Investment Rating - The report assigns an "Outperform the Market" rating for the company [4][6]. Core Views - The company has a clear structure with four major business segments: stamping parts, molds, assembly processing, and precision electroplating, which are supported by high-quality customer resources [1][14]. - The stamping and assembly processing businesses are benefiting from the recovery and growth of core customers, particularly SAIC Motor, and the expansion into new energy vehicle clients such as Tesla, Li Auto, and Xiaomi [2][20]. - The precision electroplating business is seen as a new growth driver, with significant margins and a recent entry into the power semiconductor sector [3][25]. Summary by Sections Business Overview - The company has been deeply involved in the automotive parts industry for over 30 years, establishing a diversified product matrix that includes stamping parts, assembly processing, precision electroplating, and mold design and manufacturing [14][17]. - The company completed the acquisition of Wuxi Kaixiang in 2022, marking its entry into the precision electroplating business, which is expected to drive future growth [14][25]. Financial Performance - The company forecasts revenues of CNY 25.31 billion for 2024 and CNY 31.02 billion for 2025, with a projected net profit of CNY 5.01 billion for 2025, reflecting a year-on-year growth rate of 32.5% [4][5]. - The gross margin is expected to improve, reaching 29.04% in the first half of 2025, driven by product mix optimization and cost control [4][42]. Customer Base and Market Position - The company has a solid customer base, with major clients including SAIC Group, Tesla, Li Auto, and Xiaomi, which collectively contribute significantly to its revenue [54][30]. - The company’s stamping business has over 3,500 products, with a focus on both traditional fuel vehicles and new energy vehicles, ensuring a stable order flow [20][31]. Growth Drivers - The precision electroplating segment is projected to grow significantly, with sales of precision electroplated parts expected to increase from 71.66 million units in 2021 to 122.21 million units by 2024, achieving a gross margin of 80% [3][49]. - The company is also investing in power semiconductor components, which are anticipated to provide new growth opportunities [3][25]. Market Trends - The automotive stamping parts market in China is expected to maintain a scale of around CNY 250 billion from 2025 to 2027, driven by the increasing demand for lightweight and high-safety vehicles [59][60]. - The report highlights a trend towards outsourcing assembly processing as automotive manufacturers seek to enhance operational efficiency [57].

Core Insights - The company reported a total revenue of 1.996 billion yuan and a net profit attributable to shareholders of 318 million yuan for Q3 2025 [1] - The operating cash flow showed a net inflow of 337 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 52.58%, ranking 158th among disclosed peers, with an increase of 2.74 percentage points compared to the same period last year [3] - The latest gross profit margin is 28.45%, which is a decrease of 0.59 percentage points from the previous quarter [3] - The return on equity (ROE) stands at 12.18% [3] - The diluted earnings per share (EPS) is 0.91 yuan [3] - The total asset turnover ratio is 0.39 times, ranking 150th among disclosed peers [3] - The inventory turnover ratio is 4.67 times [3] Shareholder Structure - The number of shareholders is 14,200, with the top ten shareholders holding a total of 238 million shares, accounting for 68.04% of the total share capital [3] - The top shareholders include: 1. Wuxi Junrun Investment Partnership (Limited Partnership) - 27.5% 2. Wo Lu - 22.3% 3. Qian Jinxiang - 11.70% 4. Wuxi Kangsheng Investment Partnership (Limited Partnership) - 2.84% 5. Hong Kong Central Clearing Limited - 1.14% 6. CITIC Securities Asset Management (Hong Kong) Limited - 0.60% 7. Huatai Youyi Mixed Pension Product - 0.56% 8. Guoshou Pension Strategy No. 5 Stock Pension Product - 0.51% 9. Qianhai Life Insurance Co., Ltd. - 0.41% 10. China National Petroleum Corporation Enterprise Annuity Plan - 0.39% [3]

Core Viewpoint - Wuxi Zhenhua (605319.SH) reported a significant increase in both revenue and net profit for Q3 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 709 million yuan, representing a year-on-year increase of 15.68% [1] - The net profit attributable to shareholders was 117 million yuan, showing a year-on-year growth of 27.18% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 117 million yuan, reflecting a year-on-year increase of 30.06% [1]

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-063 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 第三届董事会第十六次会议决议公告 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。 无锡市振华汽车部件股份有限公司（以下简称"公司"）第三届董事会第十 六次会议于 2025 年 10 月 16 日通过专人的方式发出通知，于 2025 年 10 月 29 日上午 10 时以现场和通讯相结合的方式召开。本次会议由董事长钱金祥主持， 会议应参会董事 8 名，实际参会董事 8 名，符合《公司法》及《公司章程》的有 关规定，会议合法、有效。经董事认真审议，通过以下决议： 一、审议通过《2025 年第三季度报告》 本议案已经公司董事会审计委员会审议通过，并提交董事会审议。 董事会同意公司根据 2025 年前三季度经营发展情况编写的《2025 年第三季 度报告》。 赞成票：8 票；反对票：0 票；弃权票：0 票。 公司董事会薪 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-065 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于 2024 年限制性股票股权激励计划第一个解除限售 期解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 539,000股。 本次股票上市流通总数为539,000股。 本次股票上市流通日期为2025 年 11 月 5 日。 一、本次激励计划批准及实施情况 （一）本激励计划限制性股票已履行的程序 1、2024 年 9 月 3 日，公司召开第三届董事会第五次会议审议通过了《2024 年限制性股票激励计划（草案）及摘要》《关于制定<2024 年限制性股票激励计划 实施考核管理办法>的议案》《关于提请股东会授权董事会办理公司 2024 年限制 性股票激励计划相关事宜的议案》。同日，公司监事会召开第三届董事会第四次 会议审 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-064 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于调整 2024 年限制性股票激励计划 回购价格、回购数量的公告 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、准确性和完整性依法承担法律责任。 无锡市振华汽车部件股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开了第三届董事会第十六次会议，审议通过了《关于调整 2024 年限制性股 票激励计划回购价格和数量的议案》，公司分别于 2024 年 11 月、2025 年 6 月、 2025 年 9 月实施的 2024 年半年度权益分派、2024 年年度权益分派和 2025 年半 年度权益分派，根据公司《2024 年限制性股票激励计划》（以下简称《激励计划》 "本次激励计划"）中关于回购价格和数量调整方法的相关规定，《激励计划》回 购价格调整为 7.80 元/股，回购数量从原 77 万股调整为 107.80 万股，现将相 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关 于 无锡市振华汽车部件股份有限公司 2024 年限制性股票激励计划 调整回购数量和价格及第一个解除限售期 解除限售条件成就相关事项 之 法律意见书 上海市山西北路 99 号苏河湾中心 MT 28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 二〇二五年十月 | | | 国浩律师（上海）事务所 法律意见书 致：无锡市振华汽车部件股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受无锡市振华汽车部件股 份有限公司（以下简称"无锡振华"或"公司"）的委托，担任公司2024年限制 性股票激励计划（以下简称"本次激励计划"）的特聘专项法律顾问。本所律师 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 ...

Company Performance - Wuxi Zhenhua reported Q3 performance with revenue of approximately 1.996 billion yuan, a year-on-year increase of 15.36% [1] - The net profit attributable to shareholders was about 318 million yuan, reflecting a year-on-year increase of 27.18% [1] - Basic earnings per share reached 0.91 yuan, up 24.66% year-on-year [1] Market Context - As of the report, Wuxi Zhenhua's market capitalization stands at 7.7 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [2]

Group 1 - The core viewpoint of the article highlights the financial performance of Wuxi Zhenhua in the third quarter, showing significant growth in both revenue and net profit [1] - In the third quarter, the company reported a revenue of 709 million yuan, representing a year-on-year increase of 15.68% [1] - The net profit for the third quarter was 117 million yuan, reflecting a year-on-year growth of 27.18% [1] Group 2 - For the first three quarters, the company's total revenue reached 1.996 billion yuan, with a year-on-year increase of 15.36% [1] - The net profit for the first three quarters amounted to 318 million yuan, which is a year-on-year growth of 27.18% [1]

无锡市振华汽车部件股份有限公司 2025 年第三季度报告 证券代码：605319 证券简称：无锡振华 无锡市振华汽车部件股份有限公司 2025 年第三季度报告 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告 中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | --- | | 项目 | | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | | 减变动幅度 | | 增减变动幅度 | | | | | (%) | | (%) | | 营业收入 | | 708,877,722.10 | 15.68 | 1,996,088,258.56 | 15.36 | | 利润总额 | | 144,946,392.43 | 32.24 | 392,909,923.14 | 31.65 | | 归属于上市公司股东的 | 净利润 | 117,120,703.53 | 27 ...