盈新发展单季毛利率仅1.45% 拟5.2亿收购长兴半导体60%股权

Core Viewpoint - Yingxin Development is seeking transformation by acquiring a 60% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, aiming to expand into the technology sector, particularly in NAND Flash chip packaging and testing [2][3][6]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Changxing Semiconductor is set at 520 million yuan, with the company planning to use its own and raised funds for the purchase [2][3]. - Changxing Semiconductor has a strong background in NAND Flash chip packaging and testing, with established production capacity and technology [2][6]. - The valuation of Changxing Semiconductor shows a book value of 149 million yuan and an assessed value of 927 million yuan, indicating a significant appreciation of 520.69% [2][4]. Group 2: Financial Performance and Projections - Changxing Semiconductor's projected net profit for 2026 is at least 75 million yuan, with cumulative net profits of at least 155 million yuan for 2026 and 2027, and 240 million yuan for 2026 to 2028 [2][6]. - Yingxin Development reported a revenue decline of 48.38% in the first three quarters of 2025, with a gross margin of only 6.74% [9]. - The company aims to improve its business structure and asset mix through this acquisition, which is expected to enhance revenue and profitability [7][9]. Group 3: Strategic Rationale - The acquisition aligns with Yingxin Development's strategy to diversify into high-growth sectors like artificial intelligence and storage chips, mitigating risks associated with its current business operations [7][8]. - The transaction is anticipated to contribute positively to the company's revenue growth and overall financial performance [7][9]. - The company acknowledges the potential for goodwill arising from the acquisition, which will require impairment testing in future accounting periods [7].