Analysis of Xiandao Jidian's Acquisition of Tianjin Zhongjingwei Instrument Equipment Co., Ltd.

English summary

### Analysis of Xiandao Jidian's Acquisition of Tianjin Zhongjingwei Instrument Equipment Co., Ltd.

Time: 2026-07-30 13:04:06

Content: Core conclusion: The acquisition has clear industrial strategic synergy value and fits Xiandao Jidian's platform expansion route of "semiconductor equipment + core precision components + high-end scientific instruments"; however, there are four hard constraints: small scale, semiconductor business still in introduction, capital cost-effectiveness, and integration difficulty. It is a bonus-type small-to-medium strategic acquisition, not a core asset acquisition that is a must.

I. Positive acquisition reasons (strategic benefits, why it is worth considering)

(1) Fill in the puzzle of high-end precision motion platforms and air bearing core components. Matching the needs of Kaishitong ion implanter and future measurement/lithography supporting equipment: Ion implanters, wafer inspection platforms, optical equipment, and LDI lithography systems all require high-precision air bearing rotary tables and air bearing linear motion platforms. Currently, domestic high-end air bearing platforms are highly dependent on Switzerland's PI and Aerotech, with high supply chain security risks. ...