22亿！溢价270%！扬杰科技豪赌贝特电子

Core Viewpoint - Yangjie Technology plans to acquire 100% equity of Dongguan Better Electronics for 2.218 billion yuan in cash, marking a significant move in the Chinese power semiconductor industry [1][2]. Transaction Structure - The acquisition will be paid entirely in cash, with a total price of 2.218 billion yuan, representing a premium of over 270% compared to Better Electronics' net assets of 590 million yuan [5]. - Payment will be made in three phases: the first phase involves a 30% payment (665 million yuan), and the second phase involves a 70% payment of 550 million yuan to non-performance commitment parties [6]. Performance Commitment - Yangjie Technology has set strict performance targets for Better Electronics, requiring a cumulative net profit of no less than 555 million yuan from 2025 to 2027 [7]. Acquisition Motivation - The acquisition is a strategic decision based on multiple considerations, as Better Electronics' products complement Yangjie Technology's existing power device offerings [8]. - Better Electronics specializes in overcurrent and overtemperature protection components, enhancing Yangjie Technology's product matrix and enabling comprehensive solutions for customers [9][10]. Synergy Effects - There is a high customer overlap between Yangjie Technology and Better Electronics, with Better's clients including major companies in home appliances and new energy sectors, which can create significant synergy [11]. - Both companies will share R&D outcomes, enhancing Yangjie Technology's research capabilities [12]. Overseas Expansion - Both companies have extensive overseas business experience, which can lead to beneficial business complementarity [13]. - Yangjie Technology's overseas revenue reached 834 million yuan in the first half of 2025, a year-on-year increase of 34.97%, while Better Electronics has a 26.9% export ratio in 2023 [14]. About Better Electronics - Founded in 2003, Better Electronics focuses on power electronic protection components and has a 4.3% share in the global fuse market as of 2022 [15]. - The company reported a revenue of 837 million yuan and a net profit of 148 million yuan in 2024, with a compound annual growth rate of approximately 28% in revenue from 2020 to 2024 [15]. About Yangjie Technology - Established in 2000, Yangjie Technology has evolved into a representative IDM model enterprise in China's semiconductor discrete device sector, with a market value of approximately 36 billion yuan [17]. - The company achieved a revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58% [17]. Industry Background - The A-share merger and acquisition market has become active due to policies like the new "National Nine Articles" and "Merger Six Articles," with over 1.4 trillion yuan in total transaction value in the first half of 2025 [19]. - Better Electronics' choice to be acquired follows its unsuccessful IPO attempt, reflecting a trend among companies seeking alternative growth paths [19]. Future Outlook - Yangjie Technology aims to reach a revenue of 10 billion yuan by 2027, with the acquisition of Better Electronics being a crucial step towards this goal [20]. - The merger is expected to create positive synergies in product categories, R&D, customer bases, and sales channels [20].