Tianlong Corporation(SH:603266) Shang Hai Zheng Quan Bao·2026-02-11 18:14Group 1 - The company received a second inquiry letter from the Shanghai Stock Exchange regarding its asset acquisition, indicating that the target company is expected to remain in a loss state for the next 2-3 years, which may lead to a decline in the company's performance [1][3] - The acquisition price of 354.7 million yuan is considered high compared to the target company's net asset value of -19.57 million yuan as of September 30, 2025, raising concerns about goodwill impairment and the ability to meet performance commitments [1][3] - The company plans to acquire a 54.8666% stake in Suzhou Haomibow Technology Co., Ltd., which is expected to enhance its industrial upgrade strategy and improve its core product line [3][4] Group 2 - The target company has strong technological capabilities, being one of the few in the market capable of single-chip 4D imaging, which is expected to provide a competitive edge in the intelligent driving sector [4] - The company has conducted thorough due diligence, hiring professional firms for legal, auditing, and evaluation services to ensure a prudent decision-making process [5][9] - The expected return on investment from the acquisition is estimated to be approximately 7.9 years, with projected annual net profit of 54 million yuan, which is 23.15% of the investment amount [4][5] Group 3 - The revenue forecast for the target company is based on existing projects and potential future projects, with an expected compound annual growth rate of over 40% from 2026 to 2030 [11][20] - The company anticipates that the market for automotive 4D millimeter-wave radar will grow significantly, with the market size expected to reach 10.7 billion yuan by 2029, indicating substantial growth potential [25] - The revenue growth forecast is aligned with the company's production capacity planning, ensuring that projected revenue increases are supported by actual production capabilities [27][28]