Core Viewpoint - Jiangsu Yishi Precision Technology Co., Ltd. is focusing on its overseas expansion through the establishment of a factory in Slovenia to meet local supply demands and mitigate trade barriers [1] Group 1: Company Developments - The Slovenian factory is a key part of the company's overseas strategy, aimed at responding to customer needs for local production and following automotive supply chains abroad [1] - The joint venture partner in Slovenia, Austrian Mark, has established a strong cooperative relationship with the company, having previously set up a holding subsidiary in China [1] - The factory is currently in the stages of factory inspection and product sampling, with expectations to begin small batch deliveries by the fourth quarter of 2025, although specific timelines remain uncertain [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 251 million yuan for the first three quarters of 2025, representing a year-on-year growth of 7.10%. The net profit attributable to the parent company was 47 million yuan, up 3.09% year-on-year [4] - In Q3 2025, the company achieved a revenue of 86 million yuan, with a year-on-year increase of 8.12%, and a net profit of 14 million yuan, reflecting a growth of 2.28% year-on-year [4] - The company is expected to maintain a steady growth trajectory, with projected revenues of 350.77 million yuan, 417.23 million yuan, and 480.82 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 9.14%, 18.95%, and 15.24% [6][7] - The acquisition of Tongyihe Precision Technology is anticipated to enhance the company's precision stamping technology and expand its customer base in the automotive sector [7] Financial Performance - The company's gross margin for the first three quarters of 2025 was 32.28%, a decrease of 0.85 percentage points year-on-year, while the net margin was 19.11%, down 0.97 percentage points year-on-year [7] - The operating cash flow for the first three quarters of 2025 was 37 million yuan, a decline of 36.02% year-on-year, primarily due to increased inventory in response to rising material prices [7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.51 yuan, 0.60 yuan, and 0.67 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 37.92X, 32.36X, and 28.86X [7][9] Market Data - The current stock price is 19.36 yuan, with a total share capital of 116.04 million shares and a circulation ratio of 53.23% [1] - The largest shareholder holds a 41.72% stake in the company [1] - The stock has shown a relative return of 22.66% over the past 12 months compared to the benchmark [2]

Market Overview - The automotive sector experienced a weekly increase of +1.28%, with the auto parts sub-sector performing the best at +3.54% [1][2] - In comparison, the overall A-share market rose by +1.93%, placing the automotive sector at 17th among 31 primary industries [1][2] - The performance of various automotive sub-sectors included: automotive parts +3.54%, automotive services +3.38%, commercial vehicles +1.27%, motorcycles and others +0.27%, and passenger vehicles -1.99% [1][2] Company Performance - The top five companies in the automotive sector by weekly performance were: Zhongtai Automobile +39.70%, Haowu Shares +30.38%, Zhejiang Rongtai +22.48%, Tianpu Shares +21.00%, and Zhaomin Technology +19.85% [2] - Conversely, the bottom five performers included: Paiter -23.56%, Huayang Racing -20.28%, Huawei Technology -9.91%, Tianming Technology -9.82%, and Yishi Precision -9.73% [2] Sales Data - From September 1 to September 7, the average daily wholesale volume of domestic passenger car manufacturers was 43,900 units, a year-on-year decrease of 5.00%, while the average daily retail volume was 43,500 units, down 10.00% year-on-year [2] - In August, automotive sales reached 2.857 million units, reflecting a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [3] - Cumulatively, from January to August, automotive sales totaled 21.128 million units, with a year-on-year increase of 12.6% [3] Export and Market Trends - In August, traditional fuel vehicle exports were 387,000 units, a month-on-month increase of 10.6% but a year-on-year decrease of 3.5%. In contrast, new energy vehicle exports reached 224,000 units, a year-on-year increase of 100% [4] - The market share of domestic brands in passenger vehicle sales rose to 69.5% in August, up 2.6 percentage points year-on-year [4] Future Outlook - The Ministry of Industry and Information Technology and seven other departments aim for total automotive sales of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3% [5] - The target for new energy vehicle sales is around 15.5 million units, with a year-on-year growth of about 20% [5] Investment Recommendations - Companies involved in intelligent vehicle technology and those with potential for overseas sales are recommended for investment [6] - Suggested automotive manufacturers include Beiqi Blue Valley, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor [6] - Recommended auto parts companies include Songyuan Safety, Zhejiang Xiantong, Lingyun Shares, and Yinhong Shares [6]

证券代码：836221 证券简称：易实精密 公告编号：2025-100 江苏易实精密科技股份有限公司 关于完成工商变更登记及公司章程备案并取得营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 目前，公司已完成相应的工商变更登记及公司章程备案手续，并于 2025 年 9 月 11 日取得南通市数据局核发的《营业执照》。本次工商变更完成后，公司 注册资本由 9,670 万元变更为 11,604 万元。《营业执照》记载的其他工商登记 事项未发生变更。变更后的公司注册登记信息如下： 1.名称：江苏易实精密科技股份有限公司 2.统一社会信用代码：91320600561789195R 3.注册资本：11,604 万元整 4.类型：股份有限公司（上市） 5.成立日期：2010 年 09 月 14 日 6.法定代表人：徐爱明 7.住所：江苏省南通市崇川区太平北路 1018 号 8.经营范围：加工、生产、销售汽车零部件、精密金属制品；自营或代理上 述商品的进出口业务。（依法须经批准的项目，经相 ...

金元证券股份有限公司 关于江苏易实精密科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，金元证券股份有限公司（以下简称"金 元证券"或"保荐机构"）作为江苏易实精密科技股份有限公司（以下简称"公 司"或"易实精密"）向不特定合格投资者公开发行股票并在北交所上市的保荐 机构，负责易实精密的持续督导工作，现出具易实精密 2025 年半年度持续督导 跟踪报告。 序号 工作要求 完成或督导情况 1 信息披露文件审阅情况 保荐机构及时对公司信息披露文件进行了审阅。 2 公司内部制度建立与执行情况 保荐机构已持续督导公司建立健全相关规章制 度并监督其有效执行。 3 募集资金使用监督情况 保荐机构查阅公司募集资金使用台账、募集资金 专户对账单、募集资金大额支出相关的合同及发 票，查看募投项目进度，每半年度对公司募集资 金存放和使用情况进行现场核查，及时审阅募集 资金相关信息披露文件等。 4 督导公司规范运作情况 保荐机构通过日常沟通、访谈、查阅资料、现场 核查等方式，督促公司规范运作。 5 现场检查 保荐机构对公司募 ...

Group 1 - The automotive parts sector increased by 0.85% on September 2, with Sunny Optical Technology leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the automotive parts sector included Sunny Optical Technology, which rose by 21.14% to a closing price of 40.00, and other companies like Tsinghua Tongfang and Yisheng Precision, which saw increases of 17.62% and 15.01% respectively [1] Group 2 - The automotive parts sector experienced a net outflow of 1.81 billion yuan from institutional investors, while retail investors saw a net inflow of 1.977 billion yuan [2] - Major decliners included Sulian Co., which fell by 8.30% to a closing price of 42.99, and Hailian Jinhui, which dropped by 8.24% to 9.80 [2] - The trading volume for the automotive parts sector was significant, with Sunny Optical Technology achieving a transaction amount of 604 million yuan [1]

Core Insights - The company reported a revenue of 166 million yuan for the first half of 2025, representing a year-on-year increase of 6.57% [1] - The net profit attributable to shareholders was 33 million yuan, up 3.45% year-on-year, while the net profit excluding non-recurring items was 32 million yuan, reflecting a 5.31% increase [1] - The second quarter of 2025 saw a revenue of 86 million yuan, with quarter-on-quarter and year-on-year growth of 11.98% and 7.10%, respectively [1] Financial Performance - The main business segments experienced growth across the board, with sales revenue for electric vehicle components, traditional fuel vehicles, and general automotive components increasing by 8.06%, 28.27%, and 7.49% year-on-year, respectively [1] - The revenue contribution from electric vehicle components was 41.86%, traditional fuel vehicles 26.10%, and general automotive components 22.91% [1] - The overall gross margin for the company was 32.63%, with the gross margin for electric vehicle components at 32.80%, an increase of 1.68 percentage points [1] Business Development - The company made significant breakthroughs in the air suspension sector, enhancing its market share through key products like the compression ring and support ring [2] - Strategic partnerships were established, including a collaboration with Konghui Automotive to develop metal parts for controllers and shock absorbers, which is expected to increase the per-vehicle value [2] - The company’s second-generation welding ring production line has been applied in multiple vehicle models, contributing to cost reduction and increased output [2] M&A Activity - The company announced plans to acquire 51% of Tongyihe, a firm with strong capabilities in precision stamping molds and products, which is expected to enhance customer resource sharing and market synergy [3] - The acquisition is projected to yield net profits of 28 million yuan, 32 million yuan, and 36 million yuan for the years 2025 to 2027 [3] - Tongyihe's technology is anticipated to significantly lower manufacturing costs and improve the precision and fatigue life of key components in robotic reducers [3] Profit Forecast - The company is expected to achieve revenues of 403 million yuan, 497 million yuan, and 609 million yuan from 2025 to 2027, with year-on-year growth rates of 25.45%, 23.29%, and 22.51%, respectively [3] - The net profit attributable to shareholders is projected to be 65 million yuan, 81 million yuan, and 101 million yuan for the same period, with growth rates of 20.85%, 23.35%, and 25.61% [3] - Earnings per share (EPS) are forecasted to be 0.56 yuan, 0.69 yuan, and 0.87 yuan for 2025 to 2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in H1 2025, with revenue and net profit increasing by 7% and 3% year-on-year, respectively, driven by the stable growth of the automotive industry [7] - The acquisition of Wuxi Tongyi and the establishment of a surface treatment subsidiary are expected to enhance the company's competitive advantage and profitability [7] - The company maintains a leading position in the comprehensive capability of automotive metal parts, with a focus on high-end technology [7] Financial Performance Summary - Revenue for 2023 is projected at 2.7572 billion, with a year-on-year growth of 18.82% [1] - Net profit attributable to the parent company for 2023 is estimated at 515.1 million, reflecting a year-on-year increase of 36.15% [1] - The latest diluted EPS for 2023 is projected at 0.44 yuan per share [1] Revenue Breakdown - Revenue from new energy vehicle components in H1 2025 increased by 8.06% to 69 million, accounting for 41.86% of total revenue [7] - Revenue from traditional fuel vehicle components grew by 28.27% to 43 million, with a 26.10% share of total revenue [7] - General automotive components revenue rose by 7.49% to 38 million, representing 22.91% of total revenue [7] Future Projections - The company forecasts total revenue of 4.085 billion for 2025, with a year-on-year growth of 27.11% [1] - Net profit attributable to the parent company is expected to reach 672.1 million in 2025, with a growth rate of 24.22% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 36.52, 27.02, and 22.54, respectively [1]

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

证券代码：836221 证券简称：易实精密 公告编号：2025-098 江苏易实精密科技股份有限公司 对外投资设立控股子公司并取得营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、对外投资概述 （一）基本情况 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投 资不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 根据《北京证券交易所股票上市规则》《公司章程》《对外投资管理制 度》等相关规定，本次对外投资事项在公司管理层审批权限范围内，且未达 到董事会和股东会审批标准，无需提交董事会及股东会审议。 本次交易标的不涉及开展或拟开展私募投资活动，不是已在中国证券投资基 金业协会登记为私募基金管理人，不会将公司主营业务变更为私募基金管理业务。 二、投资协议其他主体的基本情况 1. 自然人 江苏易实精密科技股份有限公司（以下简称"公司"）基于经营发展需要， 投资人民币 255.00 ...