Group 1 - The core viewpoint of the article is that Invt (002334) has successfully achieved mass production of control boards for its complete machine products in the South China region, which includes network energy, photovoltaic, and new energy vehicle controllers [1] Group 2 - The control boards are specifically used in the complete machine products produced by Invt in the South China region [1] - The company has confirmed the mass production status of these control boards in response to investor inquiries on its interactive platform [1]

Core Viewpoint - The acquisition of 98.426% of Jiangsu Aoyikes Automotive Electronics Technology Co., Ltd. by Lingdian Electric Control for 478 million yuan is seen as a last-ditch effort to reverse the declining performance of Lingdian Electric Control, which has faced a continuous drop in net profit for four years [1][4]. Company Performance - Lingdian Electric Control's net profit has plummeted from 157 million yuan in 2020 to 15.9462 million yuan in 2024, a decrease of 89.8% [1]. - The company's gross margin has dropped from 35.83% in 2022 to 19.37% in 2024, while the net margin has fallen from 9.41% to 1.33% [1]. - In Q1 2025, the company reported a net profit increase of 4521.16% to 17.48 million yuan, but the non-recurring net profit was only 14.66 million yuan, indicating a heavy reliance on government subsidies and investment income [2]. Acquisition Details - Aoyikes, established in 2013, reported a revenue of 472 million yuan in 2024, showing no growth, and a net profit of 8.7311 million yuan, down over 40% from 2023 [3]. - The acquisition price of 478 million yuan represents a 53.97% premium over the assessed value of 486 million yuan for 100% of Aoyikes' equity [3]. - Performance compensation clauses have been set, requiring Aoyikes to achieve a cumulative net profit of at least 119 million yuan from 2025 to 2027 if the deal is completed in 2025 [3]. Market Challenges - Both companies are heavily reliant on fuel vehicle EMS products, with Lingdian Electric Control generating 81.64% of its revenue from EMS-related products in 2023, while only 10.17% came from new energy vehicle controllers [5]. - The Chinese automotive electronic control market is dominated by international companies, with local EMS suppliers holding only 1% market share, indicating a challenging competitive landscape for both companies [6].