| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-058 | | --- | --- | --- | | 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 无锡市振华汽车部件股份有限公司（以下简称"公司"）已于 2025 年 9 月 23 日上午 10:00-11:00 通过上海证券交易所上证路演中心 （http://roadshow.sseinfo.com），以网络互动形式召开了 2025 年半年度业绩暨现 金分红说明会，现将活动情况公告如下： 一、说明会召开情况 公司于 2025 年 9 月 13 日在上海证券交易所网站（http://www.sse.com.cn） 和指定披露媒体上披露了《关于召开 2025 年半年度业绩暨现金分红说明会的公 告》（公告编号：2025-054），并通过邮件等方式提前征集投资者所关注的问题。 2025 年 9 月 23 日（星期二）10:00-11:00，公司董事、总经理钱犇、董事、 副总经理、董事会秘书匡亮、独立董事潘文韬、财务总监钱琴燕共同出席了 2025 年半年度业绩暨现金分红说明会，与投资者进行互动交流 ...

Investment Rating - The report assigns an "Buy" rating for the company, marking the first coverage [2]. Core Insights - The company is accelerating its transition to renewable energy, leading to rapid growth in performance. It is expected to achieve significant revenue and profit increases in the coming years [7][8]. - The company has a strong foothold in the automotive parts sector, particularly in welding and electroplating, which are driving its performance growth [7][8]. Summary by Sections 1. Company Overview - The company has been a key supplier of automotive parts since the 1990s, initially partnering with major automakers like SAIC Volkswagen and SAIC General Motors. Recently, it has expanded its client base to include electric vehicle manufacturers such as Xiaomi, Tesla, and Li Auto [7][11]. - The company has a stable shareholding structure, with the controlling shareholders having significant industry experience [14]. 2. Business Performance - The company reported a revenue of 1.29 billion yuan in the first half of 2025, a year-on-year increase of 15.2%, and a net profit of 200 million yuan, up 27.2% year-on-year [22]. - The welding business accounted for 66% of revenue, while the electroplating business maintained a high gross margin of around 80% [20][22]. 3. Growth Drivers - The company is benefiting from high-demand clients in the electric vehicle sector, which has led to a significant increase in both revenue and profit margins [25][32]. - The company issued 520 million yuan in convertible bonds to enhance its capacity to supply parts to Xiaomi, further solidifying its market position [35]. 4. Revenue and Profit Forecast - The company is projected to achieve revenues of 30.8 billion yuan, 36.6 billion yuan, and 40.9 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 496 million yuan, 586 million yuan, and 669 million yuan [6][59]. - The expected growth rates for revenue are 22%, 19%, and 12% for the years 2025, 2026, and 2027, respectively [59]. 5. Valuation - The report suggests that the company's price-to-earnings (PE) ratios for 2025, 2026, and 2027 will be 17.8, 15.0, and 13.2, respectively, indicating a favorable valuation compared to peers [6][62].

Core Viewpoint - Wuxi Zhenhua (605319) announced a semi-annual equity distribution plan for 2025, which includes a cash dividend and a stock bonus, reflecting the company's commitment to returning value to shareholders [1]. Group 1: Stock Performance - As of September 22, 2025, Wuxi Zhenhua's stock closed at 35.25 yuan, up 0.34% from the previous trading day, with a total market capitalization of 8.815 billion yuan [1]. - The stock opened at 35.21 yuan, reached a high of 35.63 yuan, and a low of 34.47 yuan, with a trading volume of 1.65 billion yuan and a turnover rate of 2.21% [1]. Group 2: Equity Distribution Details - The company will distribute a cash dividend of 0.28 yuan per share (tax included) based on a total share capital of 250,061,583 shares, amounting to a total cash distribution of approximately 70 million yuan [1]. - Additionally, the company will issue 4 bonus shares for every 10 shares held, resulting in a total of 100,024,633 new shares, increasing the total share capital to 350,086,216 shares post-distribution [1]. - The record date for the equity distribution is September 29, 2025, with the ex-dividend date and the date for the issuance of new shares set for September 30, 2025 [1]. Group 3: Tax Implications - Cash dividends will be distributed based on shareholder categories, with different tax rates applicable for individual shareholders (20%, 10%, or tax-exempt) and QFII or Shanghai Stock Connect shareholders (10% withholding tax) [1].

Group 1 - The company Wuxi Zhenhua announced an adjustment to the conversion price of its "Zhenzhen Convertible Bonds" from 31.98 yuan per share to 22.64 yuan per share [2] - The adjusted conversion price will take effect from September 30, 2025 [2]

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-057 | | --- | --- | --- | | 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 关于实施 2025 年半年度权益分派调整 "锡振转债"转股价格的公告 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、准确性和完整性承担法律责任。 重要内容提示： 一、可转换公司债券基本情况 根据中国证券监督管理委员会《关于同意无锡市振华汽车部件股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕995号）， 公司于2025年6月18日向不特定对象发行面值总额52,000.00万元可转换公司债 券，期限6年，每张面值为人民币100元，发行数量520.00万张，募集资金总额为 人民币52,000.00万元。本次发行的可转债票面利率设定为：第一年0.20%、第二 年0.40%、第三年0.80%、第四年1.50%、第五年1.90%、第六年2.30%。经上海证 券交易所自律监管决定书〔2025〕156号文同意，公司发行的5 ...

证券代码:605319 债券代码:111022 债券受托管理人 方证券股份有限公司 IENT SECURITIES COMPANY LIMITED (上海市黄浦区中山南路 119 号东方证券大厦) 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》《无锡市振华汽车部件股份有 限公司向不特定对象发行可转换公司债券之债券受托管理协议》(以下简称"《受 托管理协议》")及《无锡市振华汽车部件股份有限公司向不特定对象发行可转 换公司债券募集说明书》(以下简称"《募集说明书》")等相关规定,由本次 债券受托管理人东方证券股份有限公司(以下简称"东方证券")编制。东方证 券编制本报告的内容及信息均来源于无锡市振华汽车部件股份有限公司(以下简 称"公司"、"无锡振华"、"发行人")提供的资料或说明。东方证券对本报 告中所包含的从上述文件中引述内容和信息未进行独立验证,也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 证券简称:无锡振华 债券简称:锡振转债 东方证券股份有限公司 关于 无锡市振华汽车部件股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 (2 ...

无锡市振华汽车部件股份有限公司 2025年半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： | | | | 日 | 份上市日 | 放日 | | --- | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/9/29 | 最后交易日 － | 除权（息） 2025/9/30 | 新增无限售 条件流通股 2025/9/30 | 现金红利发 2025/9/30 | 差异化分红送转： 否 | 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-056 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 一、 通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经公司2025 年 9 月 12 日的2025年第一次临时股 东会审议通过。 公司不存在首发战略配售股份 每股分配比例，每股转增比例 A 股每股现金红利0.28元（含税） 每股转增股份0.4股 相关日期 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting key investment opportunities in domestic leading manufacturers and component suppliers [3][5]. Core Insights - The automotive industry experienced a significant sales increase in Q2 2025, with total sales reaching 8.18 million units, a year-on-year growth of 11.6%. Passenger vehicle sales were 7.11 million units, up 13.0% year-on-year, while commercial vehicle sales were 1.07 million units, up 3.4% year-on-year [4][21]. - The report emphasizes the performance divergence among companies, particularly in the passenger vehicle sector, where companies like BYD faced margin pressures, while others like Great Wall and Seres showed strong performance [4][28]. - The report identifies key investment themes, including technology, mid-to-high-end market focus, and state-owned enterprise reforms, recommending companies such as NIO, Xiaomi, and Xpeng for investment [5][6]. Summary by Sections 1. Industry Overview - The automotive industry showed resilience with a total sales increase, driven by government policies and export growth, alleviating previous concerns about demand [21][4]. 2. Passenger Vehicles - Passenger vehicle sales reached 7.11 million units in Q2 2025, with exports contributing significantly to growth. The sector's revenue was 724.4 billion yuan, up 13.3% year-on-year, but net profit fell by 36.0% [26][28]. - The report notes that the performance of individual companies varied, with BYD experiencing profit pressure while others like Seres and Great Wall performed well [28][32]. 3. Components Sector - The components sector reported revenue of 374.4 billion yuan, a year-on-year increase of 6.8%, with net profit rising by 5.9%. The sector's resilience is attributed to global market expansion and increased efficiency [46][47]. - The report highlights the "Matthew Effect" in the components sector, where leading companies are better positioned to withstand market pressures due to diversified customer bases and global operations [47][46]. 4. New Energy Vehicles - New energy vehicle sales reached 3.86 million units in Q2 2025, marking a 37.0% year-on-year increase, with a penetration rate of 47.2%. The sector's revenue was 331.7 billion yuan, up 18.7% year-on-year [4][25]. 5. Commercial Vehicles - The commercial vehicle sector showed signs of recovery, with bus sales increasing by 5.3% year-on-year and truck sales slightly rebounding, although profitability remains under pressure [4][25].

Investment Rating - The report maintains a "Buy" rating for the automotive and auto parts industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [4]. Core Insights - The report highlights the upcoming mass production of Tesla's Optimus V3 and the transition of intelligent driving assistance systems into a "strong standard" era. It anticipates a high single-digit year-on-year growth in domestic passenger car wholesale and retail sales by 2025, with a notable slowdown in growth expected in the fourth quarter of 2025 due to AI themes and market sentiment [1]. - The report emphasizes the potential investment opportunities in the automotive sector, particularly focusing on the synergy between robotics and intelligent driving. It suggests that the L2+ industry chain is likely to benefit from the new mandatory national standards for intelligent driving assistance systems [1]. Summary by Sections Robotics - The report notes that the mass production of the Optimus V3 is approaching, with significant developments discussed by Elon Musk, including stock purchases and plans for production meetings. The report predicts that the V3 may be released in the fourth quarter of 2025 and enter mass production in 2026. It also highlights opportunities for tier-1 suppliers and potential new entrants into the supply chain [1]. Intelligent Driving - The report discusses the recent public consultation on mandatory safety requirements for intelligent driving assistance systems, which will categorize systems and impose strict functional and verification requirements. It predicts that the L2+ penetration rate in vehicles priced below 200,000 yuan will increase, and new components related to driver monitoring and data recording will emerge as growth areas [1]. Recommended Investment Opportunities - The report recommends focusing on strong model cycle investment opportunities in the second half of 2025, suggesting specific companies for investment: - Complete vehicles: NIO, Xpeng Motors, SAIC Motor, Geely [1]. - Auto parts: Fuyao Glass, Wuxi Zhenhua, and others [1][3].

Investment Rating - The report maintains a "Buy" rating for the automotive and auto parts industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [4]. Core Insights - The AI theme is catalyzing growth in the automotive sector, with domestic passenger car wholesale and retail sales expected to grow by 13% and 9.5% year-on-year respectively before August 2025. The report anticipates a high single-digit growth in wholesale and retail sales for 2025, with a slowdown in growth expected in Q4 2025 due to AI themes and market sentiment [1]. - The production of Tesla's Optimus V3 is approaching, with significant developments expected in the coming months. The report highlights that Tesla may release its Q3 report in mid-October and hold a shareholder meeting in early November, with the V3 robot potentially being released in Q4 2025 and mass production in 2026 [1]. - The report emphasizes the transition of driving assistance systems into a "strong standard" era, with the Ministry of Industry and Information Technology soliciting opinions on mandatory national standards for combined driving assistance systems. This is expected to benefit the L2+ industry chain comprehensively [1]. Summary by Sections Automotive Sales Growth - Domestic passenger car wholesale and retail sales are projected to grow by 13% and 9.5% year-on-year before August 2025, with specific growth rates of approximately 15.3% and 5.9% for July and August respectively [1]. - The report forecasts a high single-digit growth for 2025E in domestic passenger car sales, with a noted slowdown in Q4 2025 [1]. Tesla's Optimus V3 - Elon Musk announced that Optimus V3 has entered the design finalization stage, with significant stock purchases indicating confidence in the product's future [1]. - The report suggests that the V3 robot may be released in Q4 2025, with mass production expected in 2026 [1]. Driving Assistance Systems - The report discusses the introduction of mandatory national standards for combined driving assistance systems, which will categorize systems and set strict functional and verification requirements [1]. - The L2+ industry chain is expected to benefit from these developments, particularly in vehicles priced below 200,000 yuan, with increased penetration rates anticipated [1]. Recommended Investment Opportunities - The report recommends focusing on strong model cycle investment opportunities in the second half of 2025, particularly in the context of robotics and intelligent driving themes. Specific companies highlighted include NIO, Xpeng Motors, SAIC Motor, and Geely [1][3].