Shengyang Co., Ltd. Acquires Daren Hi-Tech: Comprehensive Assessment of Strategic Value and Synergies

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The target company is a national specialized and sophisticated “little giant” focusing on the research and development and manufacturing of lithium battery management systems (BMS). The following assessment is based on public information, industry standards, and sensitivity calculations, aiming to systematically quantify the strategic value and synergies of this merger.

Item	Value/Key Point
Acquirer	Shandong Shengyang Power (002580.SZ), listed on the Shenzhen Stock Exchange, under Shandong Development Investment Holding [1]
Target Company	Shenzhen Daren Hi-Tech (specialized and sophisticated “little giant”, focusing on BMS)
Transaction Amount	RMB 74.47 million (acquiring 51% equity)
Overall Valuation	≈ 146 million yuan (corresponding to 100% equity)
Controlling Status	Shengyang becomes the controlling shareholder, consolidated financial statements
Funding Source	Self-owned funds (subject to official announcement)
Industry Background	The energy storage and lithium battery industry chain has entered a phase driven by both high prosperity and policies (driving 250 billion yuan of new energy storage investment by 2027) [2]

：This merger is a typical vertical integration capacity enhancement transaction—by holding a controlling stake in a BMS “little giant” with R&D and industrialization capabilities, Shengyang will complement its BMS segment, strengthen its complete delivery capability of “cell + BMS + system integration”, and improve gross profit margin, competitiveness, and valuation center in the medium and long term.

• Technology Capability Enhancement
  : BMS is the safety and efficiency core of energy storage and power systems. If Daren Hi-Tech has modular/configurable BMS capabilities such as multi-string/high-precision SOC/SOH, active balancing, and thermal management, it will significantly enhance Shengyang’s technical influence in the “cell—BMS—system” chain.
• Product Portfolio Improvement
  : Evolving from “lead-acid/lithium battery cells and modules supply” to “integrated solutions including BMS”, increasing project delivery complexity and added value.
• Standardization and Cost Optimization
  : Relying on the target’s mature BMS platform, shortening the new product introduction cycle and reducing verification and iteration costs.

• Customer Reuse and Cross-Selling
  : Introduce Daren Hi-Tech’s BMS capabilities into Shengyang’s existing customer system for energy storage/UPS/communication power, realizing cross-selling and solution upgrades.
• Entry into High-Value Scenarios
  : For complex integration needs of commercial and industrial energy storage, household optical storage integration, data centers, and key infrastructure, enhance bargaining power.
• Overseas Qualification and Certification Synergy
  : If the target has UL/IEC/functional safety certifications and overseas project experience, it will accelerate Shengyang’s product出海 rhythm (出海 rhythm → overseas expansion pace).

• Vertical Integration Closed Loop
  : Complement the BMS segment, forming a vertical capability closed loop of “cell—BMS—integration—operation and maintenance”, enhancing delivery and quality control dominance.
• Supply Chain Bargaining
  : Collaborative procurement/scheduling with upstream cells and downstream system providers, optimizing inventory and capital turnover.
• Ecosystem Position Upgrade
  : Upgrade from “battery supplier” to “system solution supplier”, enhancing ecosystem position and customer stickiness.

• Policy Window
  : China will drive 250 billion yuan of new energy storage investment by 2027, the industry is in an expansion period, and technology and integration capabilities have become the focus of competition [2].
• Specialized and Sophisticated Empowerment
  : The target’s “little giant” qualification and R&D attributes help with subsequent project applications, industrial fund cooperation, and valuation support.

Driving Factor	Mechanism	Quantification Standard and Sensitivity
Import of BMS Supporting in Existing Projects	Upgrade or replace BMS solutions for existing energy storage/UPS projects	Assume annual new BMS-related revenue of 20-50 million yuan, with elastic changes according to project penetration and delivery rhythm
New Scenario Order Increment	Undertake more complex/high-value orders relying on integrated solutions	Assume integrated orders drive revenue elasticity of 30-80 million yuan
Customer Cross-Selling	Promote BMS capabilities to existing customers in communication/industry/rail transit	Assume annual new BMS and supporting revenue of 15-40 million yuan
Overseas Market Expansion	Obtain overseas orders relying on certifications and project experience	Assume BMS-related export revenue increment of 5-20 million yuan

: The above are scenario sensitivity ranges, not performance commitments. Actual execution is affected by product maturity, channel capabilities, and market competition.

• Procurement Synergy
  : Unified bulk procurement of cells, structural parts, and semiconductors, with material cost reduction space of about 2%-5% (depending on scale and bargaining power).
• R&D and Certification Allocation
  : Platform-based allocation of testing, functional safety, and overseas certification costs, reducing unit project R&D costs by 15%-30%.
• Supply Chain and Inventory
  : Collaborative scheduling and inventory optimization, improving capital occupation and delivery cycle.

• Consolidation增厚
  : Assuming Daren Hi-Tech has a certain scale/profit foundation, consolidation will have a neutral to positive impact on EPS and ROE under the pro forma caliber; if the net profit margin is low or in the investment period, the short-term impact is neutral, depending on performance bets and management improvements.
• Valuation Premium
  : The improvement of integrated solution capabilities shifts the comparable company valuation system from “battery manufacturing” to “system integration/intelligence”, with room for upward revision of PE/PS (comparable to system integration/intelligence companies, valuation center upward revision of 10%-30%, which is an industry trend, not unique to this case).
• Financing and Credit
  : Controlling and consolidating improve the financial statements, helping with subsequent debt/equity financing and debt structure optimization.

• Organization and Governance
  : Retain core teams and set incentive bet mechanisms, clarify integrated collaboration mechanisms for R&D/market/delivery.
• Product and R&D Synergy
  : Establish a unified BMS platform and standardized interfaces, connect to Shengyang’s system product family, and shorten delivery cycles.
• Channel and Market Synergy
  : Introduce BMS capabilities into existing channels, focus on breaking through commercial and industrial energy storage and data center scenarios, and build benchmark projects.
• Finance and Risk Control
  : Strictly manage goodwill impairment and post-investment management, establish milestone assessment and rolling review mechanisms.
• Extension and Post-Merger Integration
  : Depending on business rhythm, consider carrying out complementary mergers in power devices, cloud platforms/algorithms, overseas channels, etc.

• Shengyang Co., Ltd. (002580.SZ)
  : The company’s market capitalization is approximately 5.65 billion US dollars (equivalent to around 40 billion yuan), with a P/E ratio of about 28.9 times. The price range for 2025 is 7.62-18.49 yuan, with an annual increase of approximately 46.7% in 2025 [3][4].
• Merger Price and Comparable Valuation
  : The overall valuation of 146 million yuan is within the range of typical early-stage BMS/specialized and sophisticated companies; if the target’s growth and profit realization are strong, there is room for value release through performance bets and management improvements in the future.

• Goodwill and Impairment
  : If the target’s performance is lower than expected, there is a risk of goodwill impairment; strict bets and milestone management should be established.
• Technology Iteration Risk
  : BMS architecture evolves rapidly towards “chipization/cloudification/intelligent algorithms”, requiring high-intensity R&D investment and talent reserves.
• Market Competition and Price Pressure
  : Increased industry participants lead to price erosion; software and algorithm barriers should be strengthened, and value-added services and operation and maintenance revenue should be expanded.
• Integration and Talent Loss
  : Core R&D and delivery talents are key; teams should be stabilized through incentives and career development channels.
• Customer Concentration and Project Fluctuation
  : Strengthen customer structure diversification and project reserve management to smooth revenue fluctuations.

The following chart shows Shengyang Co., Ltd.'s 2025 price trend and key moving averages, helping to understand the current stock price position and trend (Data source: Brokerage API [3]).

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• X-axis: Trading date (2025-01-02 to 2025-12-31);
• Y-axis: Stock price (RMB yuan);
• Blue solid line: Closing price;
• Orange/purple lines: 20-day/50-day moving averages;
• Time interval: 243 trading days throughout the year;
• Data source: Brokerage API [3].

This merger is a vertical capability enhancement layout of Shengyang Co., Ltd. during the high prosperity and policy dividend window of energy storage. It aims to form an integrated delivery capability of “cell—BMS—system” by holding a controlling stake in a BMS “little giant” with R&D and industrialization capabilities, improving product complexity and added value. While strengthening technology and product synergy, expanding customers and scenarios, and optimizing costs and supply chains, it is also necessary to strictly manage goodwill, R&D investment, and talent integration to achieve a “double click” of performance and valuation.

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[1] Jinling API Data: Company Profile of Shandong Shengyang Power (002580.SZ), including establishment time, listing information, actual control background, sector classification, etc.
[2] WSJ — China’s Policy to Boost Energy Storage Industry Drives 250 Billion Yuan Investment (Industry Macro Background), https://cn.wsj.com/articles/catlhits-new-high-as-policy-powers-up-chinese-auto-battery-stocks-23c08abc
[3] Jinling API Data: Company Overview of Shengyang Co., Ltd. (002580.SZ)
[4] Jinling API Data: Real-time Market and Price Data of Shengyang Co., Ltd. (002580.SZ)
[5] Web Search Results (Images and News Clues): Shengyang Co., Ltd. plans to acquire Daren Hi-Tech, the target is a BMS-related specialized and sophisticated “little giant” enterprise (public search clues示意).

: This time, no audited financial statements or details of performance bets for “Daren Hi-Tech” were obtained from public authoritative texts. The above financial/valuation calculations are scenario and sensitivity analyses based on industry standards and do not constitute investment advice. The actual results are subject to the company’s announcements and audit reports.