MYSE(SH:601615) IPO日报·2026-01-15 08:22Core Viewpoint - Mingyang Smart Energy Group Co., Ltd. plans to acquire control of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of share issuance and cash payment, with stock suspension expected to last no more than 10 trading days [1]. Group 1: Acquisition Details - The transaction is considered a related party transaction as the counterparty is wholly owned by Zhang Chao, a close relative of the actual controller of Mingyang Smart [2]. - Dehua Company, established in August 2015 with a registered capital of 94.32 million yuan, focuses on high-end compound semiconductor optoelectronic chips, aligning with the current market trend of "space photovoltaics" [3][4]. - The acquisition is still in the planning stage, with specific details such as valuation and payment terms yet to be finalized, raising concerns about the fairness of the transaction [5]. Group 2: Company Performance and Industry Context - Mingyang Smart, founded in 2006, derives 98.33% of its revenue from the wind power industry, indicating a heavy reliance on this sector [7]. - The company experienced explosive growth from 2018 to 2022, with revenue increasing from 6.902 billion yuan to 30.748 billion yuan and net profit rising from 426 million yuan to 3.455 billion yuan [10]. - However, since 2022, the wind power industry has faced a slowdown due to subsidy reductions and increased competition, leading to a significant drop in Mingyang's profit margins from 20% in 2022 to 8% in 2024 [11][12]. Group 3: Strategic Implications of the Acquisition - The acquisition of Dehua Company is viewed as a strategic move to find new growth avenues amid declining core business performance [14]. - Dehua's focus on high-end semiconductor products aligns with Mingyang's exploration of integrated "wind-solar-storage" solutions and the emerging "space photovoltaic" sector, which is gaining traction due to the rise of space economy and the demand for sustainable energy [15][16].