根据协议，立讯精密将通过下属子公司以3.2亿欧元(约合人民币25.14亿)收购Leoni K100%股权，同时以2.05亿欧元（约合人民币16.11亿）收购L2-Beteiligungs持有的Leoni AG50.1%股权，此次交易涉及金额约为人民币41.25亿。撰文：李星9月13日立讯精密（SZ002475）发布公告称，拟收购莱尼公司（Leoni AG）的50.1%股权及其之全资子公司Leoni Kabel GmbH（下称“Leoni K”）的100%股权，以加快推进汽车业务全球化进程，提升公司汽车线束产品在全球市场的综合竞争力。 根据协议，立讯精密将通过下属子公司以3.2亿欧元(约合人民币25.14亿)收购Leoni K100%股权，同时以2.05亿欧元（约合人民币16.11亿）收购L2-Beteiligungs持有的Leoni AG50.1%股权，对应股份数量为2505万股，剩余49.9%股权继续由L2-Beteiligungs持有。此次交易涉及金额约为人民币41.25亿。Leoni AG旗下包含两大核心业务，分别是Automotive CableSolutions Division（以下简称“ACS业务”或“汽车电缆事业部”）和Wiring System Division（以下简称“WSD业务”或“线束系统事业部”）。其中，ACS业务的主要运营主体为LeoniK，WSD业务的主要运营主体为Leoni AG另一全资子公司Leoni Bordnetze Systeme（以下简称“Leoni B”）。在本次交易前，Leoni B旗下拥有4家运营ACS业务的全资子公司Leonische Holding,Inc.、Leoni Cable,Inc.、Leoni Cable S.A.deC.V.和Leoni Cablede ChihuahuaS.A.，为确保本次交易的顺利进行，Leoni AG之唯一股东L2-BeteiligungsGmbH（以下简称“L2-Beteiligungs”或“卖方”）将促使上述4家公司在股权交割日前按业务板块完成对下属子公司的资产重组。据李星了解，Leoni AG是一家总部位于德国的全球性企业，主要专注于为汽车行业和其他工业制造商提供电缆及电缆系统。Leoni AG在全球多个国家和地区拥有生产和研发设施，员工人数超过9万人，在欧洲、北美、南美、亚洲等地设有工厂和办事处，以便为客户提供本地化的服务。Leoni AG的历史可以追溯到1917年，是一家真正的百年企业，最初以生产麻绳和电缆为主要业务，随着德国汽车工业的发展，现在成为了汽车和工业电缆领域的全球领导者，为汽车、通信、医疗设备和其他工业领域提供电缆、导线和相关的配件。目前Leoni AG还为客户提供完整的电缆系统解决方案，尤其是在汽车线束方面，是世界领先的供应商之一。Leoni AG的主要客户群体包括全球各大汽车制造商，为汽车电气系统提供线束、数据管理系统以及动力管理电缆，特别是在现代电动汽车和智能汽车领域拥有广泛的应用。Leoni AG在德国法兰克福证券交易所上市。不过近年来在疫情和地缘冲突的多种因素影响，全球供应链中断和汽车行业往电动化转型、行业变革加速的背景下，Leoni AG在财务上面临压力。Leoni AG2023年及2024年第一季度未经审计主要财务数据如下：（单位：万/欧元）LeoniK2023年及2024年第一季度未经审计主要财务数据如下：（单位：万/欧元）立讯精密表示，借助此次收购，一方面有助于公司在产品开发、市场拓展、客户准入、产能布局、物料采购等方面与莱尼公司实现资源互通、优势互补和战略协同，在提高自身运营效率与研发创新能力的同时，快速形成公司在全球汽车线束领域的差异化竞争优势，为中国车企出海以及海外传统车企提供更加便捷、高效的垂直一体化服务；另一方面，公司在总结提炼历次内生外延宝贵经验的基础上，结合多年来所积累的制程优化、垂直整合、工厂运营等能力优势，在完成股权交割后为莱尼公司与Leoni K提供包括但不限于财务、业务、采购、生产、人员结构、内部控制等开源节流、商务拓展方面的优化与赋能，以助力莱尼公司及Leoni K在未来实现更优的经营业绩表现。经公司管理层深入讨论研究后，所拟定的具体优化赋能举措如下：1、充分发挥公司的集团化优势，协助莱尼公司与Leoni K降低市场融资利率及生产物料综合采购成本；2、通过对莱尼公司与Leoni K分布于全球多个国家与地区的产能基地进行适当的整并，提高资产利用效率，并实现运营费用的进一步优化；3、借助公司在汽车线束领域所积累的智能制造、模治具开发、制程优化等经验，帮助莱尼公司与Leoni K实现人效比的快速提升及变动成本、固定成本的优化；4、发挥莱尼公司、Leoni K在汽车线束领域积累的设计研发与海外产能布局优势，为莱尼公司、Leoni K导入优质客户资源，助力中国车企实现核心零部件产能出海。立讯精密已形成汽车线束、连接器、智能座舱、智能驾驶等多元化产品矩阵，借助分布海内外的多个生产基地为全球头部主机厂提供完整的产品落地服务。2024年上半年立讯精密的汽车互联产品实现收入47.56亿元，同比增长了48.30%，主要是受益于海内外自动驾驶项目的快速落地、智能座舱娱乐体验的日益丰富，带动智能汽车的舱内外高速互联需求，单车电子电气零部件占比提升。在AI技术发展带动终端创新加速、数据中心往更高算力发展以及智能汽车全球化这三大趋势推动下，立讯精密认为公司消费电子通讯、汽车业务迎来更好的发展机遇，预计2024第三季度的归母净利润34.53亿元~38.22亿元，同比增长14.39%~26.61%；扣非归母净利润31.53亿元~36.22亿元，同比增长9.54%~25.82%。Lixun Precision spent 4.125 billion yuan to buy Leoni, a century-old European automobile supplierEditor: LucienOn September 13, Lixun Precision (SZ002475) announced that it intends to acquire 50.1% of the equity of Leoni AG and 100% of the equity of its wholly-owned subsidiary Leoni Kabel GmbH (hereinafter referred to as "Leoni K"), in order to accelerate the globalization of the automotive business and enhance the comprehensive competitiveness of the company's automotive wiring harness products in the global market.According to the agreement, Luxshare Precision will acquire 100% of the shares of Leoni K for 320 million euros (about 2.514 billion yuan) through its subsidiaries, and at the same time acquire 50.1% of the shares of Leoni AG held by L2-Beteiligungs for 205 million euros (about 1.611 billion yuan), corresponding to 25.05 million shares, and the remaining 49.9% The shareholding continues to be held by L2-Beteiligungs. The transaction involved an amount of approximately RMB4.125 billion.Leoni AG consists of two core businesses, namely the Automotive Cable Solutions Division (hereinafter referred to as the "ACS business" or the "Automotive Cable Division") and the Wiring System Division (hereinafter referred to as the "WSD business" or "Harness Systems Division"). Among them, the main operating entity of the ACS business is Leoni K, and the main operating entity of the WSD business is Leoni Bordnetze Systeme (hereinafter referred to as "Leoni B"), another wholly-owned subsidiary of Leoni AG. Prior to this transaction, LeoniB owned four wholly-owned subsidiaries operating ACS business, Leoniische Holding, Inc., Leoni Cable, Inc., Leoni Cable S.A. de C.V. and Leoni Cable de Chihuahua S.A., and in order to ensure the smooth progress of this transaction, L2-Beteiligungs GmbH (hereinafter referred to as "Beteiligungs GmbH"), the sole shareholder of Leoni AG (hereinafter referred to as "Beteiligungs GmbH". "L2-Beteiligungs" or "Sellers") will enable the above four companies to complete the asset restructuring of their subsidiaries by business segment before the equity closing date.According to Li Xing, Leoni AG is a global company headquartered in Germany, mainly focused on providing cables and cable systems for the automotive industry and other industrial manufacturers. Leoni AG has production and R&D facilities in many countries around the world, employs more than 90,000 people, and has factories and offices in Europe, North America, South America, Asia, etc., in order to provide customers with local services.With a history dating back to 1917, Leoni AG is a truly century-old company that started with the production of hemp rope and cables as its main business, and with the development of the automotive industry in Germany, it is now a global leader in the field of automotive and industrial cables, supplying cables, wires and related accessories for automotive, communications, medical equipment and other industrial sectors.Leoni AG is currently one of the world's leading suppliers of complete cable system solutions, especially in automotive wiring harnesses. Leoni AG's main customer base includes the world's major automotive manufacturers, who supply wiring harnesses, data management systems and power management cables for automotive electrical systems, especially in the field of modern electric vehicles and smart cars.Leoni AG is listed on the Frankfurt Stock Exchange in Germany. However, in recent years, Leoni AG has faced financial pressure due to various factors such as the pandemic and geopolitical conflicts, global supply chain disruptions, and the acceleration of the automotive industry's transition to electrification.Leoni AG's unaudited key financial data for 2023 and the first quarter of 2024 are as follows: (in millions/euros)Leoni K's unaudited key financial figures for 2023 and the first quarter of 2024 are as follows: (in million euros)Lixun Precision said that with the help of this acquisition, on the one hand, it will help the company to achieve resource exchange, complementary advantages and strategic synergy with LEONI in product development, market expansion, customer access, capacity layout, material procurement, etc., while improving its own operational efficiency and R&D and innovation capabilities, it will quickly form the company's differentiated competitive advantage in the field of global automotive wiring harness, and provide more convenient and efficient vertical integration services for Chinese car companies going overseas and overseas traditional car companies; On the other hand, on the basis of summarizing and refining the valuable experience of endogenous epitaxy in the past, combined with the advantages of process optimization, vertical integration, factory operation and other capabilities accumulated over the years, the company will provide Leoni and Leoni K with optimization and empowerment including but not limited to finance, business, procurement, production, personnel structure, internal control and other aspects of open source and cost reduction and business development after the completion of the equity transaction, so as to help Leoni and Leoni K achieve better operating performance in the future. After in-depth discussion and research by the company's management, the specific optimization and empowerment measures formulated are as follows:1. Give full play to the company's group advantages, and assist Leoni Company and Leoni K to reduce the market financing interest rate and the comprehensive procurement cost of production materials; 2. Through the appropriate integration of the production capacity bases of Leoni and Leoni K in many countries and regions around the world, the efficiency of asset utilization is improved and the operating expenses are further optimized; 3. With the help of the company's experience in intelligent manufacturing, mold fixture development, process optimization and other experiences accumulated in the field of automotive wiring harness, we can help LEONI and Leoni K to achieve rapid improvement of human efficiency ratio and optimization of variable cost and fixed cost; 4. Give full play to the advantages of design, R&D and overseas production capacity layout accumulated by Leoni and Leoni K in the field of automotive wiring harness, introduce high-quality customer resources for Leoni and Leoni K, and help Chinese car companies to achieve core component production capacity overseas.Lixun Precision has formed a diversified product matrix such as automotive wiring harnesses, connectors, intelligent cockpits, and intelligent driving, and provides complete product landing services for the world's leading OEMs with the help of multiple production bases at home and abroad. In the first half of 2024, Lixun Precision's automotive interconnection products achieved revenue of 4.756 billion yuan, a year-on-year increase of 48.30%, mainly benefiting from the rapid implementation of autonomous driving projects at home and abroad and the increasingly rich entertainment experience of intelligent cockpits, driving the demand for high-speed interconnection inside and outside the cabin of smart cars, and increasing the proportion of electronic and electrical parts for single vehicles.Driven by the acceleration of terminal innovation driven by the development of AI technology, the development of data centers to higher computing power and the globalization of smart vehicles, Lixun Precision believes that the company's consumer electronics communication and automotive business will usher in better development opportunities, and it is expected that the net profit attributable to the parent company in the third quarter of 2024 will be 3.453 billion yuan ~ 3.822 billion yuan, a year-on-year increase of 14.39% ~ 26.61%; The net profit after deducting non-attributable to the parent company was 3.153 billion yuan ~ 3.622 billion yuan, a year-on-year increase of 9.54% ~ 25.82%.
