正帆科技 20250827 摘要 正帆科技作为泛半导体行业服务商，业务涵盖高纯介质及其输送控制， 并扩展至半导体设备核心模组零部件和材料端气体等领域，通过多宫格 业务布局平抑单一业务波动风险，目标是实现 OPEX 与 CAPEX 平分秋 色。 公司营收从 2017 年的 7.07 亿元增长至 2024 年的 55 亿元，复合年增 长率超过 30%，主要得益于下游行业景气度和资本支出增加。2024 年 集成电路营收占比达 50%，光伏占比降至 20%多，显示集成电路业务 显著上升。 公司毛利率持续提升，维修维保后市场业务毛利率最高（40%以上）， 核心零组件次之（30%以上），电子工艺装备接近 30%。费用控制良 好，归母净利润复合年增长率超过 50%，受益于毛利率上升和有效费用 控制。 公司在各下游行业积累了一批头部客户，客户集中度低，不依赖单一客 户，设备涵盖多个领域，能够应对不同客户之间资本开支计划的差异， 确保稳定订单和回款。 Q&A 今年上半年正帆科技的整体业绩表现如何？有哪些影响因素？ 今年上半年，正帆科技的整体业绩增长相对不够强劲，主要受到以下几个因素 的影响。一方面，气体价格的波动和整体市场压力 ...

Core Viewpoint - The acquisition of Jiangsu Fulehua Semiconductor Technology Co., Ltd. by Anhui Fulede Technology Development Co., Ltd. is a significant event in the semiconductor industry, marking the first merger project approved after the new restructuring regulations by the China Securities Regulatory Commission (CSRC) [2][10]. Group 1: Acquisition Details - Anhui Fulede plans to issue shares and convertible bonds to acquire 100% equity of Jiangsu Fulehua for approximately 65.5 billion yuan, with a share issuance price of 16.30 yuan per share [1]. - The transaction includes issuing shares worth about 61.9 billion yuan and convertible bonds worth 3.6 billion yuan, resulting in the issuance of approximately 37.976 million shares and 2.208 million shares, respectively [1]. Group 2: Market Reaction and Company Performance - Following the announcement of the acquisition, Fulede's stock price surged, reaching a high of 77.66 yuan, representing a 273% increase from the closing price of 20.82 yuan before the suspension [8]. - Fulede's financial performance is significantly lower than that of Fulehua, with Fulede reporting a revenue of 5.6 billion yuan and a net profit of 0.79 billion yuan for the first three quarters of 2024, compared to Fulehua's revenue of 13.73 billion yuan and net profit of 1.9 billion yuan [6]. Group 3: Industry Context - The acquisition is characterized as a "snake swallowing elephant" deal, as Fulehua's asset scale is twice that of Fulede, with Fulehua's assets amounting to 38.75 billion yuan compared to Fulede's 17.38 billion yuan [6]. - The acquisition involves related parties, as the controlling shareholder of Fulehua is linked to Fulede, making this transaction a related party transaction [5]. Group 4: Regulatory Environment - The CSRC's new merger regulations have led to a significant increase in merger and acquisition activities, with over 1,400 disclosed asset restructurings and more than 200 billion yuan in completed major asset restructuring transactions in 2024 [10][11]. - The approval rate for merger projects has reached 100% in 2025, indicating a robust regulatory environment for corporate restructuring [11].