据悉，新蕾电子是国内领先的电子元器件分销商，分销产品包括集成电路、光器件与光模块、被动元器 件、模组等。深蕾半导体则专注于芯片设计领域，主要产品包括音频编解码芯片及智能音视频编解码芯 片。 对于此次投资，杭州勒泽表示，一方面，借助深蕾科技的渠道及产业链整合能力，杭州勒泽的投资版图 将进一步完善，为后续挖掘更多优质投资机会、提升整体投资回报奠定基础。另一方面，为合伙人开勒 股份、杭州溯元搭建深度参与高成长赛道的重要桥梁，合伙人有望在电子元器件、光通信、半导体等相 关业务板块获得多维度支持，打破业务增长瓶颈，开拓新的利润增长点。 2025年9月，深蕾科技获得上市公司线上线下（300959）的控股权，变更为线上线下控股股东。此外， 深蕾科技还参股了电子元器件和集成电路国际交易中心。 中证报中证网讯（记者 乔翔）1月7日晚，由开勒股份（301070）和杭州溯元共同出资设立的专业投资 平台杭州勒泽在其微信公众号上发布消息称，杭州勒泽近日受让了深蕾科技4.3119%的股份。该股份将 分批进行交割，待全部交易及交割手续完成后，杭州勒泽将成为深蕾科技第四大股东。 公开资料显示，深蕾科技由深蕾科技发展（深圳）有限公司控股，参股 ...

Group 1 - Hangzhou Leze recently acquired 4.3119% of Shenzhen Shenlei Technology Co., Ltd. [1] - Hangzhou Leze was established in December 2025 as a professional investment platform focusing on the semiconductor industry chain [1] - The investment in Shenlei Technology is part of Hangzhou Leze's strategy to target high-growth and high-value sectors such as electronic components and chip design [1] Group 2 - Shenlei Technology is controlled by Shenlei Technology Development (Shenzhen) Co., Ltd. and has notable shareholders including Qianhai Mother Fund and Intel [2] - Shenlei Technology's main business involves the distribution of electronic components and integrated circuit application solutions, with subsidiaries including Shenzhen Xinlei Electronics and Shenzhen Qianhai Shenlei Semiconductor [2] - Shenzhen Xinlei Electronics has been recognized as a leading distributor of electronic components in China for nine consecutive years [2] Group 3 - Shenlei Semiconductor focuses on chip design, with products including audio and intelligent audio-video codec chips used by major clients like Lenovo and Samsung [3] - The investment by Hangzhou Leze is expected to enhance resource integration and collaboration, providing strategic benefits to its partners [3] - The partnership aims to break through business growth bottlenecks and explore new profit growth points in the electronic components and semiconductor sectors [3]

Group 1: Acquisition and Synergy - The acquisition of Ligon Technology is expected to create strong synergy effects due to low overlap in agency rights and customer groups, allowing for resource complementarity [1] - The company has a competitive advantage in passive component sales, while Ligon Technology excels in the automotive sector, enabling mutual enhancement of capabilities [1] - The collaboration will extend Ligon Technology's technical advantages in the automotive field to other industry markets [1] Group 2: Semiconductor Industry Outlook - The semiconductor industry is expected to maintain a prolonged boom, driven by AI computing demand and the certainty of domestic substitution [2] - Short-term fluctuations may occur due to inventory adjustments or external policy changes, but long-term growth is anticipated [2] Group 3: Financial Performance - The company's gross margin is higher than that of other distributors due to superior operational capabilities in supply chain management and inventory turnover [3] - Post-acquisition, the overall gross margin may slightly decline, but the lower expense ratio of Ligon Technology is expected to enhance net profit margins [3] Group 4: Risk Management - The probability of bad debts is low due to a stable customer base primarily composed of B-end manufacturing enterprises with strong payment capabilities [4] - A strict internal control mechanism is in place to manage bad debts, ensuring a low bad debt rate [4] Group 5: Cash Flow Challenges - Negative operating cash flow is primarily due to mismatched payment terms and the accounting treatment of commercial bill discounts [5] - The company has secured sufficient bank credit to support cash flow needs and is working with core customers to improve payment efficiency [5] Group 6: Long-term Development Goals - The company aims for significant revenue breakthroughs through a dual strategy of 70% organic growth and 30% acquisitions [6] - Future growth will focus on expanding into overseas markets, particularly in Southeast Asia along the Belt and Road [6] - The company plans to balance its industry structure across automotive, consumer, AI, and server sectors [6] - There will be an emphasis on increasing the share of active components and optimizing product structure to enhance industry influence [6]

Core Viewpoint - The military electronics sector is experiencing a clear order recovery, with an acceleration in domestic and military trade directions due to the impact of "reciprocal tariffs" [1][7]. Group 1: Domestic Control in Military Applications - The demand for domestically controlled components in military applications is a hard requirement, with significant room for domestic production of chips and sensors in the internal assembly and military trade sectors [2]. - The importance of domestically produced military chips is increasing due to potential embargo risks and security threats posed by foreign components [2]. - The economic viability of imported chips has diminished following multiple rounds of tariffs, making domestic alternatives more attractive [2]. Group 2: Military Demand and Order Recovery - Military electronics demand is currently in a clear recovery phase, with most companies reporting significant order improvements for Q1 2025 [3]. - Companies like AVIC Optoelectronics and Aerospace Jiangnan Group have reported strong growth in defense-related orders, indicating a robust recovery trend [3]. - The order recovery is expected to be sustainable, with a positive outlook for Q2 2025 and the entire year [3]. Group 3: Civilian Expansion Opportunities - The automotive and industrial sectors are primary areas for military electronics companies to expand into, benefiting from the favorable impact of tariffs [4][5]. - The willingness of customers in these sectors to adopt domestic alternatives is improving, particularly for analog chips and sensors [4]. - The "reciprocal tariffs" policy is expected to facilitate faster growth in civilian applications for military electronics companies [5]. Group 4: Investment Strategy - Key areas of focus for investment include the ammunition supply chain and new material directions, with a strong emphasis on mixed-label targets that show higher recovery certainty and potential for exceeding expectations [7]. - Specific components of interest include digital chips, analog chips, sensors, connectors, modules/components, and passive components [7].