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].

Meeting Details - The shareholders' meeting was held on June 23, 2025, at the company's office in Jiangsu Province [1] - The meeting was attended by shareholders representing 50.3177% of the total shares [1] - The meeting was conducted in accordance with the Company Law and the company's articles of association, combining in-person and online voting [1] Voting Results - All non-cumulative voting proposals were approved, with 99.9956% of A-share shareholders voting in favor [1] - The special resolution proposal was passed with more than two-thirds of the voting rights held by attending shareholders [1] Legal Compliance - The lawyers present confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were deemed valid [1]

Group 1 - The legal opinion letter is issued by King & Wood Mallesons Shanghai Office regarding the 2025 first extraordinary general meeting of Huada Automotive Technology Co., Ltd. [1][2] - The law firm confirms that it has reviewed all necessary documents provided by the company and that these documents are true, accurate, complete, and valid [1][2][3] - The law firm states that it will only express opinions on the procedures for convening and holding the general meeting, the qualifications of attendees, and the voting procedures and results, without commenting on the content of the proposals [2][3] Group 2 - The extraordinary general meeting is convened by the company's board of directors and is scheduled for June 23, 2025 [3][4] - The meeting is held at Huada Technology Building, and the actual time and location match the notice published [4][5] - A total of 43 shareholders attended the meeting, representing 234,730,732 shares, which is 49.9700% of the total voting shares [5][6] Group 3 - The voting process at the meeting was conducted through a named voting method, and the results were verified by representatives and the law firm [6][7] - The proposals were approved with 236,353,680 votes in favor, accounting for 99.9956% of the votes cast, with minimal opposition and abstentions [6][7] - The law firm concludes that the meeting's procedures, participant qualifications, and voting results comply with relevant laws and regulations [7]

华达汽车科技股份有限公司 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。 重要内容提示： 证券代码：603358 证券简称：华达科技 公告编号：2025-039 A 股每股现金红利0.35元 ? 每股分配比例 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以实施权益分派股权登记日登记的公司总股本469,743,076股 为基数，每股派发现金红利0.35元（含税），共计派发现金红利164,410,076.60 元。 ? 相关日期 现金红利发放 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/6/27 | － | 最后交易日 2025/6/30 | 除权（息）日 2025/6/30 | ? 差 ...

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。 重要内容提示： (一)股东大会召开的时间：2025 年 6 月 23 日 (二)股东大会召开的地点：江苏省靖江市江平路东 68 号华达科技大厦办公楼 702 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 43 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 236,364,080 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.3177 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场会议和网络投票相结合的方式召开。本 证券代码：603358 证券简称：华达科技 公告编号：2025-040 华达汽车科技股份有限公司 2025年第一次临时股东大会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 次股东大会会议由公司董事长陈竞宏先生主持。本次会议 ...

北京市金杜律师事务所上海分所 关于华达汽车科技股份有限公司 2025 年第一次临时股东大会 之法律意见书 致：华达汽车科技股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受华达汽车科技股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东 会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的 法律、行政法规、部门规章、规范性文件和《华达汽车科技股份有限公司章程》 （以下简称《公司章程》）的有关规定，指派律师出席了公司于 2025 年 6 月 23 日召开的 2025 年第一次临时股东大会（以下简称本次股东大会），并就本次股 东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 公司 2024 年年度股东大会审议通过的《公司章程》； 2. 公司 2025 年 6 月 7 日刊登于巨潮资讯网 ...

2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.35元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/6/27 | 最后交易日 － | 除权（息）日 2025/6/30 | 现金红利发放 2025/6/30 | 证券代码：603358 证券简称：华达科技 公告编号：2025-039 华达汽车科技股份有限公司 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以实施权益分派股权登记日登记的公司总股本469,743,076股 为基数，每股派发现金红利0.35元（含税），共计派发现金红利164,410,076.60 元。 三、 相关日期 | | | | | 日 | | --- | --- | --- | --- ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - Huada Technology has successfully integrated traditional auto parts manufacturing with new energy components, establishing a dual-driven growth model through the acquisition of Jiangsu Hengyi and the establishment of Huachi New Energy [4][10]. - The company is positioned as a leading manufacturer of automotive stamping parts, with a robust customer matrix that includes both traditional and new energy vehicle manufacturers, enhancing its market share [4][10]. - The report forecasts significant revenue growth driven by the production of die-casting parts and high demand for new energy vehicle components, projecting revenues of 6.861 billion, 8.306 billion, and 9.822 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 473 million, 616 million, and 774 million yuan [2][4]. Summary by Sections Overall Understanding - The company has transitioned from a traditional auto parts manufacturer to a dual business model that includes both traditional and new energy components, following the acquisition of Jiangsu Hengyi [10][12]. Main Business - Huada Technology's main business includes passenger car stamping parts and new energy vehicle die-casting parts, with a diverse customer base that includes major traditional and new energy vehicle manufacturers [12][10]. Financial Indicators - The company's revenue reached 5.369 billion yuan in 2023, with a projected decline to 5.106 billion yuan in 2024, followed by a significant recovery in subsequent years [2][18]. - The new energy business has shown remarkable growth, with revenues increasing from 1.016 billion yuan in 2022 to 1.771 billion yuan in 2024, indicating a rising proportion of the main business [23][24]. Other Business - The company is actively exploring the low-altitude economy sector, with plans to supply key structural components for eVTOL aircraft, indicating a strategic move into emerging markets [78][84]. Profit Forecast and Valuation - The report anticipates a compound annual growth rate (CAGR) of 32% for Jiangsu Hengyi's revenue from 2022 to 2024, with net profits projected to reach 1.13 billion yuan in 2024 [4][71]. Strategic Layout - The company has established production bases across six major automotive industry clusters in China to enhance responsiveness and reduce transportation costs, thereby improving competitiveness [51][49].