Hua Kai Yi Bai (华凯易佰): Plans to acquire control of Wanhe Technology for 700-900 million yuan in cash, expanding new business growth points

English summary

After the market close on July 27, the company signed a 'Cooperation Framework Agreement' to acquire not less than 51% equity of Shenzhen Wanhe Technology Co., Ltd. (NEEQ: 837305) in cash, with a preliminary valuation of 700-900 million yuan for 100% equity. Wanhe Technology is in the optical communications industry, mainly engaged in electronic component distribution (about 95% of revenue in 2025) and RF technology products and services. In 2025, revenue was 995 million yuan, net profit attributable to parent was 43.15 million yuan; in H1 2026, revenue was 758 million yuan, net profit attributable to parent was 31.91 million yuan. Based on 51% acquisition, cash consideration is about 360-460 million yuan. The transaction counterparty promises cumulative non-GAAP net profit of not less than 240 million yuan over three years (RF-related not less than 150 million yuan), and not less than 60 million yuan in 2026; on a 51% share basis, annual average net profit contribution is about 41 million yuan. Market consensus expects 2026 net profit of 350-400 million yuan, 2027 of 450 million yuan, corresponding to current PE of about 18-21x (2026) / 14-19x (2027). ...