芯联集成：动态点评：并购芯联越州，扩大硅基产能和强化SiC竞争力

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Views - The acquisition of Xinlian Yuezhou aims to expand silicon-based capacity and strengthen SiC competitiveness, enhancing the company's growth potential [1][4]. - The transaction is expected to improve the company's control over Xinlian Yuezhou, promoting the development of SiC and high-voltage analog IC businesses, while integrating production capacity for better profitability and market competitiveness [5][6]. Summary by Sections Acquisition Details - On June 22, 2024, the company announced plans to acquire the remaining 72.33% stake in its subsidiary Xinlian Yuezhou through a combination of share issuance and cash payment. The share issuance price is set at 4.04 CNY per share, with a lock-up period of 12 months [4]. - Xinlian Yuezhou has rapidly developed its business in silicon carbide (SiC), with a production capacity of approximately 70,000 pieces per month. The company has achieved significant breakthroughs in SiC MOSFETs, leading the domestic market in shipment volume in 2023 [4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 67.67 billion CNY, 82.17 billion CNY, and 99.60 billion CNY, respectively. The net profit attributable to the parent company is projected to be -1.26 billion CNY in 2024, -738.86 million CNY in 2025, and a positive 102.80 million CNY in 2026 [6][7]. - The report anticipates a revenue growth rate of 27.08% in 2024, followed by 21.44% in 2025 and 21.21% in 2026 [7]. Market Context - The acquisition aligns with the recent regulatory support from the China Securities Regulatory Commission for mergers and acquisitions in the hard technology sector, indicating a favorable environment for the company's strategic moves [5][6].