Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a revenue of 251 million yuan in the first three quarters of 2025, representing a year-on-year growth of 7.10%. The net profit attributable to the parent company was 47.43 million yuan, up 3.09% year-on-year. The company is actively expanding its overseas strategy by establishing subsidiaries with several leading overseas enterprises [2][4] - The revenue forecast for the company from 2025 to 2027 is projected to be 650 million yuan, 900 million yuan, and 1.08 billion yuan respectively, with corresponding EPS of 0.56 yuan, 0.78 yuan, and 0.93 yuan. The current stock price corresponds to P/E ratios of 34.4, 25.0, and 20.7 times for the years 2025, 2026, and 2027 respectively [2][6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a revenue of 251 million yuan, a year-on-year increase of 7.10%, and a net profit of 47.43 million yuan, which is a 3.09% increase year-on-year. The non-recurring net profit was 46.28 million yuan, up 4.92% year-on-year [2] - The financial summary indicates that the company expects revenues to grow from 276 million yuan in 2023 to 669 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.6% [6][9] Strategic Initiatives - The company has established subsidiaries with leading overseas enterprises, including a joint venture with MARK Metallwarenfabrik GmbH in Austria, to enhance its international market presence and supply chain stability [4] - The company is also collaborating with European partners to develop a third-generation welding ring production line, which is expected to achieve mass production in 2025 [4] Market Outlook - The automotive industry in China has shown significant growth, with production and sales reaching 24.33 million and 24.36 million vehicles respectively in the first nine months of 2025, marking year-on-year increases of 13.3% and 12.9% [3] - The automotive parts market is projected to expand, with revenues in the passenger car parts manufacturing industry expected to reach 403.78 billion yuan in 2024, growing by 5.75% year-on-year, and potentially reaching 520.89 billion yuan by 2029 [3]

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]

江苏易实精密科技股份有限公司 第四届董事会第七次会议决议公告 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。 证券代码：920221 证券简称：易实精密 公告编号：2025-102 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 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2025 年 10 月 9 日以书面及通讯方式 发出 5.会议主持人：董事长徐爱明 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》及公司《董事会议事规则》的规定。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则》及《公司章 程》等法律、法规、规范性文 ...

Core Points - The Shanghai Composite Index is at 3894.66 points, above the five-day moving average, with an increase of 0.80% [1] - The total trading volume of A-shares today is 801.82 billion [1] - A total of 1401 A-shares have surpassed the five-day moving average, indicating a positive market trend [1] Summary by Category Stock Performance - Zhongyu Technology (证券代码: 920694) has a significant increase of 29.96% with a deviation rate of 22.65% from the five-day moving average [2] - LIGONG Optical (证券代码: 300557) shows a rise of 14.88% and a deviation rate of 11.33% [2] - Guanzhong Ecology (证券代码: 300948) increased by 19.99% with a deviation rate of 11.15% [2] Trading Metrics - The trading turnover rate for Zhongyu Technology is 14.61% [2] - LIGONG Optical has a turnover rate of 5.84% [2] - Guanzhong Ecology's turnover rate stands at 15.96% [2] Moving Average Data - The five-day moving average for Zhongyu Technology is 20.44 yuan, with the latest price at 25.07 yuan [2] - LIGONG Optical's five-day moving average is 26.34 yuan, with the latest price at 29.33 yuan [2] - Guanzhong Ecology has a five-day moving average of 19.82 yuan, with the latest price at 22.03 yuan [2]