Market Overview - The Shanghai Composite Index closed at 3628.53 points, above the six-month moving average, with an increase of 0.52% [1] - The total trading volume of A-shares reached 1,102.239 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 58 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Fenglong Co., Ltd. (5.52%) - Rongke Technology (4.53%) - Keyuan Wisdom (3.66%) [1] Detailed Stock Performance - The following stocks showed notable performance: - Fenglong Co., Ltd. (10.03% increase, turnover rate 7.67%, latest price 17.34 yuan) - Rongke Technology (5.47% increase, turnover rate 6.14%, latest price 18.91 yuan) - Keyuan Wisdom (4.36% increase, turnover rate 8.52%, latest price 25.60 yuan) [1] - Other stocks with positive performance include: - Zhaoyi Innovation (4.47% increase) - Yuntian Lifa (5.06% increase) [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the six-month line include: - Chahua Co., Ltd. - Tangshan Port - China Gold [1]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Core Viewpoint - Huada Technology Co., Ltd. has corrected its previously announced half-year performance forecast for 2025, specifically regarding the percentage increase in net profit compared to the previous year [1][2] Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 197 million yuan and 246 million yuan for the first half of 2025 [1] - The corrected announcement indicates an increase in net profit of 32.84 million yuan to 81.84 million yuan compared to the same period last year, representing a year-on-year increase of 20% [1] - The company has expressed apologies for any inconvenience caused to investors due to this correction and has committed to improving the quality of information disclosure in the future [2]

[Correction Announcement for Huada Automotive Technology Co., Ltd.'s 2025 Semi-Annual Performance Forecast Increase Announcement](index=1&type=section&id=Correction%20Announcement%20for%20Huada%20Automotive%20Technology%20Co.%2C%20Ltd.'s%202025%20Semi-Annual%20Performance%20Forecast%20Increase%20Announcement) [Core Content of the Announcement](index=1&type=section&id=Core%20Content%20of%20the%20Announcement) Huada Automotive Technology Co., Ltd. corrected a data error in its 2025 Semi-Annual Performance Forecast Increase Announcement (No. 2025-041) - This announcement aims to correct an error in the previously issued 2025 semi-annual performance forecast increase announcement (2025-041)[1](index=1&type=chunk) - The error specifically occurred in the 'Important Content Reminder' section, concerning the year-on-year increase percentage of net profit[1](index=1&type=chunk) [Comparison of Performance Forecast Before and After Correction](index=1&type=section&id=Comparison%20of%20Performance%20Forecast%20Before%20and%20After%20Correction) The announcement revises the estimated H1 2025 net profit growth rate upper limit from 45% to 50%, while absolute and increase ranges are unchanged Performance Forecast Comparison Before and After Correction | Item | Before Correction | After Correction | | :--- | :--- | :--- | | **Estimated Net Profit Attributable to Shareholders** | CNY 197 million - CNY 246 million | CNY 197 million - CNY 246 million | | **Year-on-Year Increase Amount** | CNY 32.84 million - CNY 81.84 million | CNY 32.84 million - CNY 81.84 million | | **Year-on-Year Increase Percentage** | 20% to **45%** | 20% to **50%** | [Company Statement and Apology](index=1&type=section&id=Company%20Statement%20and%20Apology) The company apologizes for the inconvenience caused by this correction and pledges to enhance information disclosure quality - The company expresses apologies for the inconvenience caused to investors by this correction[3](index=3&type=chunk) - The company pledges to further strengthen information disclosure review processes to enhance disclosure quality[3](index=3&type=chunk)

证券代码：603358 证券简称：华达科技 公告编号：2025-042 华达汽车科技股份有限公司 2025 年半年度业绩预增公告的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 华达汽车科技股份有限公司（以下简称"公司"）于 2025 年 7 月 12 日披露 了《2025 年半年度业绩预增公告》（公告编号：2025-041）。经核查发现，上述 公告中"重要内容提示"之"同比增加"部分的比例数据有误，现将上述公告更 正如下： 华达汽车科技股份有限公司（以下简称"华达科技"或"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润 19,700 万元到 24,600 万元，与上年 同期（法定披露数据）相比，将增加 3,284 万元到 8,184 万元，同比增加 20%到 50%。 除上述更正内容外，原公告中的其他内容不变。 因本次更正给投资者造成的不便，公司深表歉意，敬请广大投资者谅解。今 后公司将进一步加强信息披露的审核工作，提高信息披露质量。 特此公告。 华达汽车科技股份有限公司董事会 2025 年 7 月 ...

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates significant performance growth for the first half of 2025, with net profit attributable to shareholders expected to increase by 20% to 50% and non-recurring net profit by 15% to 46%, based on unaudited data Key Performance Forecast for H1 2025 | Metric | Estimated Amount (Million Yuan) | Year-over-Year Growth | Prior Period (Million Yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 197.00 - 246.00 | 20% - 50% | 164.16 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 182.00 - 231.00 | 15% - 46% | 158.27 | - The performance forecast data is unaudited by a certified public accountant[5](index=5&type=chunk) [Prior Period Operating Performance and Financial Status](index=2&type=section&id=Item%20II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) The report provides key financial data for the corresponding period in 2024 as a comparative baseline, including net profit attributable to parent company shareholders of 164.16 million yuan, non-recurring net profit of 158.27 million yuan, and earnings per share of 0.37 yuan H1 2024 Operating Performance | Metric | H1 2024 Amount | | :--- | :--- | | Total Profit | 215.50 Million Yuan | | Net Profit Attributable to Parent Company Shareholders | 164.16 Million Yuan | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 158.27 Million Yuan | | Earnings Per Share | 0.37 Yuan | [Primary Reasons for Current Period Performance Increase](index=2&type=section&id=Item%20III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) The core driver for the performance increase is the company's organic business growth, specifically the sequential production of newly designated projects leading to effective order revenue growth - Performance growth is primarily attributed to the sequential production of newly designated projects, leading to increased order revenue[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=Item%20IV.%20Risk%20Warning) The company explicitly states that there are currently no significant uncertainties that could affect the accuracy of this performance forecast - The company confirms no significant uncertain factors exist that would impact the accuracy of this performance forecast[9](index=9&type=chunk) [Other Explanatory Notes](index=2&type=section&id=Item%20V.%20Other%20Explanatory%20Notes) The company advises investors that the financial data in this announcement is preliminary, with final accurate figures to be based on the officially disclosed 2025 semi-annual report, urging caution regarding investment risks - This forecast data is preliminary, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[10](index=10&type=chunk)

Core Viewpoint - Huada Technology (603358) expects to achieve a net profit attributable to shareholders of the parent company between 197 million to 246 million yuan for the first half of 2025, representing an increase of 32.84 million to 81.84 million yuan compared to the same period last year, which is a year-on-year increase of 20% to 45% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, to be between 182 million to 231 million yuan for the first half of 2025, indicating an increase of 23.73 million to 72.73 million yuan compared to the same period last year, which corresponds to a year-on-year increase of 15% to 46% [1]

Industry Overview - Battery trays are crucial components of the power system in electric vehicles, accounting for 20%-30% of the battery system's weight and requiring high precision, corrosion resistance, high-temperature resistance, and impact resistance [1][4] - The battery tray industry in China is experiencing significant growth, with market size projected to increase from 2.63 billion yuan in 2020 to 33.93 billion yuan by 2024, maintaining a double-digit growth rate [7][8] Market Demand - The demand for battery trays is primarily driven by the electric vehicle market, with the market size for electric vehicle battery trays expected to reach 28.5 billion yuan in 2024, representing 84% of the total market [8] - The energy storage system market is also growing rapidly, with a projected market size of 5.429 billion yuan in 2024, accounting for 16% of the total market [8] Competitive Landscape - The battery tray industry features a concentrated market share among key players, including traditional component manufacturers, battery manufacturers, and material extension companies [12] - Major participants include Huayu Automotive, Huada Technology, Lingyun Industrial, and Ningde Times, among others, with a focus on aluminum alloy and high-strength steel products [14][15] Production Capacity Dynamics - Leading companies are accelerating production capacity to capture market share, with Jiangsu Tianjun Precision Technology Co., Ltd. planning to invest in 14 high-standard production lines for battery trays, aiming for an annual output of approximately 400,000 units [15] - YouSheng Aluminum's battery tray series is experiencing significant revenue growth, with a 59.85% increase in 2024, contributing to 29.77% of the company's total revenue [23][25] Trends in the Battery Tray Industry - The industry is witnessing a shift towards lightweight, integrated, and modular products, with aluminum alloys remaining the dominant material due to their excellent strength-to-weight ratio and processability [29][30] - Innovations in battery pack structure technologies (CTP/CTC/CTB) are driving the need for battery trays to integrate more functions, requiring higher rigidity, strength, and thermal management compatibility [30]

Group 1 - The report highlights a significant rebound in A-shares, with the CSI 500 and Shenzhen Composite Index rising by 4.3% and 5.22% respectively in June, driven by the second round of US-China negotiations and financial stability measures implemented on May 7 [3] - The report indicates that the central bank is expected to increase monetary easing, with a net withdrawal of 553.9 billion yuan in June, reflecting cross-quarter funding pressures [3] - In the commodities market, non-ferrous metals showed an overall upward trend, while crude oil rebounded significantly, and pork prices remained close to warning levels [3] Group 2 - The report tracks industry profitability, noting that the ROETTM for consumer electronics, white goods, and industrial metals is at a one-year high, while software, banking, and media sectors are at a low [5] - The report assesses industry sentiment, indicating high expectations for ROE growth in biopharmaceuticals, communication equipment, and power equipment, while coal mining and banking sectors show lower sentiment [5][31] - The report predicts a 6.0% year-on-year increase in industrial added value for June, with a PMI reading of 51.0 indicating expansion in manufacturing [6][33] Group 3 - The report discusses the strategic acquisition of Jiangsu Hengyi by Huada Technology, which is expected to enhance the company's performance and optimize its asset structure [14][36] - The company has secured numerous project designations from major automotive manufacturers, with expected total sales of 32 billion yuan from body parts and 31.5 billion yuan from battery box projects [14][37] - The report revises the revenue forecasts for Huada Technology for 2025-2027, estimating revenues of 63.57 billion, 74.82 billion, and 88.29 billion yuan respectively, with a maintained "buy" rating [14][37] Group 4 - The report outlines the implications of including government bonds in the reserve requirement framework, suggesting that this could enhance liquidity but may not directly translate to increased credit supply [38][39] - It emphasizes the need for a significant reduction in the reserve requirement rate before implementing government bond inclusion to stimulate bank asset replacement [39][40] - The report indicates that the current banking environment is characterized by weak credit demand and a tendency towards "fiscalization" in asset allocation [39]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within six months [7][19]. Core Insights - The company has completed the acquisition of the remaining 44% equity in Jiangsu Hengyi, making it a wholly-owned subsidiary, which is expected to enhance the company's performance and optimize its asset structure [1][2]. - The company has established a strategic partnership with Feilong Co., focusing on collaborative development in thermal management for electric vehicles and data centers, which is anticipated to improve market competitiveness [3]. - The company is proactively entering the humanoid robotics industry through a strategic cooperation framework with Efort Intelligent Equipment, aiming to develop applications in the automotive sector [4]. - The company has secured numerous project allocations from domestic automotive manufacturers and new energy battery companies, with a total expected sales amount of approximately 63.5 billion yuan over the lifecycle of these projects [5]. Financial Forecast - The company is projected to achieve revenues of 63.57 billion yuan, 74.82 billion yuan, and 88.29 billion yuan for the years 2025, 2026, and 2027 respectively, with a notable increase in net profit from 4.75 billion yuan in 2025 to 7.58 billion yuan in 2027 [6][12]. - The company's earnings per share (EPS) is expected to rise from 1.01 yuan in 2025 to 1.61 yuan in 2027, reflecting a positive growth trajectory [12][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 33 times in 2025 to 21 times in 2027, indicating potential valuation improvement [6][12].