Investment Rating - The report maintains a "Buy" investment rating for 易实精密 (836221.BJ) [2][12] Core Views - 易实精密 plans to acquire 51% of 通亦和精工科技 for a maximum price of 1.6 billion yuan, with performance commitments for net profits of 28 million, 32 million, and 36 million yuan for the years 2025 to 2027 [5][12] - The acquisition aims to enhance the company's metal forming process chain and create synergies that will accelerate growth [5][8] - The company is focusing on developing a new manufacturing process for harmonic reducer flexible wheels, which is expected to lower production costs [9][10] Summary by Sections Company Overview - 易实精密's current stock price is 20.94 yuan, with a total market capitalization of 2.4 billion yuan and a total share count of 116 million [2] Market Position - 通亦和 specializes in precision molds and stamping parts, holding 20 patents, including 3 invention patents [6][7] - The company has established long-term relationships with major clients such as 佛吉亚 and 麦格纳宏立 [6] Acquisition Details - The acquisition of 通亦和 is structured in three payment phases: 50%, 20%, and 30%, contingent on performance milestones [5] - The acquisition is expected to integrate supply chain resources, enhancing procurement capabilities and customer bases [8][9] Financial Projections - Revenue forecasts for 易实精密 are 400 million, 510 million, and 610 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 68 million, 83 million, and 100 million yuan [12][14] - The company anticipates a steady growth rate in revenue and net profit, with a net profit margin of approximately 17.1% in 2024 [14][15]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has completed a cash acquisition of 51% of Tongyihe, which is expected to enhance its precision stamping industry chain and accelerate the localization of reducer components [4][5] - The company maintains its profit forecast for 2025-2026 and introduces a new forecast for 2027, expecting net profits attributable to the parent company to be 0.65 billion, 0.90 billion, and 1.08 billion respectively for the years 2025, 2026, and 2027 [4] - The acquisition of Tongyihe is anticipated to expand the company's performance scale and improve its competitive position in the precision stamping market [4][5] Financial Summary - In Q1 2025, the company achieved revenue of 0.80 billion, a year-on-year increase of 1.33%, and a net profit attributable to the parent company of 0.15 billion, up 3.22% year-on-year [4] - The company's projected revenue for 2025 is 4.08 billion, with a year-on-year growth of 26.9%, and net profit is expected to reach 0.65 billion, reflecting a growth of 20.8% [6] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 41.2, 29.9, and 24.8 respectively, indicating a favorable valuation trend [6] Acquisition Impact - The acquisition of Tongyihe is expected to enhance the company's capabilities in precision stamping technology, which includes 20 patents and partnerships with renowned automotive parts companies [5] - The performance commitment period for Tongyihe is set from 2025 to 2027, with expected net profits of 0.28 billion, 0.32 billion, and 0.36 billion for those years [4]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted online on June 27, 2025, with participation from various securities and investment firms [3][4]. - Key attendees included the company's Chairman and General Manager, Xu Aiming, and the Board Secretary and Financial Officer, Zhang Wenjin [4]. Group 2: Company Performance and Future Outlook - The company reported stable overall operations in the first half of 2025, with a positive development trend expected to accelerate in the second half due to new projects and production lines coming online [4]. - The first production line of the newly established subsidiary, Mark Surface Treatment Technology (Nantong) Co., Ltd., is expected to commence operations by the end of August 2025, with a second line following by the end of October 2025 [5]. Group 3: Acquisition and Technological Advancements - The acquisition of Tong Yi He Precision Engineering Co., Ltd. is anticipated to enhance the company's technical capabilities and profitability, with no significant overlap in customer bases, thus promising substantial synergy [6]. - The company is collaborating with precision component manufacturers to develop key components for harmonic reducers and planetary gear reducers, aiming to accelerate the domestic replacement process for these critical parts [7][8]. Group 4: International Expansion - The establishment of a joint venture in Slovenia is a strategic move to meet customer demands and expand the company's overseas presence, targeting existing clients like Bosch and Continental Automotive, while also seeking new customers in the European market [9]. - The Slovenian facility will focus on automotive parts, catering to both traditional fuel vehicles and new energy vehicles, utilizing advanced manufacturing techniques [9].

证券代码：836221 证券简称：易实精密 公告编号：2025-045 江苏易实精密科技股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 6 月 27 日 活动地点：通过线上会议的形式接受部分机构调研 参会单位及人员：开源证券、西部证券、方正证券、中泰证券、浙商证券、 招商基金、万和证券、万丰友方、兼济投资、浙民投资、金恒宇投资、青岛中骏 投资、泰石投资、尚诚资产、国晖投资、创富兆业金融、天猊投资、临信资产、 汇瑾资产、瀚伦私募基金、递归私募基金、冰河资产、民生证券、联储证券、苏 豪投资、得桂私募基金、鸿运私募基金、红塔证券、洪泰基金、东北证券、点石 成鑫、长城财富资管、财信证券、星允投资、青创伯乐、珺洲私募基金、IDG 资 本 上市公司接待人员：公司董事长、总经理徐爱明先 ...

Core Viewpoint - 易实精密 (836221) experienced a significant increase of 18.20% in stock price with a trading volume of 3.23 billion yuan and a turnover rate of 27.49% on the day of reporting [2] Trading Activity Summary - The stock was listed on the龙虎榜 due to its turnover rate reaching 27.49%, with a total net sell of 13.30 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 62.11 million yuan, with a buying amount of 24.40 million yuan and a selling amount of 37.71 million yuan, resulting in a net sell of 13.30 million yuan [2] - The largest buying and selling brokerage was 国金证券股份有限公司深圳分公司, with buying and selling amounts of 6.65 million yuan and 8.31 million yuan respectively [2] Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 five times, with an average price drop of 2.69% the day after being listed and an average increase of 6.66% over the following five days [2]

Group 1 - The stock of Yishijingmi (836221) fell by 4.35% today, with a turnover rate of 25.59% and a trading volume of 298 million yuan, showing a fluctuation of 14.75% [2] - The stock was listed on the North Exchange due to its turnover rate reaching 25.59%, with a net selling amount of 3.0706 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 78.8653 million yuan, with buying amounting to 37.8973 million yuan and selling amounting to 40.9680 million yuan, resulting in a net selling of 3.0706 million yuan [2] Group 2 - The largest buying brokerage was Dongya Qianhai Securities Shanghai Branch, with a buying amount of 10.3086 million yuan, while the largest selling brokerage was Industrial Securities Jinan Luoyuan Street Branch, with a selling amount of 9.3722 million yuan [2] - Detailed trading data shows that the top five buying brokerages had varying amounts, with the second largest being Dongfang Caifu Securities Jiangsu Branch at 9.0824 million yuan, and the third being Dongfang Caifu Securities Lhasa Tuanjie Road Second Branch at 5.4976 million yuan [2] - On the selling side, the second largest selling brokerage was Guotai Haitong Securities Nanning Minzu Avenue Branch, with a selling amount of 770.36 thousand yuan, and the third was Guojin Securities Shenzhen Branch at 614.73 thousand yuan [2]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted online on June 16 and June 18, 2025, involving various institutional investors [3][5] - Participating institutions included West Securities, Dongwu Securities, and several well-known funds and investment companies [3][5] Group 2: Acquisition of Tongyihe - The company introduced the acquisition of 51% of Tongyihe Precision Technology Co., Ltd., a recognized player in precision mold manufacturing [5][6] - Tongyihe specializes in precision molds and components, with major clients including global automotive parts companies such as Faurecia and Magna [5][6] Group 3: Competitive Advantages of Tongyihe - Tongyihe holds 20 patents, including 3 invention patents and 17 utility model patents, related to its core business [8] - The company has established long-term relationships with major clients, ensuring stable customer resources [8][9] - Tongyihe has a leading market position in the domestic precision mold industry, particularly in hydraulic precision molds [8][9] Group 4: Synergies from the Acquisition - The acquisition will enable customer resource sharing and market collaboration, expanding the customer base for both companies [10] - Supply chain integration will optimize procurement processes and reduce costs by leveraging the combined purchasing power [10][11] - The transaction aims to enhance technical collaboration, improving the overall metal forming process and service offerings [10][11] Group 5: Business Growth and New Client Development - The company plans to deepen its focus on the suspension business, with ongoing projects and collaborations with various automotive clients [11][12] - New technologies, such as the second and third generation welding ring production lines, are expected to enhance production efficiency and reduce costs [11][12]

Summary of Key Points Core Viewpoint - 易实精密 (836221) experienced a price increase of 3.91% with a trading volume of 3.38 billion yuan and a turnover rate of 31.59% on the day of reporting [2] Trading Activity - The stock was listed on the North Exchange due to its turnover rate reaching 31.59%, with institutional investors net selling 4.0155 million yuan [2] - The top five trading departments had a total transaction volume of 84.829 million yuan, with buying amounting to 37.2669 million yuan and selling at 47.5621 million yuan, resulting in a net sell of 10.2952 million yuan [2] Institutional Participation - Among the trading departments, one institutional specialized seat was noted, which had a buying amount of 2.1423 million yuan and a selling amount of 6.1578 million yuan, leading to a net sell of 4.0155 million yuan [2] Detailed Trading Data - The top five buying departments included: - Guojin Securities Shenzhen Branch: Buying 10.4822 million yuan, Selling 2.9227 million yuan - GF Securities Shenzhen Dongbin Road Branch: Buying 5.5823 million yuan, Selling 0.4897 million yuan - Dongfang Caifu Securities Lhasa East Ring Road Branch: Buying 4.8293 million yuan, Selling 3.9154 million yuan - Guotai Junan Securities Nanning Minzu Avenue Branch: Buying 4.6365 million yuan, Selling 0.2690 million yuan - Dongfang Caifu Securities Lhasa Tuanjie Road Branch: Buying 4.6075 million yuan, Selling 3.0485 million yuan [2] - The top five selling departments included: - Northeast Securities Heilongjiang Branch: Buying 0.00 million yuan, Selling 10.2452 million yuan - Bank of China International Securities Wuxi Financial Street Branch: Buying 0.00 million yuan, Selling 9.5006 million yuan - Guoxin Securities Shenzhen Hongling Middle Road Branch: Buying 4.1962 million yuan, Selling 6.7146 million yuan - Institutional Specialized: Buying 2.1423 million yuan, Selling 6.1578 million yuan - Donghai Securities Xiamen Jiahe Road Branch: Buying 0.7906 million yuan, Selling 4.2986 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is acquiring 51% of Wuxi Tongyi and aims to enhance its metal forming process chain, which is expected to improve its technical competitiveness and profitability [7] - The acquisition price is capped at 163 million yuan, with payments structured in three phases based on performance commitments [7] - The target company has a strong foundation in precision stamping technology, which will complement the company's existing capabilities and expand its product offerings [7] - The acquisition is projected to contribute significantly to the company's earnings, with an expected average net profit contribution of 16.32 million yuan per year from the acquired stake [7] - The report revises the net profit forecasts for 2025-2027 upwards, reflecting the positive impact of the acquisition [7] Financial Projections - Total revenue is projected to grow from 321.39 million yuan in 2024 to 699.20 million yuan in 2027, with a compound annual growth rate (CAGR) of 20.03% [1] - Net profit attributable to the parent company is expected to increase from 54.10 million yuan in 2024 to 108.89 million yuan in 2027, with a CAGR of 19.88% [1] - The earnings per share (EPS) is forecasted to rise from 0.47 yuan in 2024 to 0.94 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 37.69 in 2024 to 18.72 in 2027, indicating improved valuation over time [1] Market Data - The closing price of the stock is 17.57 yuan, with a market capitalization of approximately 2,038.82 million yuan [5] - The company has a price-to-book (P/B) ratio of 4.10 and a net asset value per share of 4.29 yuan [5][6]

Core Viewpoint - The company, 易实精密, announced its intention to acquire 51% of 通亦和精工科技 for a maximum price of 163 million yuan, aiming to enhance its technological capabilities and expand its business scope in the automotive parts industry [1][2]. Group 1: Acquisition Details - 易实精密 plans to purchase 51% of 通亦和 for no more than 163 million yuan, with the transaction not constituting a related party transaction [1]. - 通亦和 specializes in precision stamping technology and has become a supplier for several internationally recognized automotive parts companies [1]. Group 2: Financial Performance and Projections - The performance commitment period for 通亦和 is set from 2025 to 2027, with projected net profits of 28 million yuan, 32 million yuan, and 36 million yuan for the respective years after deducting non-recurring gains and losses [1]. - 易实精密 reported a revenue of 321 million yuan for 2024, reflecting a year-on-year growth of 16.56%, and a net profit of 54.1 million yuan, up 5.03% year-on-year [2]. Group 3: Strategic Implications - The acquisition is expected to enhance 易实精密's core technological competitiveness and profitability by diversifying its production processes to include precision stamping technology [2]. - The integration of customer resources between the two companies is anticipated to expand their customer base and improve risk resilience [2].