Investment Rating - The report assigns a rating of "Accumulate" for the company [6][30]. Core Views - The company has invested a total of 10 billion yuan in high-tech enterprises, with many of the invested companies possessing internationally leading independent controllable technologies. The acquisition of Xian Dao Electric Science and Technology accelerates the company's transformation strategy of "high-tech investment empowerment + real estate asset management" [2][30]. - The acquisition is expected to enhance the company's business structure towards hard technology manufacturing and provide a solid development platform in the advanced new materials sector [21][30]. Financial Summary - The projected financial performance for the company shows a revenue increase from 17,210 million yuan in 2023 to 22,758 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.3% [4]. - Net profit attributable to the parent company is expected to rise from 1,631 million yuan in 2023 to 2,994 million yuan in 2027, reflecting a significant growth trajectory [4]. - The earnings per share (EPS) are projected to increase from 0.19 yuan in 2023 to 0.35 yuan in 2027 [4][30]. Market Data - The target price for the company's stock is set at 8.16 yuan, with a dynamic price-to-book (PB) ratio of 1.5 times for 2025 [6][30]. - The company's market capitalization is reported at 38,546 million yuan, with a 52-week stock price range of 1.62 to 4.53 yuan [7]. Acquisition Details - The company plans to acquire 95.4559% of Xian Dao Electric Science and Technology through a share issuance and raise up to 3 billion yuan in matching funds [14][30]. - The estimated valuation for the 100% equity of the target company is not to exceed 12 billion yuan, with a static price-to-earnings (PE) ratio of no more than 27.03 times for 2024 [23]. Strategic Objectives - The acquisition is a key step in the company's strategy to enter the high-end advanced materials manufacturing sector, which aligns with its focus on hard technology industries [21][22]. - The integration of Xian Dao Electric Science and Technology is expected to enhance the company's competitive edge in the semiconductor, display panel, and photovoltaic sectors, thereby reducing reliance on traditional real estate business [22][30].

8 月 12 日晚间， 衢州发展 发布公告称，公司拟通过发行股份等方式购买先导电子科技股份 有限公司（以下简称先导电子） 95.4559% 股份，并募集配套资金（以下简称本次交易）。 经申请，衢州发展股票将于 2025 年 8 月 13 日（星期三）开市起复牌。 【导读】拟购买先导电子 95.4559% 股份，衢州发展股票复牌 中国基金报记者 李智 拟购买先导电子 95.4559% 股份 衢州发展股票复牌 8 月 12 日，衢州发展发布公告称，公司拟通过发行股份等方式购买先导电子 95.4559% 股 份，并募集配套资金。 | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份购买资产 | 广东先导稀材股份有限公司等 48 名交易对方 | | 募集配套资金 | 不超过 35 名特定投资者 | 本次交易预计构成关联交易，但不构成重大资产重组。 根据公告，本次交易包括发行股份购买资产、募集配套资金两部分。本次募集配套资金以发 行股份购买资产的成功实施为前提，但募集配套资金成功与否不影响发行股份购买资产的实 施。 其中，衢州发展拟向不超过 35 名符合条件的特定投资者，以询价的方式发行股份募集 ...

Group 1 - The core point of the news is that Quzhou Development plans to acquire 95.4559% of Xian Dao Electronic Technology Co., Ltd. through a share issuance and raise up to 3 billion yuan in supporting funds [1][2] - The acquisition price is set at 3.46 yuan per share, with the total estimated value of the target company not exceeding 12 billion yuan [1][2] - The transaction does not constitute a restructuring listing, and the controlling shareholder remains Quzhou Zhibao Enterprise Management Partnership [1] Group 2 - Xian Dao Electronic is a leading domestic enterprise in high-end sputtering targets and evaporation materials, focusing on R&D, production, and sales [2] - The target company's products serve downstream markets including display panels, advanced photovoltaics, semiconductors, and new solid fuel cells, with applications in various sectors such as renewable energy and consumer electronics [2] - In 2024, Xian Dao Electronic is projected to achieve revenue of 3.431 billion yuan and a net profit of 444 million yuan [2] Group 3 - Quzhou Development has been focusing on strategic transformation in the real estate sector, optimizing resource allocation through a light asset operation model [3] - The company has made significant investments in high-tech sectors such as semiconductor materials, blockchain, and artificial intelligence, establishing a hard technology ecosystem [3] - Recent investments in high-tech projects have started to yield returns, with the company planning to support and cultivate the development of invested enterprises further [3]