Beijing New Space Technology (SH:605178) 是说芯语·2025-10-11 23:51Core Viewpoint - The acquisition of a controlling stake in Jiahe Jingwei by Shikong Technology marks a significant strategic shift, allowing the traditional engineering company to enter the high-growth storage sector, while providing Jiahe Jingwei with the necessary capital for expansion and technological advancement [1][5][6]. Group 1: Acquisition Details - Shikong Technology announced plans to acquire a controlling stake in Jiahe Jingwei through a combination of share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [1]. - The acquisition has led to a temporary suspension of Shikong Technology's stock, anticipated to last no more than five trading days [1]. Group 2: Jiahe Jingwei's Position - Jiahe Jingwei, established in 2012 and recognized as a national "specialized and innovative" enterprise, holds nearly 200 independent intellectual property patents and has developed significant technological advantages in firmware algorithm development and chip testing [3]. - The company plays a crucial role in the domestic storage industry, having launched China's first "China chip" memory module in 2020 and being a pioneer in DDR5 module development [3]. Group 3: Market Conditions and Expansion Needs - The current AI wave has created a tight supply-demand situation in the DRAM and NAND markets, with Morgan Stanley predicting a potential 10-year high prosperity cycle for storage, and double-digit price increases in the coming quarters [5]. - Jiahe Jingwei is in a critical expansion phase, with plans to invest 300 million yuan in new business areas such as smart automotive and information security by the end of 2024 [5]. Group 4: Shikong Technology's Strategic Shift - Shikong Technology has faced continuous losses from 2021 to 2024, with a reported loss of 66.27 million yuan in the first half of 2025, and accounts receivable exceeding 400 million yuan [6]. - The acquisition allows Shikong Technology to pivot from a traditional engineering firm to a semiconductor technology company, fundamentally reshaping its valuation logic [6]. Group 5: Future Prospects and Challenges - The acquisition is expected to accelerate Jiahe Jingwei's growth, leveraging the financing capabilities and brand endorsement of a publicly listed company to fill funding gaps for expansion and R&D [5][6]. - However, the acquisition is still in the preliminary stages, having only signed a letter of intent, and its successful implementation remains uncertain pending multiple layers of approval [6].