{"fileID":687107,"siteID":1,"title":"59亿！高溢价收购亏损芯联越州，芯联集成意欲何为？谁买单？","linkTitle":"","catalogs":"","subTitle":"","isExclusive":1,"articleWordCount":1534,"leadTitle":"","source":"国际金融报","sourceID":0,"editor":"褚念颖","modifyTime":"2025-01-20 16:15:18","note":"","author":"杨雪婷","authorID":0,"liability":"佘诗婕","abstract":"","publishTime":"2025-01-20 16:15:18","articleType":0,"keywords":"","countRatio":1,"countClick":166,"countDiscuss":0,"countPraise":1,"countShare":0,"countShareClick":0,"pic3":"","pic2":"","pic1":"https://image.ifnews.com/data/1/images/2025/0120/17373523991771550_600x338.jpg","bigPic":0,"tag":"","shortTitle":"","content":"<p style=\"text-indent: 2em; text-align: justify;\">58.97亿元，中国半导体行业瞩目的一桩大金额收购案，项目时间已经由2024年跨到2025年。</p><p style=\"text-indent: 2em; text-align: justify;\">近期，科创板上市公司芯联集成电路制造股份有限公司（下称“芯联集成”）披露发行股份及支付现金购买资产暨关联交易报告书，并且已经收到了上交所问询函。</p><p style=\"text-indent: 2em; text-align: justify;\">溢价收购，没有业绩承诺，标的公司和上市公司双双亏损，谁为这场交易“买单”？</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0120/17373523470381177_1030x718.png\" class=\"app-image\"/></p><p class=\"mt-picture-desc-center\" style=\"font-weight: normal; color: rgb(153, 153, 153); font-size: 15px; line-height: 1.75; margin: 5px 0px; text-align: center; text-indent: 0px;\">制图：佘诗婕</p><p style=\"text-indent: 2em; text-align: justify;\"><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\">剑指“碳化硅”</p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><br/></p><p style=\"text-indent: 2em; text-align: justify;\">据悉，芯联集成拟向滨海芯兴、远致一号、辰途华辉、芯朋微在内的15位芯联越州股东收购芯联越州72.33%的股权。此次收购，芯联集成以4.04元/股的价格发行13.14亿股公司股份，用来支付58.97亿元交易价格中的53.07亿元；剩余5.9亿元，公司则会以现金方式支付。</p><p style=\"text-indent: 2em; text-align: justify;\"><span style=\"color: rgb(192, 0, 0);\"><strong>交易完成后，芯联集成股本由70.5亿股扩大至83.67亿股。</strong></span></p><p style=\"text-indent: 2em; text-align: justify;\">据悉，芯联越州成立于2021年，主要从事功率半导体等领域的晶圆代工业务。主营产品是碳化硅（SiCMOSFET）。碳化硅是高效、大功率晶体管和二极管的关键材料，特别适合用于功率电子设备，如电动汽车和电网中的相关设备。随着新能源汽车等新能源领域的快速发展，功率半导体需求大幅提升。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0120/17373523471811491_1080x424.jpg\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\"><strong>芯联集成希望通过收购集中资源支持新兴业务发展，把握市场机遇。</strong></p><p style=\"text-indent: 2em; text-align: justify;\">收购完成后，芯联集成将全资控股芯联越州，一体化管理其8英寸硅基产能，支持SiC MOSFET、高压模拟IC等业务发展，以提升综合竞争力，巩固在车规级芯片代工领域的竞争优势。</p><p style=\"text-indent: 2em; text-align: justify;\">通过收购芯联越州，芯联集成希望进入碳化硅芯片市场，利用芯联越州在碳化硅芯片领域的领先地位，增强自身的技术能力和产品线。</p><p style=\"text-indent: 2em; text-align: justify;\"><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\">自身造血不佳</p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><br/></p><p style=\"text-indent: 2em; text-align: justify;\">芯联集成专注于特色工艺晶圆代工领域，提供一站式系统代工服务。2018年，芯联集成从中芯国际中分拆出来独立运行，当时正值特斯拉Model 3量产，全球汽车电动化的浪潮兴起。芯联集成看到了车载功率器件市场的潜力，并决定进军这一领域。分拆出来后，公司可以更专注于功率半导体和MEM。</p><p style=\"text-indent: 2em; text-align: justify;\"><strong>但自2023年亮相科创板后，芯联集成尚未盈利。</strong></p><p style=\"text-indent: 2em; text-align: justify;\">事实上，<strong>2019年—2023年，芯联集成的归母净利润分别为-7.72亿元、-13.66亿元、-12.36亿元、-10.88亿元、-19.58亿元。2024年上半年，公司实现归母净利润-4.71亿元。</strong></p><p style=\"text-indent: 2em; text-align: justify;\"><span style=\"color: rgb(192, 0, 0);\"><strong>六年不到，芯联集成亏损近70亿元。</strong></span></p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0120/17373523472631159_1080x467.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">值得注意的是，1月15日，芯联集成发布2024年业绩预告，全年实现营业收入约65.09亿元，同比增长约22.26%。其中主营业务收入约62.76亿元，同比增长约27.79%。<span style=\"color: rgb(192, 0, 0);\"><strong>但净利润未能实现全年转正，全年亏损约9.69亿元。</strong></span></p><p style=\"text-indent: 2em; text-align: justify;\">值得注意的是，2022年，芯联集成向员工销售配套用房产生了6.47亿元收入，也放进了营业收入里，<strong>也就是说，当年约14%收入是房地产开发与销售。</strong></p><p style=\"text-indent: 2em; text-align: justify;\"><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\">标的资产溢价33.6亿元</p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><br/></p><p style=\"text-indent: 2em; text-align: justify;\">尽管交易金额较高，但芯联集成表示，此次交易不构成重大资产重组。<strong>经测算，芯联越州72.33%股权占上市公司资产净值的47.24%，低于50%标准。</strong></p><p style=\"text-indent: 2em; text-align: justify;\">同时，虽然收购资产价格较高，但芯联集成表示，未对芯联越州设置业绩承诺。其表示由于本次交易系上市公司收购控股子公司的少数股权，芯联越州在本次交易前已经由上市公司控制，而且其评估方法未采用收益法，因此本次交易未设置交易对方对芯联越州的业绩承诺条款。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0120/17373523473461107_1080x277.png\" class=\"app-image\"/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">事实上，近几年来，芯联越州持续亏损。</p><p style=\"text-indent: 2em; text-align: justify;\">2022年—2023年，尽管芯联越州的营业收入从2022年的1.37亿元增长至2023年的15.6亿元，但其归母净利润分别亏损7亿元和11.16亿元。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0120/17373523474221298_1080x218.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">本次评估采用市场法评估结果，芯联越州100%股权的评估值为81.52亿元，增值约46.50亿元，增值率132.77%。据此估算，58.97亿元的交易价格，芯联集成需要支付约33.6亿元的溢价。</p><p style=\"text-indent: 2em; text-align: justify;\">然而截至2024年10月31日，芯联越州仍然处于亏损状态。</p>","extField":{"catalogName":"","att":[],"isShareIcon":0,"images":5,"shareIcon":"","videos":0,"audits":[],"articleExt":[]},"isHide":0,"columnID":39,"columnName":"IPO","columnStyle":0,"discussClosed":0,"countClickInit":0,"fullColumn":"IPO","articleUrl":"","specialId":0,"linkID":0,"articleExt":[],"ipCity":"","activityStatus":0,"att":[],"shareIcon":"","images":[{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0120/17373523470381177_1030x718.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0120/17373523471811491_1080x424.jpg","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0120/17373523472631159_1080x467.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0120/17373523473461107_1080x277.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0120/17373523474221298_1080x218.png","imageUrl":"","imgDesc":"","placeholder":"##########"}],"videos":[],"videoExif":{},"htmlAbstract":"","relArticle":[],"auditUsers":[],"countCollect":0}