Core Viewpoint - Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. (301322.SZ) plans to invest 530 million yuan to acquire 51% of Jiangsu Damo Semiconductor, marking a significant strategic shift due to declining performance in the electric vehicle sector [1][4]. Group 1: Acquisition Details - The acquisition will be executed in two steps: first, a cash purchase of 4.5 billion yuan for 46.9167% of Damo Semiconductor, followed by an additional 800 million yuan investment for 7.6923% [4]. - The funding for this acquisition comes entirely from the company's IPO surplus, which amounted to 1.696 billion yuan, with 1.690 billion yuan still available as of June 2025 [5]. Group 2: Financial Performance - Lvtong's revenue dropped from 1.471 billion yuan in 2022 to 1.081 billion yuan in 2023, a decline of 26.51%, with net profit falling by 15.71% [9]. - In 2024, revenue further decreased to 831 million yuan, a 23.13% decline, and net profit plummeted by 45.98% to 142 million yuan [9]. - The downward trend continued into Q1 2025, with net profit of 28.27 million yuan, down 26.16% year-on-year [10]. Group 3: Market Context - The company's sales in the U.S. market significantly declined from 53.22% in 2023 to 14.63% in Q1 2025, attributed to intensified competition and trade investigations [12]. - The global market growth for electric vehicles has slowed to 5%-8%, with increasing domestic competition [12]. Group 4: Damo Semiconductor Overview - Damo Semiconductor, established in 2017, specializes in semiconductor front-end detection and repair equipment, with a focus on integrated circuit and wafer detection [14][15]. - The company reported revenues of 231 million yuan in 2023 and 270 million yuan in 2024, with a stable net profit margin around 25% [15]. Group 5: Strategic Intent - The acquisition aims to diversify Lvtong's business from electric vehicles to the semiconductor sector, creating new profit growth points and enhancing overall profitability [15][16]. - Damo Semiconductor's estimated gross margin of 35%-45% is expected to improve Lvtong's profitability structure, which was 26.41% in 2024 [16].
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