Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by strategic transformation and new customer acquisitions in the electric vehicle sector [2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.29 billion yuan, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 200 million yuan, up 27.2% year-on-year [2]. - For Q2 2025, revenue reached 690 million yuan, reflecting a year-on-year growth of 9.6% and a quarter-on-quarter increase of 14.5%. Net profit for the same period was 110 million yuan, marking a year-on-year rise of 32.1% [3]. - The gross margin for Q2 2025 was 29.8%, an increase of 6.2 percentage points year-on-year, attributed to product and customer structure optimization [3]. Group 2: Strategic Initiatives - The company is undergoing a strategic transformation focusing on "intelligent traditional business + large-scale new energy business," benefiting from the growth in electric vehicle sales [3]. - The company has deepened its partnership with SAIC Motor and expanded its customer base to include leading new energy manufacturers such as Tesla, Li Auto, and Xiaomi, which contributed to new growth trajectories [4]. Group 3: Operational Efficiency - The company has demonstrated superior operational management and cost control compared to industry peers, achieving leading gross and net profit margins despite high depreciation and amortization costs [4]. - The company’s production bases across multiple locations in China support its nationwide layout and customer structure, enhancing its competitive edge [4]. Group 4: Growth Opportunities - The acquisition of Wuxi Kaixiang to expand into precision electroplating has established a second growth curve, with the company becoming the only qualified supplier in China for Bosch's precision chrome plating process [5]. - The company is actively engaging in self-research to expand its technology and customer boundaries, successfully entering the $32.3 billion power semiconductor market and securing partnerships with industry leaders like Infineon [5]. Group 5: Future Projections - Revenue projections for 2025-2027 are estimated at 3.52 billion yuan, 4.45 billion yuan, and 5.28 billion yuan, respectively, with net profits expected to be 500 million yuan, 640 million yuan, and 790 million yuan [6][7]. - The earnings per share (EPS) are projected to grow from 1.99 yuan in 2025 to 3.17 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 18 to 11 [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a revenue of 1.29 billion yuan for H1 2025, representing a year-on-year increase of 15.2%, and a net profit of 200 million yuan, up 27.2% year-on-year [1]. - The Q2 2025 performance met expectations, with revenue of 690 million yuan, a year-on-year increase of 9.6%, and a net profit of 110 million yuan, up 32.1% year-on-year [1]. - The company's strategic transformation focuses on "intelligent traditional business + large-scale new energy business," benefiting from the continuous growth in new energy vehicle sales [1][2]. - The company has deepened its partnership with SAIC Motor and expanded its customer base to include Tesla, Li Auto, and Xiaomi, contributing to new growth curves [1][2]. Financial Performance Summary - In Q2 2025, the gross margin reached 29.8%, an increase of 6.2 percentage points year-on-year, driven by product and customer structure optimization [2]. - The company has shown superior management and cost control capabilities compared to industry peers, achieving leading gross and net profit margins [2]. - The acquisition of the electroplating business has established a second growth curve, with a net profit margin of approximately 60% [3]. - Revenue projections for 2025-2027 are estimated at 3.52 billion, 4.45 billion, and 5.28 billion yuan, with net profits of 500 million, 640 million, and 790 million yuan respectively [3][5]. Forecast and Valuation - The report forecasts earnings per share (EPS) of 1.99, 2.58, and 3.17 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 14, and 11 [3][5]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 39.0%, 26.5%, and 18.7% for the years 2025, 2026, and 2027 respectively [5][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant revenue growth driven by its core stamping parts business, which is closely tied to leading new energy vehicle manufacturers such as Tesla and Li Auto [7] - The company is expected to maintain a high profitability trajectory due to its cost control measures and the high gross margin of its new electroplating business [7] - Revenue and profit forecasts for the company are optimistic, with projected revenues of 36.47 billion, 46.93 billion, and 55.66 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 44.1%, 28.7%, and 18.6% [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.287 billion yuan, a year-on-year increase of 15.2%, and a net profit of 201 million yuan, up 27.2% year-on-year [7] - The gross margin for Q2 2025 reached a record high of 29.86% [7] Business Segments - The stamping parts business generated 854 million yuan in revenue, a year-on-year increase of 41.08%, serving as the main driver of revenue growth [7] - The electroplating business, which has a high gross margin of 77.45%, is expected to continue contributing positively to overall profitability [7] Cost Management - The company demonstrated excellent cost control, with a total expense ratio of 7.60% in H1 2025, down 0.96 percentage points year-on-year [7] - In Q2 2025, the total expense ratio further decreased to 7.42% [7] Future Outlook - The company is expected to benefit from the recovery in sales from traditional OEM clients and the continued growth of new energy vehicle manufacturers [7] - The expansion into new business areas, particularly in precision electroplating, is anticipated to provide additional growth opportunities [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue increasing by 15.2% year-on-year to 1.29 billion yuan and net profit attributable to shareholders rising by 27.2% to 200 million yuan [1] - The strong growth in the first half of 2025 is attributed to increased sales of Xiaomi's supporting models and a decline in raw material prices [1] - The gross margin improved by 4.5 percentage points year-on-year to 29.0% in the first half of 2025, driven by the expansion of stamping business scale and the ramp-up of electroplating business [2] - The company is expected to benefit from the strong sales momentum of its core customers, including new energy vehicle clients, which will enhance its business scale and profitability [3] Summary by Sections Financial Performance - In 1H25, the company's total operating revenue was 1.29 billion yuan, accounting for approximately 38% of the annual forecast, while net profit attributable to shareholders was 200 million yuan, representing about 40% of the annual forecast [1] - For 2Q25, operating revenue reached 690 million yuan, up 9.5% year-on-year and 14.4% quarter-on-quarter, with net profit of 110 million yuan, reflecting a year-on-year increase of 31.9% and a quarter-on-quarter increase of 13.0% [1] Profitability and Cost Management - The gross margin for 1H25 was 29.0%, an increase of 4.5 percentage points year-on-year, with 2Q25 gross margin at 29.9%, up 6.2 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [2] - The selling, general, and administrative expenses ratio decreased by 0.9 percentage points year-on-year to 6.6% in 1H25, indicating effective cost management [2] Business Opportunities - The company has established partnerships with major clients such as SAIC, Tesla, and Xiaomi, with significant sales growth from new energy vehicle clients expected to drive further development in its stamping business [3] - The electroplating business is anticipated to expand, particularly with new contracts from major automotive semiconductor manufacturers, which could provide new growth points [3] Valuation and Forecast - The report projects net profits of 500 million yuan, 600 million yuan, and 660 million yuan for 2025E, 2026E, and 2027E respectively, with an upward adjustment of the target price to 39.81 yuan based on a 16.5x PE ratio for 2026 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company is expected to enter a rapid growth phase due to strong partnerships with SAIC and Xiaomi, with significant profit growth observed in the second quarter [1][7]. - Revenue forecasts for 2025-2027 are projected at 34.3 billion, 44.4 billion, and 52.3 billion yuan, representing year-on-year growth of 35.5%, 29.4%, and 17.9% respectively [2][4]. - Net profit forecasts for the same period are 5.1 billion, 6.5 billion, and 7.8 billion yuan, with year-on-year growth rates of 35.3%, 26.2%, and 21.0% [2][4]. Financial Summary - The company achieved a revenue of 12.87 billion yuan in the first half of 2025, a year-on-year increase of 15.2%, with a net profit of 2.01 billion yuan, up 27.2% [7]. - In Q2 2025, revenue reached 6.87 billion yuan, showing a year-on-year and quarter-on-quarter growth of 9.5% and 14.4% respectively, with net profit of 1.07 billion yuan, reflecting a year-on-year increase of 31.9% [7]. - The company’s earnings per share (EPS) are projected to be 1.51 yuan in 2024, increasing to 3.12 yuan by 2027 [4][8].

Group 1 - Wuxi Zhenhua (605319.SH) reported its semi-annual results for 2025, with 25 institutional investors holding a total of 90.88 million shares, representing 36.34% of the total share capital [1] - The top ten institutional investors collectively hold 35.21% of the shares, with a slight decrease of 0.86 percentage points compared to the previous quarter [1] - The report indicates a mix of changes in public fund holdings, with two funds increasing their stakes and one fund reducing its holdings [2] Group 2 - Sixteen new public funds disclosed their holdings this period, including notable names such as Xingquan Social Responsibility Mixed Fund and Morgan Dynamic Selection Mixed Fund [2] - One insurance fund, specifically from Taikang Life Insurance, reported a slight decrease in holdings compared to the previous quarter [2] - The report notes that the Kuwait Investment Authority has not disclosed its holdings this period [3]

| 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10转增4派2.8元（含税） | 0.70 | 0.90 | | 2024.12.31 | 10派3.9元（含税） | 0.98 | 1.91 | | 2024.06.30 | 10派2元（含税） | 0.50 | 0.95 | | 2023.12.31 | 10派3.8元（含税） | 0.95 | 2.01 | | 2023.06.30 | 10派1元（含税） | 0.25 | 0.66 | | 2021.12.31 | 10派1.5元（含税） | 0.30 | 0.86 | 证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入12.87亿元，同比增长15.19%，实 现净利润2.01亿元，同比增长27.17%，基本每股收益为0.81元。 资金面上看，该股今日主力资金净流出466.28万元，近5日主力资金净流出1777.14万元。 8月25日无锡振华发布2025半年度分配预案，拟10转增4派2.8元（含税），预计派现金额合计为7001.72 万元 ...

Core Viewpoint - Wuxi Zhenhua announced a mid-term distribution plan on August 25, proposing a 10-for-4 stock split and a cash dividend of 2.8 yuan (including tax), becoming the first company in the Shanghai market to disclose a stock split plan [2] Financial Performance - The company reported a revenue of 1.287 billion yuan for the first half of the year, representing a year-on-year increase of 15.19% - Net profit reached 201 million yuan, up 27.17% year-on-year, with basic earnings per share of 0.81 yuan [2] Market Activity - On the announcement day, the stock experienced a net outflow of 4.6628 million yuan in principal funds, with a total net outflow of 17.7714 million yuan over the past five days [2] - Among 307 companies that announced distribution plans for the first half of the year, only 6 included stock splits, with 3 seeing stock price increases on the announcement day [2] Historical Distribution Overview - The distribution plan history for Wuxi Zhenhua includes: - June 30, 2025: 10 shares split into 4 shares, cash dividend of 2.8 yuan, net profit of 201.36 million yuan, up 27.17% year-on-year - December 31, 2024: No stock split, cash dividend of 3.9 yuan, net profit of 377.86 million yuan, up 36.30% year-on-year - June 30, 2024: No stock split, cash dividend of 2.0 yuan, net profit of 158.33 million yuan, up 74.91% year-on-year - December 31, 2023: No stock split, cash dividend of 3.8 yuan, net profit of 277.24 million yuan, up 71.23% year-on-year - June 30, 2023: No stock split, cash dividend of 1.0 yuan, net profit of 90.52 million yuan, up 73.87% year-on-year - December 31, 2021: No stock split, cash dividend of 1.5 yuan, net profit of 169.13 million yuan, up 60.42% year-on-year [2]

1H25 业绩符合我们预期 公司公布1H25 业绩：1H25 实现收入12.87 亿元，同比+15.2%；归母净利润为2.01 亿元，同比+27.2%； 扣非归母净利润为1.98 亿元，同比+26.7%。 费用端，2Q25 期间费用率7.5%，主要系伴随规模效益释放而持续摊薄。 冲焊业务客户销量预期向好，电镀业务贡献新增长点。1）拼焊业务：上汽方面，我们认为上汽在内生 变革+去库周期结束+华为尚界（2025 年8 月25 日尚界H5 发布首小时小订破2.5 万）等多因素支持下， 2025 年销量有望修复至约100 万台；小米方面，新车YU7 发布即爆款（2025 年6 月27 日YU7首小时订 单破28.9 万辆），26 年或有增程车推出贡献新增量；此外理想纯电车型、特斯拉ModelY 换代车型等亦 有望贡献增量。2）电镀：除了混动车上量带动高压电喷系统电镀市场扩容以外，公司积极向汽车电 子、新能源功率半导体领域拓展，已获得上汽英飞凌功率半导体电镀底板产品的定点通知，有望打造第 二成长曲线。 盈利预测与估值 基于对高毛利的电镀业务更乐观的预期，我们上调25/26 年盈利预测5.2%/14.6%至5.1 /6. ...

Group 1 - The company plans to distribute cash dividends of RMB 2.80 per 10 shares, totaling RMB 70,017,243.24, which represents 34.77% of the net profit attributable to shareholders for the first half of 2025 [3][9][10] - The company intends to increase its total share capital from 250,061,583 shares to 350,086,216 shares by issuing 4 new shares for every 10 shares held, using capital reserves [3][10][89] - The profit distribution plan and capital increase proposal are subject to approval at the upcoming shareholders' meeting [4][11] Group 2 - The company has decided to cancel its supervisory board, with its functions being transferred to the audit committee of the board of directors, and will add one employee representative director [87][88] - The company is adjusting its business scope to include mold manufacturing and sales, in addition to its existing automotive parts and electronic instruments manufacturing [88] - The company will revise its articles of association to reflect these changes, which will also require shareholder approval [90] Group 3 - The company’s net profit attributable to shareholders for the first half of 2025 is reported at RMB 201,356,861.85 [9] - The company’s capital reserve balance is RMB 1,239,742,836.72, with distributable profits amounting to RMB 102,362,075.19 [9] - The company’s board of directors has approved the half-year report and its summary [7][11]