Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong performance in the first half of 2025, achieving a revenue of 1.287 billion yuan, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 201 million yuan, up 27.2% year-on-year [4][6] - The growth is attributed to the ramp-up of new customers in the electric vehicle sector and increased production capacity in precision electroplating [6] - The report highlights the company's strategic investments in capacity expansion and acquisitions to enhance its competitive position in the precision electroplating market, which is expected to become a significant growth driver [6] Financial Data and Profit Forecast - For the first half of 2025, the company achieved a gross margin of 29.0%, an increase of 4.5 percentage points year-on-year, driven by higher profitability from new projects and a decline in raw material prices [6] - Revenue projections for 2025 are set at 3.489 billion yuan, with a year-on-year growth rate of 37.9%, and net profit is expected to reach 530 million yuan, reflecting a growth rate of 40.2% [5][8] - The report anticipates continued growth in net profit, projecting 676 million yuan for 2026 and 801 million yuan for 2027, with corresponding growth rates of 27.6% and 18.5% [5][8]

Core Viewpoint - The automotive industry is experiencing a strong performance, with several companies' stocks hitting the limit up, indicating positive market sentiment and potential growth opportunities [1]. Industry Summary - The automotive index closed at 16,659.06, with a trading volume of 17.1 billion and a turnover of 35.583 billion, reflecting a 2.31% increase [2]. - The China Automotive Industry Association has issued a payment standard initiative aimed at ensuring fair payment practices between vehicle manufacturers and suppliers, promoting a collaborative ecosystem [4]. - The initiative encourages long-term stable partnerships between manufacturers and suppliers, with contracts lasting no less than one year [4]. Company Responses - Chery Group has committed to adhering to the payment standards and ensuring compliance with the initiative [6]. - Li Auto has reaffirmed its commitment to a 60-day payment period for suppliers, emphasizing timely delivery and settlement [8]. - Seres has expressed support for the initiative, advocating for self-discipline among companies to foster high-quality industry development [10]. - Changan Automobile has successfully implemented the 60-day payment commitment and developed an efficient payment process for suppliers [12]. - GAC Group has pledged to uphold its commitments to suppliers and promote healthy development across the supply chain [14]. - BYD has committed to implementing the initiative and focusing on key contract elements to enhance collaboration with partners [16]. - NIO has expressed its dedication to building a mutually beneficial relationship with suppliers, emphasizing the importance of a healthy supply chain [18][19]. - Xiaomi Auto has reiterated its commitment to the 60-day payment period and aims to enhance supply chain resilience [21]. - SAIC Group has standardized its supplier payment period to 60 days and will avoid practices that increase financial pressure on suppliers [23][24]. - XPeng Motors has committed to maintaining the 60-day payment period and ensuring efficient operations with partners [26]. - Leap Motor has pledged to support the initiative and ensure supply chain stability [28][29]. - Geely Auto Group has expressed its commitment to implementing the initiative in key operational areas [31].

Core Viewpoint - On September 15, 17 automotive companies, including BYD and Xiaomi Auto, publicly committed to a supplier payment term not exceeding 60 days, with detailed guidelines on the payment process, which has garnered significant attention [1][2]. Group 1: Payment Terms and Conditions - The new initiative specifies that suppliers should expect acceptance of goods to be completed within three working days after delivery [1]. - The 60-day payment term starts from the date the goods are delivered and accepted, with a maximum duration of 60 calendar days [1]. - For non-small and medium-sized enterprises with continuous supply (more than twice a month), a consolidated reconciliation method can be used, with the payment term starting from the reconciliation date [1]. Group 2: Payment Methods and Supplier Relationships - To avoid delays in payment due to price disagreements, the initiative suggests an initial payment based on the last supply contract price (at least 80%) or a predetermined development price (at least 50%) [2]. - The initiative encourages cash or bank acceptance bills as payment methods, particularly for small and medium-sized enterprises [2]. - The China Automotive Industry Association advocates for long-term stable relationships between manufacturers and suppliers, with contracts having a minimum validity of one year [2]. Group 3: Market Reaction - Following the announcement of the initiative, the automotive parts sector saw a positive market response, with several stocks, including Langbo Technology and Tianlong Shares, hitting the daily limit, while others like CATL and Meichen Technology rose nearly 10% [2].

无锡振华 20250914 无锡振华高压喷油嘴镀铬业务盈利能力强劲，2024 年收入达 1.8 亿元， 毛利率高达 81%，净利润超过 60%，是联合电子国内唯一合格供应商， 显示其在汽车零部件领域的竞争优势。 功率半导体液冷组件向高电压、高功率方向发展，直接式液冷技术因散 热效率更高而备受关注。无锡振华通过电镀技术增强铜板耐腐蚀性能， 已获英飞凌定点认证，未来量产增长可期。 全球车规级散热基板市场需求巨大，2023 年约为 1,900 万片，市场规 模达数十亿元。无锡振华凭借与上汽英飞凌的合作，在铜基板加工和电 镀业务方面具有先发优势，有望提升价值量和盈利能力。 无锡振华具备基板加工和电镀一体化能力，相较于仅能进行基板加工的 传统厂家，其综合处理能力显著提升，能够覆盖更多环节，攫取更大价 值量，增强盈利能力。 2023 年全球散热基板需求为 2000 万片，市场规模约三四十亿元，并 保持高速增长。随着散热要求提升，直接式液冷技术将有较大发展前景， 为相关企业带来增长机遇。 Q&A 无锡振华在汽车行业中的主要业务是什么？ 无锡振华在汽车行业中主要从事冲压件和分拼总成的生产，并与小米和上汽有 紧密合作。此外，公 ...

Core Viewpoint - On September 15, a total of 16 listed companies had their restricted shares unlocked, with a total market value of approximately 17.991 billion yuan [1] Group 1: Companies and Their Restricted Shares - Shaanxi Guo Power (陕鼓动力) unlocked 435,600 shares under equity incentive restrictions [1] - Chuangli Group (创力集团) unlocked 3.936 million shares under equity incentive restrictions [1] - Shengquan Group (圣泉集团) unlocked 478,500 shares under equity incentive restrictions [1] - Yingke Medical (英科医疗) unlocked 995,400 shares under equity incentive restrictions [1] - Ruixin Microelectronics (瑞芯微) unlocked 4,500 shares under equity incentive restrictions [1] - Tongcheng New Materials (彤程新材) unlocked 1.5893 million shares under equity incentive restrictions [1] - Softcom Power (软通动力) unlocked 27.3 million shares with an extended lock-up period [1] - Weiman Sealing (唯万密封) unlocked 66.672 million shares prior to issuance restrictions [1] - Wuxi Zhenhua (无锡振华) unlocked 1.005 million shares under equity incentive restrictions [1] - Hangyu Technology (航宇科技) unlocked 798,600 shares [1] - Gaoling Information (高凌信息) unlocked 40 million shares [1] - Weijie Chuangxin (唯捷创芯) unlocked 8.5394 million shares [1] - Silin Jie (思林杰) unlocked 24.5305 million shares [1] - Kejie Intelligent (科捷智能) unlocked 20 million shares [1] - Juquan Technology (钜泉科技) unlocked 39.8841 million shares [1] - Shengke Communication (盛科通信) unlocked 1.5 million shares [1]

证券日报网讯 9月12日晚间，无锡振华发布公告称，经公司2025年第一次职工代表大会民主选举，同意 选举王炜先生担任公司第三届董事会职工董事。 （文章来源：证券日报） ...

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。 根据中国证券监督管理委员会发布的《关于新<公司法>配套制度规则实施相 关过渡期安排》《上市公司章程指引》等相关法律法规的规定，结合公司实际情 况，无锡市振华汽车部件股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日经第三届董事会第十四次会议和第三届监事会第十二次会议审议通过了《关于 调整公司经营范围的议案》《关于取消监事会、变更注册资本并修订<公司章程> 的议案》，公司第三届董事会成员由八名董事组成，其中一名成员由公司职工代 表担任。职工董事由公司职工通过职工代表大会选举产生。 经公司 2025 年第一次职工代表大会民主选举，同意选举王炜先生担任公司 第三届董事会职工董事（简历后附），与公司 2023 年年度股东大会选举产生的第 三届董事会 7 名非职工董事共同组成第三届董事会，其任职期限自 2023 年年度 股东大会决议之日起三年，其任职及职责等事项遵照《中华人民共和国公司法》 等有关法律、法规及《公司章程》之规定执行。 | 证券代码：605319 | 证券简称 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-054 | | --- | --- | --- | | 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 关于召开 2025 年半年度业绩暨现金分红说明会的公告 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： 会议召开时间：2025 年 9 月 23 日（星期二）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 16 日（星期二）至 9 月 22 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqfwb@wxzhenhua.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 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 8 月 26 日发布公司 2025 ...

国浩律师（上海）事务所 股东会法律意见书 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 2025 年第一次临时股东会的 法律意见书 中国 上海 山西北路 99 号苏河湾中心 MT 28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-1670 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东会法律意见书 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 2025 年第一次临时股东会的法律意见书 本所律师按照有关法律、法规的规定对本次股东会的召集、召开程序是否合 法及是否符合《公司章程》的规定、出席会议人员资格的合法有效性和表决程序 的合法有效性发表法律意见。 致：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"）2025 年第一次临 时股东会现场会议于 2025 年 9 月 12 日（星期五）15 点 30 分在江苏省无锡市滨 湖区胡埭镇陆藕东路 188 号公司会议室召开。国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派陈杰律师、王浚曦律师（以下简 ...

2025年第一次临时股东大会决议公告 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。 重要内容提示： | 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-053 | | --- | --- | --- | | 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 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 225 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 170,617,021 | | 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（%） | 68.2300 | (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。 本次股东会由无锡市振华汽车部件股份有限公司（以下简称"公司"）董事会 召集，会议由公司董事长钱金祥主持，会议采用现场投票和网络投票相结合的表 决方式，本次会议的召集、召开、决策程序符合《公司法》及《公司章程》的规 ...