併購重組大風口！慧博雲通擬“蛇吞象”佈局國產算力，股價一字漲停
政策大變化，併購重組成爲市場最強主線之一。
今日，慧博雲通一字漲停，最新報34.8元/股，總市值140.6億元。
股價漲停後，慧博雲通獲資金瘋狂搶籌，漲停成交額爲4726萬元，最高封單額達63.59億元。
擬收購寶德計算機67.91%股份
公告顯示，慧博雲通擬通過發行股份及支付現金的方式向樂山高新投等59名交易對方購買其合計持有的寶德計算67.91%股份。
同時，慧博雲通還計劃向實際控制人餘浩及其控制的申暉控股、戰略投資者長江產業集團發行股份募集配套資金，股份發行價格爲20.26元/股。
財務上來看，慧博雲通和寶德計算機之間的差距較大，這次收購是一次“蛇吞象”交易。
寶德計算機2023年實現收入92.7億元，利潤爲1.99億元；2024年實現收入100億元，利潤爲2.3億元。
慧博雲通2023年、2024年的營收爲13.59億元、17.43億元，淨利潤爲8245.34萬元、6558.76萬元。
今年一季度，慧博雲通實現營收5.06億元，同比增長37.46%；淨利潤爲416.27萬元，同比下降72.13%。
佈局國產算力
分析來看，慧博雲通和寶德計算機具有較強的協同性，雙方的優質客戶資源共享後有望實現雙贏。
寶德計算機是國產AI服務器產業的一流企業，以服務器和PC整機的研發、生產、銷售及提供相關的綜合解決方案爲主營業務。
作爲中國ARM服務器市場佔有率第一的廠商，寶德計算機深度參與中國電信170億元服務器集採項目，在黨政、金融、運營商等領域擁有穩定訂單。
而慧博雲通是一家綜合數智技術服務提供商，此次交易有利於其形成“軟硬一體”的全棧信創解決方案，打造“算力+算法+場景應用”的閉環生態。
與此同時，慧博雲通還擁有非常多的優質客戶資源，長期與字節跳動、小米集團等頭部互聯網企業和中國銀行等大型金融機構合作，這些企業在算力基建上有顯著增量需求。
而寶德計算機與華爲、飛騰、龍芯等深度合作，在AI服務器領域與華爲昇騰緊密合作，可以充分利用慧博雲通優質的客戶資源，實現國產算力加速落地。
展望未來，民生證券指出，暫不考慮收購寶德增厚利潤，預計慧博雲通2025-2027年歸母淨利潤分別爲1.06億元、1.41億元、1.88億元，當前市值對應2025-2027年PE分別爲111、83、62倍。
民生證券認爲，考慮到核心主業逆勢增長，若後續收購寶德計算機順利完成，慧博雲通將邁入國產算力領域，具備顯著的稀缺性，當前估值仍有提升空間。首次覆蓋，給予“推薦”評級。
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