拟11.18亿收购卓尔博71%股权 2025年初，爱柯迪首次推出本次重组计划。2025年5月，上交所正式受理了公司的重组申请。 经过问询之后，2025年8月，爱柯迪重组过会，并在9月12日收到证监会关于本次重组同意注册的批复。 这也意味着，爱柯迪本次重组将进入落地实施阶段。 拿下证监会批复之后，爱柯迪（600933）(600933.SH)的重组将进入落地实施阶段。 9月16日晚间，爱柯迪再次更新重组报告书，拟作价11.18亿元，通过发行股份及支付现金的方式购买卓 尔博(宁波)精密机电股份有限公司(以下简称"卓尔博")71%股权，同时募集配套资金不超过5.2亿元。 长江商报记者注意到，本次重组是汽车零部件行业内的产业并购，也是爱柯迪做强汽车零部件主业的重 要举措。 交易对手方作出业绩承诺，2025年至2027年，卓尔博预计实现的净利润数合计将不低于4.725亿元。 随着卓尔博顺利并表，爱柯迪的业务规模及盈利能力将进一步得到提升。根据备考审阅报告，若以2025 年前4个月财务数据为基数测算，本次交易完成之后，爱柯迪的营业收入、归属于上市公司股东的净利 润(以下简称"净利润")将较交易前分别增长16.24%、12. ...

Group 1: Market Dynamics - 26 new private placement projects were added in the last two weeks, a 8.33% increase from the previous period, with 17 being competitive bids[5] - The number of projects terminated remained stable at 10, with 6 being competitive bids[5] - The approval rate for projects was 100%, with 5 projects approved by the review committee, a decrease of 50% from the previous period[5] Group 2: Fundraising and Pricing - A total of 166.42 billion CNY was raised from 9 projects, a staggering 1613.24% increase compared to the previous period[34] - The average base discount rate for competitive projects was 12.59%, up 6.78 percentage points, while the market price discount rate averaged 13.27%, down 0.86 percentage points[34] - The average market price discount rate for non-competitive projects was 33.37%[34] Group 3: Competitive Bidding Insights - The average number of institutions participating in competitive bids was 25, with an average allocation rate of 63.86%, an increase of 28.44 percentage points[43] - The average premium rate for competitive bids was 8.52%, down 3.44 percentage points from the previous period[43] Group 4: Project Analysis - Aikodi plans to raise up to 520 million CNY for acquisitions, with a projected PE of 10.25X, lower than its current PE of 20.18X[25] - Lukan Pharmaceutical aims to raise up to 1.2 billion CNY for high-end formulation projects, with a market outlook driven by aging population and chronic diseases[27]

Group 1 - The core viewpoint of the article is that Aikodi Co., Ltd. has received approval for its asset acquisition plan, which involves purchasing 71% of Zhuoerbo's shares for a total transaction price of 1.118 billion yuan, consisting of 503 million yuan in cash and 615 million yuan in shares [1][2] - Aikodi primarily engages in the research, production, and sales of aluminum and zinc alloy precision die-casting parts for the automotive industry, while Zhuoerbo focuses on the development and production of precision components for micro motors, mainly used in automotive applications [2] - The acquisition is characterized as an industrial merger within the automotive parts supply chain, with significant complementarity and synergy between the two companies in terms of product applications, major customers, sales channels, production processes, technical characteristics, and raw materials [2] Group 2 - Zhuoerbo is projected to achieve an operating income of 1.051 billion yuan and a net profit attributable to the parent company of 154 million yuan in 2024, with total assets amounting to 1.439 billion yuan by the end of 2024 [2] - The transaction includes a commitment from the counterparty that Zhuoerbo's net profits for the years 2025 to 2027 will not be less than 141.5 million yuan, 156.9 million yuan, and 174.1 million yuan respectively, totaling at least 472.5 million yuan over three years [2] - Aikodi believes that this acquisition will enhance its revenue and profit, improve its sustainable profitability, and enrich its product matrix while leveraging the synergies between the two companies for mutual benefit [2]

Core Viewpoint - Aikodi Co., Ltd. has received approval for its asset acquisition plan, aiming to enhance its revenue and profitability through the acquisition of 71% of Zhuoerbo's shares for a total consideration of 1.118 billion yuan [3][5]. Group 1: Acquisition Details - Aikodi plans to acquire 71% of Zhuoerbo's shares, with a transaction price of 1.118 billion yuan, consisting of 503 million yuan in cash and 615 million yuan in shares [3]. - The acquisition is positioned as an industrial merger within the automotive parts supply chain, highlighting significant synergies in product applications, customer bases, sales channels, production processes, and raw materials between Aikodi and Zhuoerbo [4]. Group 2: Financial Performance - Zhuoerbo is projected to achieve a revenue of 1.051 billion yuan and a net profit of 154 million yuan in 2024, with total assets amounting to 1.439 billion yuan by the end of 2024 [4]. - The transaction includes profit commitments from Zhuoerbo, with expected net profits of no less than 141.5 million yuan, 156.9 million yuan, and 174.1 million yuan for the years 2025 to 2027, totaling at least 472.5 million yuan over three years [4]. Group 3: Strategic Benefits - The acquisition is expected to enhance Aikodi's revenue and profit, thereby improving its sustainable profitability and enriching its product matrix [5]. - The collaboration is anticipated to leverage the complementary strengths of both companies, aiming for mutual benefits and synergies [5].

Core Viewpoint - Aikodi (600933.SH) announces a share buyback plan to enhance investor confidence and improve corporate governance, with a total buyback amount between 100 million and 200 million RMB, at a maximum price of 24.17 RMB per share [1][2][3] Financial Performance - In Q1 2025, Aikodi achieved revenue of 1.666 billion RMB, a year-on-year increase of 1.41%, and a net profit of 257 million RMB, up 10.94% [1][5] - The total assets of Aikodi as of March 31, 2025, were 14.92 billion RMB, reflecting a 4.5% increase from the previous year [2][3] - Cumulative cash dividends since its listing in 2017 amount to 1.774 billion RMB, with a dividend payout ratio of 38.5% [1][3] Share Buyback Details - The buyback will utilize self-owned or self-raised funds through the Shanghai Stock Exchange, with an estimated repurchase of approximately 4.1374 million to 8.2747 million shares, representing 0.42% to 0.84% of the total share capital [2][3] - The buyback price is set to be 55.63% higher than the current market price of 15.53 RMB per share [2] Business Growth and Strategy - Aikodi's revenue for 2024 was 6.746 billion RMB, a 13.24% increase year-on-year, and net profit was 940 million RMB, up 2.86% [5] - The company has been focusing on technological innovation and global expansion, achieving significant business progress, including the successful launch of the 500,000th five-in-one electric drive housing [5][6] - Aikodi has consistently increased its R&D expenditure, reaching 348 million RMB in Q1 2025, with a total of 1.146 billion RMB over the past five years [6] Patent and Innovation - Aikodi has obtained a total of 137 valid authorized patents, including 74 invention patents, indicating a strong focus on innovation [6]

Group 1 - The appointment of Yu Chengyun as the new Deputy General Manager of Aikodi has attracted market attention, highlighting the importance of talent succession in family businesses [4][5] - Yu Chengyun, son of core director Yu Guohua, has a strong educational background and extensive experience within the company, holding 27,000 shares [5][6] - The company has ensured a smooth transition in financial leadership, with the former financial director, Xi Haijun, stepping down due to health reasons but remaining as a senior management consultant [6][12] Group 2 - Aikodi, established in 2003 and listed on the Shanghai Stock Exchange in 2017, specializes in the research, production, and sales of aluminum and zinc alloy precision die-casting parts for the automotive industry [7][9] - The company has shown significant revenue growth, with total revenue increasing from 2.51 billion to 5.96 billion from 2018 to 2023, and a revenue growth rate of 39.7% in 2023 [11] - Aikodi is expanding its global footprint, with investments in Mexico and Southeast Asia, and has recently transitioned from leasing to owning its facilities in Mexico [12][14]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][60] Core Views - The company has received approval from the Shanghai Stock Exchange for the acquisition of 71% of Zhuoerbo Precision Electromechanical Co., Ltd. and plans to raise supporting funds through a share issuance [2][5] - Zhuoerbo's performance commitments for 2025, 2026, and 2027 are net profits of no less than 141.5 million, 156.9 million, and 174.1 million yuan respectively, which are expected to enhance the company's profits by 111 million and 123 million yuan in 2026 and 2027 [3][16] - The company reported a steady revenue growth of 1.41% year-on-year in Q1 2025, achieving a revenue of 1.666 billion yuan and a net profit of 257 million yuan, which is a 10.94% year-on-year increase [3][21] - The company is focusing on expanding its product categories, enhancing production capacity, and transitioning into the embodied intelligence field, with three main growth paths: main business, new categories, and instant robots [3][51] Summary by Sections Financial Performance - The company achieved a revenue of 1.666 billion yuan in Q1 2025, a year-on-year increase of 1.41%, and a net profit of 257 million yuan, reflecting a 10.94% year-on-year growth [3][21] - The projected revenues for 2025, 2026, and 2027 are 8.143 billion, 9.914 billion, and 11.670 billion yuan respectively, with year-on-year growth rates of 20.7%, 21.7%, and 17.7% [3][60] - The projected net profits for the same years are 1.113 billion, 1.373 billion, and 1.646 billion yuan, with year-on-year growth rates of 18.4%, 23.4%, and 19.9% [3][60] Business Strategy - The company is actively expanding its product lines and enhancing its capabilities in the automotive lightweight and electric vehicle sectors, with a focus on large components and magnesium alloy products [49][51] - The acquisition of Zhuoerbo is seen as a strategic move to enhance product offerings and achieve synergy between the two companies [51] - The company is also investing in the robotics sector, establishing a subsidiary focused on embodied intelligence products and components [51][52] Market Position - The company has a strong governance structure and quality customer resources, which contribute to its leading profitability in the industry [43][45] - The company’s products cater to the growing demand for lightweight and electric vehicle components, positioning it well for future growth [49][51]

Group 1 - The company Aikodi plans to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd. through a combination of issuing shares and cash payment, with the transaction price set at 1.118 billion yuan [5][6] - The acquisition aims to enhance the company's revenue and profit, leveraging significant synergies in product offerings, industry resources, and global strategies [8][7] - Zhuoerbo reported a revenue of 1.051 billion yuan and a net profit of 154 million yuan for the year 2024, with total assets amounting to 1.439 billion yuan [7][8] Group 2 - Aikodi has also announced adjustments to its "Aikodi Intelligent Manufacturing Technology Industrial Park Project," designating Aikodi (Malaysia) Co., Ltd. as the new implementing entity [9] - The total investment for the project remains unchanged at 1.57 billion yuan, with net fundraising of 1.553 billion yuan after deducting issuance costs [9] - As of May 26, Aikodi's stock price closed at 16.09 yuan per share, with a total market capitalization of 15.8 billion yuan [10]