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电子行业简评报告：思瑞浦收购创芯微过审
Capital Securities·2024-08-27 05:45

Investment Rating - The report assigns an investment rating of "Positive" for the industry [1]. Core Viewpoints - The acquisition of Chuangxinwei by Suyipu has been approved, with the Shanghai Stock Exchange's M&A Review Committee approving the acquisition plan on August 23, 2024 [2]. - Suyipu plans to acquire 100% equity of Shenzhen Chuangxinwei Microelectronics Co., Ltd. for a total valuation of 1.06 billion yuan, with differentiated pricing schemes for Chuangxinwei's shareholders [3]. - After six consecutive quarters of negative revenue growth, Suyipu's revenue growth returned to positive in Q2 2024, with an upward trend in gross margin [1]. - The electronic sector has slightly outperformed the broader market, with the CSI Electronic Index declining by 2.89% from August 19 to August 23, 2024, compared to a 0.87% decline in the Shanghai Composite Index [7]. - The report recommends focusing on semiconductor and smart glasses markets, particularly in computing power, storage, and PCB sectors [18]. Summary by Sections M&A Approval - On August 24, Suyipu announced the approval of its acquisition plan for Chuangxinwei by the Shanghai Stock Exchange's M&A Review Committee [2]. Differentiated Pricing - Suyipu's acquisition involves a total price of 1.06 billion yuan, with three differentiated pricing options for Chuangxinwei's shareholders, valuing the equity at 872 million yuan, 1.15 billion yuan, and 1.62 billion yuan respectively [3]. Revenue Growth - Suyipu's revenue growth turned positive in Q2 2024 after six quarters of decline, indicating a recovery in performance [1]. Market Performance - From August 19 to August 23, 2024, the CSI Electronic Index fell by 2.89%, while the Shanghai Composite Index decreased by 0.87% [7]. - Year-to-date, the Shanghai Composite Index is down 4.05%, and the CSI Electronic Index has declined by 15.88% [7]. Sector Recommendations - The report suggests investors pay attention to the semiconductor and smart glasses sectors, focusing on computing power, storage, and PCB [18].