Investment Insights - The report highlights a cautious outlook on risk assets following Moody's downgrade of the US sovereign credit rating, emphasizing the importance of US Treasury liquidity in the upcoming months [2][9] - The coal industry narrative is shifting from "elasticity" to "duration," with companies like Shaanxi Coal outperforming others due to lower extraction costs and stable performance [11][12] - The report indicates that the valuation gap between Shaanxi Coal and China Shenhua is expected to narrow as the market recognizes the long-term value of low-cost coal producers [13][14] Company Summaries Shaanxi Coal (601225.SH) - The company is transitioning from an "elasticity narrative" to a "duration narrative," with a significant performance gap observed in 2024 compared to China Shenhua [11][12] - Shaanxi Coal's extraction costs position it favorably within the industry cost curve, enhancing its long-term investment value [12][13] - The projected net profits for Shaanxi Coal from 2025 to 2027 are estimated at 190.2 billion, 199.3 billion, and 210.0 billion respectively, with corresponding PE ratios of 10.3, 9.8, and 9.3 [14] Jiyuan Precision (836720.BJ) - The company focuses on high-precision zinc-aluminum alloy die-casting products, with a projected net profit of 56.75 million in 2024, reflecting a year-on-year increase of 32.63% [16][21] - Jiyuan Precision is expanding its international presence through acquisitions, including the purchase of German company Dico to develop the European market [20][21] - The company is well-positioned to benefit from the growing demand for lightweight components in the electric vehicle sector, with significant revenue growth expected in automotive parts [17][21]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company has established subsidiaries and acquired three automotive parts companies to expand its overseas presence, with a projected revenue growth of 48% year-on-year in Q1 2025 [3][5] - The company reported Q1 2025 revenue of 155 million yuan, a year-on-year increase of 48.45%, and a net profit attributable to the parent company of 16 million yuan, up 49.27% [5] - The automotive industry in China is a crucial pillar of the national economy, with a projected production and sales volume of 31.28 million and 31.44 million vehicles in 2024, respectively, representing year-on-year growth of 3.70% and 4.50% [5] - The demand for lightweight materials is accelerating due to the increased weight of new energy vehicles, with aluminum alloy being highlighted as a leading lightweight material [5] Financial Summary and Valuation Indicators - Revenue projections for 2025-2027 are 690 million, 810 million, and 959 million yuan, respectively, with year-on-year growth rates of 19.6%, 17.4%, and 18.4% [8] - The net profit attributable to the parent company is forecasted to be 70 million, 82 million, and 96 million yuan for 2025-2027, with corresponding year-on-year growth rates of 22.7%, 17.5%, and 16.9% [8] - The current P/E ratios for 2025, 2026, and 2027 are projected to be 57.0, 48.5, and 41.4 times, respectively [8] Company Expansion and Market Strategy - The company has completed the acquisition of three automotive parts companies, which will contribute to future overseas business growth [6] - The company is actively expanding its sales in overseas markets, with established operations in Mexico and Thailand to capture international orders [6]

证券代码：836720 证券简称：吉冈精密 公告编号：2025-040 无锡吉冈精密科技股份有限公司 2024 年年度股东会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 16 日 2.会议召开地点：江苏省无锡市锡山区东昌路 22 号四楼公司会议室 4.会议召集人：董事会 5.会议主持人：董事长周延先生 6.召开情况合法合规的说明： 会议的召集、召开、议案审议程序符合《公司法》等有关法律、法规和《公 司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 11 人，持有表决权的股份总数 125,523,068 股，占公司有表决权股份总数的 65.99%。 3.会议召开方式：现场投票和网络投票相结合 其中通过网络投票参与本次股东会的股东共 2 人，持有表决权的股份总数 115,000 股，占公司有表决权股份总数的 0.06%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董 ...

江苏新苏律师事务所 地址：江苏省苏州市高新区邓尉路6号2楼 邮编：215011 电话：0512-67010501 传真：0512-67010500 2024年年度股东会 之 法律意见书 关于无锡吉冈精密科技股份有限公司 二〇二五年五月 江苏新苏律师事务所 法律意见书 江苏新苏律师事务所 关于无锡吉冈精密科技股份有限公司 2024年年度股东会之法律意见书 编号：（2025）新苏非诉字第250516号 致：无锡吉冈精密科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（下称"《股东会规则》"）、《北京证券 交易所股票上市规则》(以下简称"《上市规则》")等法律、法规、 规范性文件和《无锡吉冈精密科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，江苏新苏律师事务所（以下简称"本所"） 接受无锡吉冈精密科技股份有限公司（以下简称"公司"）的委托， 指派律师（以下称"本所律师"）出席公司2024年年度股东会（以下 简称"本次股东会"、"会议"），对本次股东会的召集和召开程序、 出席会议人员的资格、召集人资格、会议表决程序及表决结果事项进 行验证，并出具本法律 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company focuses on the high-precision small parts market for aluminum die-casting and has acquired German company Dico to develop the European market [5]. - The company is expected to achieve a year-on-year net profit growth of 33% in 2024, with revenues projected to reach 577 million yuan, a 25.97% increase [5]. - The automotive parts segment is anticipated to generate 332 million yuan in revenue in 2024, reflecting a 32.06% year-on-year growth, driven by the increasing demand for lightweight aluminum components in electric vehicles [5][9]. Financial Performance - In 2024, the company is projected to achieve revenues of 577 million yuan and a net profit of 57 million yuan, with respective year-on-year growth rates of 25.97% and 32.63% [7]. - The company’s earnings per share (EPS) are expected to grow from 0.30 yuan in 2024 to 0.60 yuan by 2027, indicating a strong upward trend [7]. - The return on equity (ROE) is forecasted to increase from 11.72% in 2024 to 17.09% in 2027, showcasing improved profitability [7]. Market Dynamics - The global automotive market is projected to grow by 2.10% in 2024, with electric vehicle sales expected to rise by 24.40% [5]. - The company is strategically positioned to benefit from the increasing demand for electric vehicle components, with significant partnerships established with major clients such as Huawei and Geely [5][9]. - The electric tool market is also showing signs of recovery, with a projected revenue increase of 41.94% in 2024, driven by rising consumer demand [5][6]. Strategic Initiatives - The company has expanded its international presence by establishing operations in Mexico and Thailand, and successfully completed the acquisition of Dico to enhance its market reach in Europe [9]. - The focus on research and development is evident, with the company holding 201 patents, including 11 invention patents, which supports its competitive edge in technology [5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.92 in 2024 to 34.89 by 2027, indicating a more attractive valuation over time [7]. - The projected revenue growth rates for the next few years are 25.97% for 2024, 22.21% for 2025, and gradually declining to 19.60% by 2027, reflecting a robust growth trajectory [7].

Core Viewpoint - The report highlights the growth potential of Jiyang Precision (836720.BJ) in the aluminum die-casting market, projecting a 33% year-on-year increase in net profit for 2024, driven by strong demand in the automotive and electronic sectors [1][5]. Group 1: Financial Performance - Jiyang Precision focuses on zinc-aluminum alloy precision die-casting products, expecting a revenue of 577 million yuan in 2024, representing a year-on-year growth of 25.97% [1]. - The company anticipates a net profit of 56.75 million yuan for 2024, reflecting a year-on-year increase of 32.63% [1]. - In Q1 2025, the company achieved a revenue of 155 million yuan, up 48.45% year-on-year, with a net profit of 15.65 million yuan, marking a 49.27% increase [1]. Group 2: Market Demand and Trends - The demand for aluminum alloy components is increasing due to the lightweight trend in electric vehicles, with automotive parts revenue projected to reach 332 million yuan in 2024, a 32.06% increase [2]. - The global automotive market is expected to grow by 2.10% in 2024, with global electric vehicle sales projected to rise by 24.40% [2]. - The company has begun mass production of steering motors for a certain electric vehicle company and has seen rapid growth in battery pack heater products for major automotive brands [2]. Group 3: Product Development and Innovation - Jiyang Precision has a strong focus on R&D, holding 201 patents, including 11 invention patents and 190 utility model patents [1]. - The company’s electronic and electrical components revenue is expected to grow by 41.94% in 2024, driven by increased demand for electric tools and home cleaning appliances [3]. - The company’s steam heater, a core product with invention patents, is widely used in well-known cleaning appliance brands [3]. Group 4: International Expansion - The company is expanding its international presence by establishing operations in Mexico and Thailand, and has successfully acquired German company Dico to develop the European market [4][5]. - The acquisition of Dico is expected to enhance Jiyang Precision's market entry into Europe, leveraging Dico's established customer relationships and market reputation [4][5]. - The company aims to continue seeking quality acquisition targets and accelerate the construction of its Thailand factory to meet growing overseas demand [5].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 57,678.96 million RMB, representing a year-on-year growth of 25.97% [5] - The overall gross profit margin for 2024 was 20.61%, indicating a healthy operational performance [5] - The proposed dividend plan for 2024 includes a cash dividend of 1.60 RMB per 10 shares and a capital increase of 4 shares for every 10 shares held, with a total cash dividend distribution of approximately 30,435,104.00 RMB [7] Group 2: Talent and Technology - The company has established a robust incentive mechanism for core technical personnel, ensuring their stability [5] - As of the end of 2024, the company holds a total of 201 patents, including 11 invention patents and 190 utility model patents [6] Group 3: International Expansion - The company has set up wholly-owned and holding subsidiaries in Thailand and Mexico, with a total investment of approximately 22,900 million RMB planned for the Thailand project [6] - The acquisition of three companies in Germany (Dico Precision, Dico Trading, and Dico Germany) was successfully completed in 2024, enhancing the company's international market presence [7] Group 4: Supply Chain and Client Relations - The company acts as a secondary supplier for automotive parts used in Huawei's and BYD's vehicles, confirming its role in the supply chain [5] - The company is focused on developing the European market through its wholly-owned subsidiary in Germany, aiming to meet the demands of overseas clients [5]

证券代码：836720 证券简称：吉冈精密 公告编号：2025-038 无锡吉冈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 问题 1：公司的 24 年营业收入及毛利率总体情况如何？ 回复：您好！2024 年度，公司营业收入 57,678.96 万元，同比增长 25.97%， 综合毛利率为 20.61%，公司经营情况良好。谢谢！ 二、 投资者关系活动情况 活动时间：2025 年 5 月 15 日 15:00-17:00 活动地点：全景网"投资者关系互动平台"（http://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：周延先生；公司董事会秘书、财 务总监：仲艾军先生；公司董事会董事、副总经理：林海涛先生；公司保荐 代表人：袁川春先生。 ...

公司董事会、各专门委员会、高级管理人员延期换届不会影响公司的正常运 营。公司将根据相关工作进展情况，持续推进换届工作并及时履行信息披露义务。 公司将按照新修订的《公司法》，证监会的配套规则如《上市公司章程指引》及 北交所规范性文件要求完成监事会取消、审计委员会设置及其他相关人员任命、 相关公司制度及公司章程的修订。 特此公告。 无锡吉冈精密科技股份有限公司 董事会 2025 年 5 月 16 日 关于董事会、监事会及高级管理人员延期换届的提示性公告 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。 无锡吉冈精密科技股份有限公司(以下简称"公司")第三届董事会、监事会 及高级管理人员的任期于 2025 年 5 月 15 日届满。目前公司正在积极筹备换届选 举相关工作。为了保持相关工作的准确性、连续性和稳定性，公司董事会将适当 延期换届，公司董事会各专门委员会及高级管理人员等相关人员的任期亦相应顺 延。 在公司董事会、各专门委员会、高级管理人员换届选举完成之前，公司第三 届董事会全体董事、全体监事、高级管理人 ...

证券代码：836720 证券简称：吉冈精密 公告编号：2025-037 无锡吉冈精密科技股份有限公司 2024 年年度报告业绩说明会预告公告 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、 说明会类型 无锡吉冈精密科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日 在北京证券交易所官方信息披露平台（http://www.bse.cn/）发布了《2024 年 年度报告》（公告编号：2025-017），为方便广大投资者更深入了解公司 2024 年 年度经营业绩的具体情况，加强与投资者的互动交流，公司拟召开 2024 年年度 报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 15 日（星期四）15:00-17:00。 （二）会议召开地点 三、 参加人员 四、 投资者参加方式 （一）公司董事长、总经理：周延先生； （二）公司董事会秘书、财务总监：仲艾军先生； （三）公司董事会董事、副总经理：林海涛先生； （四）公司保荐代表人：袁川春先生。 本次说 ...