探路者（300005）：公告两笔芯片收购，有望贡献利润增厚

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company announced two acquisitions in the chip sector, which are expected to enhance profit margins. The acquisitions involve purchasing 51% stakes in Shenzhen Better Life Electronics Technology Co., Ltd. for 321 million yuan and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million yuan. The performance commitment for both acquisitions is a cumulative profit of 150 million yuan from 2026 to 2028 [2][4] - The report highlights that Better Life is a leading design firm in the mixed-signal chip sector, with a focus on fingerprint recognition and touch chips, while Shanghai Tongtu specializes in IP technology licensing for image and video processing chips [3][4] - The acquisitions are expected to strengthen the company's position in the chip supply chain and expand its market reach into consumer electronics and industrial control sectors [4] Summary by Sections Event Overview - The company plans to use its own funds to acquire stakes in two semiconductor firms, with performance commitments indicating significant profit growth over the next few years [2] Analysis and Judgment - Better Life's revenue projections for 2024 and 2025 are 179 million yuan and 166 million yuan, respectively, with a focus on MCU chips as a growth driver. Shanghai Tongtu's revenue is projected to grow from 56 million yuan in 2024 to 105 million yuan in 2025, driven by demand for mobile display bridge chips [3] Investment Recommendations - The report anticipates that the outdoor industry will continue to grow, with the company focusing on enhancing product functionality and marketing efforts. The successful acquisition of G2 Touch is expected to provide additional growth opportunities in the automotive sector. The company has also launched several new outdoor smart products, which are expected to improve performance and market competitiveness [5] - The financial forecasts for 2025 to 2027 have been adjusted upwards, with revenue projections increasing to 2.011 billion yuan, 2.829 billion yuan, and 3.342 billion yuan, respectively. Net profit estimates have also been raised to 237 million yuan, 314 million yuan, and 376 million yuan for the same period [5][8]