Core Viewpoint - The acquisition of Zhuhai Jiuyuan by Rilian Technology is a significant step in implementing its "horizontal expansion and vertical deepening" development strategy, aimed at building an industrial testing platform enterprise [1]. Summary by Sections Acquisition Details - Rilian Technology announced the acquisition of 45% equity in Zhuhai Jiuyuan for 60.75 million yuan and an additional capital increase of 30 million yuan, resulting in a 55% controlling stake [2]. - The acquisition will be consolidated into Rilian Technology's financial statements following the completion of the transaction [2]. Company Profiles - Zhuhai Jiuyuan is a national high-tech enterprise specializing in the R&D, production, and sales of high-end new energy power conversion equipment and testing products, with strong technical capabilities in lithium battery performance testing and energy storage converters [3]. - Rilian Technology is a leading domestic provider of industrial X-ray intelligent detection equipment, with applications across integrated circuits, electronics manufacturing, and new energy batteries [3]. Financial Performance - In 2024, Rilian Technology achieved a revenue of 739 million yuan, a year-on-year increase of 25.89%, and a net profit of 143 million yuan, up 25.44% [3]. - Zhuhai Jiuyuan's projected revenues for 2023 and 2024 are 30.48 million yuan and 39.92 million yuan, respectively, with a gross margin exceeding 60%, indicating strong profitability potential for Rilian Technology [5]. Performance Commitments - The existing shareholders of Zhuhai Jiuyuan have waived their preemptive rights, and performance commitments have been established for the years 2025 to 2028, with minimum net profit targets set at 5 million yuan, 20 million yuan, 22.5 million yuan, and 25 million yuan, respectively [4]. - If performance exceeds targets, 40% of the excess will be awarded to the management team as performance incentives [5]. Strategic Implications - The acquisition is expected to create synergies in product development, market channels, and technology integration, enhancing Rilian Technology's competitiveness in the new energy power conversion and intelligent detection equipment sectors [5]. - Rilian Technology aims to continue its "horizontal expansion and vertical deepening" strategy, focusing on both organic growth and synergistic acquisitions to become a world-class industrial testing platform enterprise [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Viewpoints - The company is enhancing its growth through both internal development and external acquisitions, specifically through the acquisition of a 55% stake in Zhuhai Jiuyuan, which will become a subsidiary [1][3] - Zhuhai Jiuyuan specializes in lithium battery performance testing, energy storage inverters, and grid simulation systems, holding significant proprietary technology in the new energy sector [2] - The company has set ambitious revenue targets for Zhuhai Jiuyuan, forecasting revenues of 30.48 million and 39.92 million yuan for 2023 and 2024, respectively, with gross margins exceeding 60% [3] - The newly established Chongqing X-ray detection equipment industrial base will support rapid business growth and strategic upgrades, featuring advanced technologies such as 3D/CT and AI [3] - Revenue projections for the company from 2025 to 2027 are 1.15 billion, 1.5 billion, and 1.9 billion yuan, representing year-on-year growth rates of 55%, 31%, and 27% respectively, with net profits expected to grow significantly [3][10] Summary by Sections Acquisition and Investment - The company plans to acquire a 45% stake in Zhuhai Jiuyuan for 60.75 million yuan and will inject an additional 30 million yuan into the company [1] - Post-transaction, the company will hold a 55% stake in Zhuhai Jiuyuan, which will be consolidated into its financial statements [1] Business Development - Zhuhai Jiuyuan is positioned in the new energy sector, focusing on the development and commercialization of intelligent detection and conversion equipment [2] - The acquisition is expected to enhance the company's competitive edge and market position in the new energy equipment sector [3] Financial Forecast - The company anticipates significant revenue and profit growth over the next three years, with a compound annual growth rate of 46% for net profit [3][10] - The projected P/E ratios for the years 2025, 2026, and 2027 are 36, 26, and 18, respectively, indicating a favorable valuation outlook [3][10]

Core Viewpoint - The company plans to acquire 45% of Zhuhai Jiuyuan Power Electronics Technology Co., Ltd. for 60.75 million yuan and invest an additional 30 million yuan, resulting in a 55% ownership stake, making it a subsidiary included in the consolidated financial statements [1][2][3]. Transaction Overview - The acquisition aligns with the company's strategy of focusing on its core business and expanding horizontally and vertically, enhancing its technology and product offerings in the industrial testing sector [2][19]. - The transaction has been approved by the company's board and does not require shareholder approval, as it does not constitute a related party transaction or a major asset restructuring [2][5]. Target Company Profile - Zhuhai Jiuyuan specializes in high-end new energy power conversion equipment and testing products, holding key technologies and complete independent intellectual property rights [2][9]. - The company has established partnerships with notable universities for research and development, focusing on lithium battery performance testing and energy management solutions [9]. Financial Assessment - The total asset value of Zhuhai Jiuyuan is assessed at 76.1457 million yuan, with a significant increase in value [11]. - The company's revenue for 2023 was approximately 39.92 million yuan, with a net profit of about 15.51 million yuan, indicating strong profitability [8][19]. Strategic Impact - The acquisition is expected to enhance the company's competitive strength in the industrial testing and new energy sectors, creating synergies in technology, market reach, and product offerings [19][20]. - The integration of both companies' resources is anticipated to optimize production processes and reduce costs, further strengthening the overall business model [21]. Governance and Management - Post-acquisition, the governance structure will include representatives from both companies, ensuring collaborative decision-making and operational independence [18]. - Key personnel from Zhuhai Jiuyuan will be bound by non-compete agreements to protect the company's interests [18].