东睦新材料集团股份有限公司重大资产重组专项核查意见深度解读

一、交易概况与目的

东睦新材料集团股份有限公司（“东睦股份”，600114.SH）计划以发行股份及支付现金方式收购上海富驰高科技股份有限公司（“标的公司”）的少数股权，并募集配套资金。交易完成后，东睦股份将进一步强化对标的公司的控制权和资源整合，提升协同效应。标的公司100%股权作价为21.14亿元，较最终评估结果（19.38亿元）溢价9.08%，溢价主要因收购后协同效应及盈利能力提升而确定。

二、交易对上市公司影响

• 交易后归属于母公司股东的净利润将显著提升，2025年度预计增长24.39%，基本每股收益提升24.42%。这将直接增强上市公司盈利能力，推动股东价值提升。
• 重组完成后，上市公司无实际控制人，主要股东持股比例差距缩小，董事会控制权无实质变化。
• 标的公司MIM业务战略地位提升，业务协同效应有望持续释放。

三、交易定价及关联交易

交易对方包括上市公司管理层持股平台（宁波华莞、宁波富精）、员工持股平台（盈生股份）、远致星火（战略投资者）、以及标的公司原股东。对不同交易对方采取差异化定价，综合考虑其对标的公司业务赋能、投资成本、锁定期及减持限制等因素。

• 溢价收购符合行业重组惯例，公允合理，且价格低于同行业可比案例平均水平。
• 远致星火保留1%股权并拥有部分特殊权利（如关键决策一票否决权），但不会导致治理僵局，与市场惯例一致。
• 管理层持股平台穿透后无外部人员，相关股份锁定安排合法合规。
• 2020年收购时约定的特殊权利及分拆上市条款已全部清理，不再影响本次交易。

四、标的公司评估及业绩表现

• 采用资产基础法及收益法双重评估，最终以收益法为准。资产基础法增值主要因存货、固定资产及无形资产重估，收益法评估更能反映未来盈利能力。
• 上海富驰2023-2025年业绩大幅改善，净利润从2023年亏损到2025年预计盈利1.6亿元，业绩扭亏为盈，符合消费电子行业周期与复苏趋势。
• 评估市盈率、市净率、市销率均低于可比上市公司和交易案例，评估结果审慎公允。
• 远致星火回购权条款已终止，相关金融负债转为资本公积，显著降低负债率（资产负债率降至42.4%），提升财务稳健性。

五、客户与销售模式

• 标的公司销售模式以直销为主，产品定制化属性强，下游客户认证严格，客户粘性高。
• 前五大客户集中度高，2025年占比达65.54%，对核心产业链客户依赖显著。若主要客户经营出现不利，将对公司业绩产生重大影响。
• 订单获取方式合法合规，无商业贿赂等违法行为。与主要客户无重大排他性条款，持续拓展新客户和新产品，未来收入增长具备可持续性。

六、采购、成本与毛利率

• 主要原材料采购与产量匹配合理，采购价格公允。外包工采购金额占比高，符合行业波动特点，采购合规。
• 毛利率持续提升，2025年达28.19%，高于可比公司平均水平。主要因规模效应及折叠机新产品放量推动。
• 生产过程不产生副产品，仅废料销售，相关会计处理规范。

七、流动资产与风险提示

• 应收账款逾期率低（3.55%），期后回款良好，坏账准备计提充分。
• 存货管理精细化，跌价准备计提充分，库龄主要集中在一年以内。
• 客户集中度风险、大客户依赖风险、产能消化风险需重点关注，已在重大风险提示中补充完善。

八、配套募集资金与产能扩张

• 拟募集资金5.48亿元，主要用于支付现金对价及MIM技改与增产项目。项目投资回报率高（IRR 21.63%），回收期6年。
• MIM产能利用率偏低系理论产能与实际产能差异，未来新增产能规划合理，市场需求充足，客户订单充足，产能消化风险可控。

九、商誉、在建工程及合规性

• 商誉减值测试以上海富驰、东莞华晶、香港富驰合并为资产组，未出现减值风险。
• 在建工程及长期待摊费用台账清晰，入账依据完整，无成本费用混同。
• 房产未竣工验收事项重要性有限，已投入使用，对未来经营无重大不利影响。环保许可齐全，最近三年未有重大违法违规。

十、对投资者的关键影响与价格敏感事项

• 盈利能力显著提升，净利润和每股收益大幅增长，直接利好公司股价。
• 资产负债率大幅下降，财务结构显著改善。
• 客户高度集中和大客户依赖风险、产能消化风险需持续关注，若出现负面变化将严重影响公司业绩。
• 本次重组和募投项目如顺利实施，将推动公司业务规模和竞争力显著提升，具备长期成长潜力。
• 商誉减值风险可控，合规性良好，无重大法律风险。

免责声明

本文仅供参考，不构成投资建议。投资者需自行判断并承担投资风险。本文所依据的资料来源于公司公告及专项核查意见，所有信息以公司最终公告为准。

Deep Dive: China International Capital Corporation’s Special Due Diligence on Dongmu New Materials’ Major Asset Restructuring

1. Transaction Overview & Purpose

Dongmu New Materials Group Co., Ltd. (600114.SH) plans to acquire minority equity stakes in Shanghai Fuchi High-tech Co., Ltd. (“Target”) by issuing shares and cash payment, and to raise supporting funds. Post-transaction, Dongmu will further strengthen control over the target and resource integration, boosting synergy. 100% equity is priced at RMB 2.114 billion, a 9.08% premium over the evaluated value (RMB 1.938 billion), mainly due to synergy and improved profitability after the acquisition.

2. Impact on Listed Company

• Post-deal, net profit attributable to parent shareholders will rise sharply, forecasted to grow 24.39% in 2025, with EPS up 24.42% — directly enhancing profit and shareholder value.
• No change in actual controller status; major shareholders’ stake difference narrows, board control unchanged.
• The strategic role of the target’s MIM business is elevated, and business synergy is expected to continue.

3. Pricing & Related Party Transactions

Counterparties include management holding platforms, employee holding platforms, strategic investor Yuanzhi Xinghuo, and original shareholders. Pricing varies depending on business contribution, investment cost, lockup period, and reduction restrictions.

• Premium deal is industry-normal and fair, with pricing below peer averages.
• Yuanzhi Xinghuo retains 1% stake with special rights (e.g., veto on key matters), but no risk of governance deadlock, aligning with market norms.
• Management platforms are transparent, no external investors, lockup arrangements are compliant.
• Special rights and spin-off clauses from the 2020 deal have been cleared and are irrelevant to this transaction.

4. Target Valuation & Performance

• Dual evaluation methods (asset-based & income approach), final result based on income approach. Asset value gains mainly from inventory, fixed asset, and intangible asset revaluation.
• Target’s performance improved sharply; net profit from loss in 2023 to expected RMB 160 million profit in 2025, in line with industry cycle and recovery.
• Valuation multiples are below peer averages; results are prudent and fair.
• Yuanzhi Xinghuo’s buyback clause terminated, financial liability converted to capital reserve, lowering debt ratio (to 42.4%) and improving financial stability.

5. Customers & Sales Model

• Direct sales, highly customized products, strict customer certification, high stickiness.
• Top five customers account for 65.54% in 2025, with heavy dependence on key industry chain customers. Any negative change in major customers will significantly impact performance.
• Order acquisition is legal, no bribery, no major exclusivity, continuously expanding new customers/products, sustainable income growth.

6. Procurement, Cost & Margin

• Material procurement matches output, prices are fair. High proportion of outsourced labor, compliant, industry-consistent.
• Gross margin improves steadily, 28.19% in 2025, above peer average, mainly due to scale effect and new product launches.
• No by-products, only waste sales, accounting treatment is standard.

7. Current Assets & Risk Disclosure

• Low overdue accounts (3.55%), good subsequent collection, bad debt provision is adequate.
• Inventory is well-managed, provision is sufficient, mostly less than one year old.
• Risks: high customer concentration, key customer dependence, capacity absorption risk — highlighted in major risk disclosure.

8. Fundraising & Capacity Expansion

• RMB 548 million to be raised, mainly for cash consideration and MIM upgrade/expansion. Project IRR is high (21.63%), payback 6 years.
• MIM capacity utilization is low due to theoretical calculation differences, but future expansion is reasonable, market demand and orders are sufficient, absorption risk is controllable.

9. Goodwill, Projects & Compliance

• Goodwill impairment test is combined for Shanghai Fuchi, Dongguan Huajin, and Hong Kong Fuchi, no impairment risk.
• Project accounting is clear, entries are accurate, no cost-mixing.
• Unfinished property acceptance issue is minor, already in use, no major impact; environmental permits are complete, no major violations in three years.

10. Key Investor Takeaways & Price-sensitive Issues

• Significantly improved profitability; net profit and EPS surge, directly benefiting share price.
• Debt ratio drops sharply, financials improve.
• Customer concentration and dependence, as well as capacity risk, require ongoing attention; any negative change could materially affect performance.
• Successful restructuring and fundraising will enhance scale and competitiveness, with long-term growth potential.
• Goodwill impairment risk is under control, compliance is solid, no major legal risk.

Disclaimer

This article is for information only and does not constitute investment advice. Investors need to make their own judgments and bear their own risks. All information is based on company disclosures and due diligence; final information is subject to official company announcements.

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