Investment Rating - The report maintains an "Outperform" rating for Global New Material International Holdings (6616 HK) with an expected relative benchmark increase of over 10% in the next 12-18 months [3][41]. Core Insights - The company intends to acquire Merck's global surface solutions business for 665 million euros, with the transaction expected to enhance its market coverage, product system, and technological capabilities [1][3]. - The acquisition is based on a valuation of 10.6x the target company's pre-tax profit of 62.7 million euros for the year ending December 31, 2023 [1][3]. - The company has achieved significant results in collaborative integration with CQV, becoming its largest shareholder with a 42.45% stake, which is expected to enhance product synergy and market expansion [1][3]. - The second phase of the pearl material factory has commenced production, with a designed annual capacity of 30,000 tons, focusing on high-end applications [2][3]. - The company invested 75 million RMB in R&D in the fiscal year 2023, representing 7.1% of its operating revenue, and has made advancements in new energy projects in collaboration with Zhejiang University [1][3]. Summary by Sections Acquisition Details - The company announced the acquisition of Merck's global surface solutions business for 665 million euros, with the target company generating 405 million euros in revenue and 62.7 million euros in pre-tax profit for 2023 [1][3]. Collaborative Integration - The integration with CQV has led to improved product collaboration, sales channel synergy, and enhanced R&D capabilities, positioning the company as a leader in the global pearlescent pigment market [1][3]. Production Capacity - The second phase of the pearl material factory is operational, designed to produce high-end automotive and cosmetic-grade materials, utilizing advanced intelligent production systems [2][3]. Research and Development - The company has increased its R&D investment, resulting in new patents and breakthroughs in energy-related projects, contributing to its growth strategy [1][3].
环球新材国际：拟6.65亿欧元收购默克的全球表面解决方案业务