热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 今年10月，长盈通筹划近一年的定增方案落地，最终融资1.4亿用于收购生一升全部股权，但募集配套资金的计划未能成行。 值得注意的是，此次交易对价为1.58亿，较标的生一升账面净资产溢价高达456.7%。针对高溢价，交易对方承诺，生一升未来三年累计实现净利润不低于 5000万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至定增与并购赛场。 今年10月，长盈通筹划近一年的定增方案落地，最终融资1.4亿收购武汉生一升光电科技有限公司（以下称"生一升"）100%股权，交易溢价达4.5倍，但标的 毛利率明显偏低，且存在大客户依赖、应收账款高增和承诺业绩等诸多问题。 今年以来，长盈通收利双增，但资本开支长期高于经营现金流，销管费用率畸高，特别是管理费用率高达20%，远超长飞光纤等可比 ...

Group 1: Industry Overview - The new materials industry is experiencing a positive trend, with companies entering the supply chains of major downstream customers, indicating an overall improvement in industry sentiment [1][4][5] - Companies such as Tianyi New Materials and Suihua Technology are collaborating with leading enterprises in aerospace and commercial space sectors, enhancing their market presence [1][2] Group 2: Company Developments - Tianyi New Materials is focusing on expanding its composite material production capabilities for aerospace applications, including drones and rockets, and is actively participating in the development of standards for drone operations [1] - Suihua Technology has established deep partnerships with major domestic commercial aerospace companies, enhancing its product offerings in copper alloy components [2] - Jinbo Co., Ltd. has developed low-cost modified resin-based porous carbon products and is now a designated supplier for several mainstream automotive companies [3] Group 3: Market Demand and Future Outlook - The OLED organic materials sector is seeing high demand due to increased penetration in consumer electronics and the upcoming construction of new AMOLED production lines, which is expected to significantly boost material requirements [4][5] - The demand for electronic specialty gases and fluorine-containing new materials is increasing, driven by the needs of the integrated circuit, battery, and pharmaceutical industries [5][6] - Longying Technology is experiencing strong order growth in the optical device sector, driven by advancements in data transmission technologies and the need for high-speed, low-latency solutions [6]

Group 1 - The company plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction price of RMB 158 million [9][10][11] - The acquisition is expected to enhance the company's capabilities in the fiber optic gyroscope and optical communication sectors, creating synergies and expanding its product offerings [14][17] - The transaction will not result in a change of control for the company, as the actual controller remains the same [15][18] Group 2 - The company has committed to performance guarantees for the acquired entity, with net profit targets set at RMB 11.2 million for 2025, RMB 18 million for 2026, and RMB 22.5 million for 2027 [23][24] - If the performance targets are not met, the performance guarantee parties are obligated to compensate the company, primarily using the shares obtained from the transaction [24][26] - The transaction is subject to regulatory approvals and has already completed necessary decision-making processes [17][18] Group 3 - The company will issue 6,406,376 shares, representing 4.97% of the total share capital post-transaction, with an adjusted issue price of RMB 21.95 per share [11][12] - The total assets, equity attributable to shareholders, and revenue are expected to increase post-transaction, enhancing the company's profitability [16][17] - The company has taken measures to protect minority shareholders' rights during the transaction process, including fair pricing and information disclosure [21][22]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 57.80 CNY [5][8]. Core Views - The company has achieved rapid performance recovery, with a revenue of 192 million CNY in H1 2025, representing a year-on-year increase of 40.4%, and a net profit of 29 million CNY, up 91.82% year-on-year [1]. - The growth in revenue from optical fiber devices exceeded 200%, significantly contributing to the company's performance recovery and rapid restoration of profitability [2]. - The company is increasing its R&D investment to solidify its leading position in the optical fiber sensing field, with R&D expenses growing by 41.44% to 18 million CNY, representing a 9.5% R&D expense ratio [3]. - The company is actively expanding its development boundaries through both organic growth and acquisitions, including a planned acquisition of Shengyisheng, which will enhance its capabilities in optical communication and AI optical modules, thereby opening up long-term growth potential [4]. Financial Summary - The company is projected to achieve net profits of 68 million CNY, 114 million CNY, and 166 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 281%, 66.46%, and 45.85% [5]. - The forecasted revenue for 2025 is 485 million CNY, with a net profit margin of 14.1% [11]. - The company’s average PE ratio for comparable companies is expected to be 81 and 61 times for 2025 and 2026, respectively, with the report suggesting a valuation premium due to the company's strategic positioning in specialty optical fibers and optical fiber rings [5][10].

Core Viewpoint - The company, Wuhan Changyingtong Optoelectronic Technology Co., Ltd., plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronic Technology Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction value of 158 million yuan [10][19]. Group 1: Transaction Overview - The transaction involves three parties: Wuhan Chuanglian Zhiguang Technology Co., Ltd., Li Longqin, and Ningbo Chengfenghao Enterprise Management Co., Ltd. [10][19]. - The main business of the target company, Wuhan Shengyisheng, focuses on the research, production, sales, and service of passive optical devices [10][19]. - The transaction is classified as a major asset restructuring under the relevant regulations [10][19]. Group 2: Financial Impact - The transaction is expected to enhance the company's overall profitability and sustainable operational capacity by creating synergies in the fiber optic gyroscope and optical communication sectors [15][19]. - Post-transaction, the company's total assets and net profit attributable to shareholders are projected to increase, thereby improving financial metrics [19][18]. Group 3: Share Structure Changes - The total share capital of the company will increase from 122,374,426 shares to 128,780,802 shares after the transaction [16][19]. - The transaction will not change the actual control of the company, which remains with Piabin [17][19]. Group 4: Performance Commitments - The performance commitments for the target company include achieving net profits of 11.2 million yuan, 18 million yuan, and 22.5 million yuan for the years 2025, 2026, and 2027, respectively [23][19]. - If the performance commitments are not met, the performance commitment parties are obligated to compensate the company [23][24]. Group 5: Regulatory Compliance - The transaction is subject to approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [19][10]. - The company has committed to strict information disclosure obligations to protect the rights of minority shareholders during the transaction process [22][21].

Core Viewpoint - Changying Tong plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics for 158 million yuan to enhance its capabilities in optical fiber gyroscope photon chip processing and to capture the growing market demand in the optical communication sector [1][2] Group 1: Acquisition Details - The acquisition is a strategic move for Changying Tong to upgrade its optical fiber gyroscope business and expand its application in the optical communication field [2] - The Shanghai Stock Exchange has accepted the transaction and issued an inquiry letter requiring explanations on 11 aspects, including the purpose and necessity of the acquisition [2][3] Group 2: Financial Performance - For the first half of 2025, Changying Tong expects revenue between 173 million to 211 million yuan, a year-on-year increase of 26.35% to 54.43%, and a net profit of 26.12 million to 31.92 million yuan, an increase of 72.12% to 110.33% [1][5] - The company has signed a performance guarantee agreement with the original shareholders of Shengyisheng Optoelectronics, ensuring minimum net profits for the years 2025, 2026, and 2027 [5] Group 3: Industry Position and Collaboration - Changying Tong is recognized as a national-level specialized and innovative "little giant" enterprise in the optical fiber gyroscope sector, having been listed on the Sci-Tech Innovation Board in 2022 [2] - Shengyisheng Optoelectronics, established in 2016, is a leading provider of optical device solutions in the optical communication field and has a strong customer demand, having turned profitable [4][6] - The collaboration between Changying Tong and Shengyisheng Optoelectronics has already addressed industry challenges, particularly in the processing technology of optical fibers and chips [3][6]

Core Viewpoint - Changying Tong is accelerating its integrated layout in the optical fiber industry, with a focus on new material development and strategic acquisitions to enhance its market position and product offerings [1][2][5]. Group 1: Company Overview - Changying Tong, established in 2010, specializes in the research, production, and sales of optical fiber gyroscope core components and solutions, and is recognized as a national-level "little giant" enterprise [2]. - The company was listed on the Sci-Tech Innovation Board in December 2022, becoming the first stock in the A-share market focused on optical fiber rings [2]. Group 2: Project Development - The "Changying Tong New Material Industrial Park Project" has a total investment of 500 million yuan, with a planned construction area of 35,800 square meters, set to start construction by April 2024 and be completed by December 2025 [3]. - The project will establish production lines for optical fiber coating resins and thermal control materials, with an expected annual capacity of 1,200 tons and 30 million pieces, respectively [3]. Group 3: Financial Performance - In 2024, the revenue from new materials is projected to reach 24.0645 million yuan, a year-on-year increase of 15.60%, while the overall revenue is expected to be 331 million yuan, up 50.22% [4]. - The company reported a net profit of 17.9414 million yuan in 2024, reflecting a year-on-year growth of 15.28% [4]. Group 4: Strategic Acquisitions - Changying Tong plans to acquire 100% of Wuhan Shengyisheng Optoelectronics for 158 million yuan, with the aim of expanding its core product layout and market presence [1][5]. - The acquisition will enhance the company's capabilities in the optical fiber gyroscope and optical communication sectors, contributing to a more comprehensive production capacity and improved profitability [6].

Core Viewpoint - The company reported a significant revenue increase of 50.22% year-on-year, reaching 331 million yuan, indicating a recovery in profitability driven by increased orders from key military clients and higher delivery of optical fiber devices [1] Financial Performance - Revenue for 2024 was 331 million yuan, up 50.22% year-on-year [1] - Net profit attributable to shareholders was 18 million yuan, reflecting a 15.28% year-on-year increase, although lower than revenue growth due to factors affecting gross margin and credit impairment [1] - Gross margin was 44.5%, down 7.8 percentage points year-on-year, impacted by a rise in accounts receivable and a 96.0% increase in credit impairment losses [1] - Operating expense ratio improved to 36.5%, down 14.6 percentage points year-on-year, with management expenses at 20.5%, showing significant improvement [1] Business Development - The company announced plans to acquire Shengyisheng, which will enhance its technological capabilities and expand its market presence in the optical communication sector [2] - The acquisition is expected to help the company build a complete technical system for optical devices and reduce reliance on a single market [2] - The company is actively developing third-generation optical fiber gyro photon chip business and expanding into non-military markets to create new growth points [2] Future Projections - Projected net profits for 2025, 2026, and 2027 are 73 million, 112 million, and 147 million yuan respectively, with corresponding EPS of 0.60, 0.92, and 1.20 yuan [2] - Current stock price corresponds to PE ratios of 48, 31, and 24 for the years 2025, 2026, and 2027 respectively [2]