Core Viewpoint - The company is positioned for growth through a dual strategy of traditional business intelligence and the scaling of new energy business, targeting a significant increase in revenue from electric vehicle components and precision electroplating by 2025 and 2030 [2][6]. Group 1: Automotive Stamping Business - The company has been deeply involved in the automotive stamping business for over 30 years, with a focus on expanding its customer base to include major players like Tesla, Li Auto, and Xiaomi, alongside its long-term partnership with SAIC Group [3][11]. - The domestic passenger car stamping market is projected to reach approximately 270 billion yuan by 2025, with a compound annual growth rate (CAGR) of 2.6% from 2025 to 2030 [3][40]. - The competitive landscape of the stamping industry is fragmented, with the top five companies holding a market share of about 9.5%, indicating potential for increased concentration as major manufacturers seek suppliers with strong responsiveness and cost control capabilities [3][45]. Group 2: Precision Electroplating Business - The acquisition of Wuxi Kaixiang in 2022 allowed the company to enter the precision electroplating sector, which has become a significant growth driver, contributing 7% of total revenue and 33% of net profit in 2023 [5][22]. - The company has established itself as a key supplier in the precision electroplating market, achieving over 50% market share domestically and a net profit margin of approximately 60% [5][15]. - The company is actively expanding its technology and customer base in the power semiconductor sector, having secured a partnership with Infineon, a leading player in the industry [5][15]. Group 3: Financial Performance and Projections - The company is expected to achieve revenues of 35.2 billion yuan, 44.5 billion yuan, and 52.8 billion yuan from 2025 to 2027, with net profits projected at 5.0 billion yuan, 6.5 billion yuan, and 8.0 billion yuan respectively [6][8]. - The earnings per share (EPS) are forecasted to increase from 2.01 yuan in 2025 to 3.18 yuan in 2027, reflecting a strong growth trajectory [6][8]. - The company maintains a competitive edge with a projected price-to-earnings (PE) ratio of 16, 12, and 10 for the years 2025 to 2027, indicating favorable valuation metrics [6][8]. Group 4: Management and Corporate Structure - The company has a stable ownership structure, with the controlling shareholders holding 62.49% of the shares, which supports long-term strategic execution [17][21]. - The management team is characterized by a blend of family leadership and professional expertise, enhancing operational stability and strategic direction [21][22]. - The implementation of stock incentive plans aims to align the interests of the core team with the company's growth objectives, fostering a motivated workforce [18][21].

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 31.65 CNY as of July 10, 2025 [6]. Core Insights - The company has entered a pivotal point in its stamping customer structure, with the electroplating business catalyzing new growth. The goal is for the new energy business to account for 25% and 60% of total revenue by 2025 and 2030, respectively [1][3]. - The company has a strong foothold in the automotive stamping parts sector, expanding its customer base and national production capacity, which is expected to drive growth [2][3]. - The acquisition of the electroplating business has created a second growth curve, with the company becoming a key supplier in the precision electroplating sector, particularly in the power semiconductor field [3][19]. Summary by Sections 1. Introduction - The report focuses on the company, which has over 30 years of experience in the automotive parts industry, forming four main business segments: stamping parts, assembly parts, precision electroplating, and molds. The company has established solid partnerships with major automotive manufacturers [10][12]. 2. Stamping Parts and Electroplating Business - The company is a leading supplier of automotive stamping parts, leveraging its long-standing relationship with SAIC Group and expanding into new energy vehicle manufacturers like Tesla and Li Auto [20][32]. - The precision electroplating business, acquired in 2022, has significantly contributed to revenue and profit, with a projected contribution of 1.8 billion CNY in revenue and 1.1 billion CNY in net profit for 2024 [29][45]. 3. Industry Overview - The automotive stamping parts market is projected to reach approximately 270 billion CNY by 2025, with a CAGR of 2.6% from 2025 to 2030. The industry is characterized by a fragmented competitive landscape [47][63]. - The report highlights the increasing demand for lightweight components in the automotive sector, driven by the rise of new energy vehicles, which is expected to enhance the market for stamping parts [46][63]. 4. Financial Forecast and Investment Recommendations - Revenue forecasts for 2025, 2026, and 2027 are estimated at 35.2 billion CNY, 44.5 billion CNY, and 52.8 billion CNY, respectively, with net profits projected at 5.0 billion CNY, 6.5 billion CNY, and 8.0 billion CNY [3][5]. - The report emphasizes the company's strong management capabilities and cost control, which are expected to lead to sustained improvements in net profit margins [2][39].

Overview - Wuxi Zhenhua Auto Parts Co., Ltd. is issuing convertible bonds totaling 520 million yuan (52,000,000,000) with a bond code of 111022 and a listing date of July 14, 2025 [2][6] - The bonds will be convertible from December 24, 2025, to June 17, 2031, and will not be secured [3][12] - The company has a credit rating of AA- for the bonds, with a stable outlook [4] Company Profile - Wuxi Zhenhua was established on June 8, 2006, and listed on June 7, 2021, with a registered capital of 250.06 million yuan [7][8] - The company specializes in manufacturing, processing, and R&D of automotive parts, fasteners, and electronic instruments [7] - The main business segments include stamping parts, assembly processing, precision electroplating, and mold manufacturing [13][18] Business Operations - The company produces over 3,500 types of automotive stamping parts, including body parts, chassis parts, powertrain components, and electronic components, with some specifically designed for new energy vehicles [13][18] - Wuxi Zhenhua has established stable strategic partnerships with major automotive manufacturers such as SAIC Motor, Tesla, and others, positioning itself as a leader in the domestic passenger vehicle supply chain [18][23] Market Position - The company has a strong competitive advantage in the precision electroplating sector, being the only qualified supplier for a major client in this field [19] - Wuxi Zhenhua has a comprehensive technical system for stamping and welding parts, which enhances production efficiency and product quality [22][25] - The automotive parts industry is characterized by high production volumes and strict quality requirements, necessitating advanced manufacturing equipment [22] Financial Information - The total issuance of convertible bonds is 520 million yuan, with a face value of 100 yuan per bond [2][6] - The bonds will be offered to existing shareholders first, with any remaining bonds available to the public [6][25]

证券代码：605319 证券简称：无锡振华 公告编号：2025-037 上市公告书 二〇二五年七月 保荐人（主承销商） （上海市黄浦区中山南路119号东方证券大厦） | 四、本次可转换公司债券转股的影响 42 | | --- | 无锡市振华汽车部件股份有限公司 （无锡市滨湖区胡埭镇陆藕东路188号） 向不特定对象发行可转换公司债券 | 二、上市保荐人的推荐意见 46 | | --- | 第一节 重要声明与提示 无锡市振华汽车部件股份有限公司（以下简称"无锡振华"、"发行人"、 "本公司"或"公司"）及全体董事、监事和高级管理人员保证上市公告书的真 实性、准确性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司 董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 小米YU7订单大超预期，公司或为小米汽车产业链最受益标的之一 新能源带来冲压主业新机遇，电镀业务持续拓宽 1Q25公司营业收入同比+22%/环比-25%至6.0亿元，毛利率同比+3pcts/环比持平至28%，归母净利润同比+22%/ 环比-26%至0.9亿元。我们认为，1）公司冲压业务当前已配套上汽、特斯拉、小米汽车、理想等客户，新能源 客户为公司冲压主业发展带来新机遇，2025E随上汽销量恢复（1H25上汽集团销量同比+12.35%至205.3万辆） +小米等核心客户销量高速增长，冲压主业规模有望进一步扩大；2）公司全资子公司无锡开祥为联合电子精 密镀铬领域国内唯一合格供应商、也是德国博世全球产能重要供应基地之一，2024年 ...

Group 1 - Xiaomi's first SUV, the YU7, launched on June 26, received over 289,000 pre-orders within the first hour, indicating strong market demand [1] - Xiaomi's automotive division is expected to benefit from its product strength, brand power, ecosystem, and traffic advantages, positively impacting related companies in the supply chain [1] - Wuxi Zhenhua has established a stable partnership with Xiaomi Automotive, with revenue from Xiaomi expected to account for 9.57% of the company's income in 2024, making it one of the top five customers [1] Group 2 - In Q1 2025, the company's revenue increased by 22% year-on-year but decreased by 25% quarter-on-quarter to 600 million yuan, with a gross margin of 28% [2] - The company's stamping business is currently supporting major clients such as SAIC, Tesla, Xiaomi Automotive, and Li Auto, with new opportunities arising from the new energy sector [2] - The company plans to raise up to 520 million yuan through convertible bonds, with 420 million yuan allocated to the Langfang Zhenhua automotive parts project, which is expected to achieve an annual production capacity of 500,000 automotive parts [2] Group 3 - The company has established a comprehensive production support network around major domestic clients, enhancing customer stickiness and potential client development [3] - The stamping business is expected to grow in scale and profitability due to strong sales momentum from core clients, while the plating business is expanding into automotive electronic components [3] - The company maintains a "Buy" rating, raising profit forecasts for 2025, 2026, and 2027 by 9%, 16%, and 11% respectively, with a target price adjustment to 37.03 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 37.03 CNY, corresponding to an 18x PE for 2025E [3][6]. Core Insights - The company has significantly exceeded expectations with core customer orders, particularly benefiting from its relationship with Xiaomi's automotive supply chain, which is expected to contribute 9.57% to the company's revenue in 2024 [1]. - The company's stamping business is experiencing new opportunities due to the growth in the new energy sector, with a projected revenue increase of 35.01% in 2025E [2]. - The company is expanding its production capabilities with a new project in Langfang, which is expected to enhance customer retention and attract new clients [3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 600 million CNY, a year-on-year increase of 22%, with a gross margin of 28% [2]. - The forecast for net profit is adjusted upwards by 9% for 2025E, reaching 503 million CNY, with continued growth expected in subsequent years [3][5]. Business Development - The company has established a comprehensive production network across multiple locations, enhancing its ability to serve major clients like Xiaomi and Li Auto [3]. - The stamping business is set to expand further as sales from key clients like SAIC and Tesla recover, with SAIC's sales increasing by 12.35% in the first half of 2025 [2]. Financial Metrics - The company’s projected revenue growth rates are 32.65% for 2023, 9.23% for 2024, and 35.01% for 2025E, with net profit growth rates of 242.63% for 2023 and 33.13% for 2025E [5][11]. - The company’s return on equity (ROE) is expected to reach 17.7% by 2025E, indicating strong profitability [13].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

Core Viewpoint - Wuxi Zhenhua (605319.SH) announced a share reduction plan by its shareholder Wuxi Kangsheng Investment Partnership due to funding needs, intending to reduce up to 2,500,000 shares, accounting for no more than 1.00% of the total shares [1][2] Group 1: Shareholder Information - As of the announcement date, Wuxi Kangsheng holds 9,590,000 shares, representing 3.84% of the total shares [2] - Wuxi Kangsheng, along with Wuxi Junrun Investment Partnership and the actual controllers Qian Ben and Qian Jinxiang, collectively hold 163,600,000 shares, which is 65.42% of the total shares [2] - The reduction plan will not lead to a change in control of Wuxi Zhenhua [3] Group 2: Company Background and Financials - Wuxi Zhenhua was listed on the Shanghai Stock Exchange on June 7, 2021, with an issuance of 50 million shares at a price of 11.22 yuan per share, raising a total of 561 million yuan [3] - The raised funds were allocated for the expansion of the Wuhan automotive parts production base, production of automotive body parts, and working capital [3] - The company conducted a targeted issuance of shares and cash to acquire assets in 2023, raising up to 23.5 million yuan in matching funds [4] Group 3: Recent Fundraising Activities - As of June 1, 2023, the company issued 16,882,183 shares at a price of 13.92 yuan per share, raising approximately 234.99 million yuan, with a net amount of about 229.40 million yuan after deducting fees [5] - The total amount raised from various fundraising activities amounts to 131.6 million yuan [7] - The company plans to issue convertible bonds to raise 52 million yuan for specific projects and working capital [6]

Group 1 - *ST San Sheng (002742.SZ): The controlling shareholder Pan Xianwen's judicial auction of 32.2 million shares has been completed, with 30 million shares transferred, accounting for 6.94% of the total share capital. After the reduction, Pan Xianwen's shareholding ratio decreased from 24.20% to 17.26%, which will not lead to a change in company control [1] - Aike Co., Ltd. (300889.SZ): Shareholder Zhang Fengbin, holding over 5%, reduced his stake by 1% (1.67818 million shares) from May 13 to June 27, 2025, bringing his holding to 7.9902% [1] - Anlu Technology (688107.SH): The shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. completed its reduction plan, selling 4.008493 million shares (1% of total share capital) from May 8 to June 30, 2025, with a total reduction amount of 109.36 million yuan, current holding ratio at 5.76% [1] Group 2 - Anshuo Information (300380.SZ): The controlling shareholder Shanghai Anshuo Technology Development Co., Ltd. and actual controllers reduced their stakes by 1.16% (1.599416 million shares), 0.94% (1.300187 million shares), and 0.65% (900,000 shares) respectively [1] - Baoming Technology (002992.SZ): Directors and management plan to reduce their holdings by a total of 0.0107%, 0.0714%, and 0.0107% over the next three months [2] - Beiyikang (870199.BJ): Employee shareholding platforms completed their reduction plans, selling 546,284 shares (0.8%) and 131,650 shares (0.19%) [2] Group 3 - Boyun New Materials (002297.SZ): Major shareholder Hunan Xiangtou High-tech Venture Capital Co., Ltd. reduced its stake by 406.74 million shares (0.71%) from June 5 to June 30, 2025, bringing its holding to 6.99% [2] - Dongwei Technology (688700.SH): Specific shareholder Xie Yulong completed a reduction plan, selling 574,857 shares (0.1927%) from June 4 to June 30, 2025, with a total reduction amount of 21.362156 million yuan, current holding ratio at 0% [2] - Fuzhi Environmental Protection (688335.SH): Major shareholder Deqing Junjie Enterprise Management Partnership plans to reduce up to 4.441035 million shares (3%) over the next three months [3] Group 4 - Gu Gao Technology (301510.SZ): Shareholder Beijing Equity Investment Development Management Center completed its reduction plan, selling 4.0001 million shares (1%) from June 5 to June 30, 2025, bringing its holding to 7.68% [3] - Guangbo Co., Ltd. (002103.SZ): Shareholder Ren Hangzhong reduced his stake by 156,440 shares (0.2928%), bringing his holding to 9.99999% [3] - Guoke Military Industry (688543.SH): Specific shareholders Yang Minghua and Chen Gonglin plan to reduce up to 2.08842 million shares (1%) and 3.789115 million shares (1.8143%) over the next three months [3] Group 5 - Guorui Technology (300600.SZ): Major shareholder Gong Ruiliang reduced his stake by 3.243209 million shares (1.1%) from June 27 to July 1, 2025, bringing his holding to 20.63% [4] - Hangzhou Thermal Power (605011.SH): Shareholder Huashi Investment plans to reduce up to 5.997 million shares (1.4989%) over the next three months [4] - Huaya Intelligent (003043.SZ): Executives plan to reduce their holdings by a total of 0.0132%, 0.0092%, and 0.0092% over the next three months [4]