Roboco plans to achieve 100% ownership of FiConTEC by issuing shares and paying cash. The stock issue price is 56.38 yuan/share
Robotec plans to purchase 81.18% of the total shares of Fitech held by domestic counterparties Jianguang Guangzhi, Suyuan Investment, Suzhou Yongxin, Chaoyue Moore, Shang Rong Baoying, Changzhou Puhua, and Nengda Xinxing by issuing shares and paying cash; it plans to purchase 6.97% of each of FSG and FAG held by overseas counterparties ELAS by issuing shares. After the transaction is completed, the listed company will directly and indirectly hold 100% of the shares in Fikontech, FSG, and FAG.
The transaction is intended to raise supporting capital from no more than 35 specific investors to issue non-public shares. The total amount of supporting capital raised will not exceed 450 million yuan. The stock issue price for the current issuance of shares to purchase assets is 56.38 yuan/share.
The optoelectronics industry is booming, and the accelerated evolution of silicon optical+CPO technology is accompanied by the advent of the massive data era. The industry's demand for high-speed, high-density, low power consumption, and low-cost network solutions has increased dramatically. Silicon light and CPO packaging have become one of the effective ways to solve these problems. High-speed silicon optical module/CPO packages above 800G driven by AI models have accelerated their introduction into the digital communication market, and have become one of the main application scenarios for silicon optical module/CPO packages at present. According to Lightcounting forecasts, the market share of optical modules based on silicon light technology will grow from 24% in 2022 to 44% in 2027. CPO shipments are expected to begin with 800G and 1.6T ports, commercial use from 2024 to 2025, and scale up from 2026 to 2027, accounting for 30% in 2027.
Silicon optical chips and CPO packaging optical modules are highly dependent on ultra-high precision wafer mounting, high precision fully automatic coupling packaging, and integrated optoelectronics wafer testing equipment. The rapid growth of this solution has led to an increase in investment demand for key packaging equipment.
The accuracy requirements of silicon optical/CPO equipment are higher. ficonTEC is the world leader in high-precision optical module equipment, and there is huge room for future growth
Traditional optical modules mainly use manual or semi-automated coupling equipment, and there is a big gap with foreign countries in terms of accuracy, speed, yield, etc. With the development of silicon optical module packaging technology to CPO packaging technology, manual operation and semi-automatic equipment cannot meet the requirements of accuracy, speed, and yield, and the need for localization of high-precision fully automatic coupling equipment is imminent.
The target company, FiConTec, is a global leader in high-precision optical module equipment. The ultra-high precision fully automated coupling equipment it produces is widely used in high-speed optical modules, high-performance computing, lidar, etc., helping world-renowned optoelectronics manufacturers such as Intel, Cisco, Broadcom, Nvidia, and Valeo to achieve the development, verification, and large-scale mass production of new technologies such as high-speed silicon optical modules and CPO. The target company has the world's leading technical capabilities, and its segments are scarce domestically. After this transaction is completed, the company will break the current situation where domestic high-end equipment is monopolized by overseas, solve the “stuck neck” problem of key equipment in the field of photonic device packaging, which is conducive to making the highly integrated photonic device industry chain autonomous and controllable, and has huge room for future growth.
Profit forecasting
The company's net profit for 2023-2025 is estimated to be 1.0 million, 170 million yuan, and 210 million yuan respectively (not taking into account ficonTEC acquisitions), with year-on-year increases of 291%, 69%, and 19% from 2023-2025, corresponding to 73, 43, and 36 times PE. As a leader in high-end automation equipment, the company is expected to increase its two-wheel drive performance and maintain its “buy” rating in the future.
Risk warning
1) New technology expansion fell short of expectations; 2) Acquisitions fell short of expectations.