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领益智造并购江苏科达过会,汽车业务布局“再下一城”
近日,深交所并购重组审核委员会审议通过领益智造(002600)(002600.SZ)发行可转换公司债券及 支付现金,收购江苏科达斯特恩汽车科技股份有限公司(下称"江苏科达")66.46%股权的交易方案。 领益拟通过发行可转债及支付现金的方式,向常州优融、上海迈环等8名交易对方购买标的股权,交易 价格为3.32亿元。同时,公司还计划向不超过35名特定对象发行股份募集配套资金,总额不超过2.07亿 元,其中1亿元用于补充江苏科达流动资金及偿还银行贷款,9938.67万元用于支付现金对价,775万元 用于中介机构费用。 据悉,江苏科达是一家专业生产汽车仪表板、副仪表板、门护板、立柱等饰件的汽车零部件公司,本次 交易完成后,领益将快速切入汽车饰件行业。 领益智造CFO王涛此前接受21世纪经济报道记者采访时表示,"汽车行业是市场非常大的行业,天花板 很高,这是我们最初进入这个行业的原因。总的来说,汽车业务是领益一直想做的,现在要通过整合外 部资源来做大做强。" 关注标的成长性 从审议结果来看,此次交易的上会过程较为顺利,并无进一步落实事项。 重组委现场询问的主要问题是:请上市公司代表结合标的公司报告期毛利率波动、在手订 ...
车企缩短账期,供应链有何影响
Ren Min Ri Bao· 2025-07-02 23:01
Core Viewpoint - The automotive industry is responding to the need for shorter payment terms to improve cash flow and support sustainable development, with approximately 20 companies committing to a unified payment term of 60 days for suppliers starting June 10 [1][2]. Group 1: Industry Response - Major automotive companies, including China FAW, SAIC Group, and new entrants like NIO and Xiaopeng Motors, are adopting a 60-day payment term to enhance cash flow and operational efficiency [2][3]. - The commitment to shorten payment terms aligns with the revised "Regulations on Payment for Small and Medium Enterprises," which mandates large enterprises to pay small and medium suppliers within 60 days [2]. Group 2: Supplier Perspective - Suppliers, such as Zhuhai Guanyu and Haitai Technology, view the reduction in payment terms as beneficial for alleviating accounts receivable pressure, improving cash flow, and reducing financing costs [3][4]. - Experts from the China Automobile Circulation Association highlight that shorter payment terms can enhance the operational resilience and innovation capabilities of suppliers, addressing previous cash flow challenges [3][8]. Group 3: Challenges and Industry Dynamics - The average payment term for Chinese automotive companies is significantly longer, ranging from 170 to 200 days, compared to international counterparts like Toyota and Mercedes [5][6]. - Factors contributing to longer payment terms include the complexity of the automotive supply chain, market competition, and the use of financial instruments that can extend payment periods [7][10]. Group 4: Future Outlook - Experts emphasize that while the commitment to a 60-day payment term is a positive step, it is crucial to streamline the entire payment process from acceptance to invoicing to ensure suppliers receive payments promptly [10][12]. - The automotive industry must enhance collaboration across the supply chain and leverage digital transformation to improve overall efficiency and competitiveness [11][12].
转型Tier1并配套“鸿蒙智行” 领益智造拟3.3亿元收购江苏科达66.46%股权
Mei Ri Jing Ji Xin Wen· 2025-04-22 10:19
Core Viewpoint - The company Lianyi Intelligent Manufacturing plans to acquire a 66.46% stake in Jiangsu Keda for 332 million yuan, aiming to transition from a Tier 2 to a Tier 1 automotive supplier, enhancing its capabilities in the automotive parts industry [1][2][3]. Group 1: Acquisition Details - Lianyi Intelligent Manufacturing will issue convertible bonds and pay cash to acquire the stake in Jiangsu Keda, which will become a subsidiary post-transaction [1]. - The valuation of Jiangsu Keda's 100% equity is set at 505 million yuan, with the final transaction price for the 66.46% stake being 332 million yuan [1][3]. - The company plans to raise up to 207 million yuan through a stock issuance to support the acquisition [1]. Group 2: Strategic Objectives - The acquisition allows Lianyi Intelligent Manufacturing to quickly enter the automotive decorative parts sector, enhancing its product matrix and customer resources [2][3]. - The company aims to assist Jiangsu Keda in expanding its operations internationally, aligning with the localization strategies of automotive manufacturers [2]. Group 3: Financial Performance and Projections - Jiangsu Keda reported revenues of 815 million yuan and 899 million yuan for the fiscal years 2023 and 2024, respectively, with net profits of approximately 25.32 million yuan and 40.98 million yuan [4]. - The asset appraisal indicates a value increase of 258 million yuan, representing a 104.06% appreciation [3]. - Performance commitments have been established, with expected net profits for Jiangsu Keda set at no less than 47 million yuan, 56 million yuan, and 65 million yuan for the years 2025, 2026, and 2027, respectively [3]. Group 4: Industry Context - The automotive sector is still in a nurturing phase for Lianyi Intelligent Manufacturing, which has historically focused on precision components for Apple [5][6]. - The company is diversifying its revenue streams, with automotive and low-altitude economy businesses generating only 4.79% of total revenue in 2024, indicating significant growth potential [6][7]. - The acquisition of Jiangsu Keda is expected to enhance Lianyi Intelligent Manufacturing's revenue structure and expand its automotive business [7].