控股股东与日本TDK签署框架协议，收购微型马达资产业务 点击注册小程序 4月28日公司发布控股股东框架协议公告，控股股东丘钛投资有限公司与日本TDK签署框架协议，以收购TDK 旗下微型马达资产业务。据公司证券部，本次收购包括TDK马达业务2000+项专利、2000+名员工、过百专业 及经验丰富的研发团队、及用于微型马达生产的专业设备、菲利宾厂房等。预计最终交割预计将在2026年初完 成，交割前具体业务运营仍然由TDK负责。 查看完整报告 微型马达是摄像模组核心元器件，本次收购将补齐控股股东高端微型驱动马达产品线 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 微型驱动马达是决定摄像模组自动对焦、光学变焦等光学性能、及模组尺寸的核心元器件。此前，控股股东已 投资控股河源友华和厦门众惠两家微型驱动马达公司， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The controlling shareholder has signed a framework agreement with Japan's TDK to acquire its micro motor business, which includes over 2,000 patents, more than 2,000 employees, and a well-experienced R&D team [1] - The acquisition is expected to enhance the controlling shareholder's high-end micro motor product line, positioning it as a global leader covering the entire product range from high to low-end micro motors [1] - The company's vertical integration capabilities in the camera module supply chain are expected to improve, enhancing long-term profitability [2] - The company has initiated the "Apollo" plan to promote vertical integration of core components in camera modules through partnerships and resources from the controlling shareholder [2] Summary by Sections Camera Module Shipment and Product Structure - From January to April, the shipment volume of camera modules decreased by 16.5% year-on-year, but the proportion of 32MP and above camera modules increased by 9.1 percentage points to 56.5%, indicating a significant optimization in product structure [3] - The fingerprint recognition module shipment increased by 83.1% year-on-year, driven by improved supply-demand dynamics and product structure optimization [3] Financial Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been raised by 24% and 17% to RMB 602 million and RMB 713 million, respectively, with a new forecast for 2027 at RMB 840 million [3] - Revenue projections for 2023 to 2027 are as follows: RMB 12,530.8 million in 2023, RMB 16,151.3 million in 2024, RMB 19,377.2 million in 2025, RMB 21,701.0 million in 2026, and RMB 23,936.3 million in 2027 [4][10]