电连技术—— 拟收购海外桥接芯片厂商FTDI,有望与连接器业务形成合力

（以下内容从天风证券《电连技术—— 拟收购海外桥接芯片厂商FTDI,有望与连接器业务形成合力》研报附件原文摘录）
　　Electric Connector Technology (300679 CH) 拟收购海外桥接芯片厂商FTDI，有望与连接器业务形成合力 Acquisition of global bridge chip leader FTDI would bring automotive and connector synergies BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司拟通过发行股份及支付现金的方式收购FTDI之上层出资人（五支建广基金）的有关权益份额以及 Stoneyford 持有的 FTDI 19.80%股份，此次收购后预计公司将实现对FTDI 100%控股。 FTDI could augment ECT’s automotive business and connector customers Electric Connector Technology (ECT) recently announced its intention to buy the shares of UK’s Future Technology Devices International’s (FTDI) top investors (five Jianguang funds) and Stoneyford’s 19.80% stake in FTDI. It plans to fund the purchases by issuing shares and paying cash. After the acquisitions, it would own 100% equity of FTDI. 点评：看好此次收购后，桥接芯片业务赋能公司汽车板块，桥接芯片业务有望和公司已有连接器业务实现相互的客户导入。 We anticipate business synergies from ECT’s proposed acquisition of FTDI, a USB bridge chip veteran producer with a major global market share. We see a new thrust for ECT’s automotive business and anticipate new connector customer synergy. We maintain our BUY call. 公司将通过全资子公司东莞电连技术有限公司持有五支建广基金（建广广力、建广广连、建广广全、建广广科、建广广鹏）的GP财产份额，并直接持有五支建广基金的LP财产份额以达成此次收购目的。财务情况：以6月27日实时汇率6.7计算可得：FTDI去年收入4.84亿，实现利润2.88亿，毛利率77.69%，净利润率57.85%。标的对价：总体近30亿元（不包含电连此前收购股份）。若包含公司此前收购股份则整体对价34.04亿元，对应2021年利润估值为11.89x。增发情况：本次增发价格为26.22元，收购对价预计为28.99亿元，预计增发1.11亿股。 To this end, ECT’s wholly owned subsidiary Dongguan Dianlian Technology Co would hold the GP property shares of the five Jianguang funds (Jianguang Guangli, Jianguang Guanglian, Jianguang Guangquan, Jianguang Guangke and Jianguang Guangpeng), while it would directly hold the LP property shares of the five Jianguang funds. Financials: based on a 6.7 real-time exchange rate on 27 June, the UK-based FTDI’s revenue last year came to RMB484m, with a profit of RMB288m, gross margin at 77.69% and net margin at 57.85%. Consideration: nearly RMB3bn in all (excluding ECT’s previously acquired shares); if we were to include ECT’s previously acquired shares, the total consideration would come to RMB3.404bn, corresponding to a profit valuation of 11.89x in 2021. Additional issuance: the additional issuance price is RMB26.22; the purchase consideration is expected to be RMB2.899bn and 111m additional shares are expected to be issued. FTDI深耕桥接芯片领域，市占率居全球前列。FTDI 深耕 USB 桥接芯片行业多年，目前在桥接芯片领域市场占有率排名全球前列，产品销往全球 50 多个国家。目前 USB 桥接芯片市场基本被国外厂商垄断，市场占有率排名前列公司为 FTDI、芯科（Silicon Labs）、微芯（Microchip）、德州仪器（TI）、英飞凌（Infineon）。FTDI 凭借超过 20 年在 USB 桥接领域的技术积累，成为桥接芯片领域标杆企业。FTDI 拥有高速和超高速 USB 3.0 系列等市场普遍认可的产品品牌，产品定制性强，客户资源优质且稳定，分布在工业控制、汽车电子、消费电子、通讯等多个领域。国内的半导体市场有着广阔的市场需求，随着 5G、物联网、自动驾驶等科技趋势快速落地，USB 桥接芯片的市场需求将有望被有力拉动。 A bridge chip veteran with a major global market share and strong customers FTDI is a USB bridge chip veteran producer with a major global market share. Its products are sold to more than 50 countries. The USB bridge chip market is currently monopolized by foreign manufacturers such as (by order of market share) FTDI, Silicon Labs, Microchip, Texas Instruments (TI) and Infineon. FTDI is the bridge chip benchmark company, after more than 20 years of tech buildup. It is known for high-speed and super-speed USB 3.0 series and other widely recognized product brands. Its products are highly customized, ensuring quality customers and stable ties, distributed across the fields of industrial controls, automotive electronics, consumer electronics, communications and others. China’s semiconductor market enjoys wide demand and the rapid implementation of 5G, Internet of Things and autonomous driving would further drive USB bridge chip demand. 新业务将赋能公司智能汽车板块，发挥战略协同效应。FTDI下游客户主要以消费电子、工业、医疗、汽车为主，在客户协同方面，我们认为电连与FTDI将实现强协同，互相导入客户，电连技术工业方向将得到FTDI较大助力；在车规方面，我们认为FTDI产品需求或将快速增长，电连有望将其产品快速导入现有客户；同时，在产业协同方面，公司与FTDI有望实现上下游协同。 Turbocharging ECT’s smart car business and other strategic synergies FTDI’s downstream customers are mainly in consumer, industrial, medical care and automotive electronics. In terms of customer collaborations, we believe ECT and FTDI will achieve strong synergies, including in customers. ECT’s industrial direction could benefit from FTDI’s assistance. In terms of automotive regulations, we believe demand for FTDI products will grow quickly and ECT could introduce the products to its customers. In terms of markets, we anticipate upstream and downstream synergy. 投资建议/Investment Ideas 投资建议：看好此次收购后，桥接芯片业务赋能公司汽车板块，桥接芯片业务有望和公司已有连接器业务实现相互的客户导入。预测2022-2024年公司的归母净利润为5.00/7.51（备考ftdi利润，合计11.05亿）/9.36亿元（备考ftdi利润，合计13.27亿），维持“买入”评级。 Forecasts and risks: After the acquisition, we believe the new bridge chip business will empower ECT’s automotive sector, while we anticipate connector and bridge chip customer synergy. We forecast net profit at RMB500m in 2022E, RMB751m (pro forma FTDI profit, total RMB1.11bn) in 2023E and RMB936m (pro forma FTDI profit, total RMB1.33bn) in 2024E. We maintain our BUY rating. 风险提示：汽车客户导入不及预期、收购目标公司无法实现预期收益、新产品整合力度不及预期 Risks include: worse-than-expected auto customer synergy; acquired company fails to achieve the expected benefits; and worse-than-expected integration of new products. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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