Jiahe Smart拟以3.3亿元收购华泽电子55%股权，进军汽车智能座舱声学领域

Cailian Press, Sept. 18 — Jiahe Intelligent Electronics, a manufacturer of audio products, has agreed to acquire a 55% stake in Huaze Electronics, with an estimated total transaction value of RMB 330 million. Upon completion, Huaze Electronics will become a controlled subsidiary of Jiahe Intelligent.

Deal Details

According to the announcement, Jiahe Intelligent has signed an acquisition agreement with the counterparty. Key terms include:

• Pre-valuation of target company: Tentatively set at RMB 600 million
• Performance commitment period: 2026 to 2028
• Average annual net profit target: RMB 57 million
• Cumulative net profit (after deducting non-recurring items): No less than RMB 171 million
• Price-to-earnings (P/E) ratio: Approximately 10.5 times, based on the target company’s overall valuation and average annual net profit during the commitment period

Background on Huaze Electronics

Cailian Press reporters noted that prior to this deal, Huaze Electronics had also engaged in discussions with another listed company, Chenyi Intelligent.

Huaze Electronics specializes in "specialized, refined, distinctive, and innovative" automotive products, including:

• Automotive sensors
• In-car audio power amplifiers
• USB modules
• Fragrance systems
• Handheld KTV microphones for vehicles

Its products are widely applied in sensing, audio, interaction, and comfort scenarios within intelligent automotive cockpits. The company serves as a Tier 1 supplier to more than twenty domestic and international automobile brands, with the capability to consistently provide reliable automotive-grade sensor and module products.

Strategic Rationale

Jiahe Intelligent stated that if the equity acquisition proceeds smoothly, the company can leverage Huaze Electronics' accumulated expertise in technology, customer resources, and market channels. By combining this with its own technologies and experience in acoustic system integration, Jiahe Intelligent aims to:

• Effectively break through entry barriers in the automotive industry
• Enter the track of acoustic integration systems for intelligent automotive cockpits

Market Entry Barriers

Entry barriers in the automotive original equipment manufacturer (OEM) market are extremely high, characterized by long certification cycles and strong supplier stickiness. Starting from scratch to build an in-car business would impose unsustainable time costs and uncertainties on Jiahe Intelligent. Acquiring Huaze Electronics essentially amounts to using RMB 330 million to "buy" an already validated ticket of entry.

Synergy Logic

The synergy logic behind this acquisition is clear:

• Jiahe Intelligent's strengths: Consumer-side acoustics, active noise cancellation (ANC), microphone arrays, audio algorithms, and acoustic system integration
• Huaze Electronics' strengths: Hardware design capabilities for ANC in-car microphones and sensors, as well as experience in developing A2B bus-based in-car microphones

Both companies have overlapping interests in the technical direction of ANC noise reduction. Jiahe Intelligent's technological accumulation in headphone noise cancellation can be transferred to scenarios involving suppression of road noise and tire noise in vehicles, while Huaze Electronics' existing automotive-grade sensor hardware platform provides a practical foundation for implementation.

Outlook

For Jiahe Intelligent, acquiring Huaze Electronics represents a key strategic move in extending its business from consumer acoustics to automotive acoustics. However, the transaction remains in the planning stage and still requires due diligence and other procedures; therefore, uncertainty exists regarding whether the deal will ultimately be completed.

(Source: Cailian Press)