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内容简介
界面新闻记者 | 冯雨晨 A股半导体业“蛇吞象”式并购或再添一例,连亏五年的至正股份(603991.SH)将并购全球半导体引线框架龙头。 停牌9个交易日后,10月23日晚间,至正股份发布重组预案,拟通过重大资产置换、发行股份及支付现金的方式,直接及间接取得先进封装材料国际有限公司(简称“先进封装”)99.97%股权并置出公司全资子公司至正新材料有限公司(简称“至正新材”)100%股权,并募集配套资金。由此公司将专注于半导体封装材料和专用设备,聚焦半导体产业链的战略转型目标。 本次交易发行股份后,港股上市公司ASMPT(0522.HK)全资子公司 ASMPT Holding 将成为至正股份的第二大股东,持股比例预计不低于20%。 目前,与此次重组相关的审计、评估工作尚未全部完成,先进封装等标的资产的评估值及交易作价尚未确定。 不过,从先进封装的行业地位和历往财务数据来看,至正股份或和先进封装算不上“门当户对”。 先进封装原为港股公司ASMPT的物料分部业务单位,为获得更好的发展资源,2020年分拆成为独立公司。资料显示,先进封装系全球前五的半导体引线框架供应商,广泛覆盖全球主流的头部半导体IDM厂商和封测代工厂。 据悉,引线框架是半导体封装中不可或缺的基础材料之一,具备电气连接、机械支撑、热管理等核心功能,直接影响芯片成品的电气特性、可靠性、散热性等关键指标。 一位半导体行业分析人士进一步表示,引线框架为芯片的重要载体,根据生产工艺不同分为冲压型和蚀刻型两种,高端蚀刻型引线框架目前还主要靠进口。“国内高端封装材料起步较晚,和国外厂商相比产能相对较小,因此国产替代空间广阔。” 至正股份也在预案中提到,通过先进封装置入半导体引线框架业务,将获得先进的引线框架资产,成为A股市场引线框架赛道的稀缺标的。 2022年、2023年,先进封装营收分别为31.3亿元、22.07亿元,净利润分别为3.1亿元、2285.1万元。今年上半年, 先进封装营收、净利润分别为11.56亿元、3251.61万元。截至今年6月底,先进封装总资产为39.61亿元,净资产为29.95亿元,货币资金余额为10.23亿元。 至正股份则自2019年以来陷入亏损,2023年及今年上半年,至正股份营收分别为2.39亿元、9825.23万元,净利润分别为-4442.35万元、-618.63万元。截至今年6月底,至正股份总资产为6.05亿元,净资产为2.5亿元,货币资金余额为4329.18万元。 本次交易前,至正股份主营业务为线缆用高分子材料业务及半导体专用设备业务。2022年起,至正股份向半导体行业实施战略转型,于2023年并表了从事半导体专用设备业务的苏州桔云。2024年上半年,至正股份半导体专用设备业务营业收入占比超30%。 随着至正新材的置出,至正股份或也将完全剥离线缆用高分子材料业务。 至正新材作为至正股份旗下承担线缆用环保高分子材料业务的子公司,在2022年及以前几乎是至正股份的全部营收来源。2023年起,随着至正股份拓展半导体专用设备业务,至正新材对至正股份营收贡献比例降至7成。 截至2024年6月30日,至正新材净资产2.42亿元,上半年营业收入6504.54万元,净利润-547.3万元。 10月24日,至正股份复牌即一字涨停,报收72.61元/股。预案显示,本次至正股份发行股份购买资产的发行价格明确为32元/股。