近日，联合中和土地房地产资产评估有限公司就上海证券交易所对广东纳睿雷达科技股份有限公司发行 股份及支付现金购买资产并募集配套资金申请的审核问询函，发布了专项核查意见。此次回复详细阐述 了标的公司的估值依据、业绩预测的合理性以及市场法评估的相关细节。 标的公司估值：方法与合理性 本次交易以2024年12月31日为基准日，对标的公司采用收益法和市场法评估，最终采用收益法评估结果 37,060.00万元作为评估结论，评估增值率为421.40%。 在可比公司选择上，从上市时间、行业大类、公司规模等多维度筛选，最终选定中颖电子、思特威- W、芯朋微作为可比上市公司，可比交易案例则依据行业、业务、交易时间等筛选确定。标的公司评估 增值率处于可比交易合理区间，静态市盈率在剔除股份支付及减资利息影响后，与可比案例相比定价合 理。 收益法评估结论具合理性，因集成电路设计行业特性，收益法能反映企业无形资产价值及综合获利能 力，且标的公司经营稳定增长，收益预测稳健。 收益法评估：业绩预测与合理性 预测期内（2025 - 2029年），标的公司营业收入从14,486.11万元增长至24,235.89万元，复合增长率为 14.58%。 ...

目 录 | 一、关于差异化定价和股东特殊权利…………………………… | 第 | 1—10 | 页 | | --- | --- | --- | --- | | 二、关于标的公司收入……………………………………………第 | | 10—38 | 页 | | 三、关于标的公司成本与毛利率…………………………………第 | | 38—48 | 页 | | 四、关于标的公司应收账款………………………………………第 | | 48—55 | 页 | | 五、关于标的公司存货……………………………………………第 | | 55—67 | 页 | | 六、关于股份支付…………………………………………………第 | | 67—77 | 页 | | 七、关于商誉………………………………………………………第 | | 77—81 | 页 | | 八、关于募集配套资金……………………………………………第 | | 81—89 | 页 | | 九、关于其他………………………………………………………第 | | 90—98 | 页 | | 十、资质证书复印件…………………………………………… 第 | | 99—102 | 页 | | 关于广东纳睿雷达科 ...

Core Viewpoint - Guangdong Narui Radar Technology Co., Ltd. is convening its first extraordinary general meeting of shareholders in 2025 to discuss the issuance of shares and cash payment for asset acquisition, along with related fundraising, in compliance with relevant laws and regulations [1][9][31]. Group 1: Meeting Procedures and Regulations - The meeting will ensure the orderly conduct and efficiency of discussions, requiring attendees to verify their identities before entry [2][3]. - Only authorized personnel, including shareholders, directors, and invited guests, will be allowed to attend the meeting [2][3]. - Attendees will have the right to speak, inquire, and vote on the proposals presented during the meeting [2][3][4]. Group 2: Proposals for Shareholder Approval - Proposal 1 involves the issuance of shares and cash payment for the acquisition of 100% equity in Tianjin Sigma Microelectronics Technology Co., Ltd., with a total transaction price of 370 million yuan, split equally between cash and shares [8][11][29]. - Proposal 2 outlines the compliance of the transaction with the relevant regulations governing major asset restructuring and securities issuance [31][32]. - Proposal 3 states that the transaction does not constitute a related party transaction, as the counterparties do not have prior relationships with the company [27][29]. Group 3: Financial and Performance Commitments - The performance commitment period for the acquired company is set for 2025 to 2027, with a cumulative net profit target of no less than 78 million yuan [13][14]. - If the performance targets are not met, the counterparties are obligated to compensate the company, primarily through share transfers [15][17]. - The transaction's pricing is based on a valuation of 370.6 million yuan for the acquired assets, with the share issuance price set at 42.93 yuan per share [19][22]. Group 4: Fundraising and Share Issuance - The company plans to raise additional funds through the issuance of shares to specific investors, with the funds intended to cover the cash portion of the acquisition [24][29]. - The fundraising will be conducted through an inquiry-based issuance method, with the final pricing determined post-approval from regulatory bodies [22][24]. - The shares issued will be subject to a lock-up period of six months post-issuance for the investors [24][25].

Core Viewpoint - Narui Radar (688522.SH) is advancing its first asset restructuring post-IPO by acquiring 100% equity of Tianjin Sigma Microelectronics for approximately 370 million yuan, aiming to enhance its core business in phased array radar technology and improve its competitive edge through vertical integration [2][3]. Group 1: Transaction Details - The acquisition price for Tianjin Sigma's 100% equity is set at 370 million yuan, with a valuation increase of 421.4% [3]. - Narui Radar plans to raise up to 185 million yuan from no more than 35 specific investors to fund the cash portion of the transaction [3]. - The deal is expected to extend Narui Radar's industrial chain and further enhance its competitiveness [3]. Group 2: Financial Performance - In Q1 2025, Narui Radar reported revenue of 58.19 million yuan, a year-on-year increase of 84.8%, and a net profit of 21.67 million yuan, up 412.7% [2][8]. - For 2024, Narui Radar achieved revenue of 345 million yuan, a 62.49% increase, and a net profit of 76.61 million yuan, growing by 21.03% [8]. - The company has signed contracts worth approximately 112 million yuan in Q1 2025, reflecting a year-on-year growth of 249.63% [9]. Group 3: Tianjin Sigma's Performance and Commitments - Tianjin Sigma is projected to achieve revenues of 102 million yuan and 123 million yuan in 2023 and 2024, respectively, with net profits of 4.22 million yuan and 12.39 million yuan [6]. - The restructuring includes performance commitments for Tianjin Sigma, ensuring a cumulative net profit of no less than 78 million yuan from 2025 to 2027 [7]. - The company has a strong focus on integrated circuit design, with significant sales to its top five customers accounting for 44% and 46.92% of revenue in 2023 and 2024, respectively [5].