Core Viewpoint - Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. plans to invest 530 million yuan to acquire a 51% stake in Jiangsu Damo Semiconductor, marking a significant strategic shift for the company due to declining performance in its core business [1][3]. Group 1: Company Performance - Lvtong Technology has experienced a substantial decline in performance over the past two years, with net profit dropping by 45.98% in 2024 and revenue from the U.S. market plummeting from 53% to 14% [1][4]. - In 2023, the company's revenue fell from 1.471 billion yuan in 2022 to 1.081 billion yuan, a decrease of 26.51%, while net profit decreased by 15.71% [4]. - The downward trend continued into the first quarter of 2025, with net profit of 28.27 million yuan, a year-on-year decline of 26.16% [5]. Group 2: Acquisition Details - The acquisition strategy involves two steps: a cash purchase of 450 million yuan for 46.9167% of Damo Semiconductor, followed by an additional 80 million yuan investment for 7.6923% [3]. - The total funding for this acquisition comes from the company's IPO surplus, which amounted to 1.696 billion yuan, with 1.690 billion yuan still available as of June 2025 [3]. - The valuation of Damo Semiconductor has raised some concerns, as its net asset value is only 226 million yuan, while the assessed value is 964 million yuan, resulting in a 325.74% increase [3]. Group 3: Performance Guarantees - To mitigate risks, the acquisition includes a performance guarantee mechanism, requiring Damo Semiconductor to achieve net profits of at least 70 million yuan, 80 million yuan, and 90 million yuan for the years 2025 to 2027, totaling no less than 240 million yuan [3]. Group 4: Market Context - The market for site electric vehicles is facing growth challenges, with global market growth slowing to 5%-8% and intensified competition domestically [7]. - Lvtong Technology has previously attempted cross-industry investments, such as a strategic investment in Jianghua Jiuheng Digital Technology, acquiring 27.50% of its shares in 2024 [7]. Group 5: Damo Semiconductor Overview - Damo Semiconductor, established in 2017, specializes in semiconductor front-end detection and repair equipment, providing comprehensive solutions for global clients [8]. - The company has shown steady growth, with revenues increasing from 231 million yuan in 2023 to 270 million yuan in 2024, maintaining a net profit margin of around 25% [8]. - Damo Semiconductor's estimated gross profit margin of 35%-45% is significantly higher than Lvtong Technology's 26.41% in 2024, indicating potential for improved profitability post-acquisition [9].

公众号记得加星标⭐️，第一时间看推送不会错过。 绿通科技公告，公司拟使用超募资金4.50亿元受让上海壹坤电子科技有限公司持有的江苏大摩半导体 科技有限公司（以下简称"大摩半导体"）46.9167%的股权，并使用超募资金8000万元进行增资，合 计使用超募资金5.30亿元。交易完成后，公司将持有大摩半导体51%的股权，并将其纳入合并报表范 围。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导 体行业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 END 今天是《半导体行业观察》为您分享的第 4116 期内容，欢迎关注。 大摩半导体产品及服务覆盖明暗场缺陷检测、套刻仪等前道修复设备、配件及运维服务，最高可支持 14nm 制 程 工 艺 ， 部 分 自 研 设 备 已 进 入 客 户 验 证 阶 段 ； 在 客 户 壁 垒 上 ， 已 向 中 芯 国 际 、 台 积 电 、 GlobalFoundries等全球龙头供货或提供服务。通过本次交易，公司将纳入半导体前道量检测设备优 质资产，将资源要素更多投向新质生产力方向，实现向半导体行业的战 ...

Core Viewpoint - Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. plans to acquire at least 51% of Jiangsu Damo Semiconductor Technology Co., Ltd. in cash, aiming to gain control over Damo Semiconductor, which specializes in integrated circuits and semiconductor wafer detection [2][3] Group 1: Acquisition Details - The acquisition is expected to allow Lvtong Technology to enter the semiconductor field, enhancing its strategic transformation and industrial upgrade [3] - Damo Semiconductor focuses on providing remanufacturing, upgrading, and technical services in the wafer detection field, positioning itself in the first tier of the detection and repair sector [2] Group 2: Market Context - Lvtong Technology faces increasing market competition and a maturing industry, necessitating the search for new growth engines to achieve sustainable development [2] - The semiconductor sector is seen as a potential second growth curve for Lvtong Technology, driven by both policy support and internal demand [2]