WINGTECH(600745) 证券时报网·2025-01-26 13:40Core Viewpoint - Wentech Technology is rapidly divesting its ODM business, with Luxshare Precision's subsidiary acquiring it for 616 million yuan, approximately 30% below the net asset value of the target companies [1][2] Group 1: Transaction Details - The transaction involves the transfer of 100% equity of three subsidiaries: Jiaxing Yongrui Electronic Technology Co., Ltd., Shanghai Wentech Electronic Technology Co., Ltd., and Shanghai Wentech Information Technology Co., Ltd. for a preliminary price of 616 million yuan [1] - The estimated net asset value of the target companies before impairment testing is approximately 871 million yuan, with an expected impairment range of 210 million to 300 million yuan [2] - The buyer is expected to settle outstanding payables of approximately 1.0805 billion yuan owed to Wentech Communications and its affiliates [3] Group 2: Business Impact - Wentech Technology's inclusion on the U.S. Entity List has significantly impacted its procurement of foreign materials and technology, particularly affecting its small home appliance projects [1] - The company anticipates that while existing projects are proceeding normally, future project acquisition and supply chain stability face considerable risks due to client risk preferences [1][2] - The divestiture is aimed at ensuring the smooth operation of the small home appliance business and maintaining stability within the domestic supply chain and workforce [1] Group 3: Financial Implications - Wentech Technology has projected a pre-loss of 3 to 4 billion yuan for 2024, influenced by the impact of the Entity List on its integrated business [2] - The company has been required to assess impairment for related assets by the end of 2024, with ongoing impairment testing currently in progress [2] - The divestiture is expected to enhance the company's focus and core competitiveness, facilitating a transition towards business transformation and upgrade [3]