Core Viewpoint - The company, Bozhong Precision (688097.SH), announced a plan to acquire 70% of Shanghai Wodian Industrial Automation Co., Ltd. for 420 million yuan, despite a significant anticipated decrease in the target company's net assets, raising questions about the high valuation and the rationale behind the acquisition [1][2][7]. Group 1: Acquisition Details - The acquisition price of 420 million yuan reflects a high premium, with a valuation of 600 million yuan based on a 416.16% increase in value assessed using the income approach [2][5]. - The expected goodwill from the acquisition is approximately 360 million to 362 million yuan, based on the target's identifiable net asset value being only 82.77 million to 85.54 million yuan at the time of consolidation [2][6]. - The target company's net assets are projected to decrease by 30-40% shortly after the acquisition, despite a recent capital injection of 39.9 million yuan from its shareholders [2][5][7]. Group 2: Financial Performance and Projections - The target company, Shanghai Wodian, had a net asset value of 145 million yuan at the end of Q1 2025, which would increase to approximately 184.9 million yuan after the recent capital injection, yet the acquisition valuation suggests a significant decline [5][6]. - The financial data indicates that the target's revenue for Q1 2025 was 82.74 million yuan, with a net profit attributable to shareholders of 12.65 million yuan [6][10]. - The company has set performance targets for the acquired entity, requiring a cumulative net profit of no less than 185 million yuan from 2025 to 2027, or 260 million yuan if the performance commitment period is extended [9][10]. Group 3: Strategic Context - Bozhong Precision is a leading player in the 3C automation equipment sector and is looking to diversify its business beyond the consumer electronics sector, particularly into the new energy and semiconductor fields [8][9]. - The company has postponed several investment projects in the new energy sector, indicating a cautious outlook on the domestic new energy market [8][9]. - The acquisition of Shanghai Wodian is seen as a strategic move to enhance capabilities in the automotive intelligent equipment sector, leveraging the target's technology and customer resources [9][10].

本案目前交易各方仅签订《股权投资意向协议》，处于收购初始阶段，下一步各方需要根据尽调、审 计、评估等结果进一步协商是否签订正式协议。本案标的公司主营业务为国产信息安全软件的研发和销 售，2024年实现营业收入1632.11万元，净利润363.44万元，净资产-326.1万元。标的公司投前整体估值 约为1.5亿元，交易价格待定。 A股市场高溢价并购频频出现，本案"负资产高估值"现象更是值得关注。如何防范上市公司高溢价并购 风险，笔者就此提出以下建议： 一是推动穿透式尽调，避免估值泡沫。对标的公司估值，应避免简单依赖市盈率（PE）或市销率 （PS）估值，而应结合行业特性、标的实际深入核查分析。在尽职调查阶段，上市公司应聘请专业第 三方机构对标的公司进行穿透式尽调，在掌握核心技术方面，可核查标的公司相关技术是否具备自主知 识产权，专利质量如何；在业务经营方面，可核查标的公司订单可持续性，是否存在单一客户依赖等； 在投资风险方面，可核查标的公司是否存在隐性负债，是否存在未决诉讼、对外担保等。根据尽职调查 情况，必要情况下应合理调整估值模型、重新确定标的公司公平估值。 二是加强中小股东和独董监督制约。第三方机构对标的公 ...