（文章来源：证券日报） 证券日报网讯 2月24日，易实精密发布公告称，公司2025年实现营业收入351924853.49元，同比增长 9.50%；归属于上市公司股东的净利润59887122.06元，同比增长10.70%；基本每股收益0.52元，同比下 降7.14%。 ...

Core Viewpoint - The company is actively advancing its globalization strategy, focusing on project progress, financial performance, and funding movements, including plans to increase investment in its German subsidiary to accelerate its European market presence [1] Group 1: Strategic Advancement - The company plans to invest up to €7.9 million in its wholly-owned German subsidiary, ECPrecision, to expedite its European market expansion, with future overseas business orders being a key focus [2] Group 2: Project Progress - The company's fundraising projects are expected to gradually commence production in the second half of 2025, with the third-generation welding ring production line anticipated to achieve mass production, enhancing its technological barriers in the field of suspension components for electric vehicles [3] Group 3: Financial Performance - According to the Q3 2025 financial report, the company reported revenue of 251 million yuan, a year-on-year increase of 7.10%, and a net profit attributable to shareholders of 47.43 million yuan, up 3.09% year-on-year. However, the expense ratio for Q3 2025 increased by 0.21 percentage points to 10.75%, primarily due to foreign exchange losses [4] Group 4: Restructuring Progress - The company has terminated the acquisition of a 51% stake in Tongyi and Jinggong, raising questions about potential adjustments to its merger and acquisition strategy. Additionally, the institutional shareholding ratio increased by 0.65 percentage points by the end of Q3 2025, with Huaxia Fund entering the top ten circulating shareholders, indicating heightened institutional interest [5] Group 5: Funding Situation - Data shows a net outflow of 1.08 million yuan in main funds on a single day, while net buying in financing reached 2.74 million yuan, indicating significant fluctuations in the margin trading balance. High turnover rates may exacerbate short-term stock price volatility [6]

Core Viewpoint - Xianglou New Materials has signed a strategic cooperation framework agreement with Jiangsu Yishi Precision Technology Co., Ltd. to deeply integrate harmonic reducer flexible wheels in the robotics sector [1] Company Summary - Xianglou New Materials (301160) is actively pursuing partnerships to enhance its technological capabilities in the robotics field [1] - Jiangsu Yishi Precision Technology Co., Ltd. is collaborating with Xianglou New Materials to leverage their expertise in harmonic reducers [1] Industry Summary - The collaboration focuses on the robotics industry, indicating a trend towards advanced integration of components like harmonic reducers in robotic applications [1]

Group 1 - The company announced the approval of two key proposals at the second extraordinary general meeting of shareholders for 2025 [2] - The first proposal involves the conclusion of fundraising projects and the permanent allocation of surplus funds to supplement working capital [2] - The second proposal pertains to the anticipated application for a comprehensive credit limit from banks for the company and its subsidiaries for the year 2026 [2]

Core Viewpoint - The company, Yishi Precision, is enhancing its overseas strategic layout by increasing investment in its wholly-owned subsidiary EC Precision (Germany) GmbH, with a total investment not exceeding 7.9 million euros, aimed at expanding international market share and strengthening competitive advantages [1][3]. Group 1: Investment Details - The investment will be made through Yishi Group, which is a wholly-owned subsidiary of Yishi Precision, and will be gradually increased based on the funding needs of ECPG [1]. - Before the investment increase, Yishi Group's registered capital is 10,000 HKD, and after the investment, it will remain unchanged, with Yishi Precision maintaining a 100% ownership [1]. - ECPG's registered capital is 25,000 euros, and the total investment from Yishi Group to ECPG will increase by 7.9 million euros if the investment is fully completed, with Yishi Group retaining 100% ownership [1]. Group 2: Business Operations - Yishi Group, located in Hong Kong, primarily oversees overseas business operations, while ECPG serves as the operational entity in Europe, focusing on metal forming, machining, and precision manufacturing [3]. - The company has been accelerating its globalization strategy, including the establishment of a joint venture with MARK Metallwarenfabrik GmbH to further enhance its overseas strategic layout [3]. Group 3: Technological Development - The company is committed to high-end development by integrating advanced European intelligent manufacturing systems, which has led to a comprehensive capability in metal component R&D and production [4]. - Its main products are widely used in various automotive subsystems, including high-pressure connectors, electromagnetic valve housings, and components for both traditional and new energy vehicles [4]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported revenue of 251 million CNY, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 47.43 million CNY, up 3.09% year-on-year [6]. - The strategic investment reflects the company's confidence in global development and highlights the breakthroughs of Chinese manufacturing enterprises in high-end technology [6].

Core Viewpoint - Yisheng Precision announced the approval of an investment increase in its wholly-owned subsidiaries and grand-subsidiaries during the ninth meeting of the fourth board of directors [2] Group 1 - The board of directors approved the proposal to increase the investment amount in its subsidiaries [2]

Core Viewpoint - Jiangsu Yishi Precision Technology Co., Ltd. plans to invest up to 7.9 million euros in its wholly-owned subsidiary EC Precision (Germany) GmbH to enhance its competitive advantage and support its global development strategy [1][7]. Investment Path and Scale - The investment will be executed through a step-by-step approach: Yishi Precision will first increase its investment in its wholly-owned subsidiary Yishi Group, which will then invest in ECPG. The funds will be injected based on ECPG's actual needs [2]. - This capital increase does not involve changes to the registered capital of the target companies, maintaining the ownership structure at 100% for both Yishi Group and ECPG [2]. Investment Target Overview - The core focus of this capital increase is on Yishi Group and its subsidiary ECPG, both of which are crucial for Yishi Precision's overseas business expansion [3]. Yishi Group Limited - Yishi Group, a wholly-owned subsidiary of Yishi Precision, is responsible for overseeing overseas operations. It is registered in Hong Kong with total assets of approximately 6.46 million HKD as of September 30, 2025 [4]. - ECPG, registered in Germany, serves as the operational platform for Yishi Precision in Europe, with total assets of approximately 60.86 million euros as of August 1, 2025 [4]. Decision Process and Approval - The investment plan has been approved by the board of directors and does not require shareholder approval as it does not meet the threshold for such a requirement [5]. - However, the investment is subject to approval from various government agencies due to its overseas nature, which introduces some uncertainty [5]. Impact on the Company - The investment is not expected to adversely affect the company's current operations or create financial pressure in the short term. It is anticipated to accelerate the company's overseas expansion and enhance its competitive edge in the long run [7]. - This capital increase is a significant step in implementing the company's "global layout" strategy, potentially opening new avenues for revenue growth in the European precision manufacturing sector [7].

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]