiconductor sector and improve its financial performance [1][3]. Financial Performance - For the fiscal years 2024 and 2025, Changxing Semiconductor is projected to generate revenues of 405.97 million yuan and 645.51 million yuan, respectively, with net profits of 2.21 million yuan and 74.57 million yuan [1][2]. - Yingxin Development reported a net loss attributable to shareholders of 533.14 million yuan for 2024, a significant decline compared to a profit of 351.90 million yuan in 2023, marking a 251.50% decrease [4][5]. Acquisition Details - The acquisition will be financed through cash and is expected to be completed after approval from the company's shareholders. It does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [3]. - The valuation of Changxing Semiconductor was assessed using both asset-based and income approaches, with the income approach yielding a market value of 926.50 million yuan, indicating a substantial increase of 520.69% over the book value [2][3]. Strategic Implications - This acquisition aligns with Yingxin Development's strategy to integrate traditional business with emerging industries, particularly in the technology sector, thereby optimizing its revenue structure and enhancing profitability [3]. - The company aims to achieve a net profit of no less than 75 million yuan for the fiscal year 2026, with cumulative net profits of at least 155 million yuan for 2026 and 2027 combined [3].