WINGTECH(600745) 新浪证券·2025-03-27 08:16Core Viewpoint - Wentech Technology plans to divest its product integration business to focus on semiconductor development, marking a strategic shift in its operations [1][2][3] Group 1: Asset Sale Details - Wentech Technology intends to sell 100% equity of five subsidiaries and business asset packages from three other companies to Luxshare Precision and its affiliates [1] - The transaction is expected to constitute a significant asset restructuring, allowing Wentech to exit the ODM market entirely [1][2] Group 2: Financial Performance - In 2023 and 2024, the product integration business generated revenues of 44.315 billion and 58.609 billion respectively, accounting for 72.39% and 79.46% of total revenue [2] - Despite high revenue, the product integration business had a low gross margin of only 2.49% in the first half of 2024, while the semiconductor business achieved a gross margin of 34.95% [2] Group 3: Strategic Rationale - The decision to divest the low-margin ODM business is influenced by a saturated global consumer electronics market and increasing supply chain risks due to U.S.-China trade tensions [2][3] - Wentech aims to enhance its financial health and operational efficiency by reallocating resources to its semiconductor business, which is a leader in the global power semiconductor market [3] Group 4: Future Outlook - The asset sale is expected to improve Wentech's debt repayment capacity and cash flow, supporting R&D and capacity upgrades in the semiconductor sector [3] - Luxshare Precision is anticipated to benefit from increased revenue and a more diversified customer base through this acquisition [3]