Core Viewpoint - Jingzhuan Technology is accelerating its overseas expansion as a leading manufacturer of precision forged gears, positioning itself in the new robotics sector through strategic investments and partnerships [1] Group 1: Financial Performance - The company is raising funds through private placements and convertible bonds to invest in projects such as differential assemblies and new energy electric drive components, leading to rapid capacity growth [1] - Revenue from assembly products is projected to reach 492 million yuan in 2024, representing a year-on-year growth of 18.84%, accounting for 24.3% of total revenue, making it the second-largest revenue source [1] Group 2: Strategic Initiatives - The company is strategically aligning with the trend of integrated solutions in the new energy vehicle sector, highlighting its growth certainty [1] - In 2025, the company plans to establish Jiangsu Pacific Intelligent Joint Company in partnership with Tianjin Aima, focusing on the development of robotic joint components [1] - The company has also invested in Wuhan Gelanruo Intelligent Robot Co., Ltd., successfully delivering module samples, which may open a second growth curve [1] Group 3: Market Position - As a leader in precision forged gears, the company continues to expand its product offerings and customer base, with new products like differential assemblies entering the scaling phase and accelerating overseas market deployment [1] - The company has received an initial coverage rating of "Buy" due to its ongoing expansion and market strategies [1]

Group 1: Core Insights - The report highlights Shenghong Technology (300476.SZ) as a leading global AI PCB manufacturer, emphasizing its deep engagement with top GPU and ASIC clients [15][16][18] - The company has achieved significant advancements in HDI technology, being one of the first to mass-produce 6-layer 24-layer HDI products and is actively developing next-generation 10-layer 30-layer HDI technology [16] - Shenghong Technology is expanding its production capacity both domestically and internationally, with ongoing projects in Thailand and Vietnam, and is enhancing its collaboration with major clients to align with their R&D and production schedules [17] Group 2: Financial Projections - The revenue forecast for Shenghong Technology is projected to reach 370 billion and 599 billion yuan in 2026 and 2027, respectively, with expected net profits of 120 billion and 197 billion yuan [18] - The company is expected to benefit from the increasing value of PCBs in AI servers, which will further strengthen its competitive position in the market [16][18] Group 3: Industry Context - The report notes that the AI sector is experiencing rapid growth, with significant investments from major players like Google, which has increased its capital expenditure guidance for the year [15] - The demand for advanced PCB technology is rising in line with the growth of AI applications, positioning Shenghong Technology favorably within this expanding market [15][16]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company is a leading player in the precision forging gear industry, actively expanding into new products and markets, particularly in the electric vehicle sector [2][12]. - The company is transitioning from a single gear business to a more comprehensive assembly business, enhancing its product structure and value [2][35]. - The company is also venturing into the lightweight aluminum components for electric vehicles and the robotics sector, which is expected to create a second growth curve [2][3]. Summary by Sections 1. Company Overview - The company has over 30 years of growth, with a rich product matrix including automotive differential gears and components for electric vehicles [12]. - It has a clear shareholding structure and a diversified subsidiary layout, with 10 wholly-owned subsidiaries covering the entire industry chain [21][17]. - The customer base includes major domestic and international OEMs and Tier 1 suppliers, with ongoing efforts to expand into overseas and new energy markets [23][25]. 2. Business Expansion - The company is upgrading from individual gear components to complete differential assemblies, which increases the value per vehicle [2][35]. - The assembly business is projected to generate revenue of 492 million yuan in 2024, a year-on-year increase of 18.84%, becoming the second-largest revenue source [2][35]. 3. Lightweight and Robotics Initiatives - The company is tapping into the lightweight demand driven by the electric vehicle trend, focusing on key components that meet lightweight and low-noise requirements [2][19]. - It is also entering the robotics sector, establishing a joint venture to develop robotic joint components, which is expected to enhance growth opportunities [2][3]. 4. Financial Projections - The projected net profits for 2025-2027 are 153 million, 204 million, and 252 million yuan, respectively, with corresponding growth rates of -4.3%, 33.5%, and 23.5% [2][3]. - The company’s revenue is expected to reach 2.149 billion yuan in 2025, reflecting a growth rate of 6.1% [3][4].

证券日报网讯11月24日晚间，精锻科技（300258）发布公告称，截至2025年11月21日，公司通过集中竞 价交易方式累计回购股份11，730，061股，占公司总股本的比例为2.01%。 ...

格隆汇11月24日丨精锻科技(300258.SZ)公布，截至本公告披露日，本次回购方案已实施完毕。公 司通过回购专用证券账户以集中竞价交易方式累计回购股份11,730,061股，占公司总股本的比例为 2.01%，成交最低价格为8.37元/股，成交最高价格为12.93元/股，成交总金额为13,053.71万元(不含交易 费用)，实际回购时间区间为2024年12月25日至2025年11月21日。 ...

精锻科技（300258）(300258.SZ)公告，公司截至2025年11月21日累计回购股份1173.01万股，占公司总 股本的比例为2.01%，成交总金额约为1.31亿元。 ...

格隆汇11月24日丨精锻科技(300258.SZ)公布，截至本公告披露日，本次回购方案已实施完毕。公司通 过回购专用证券账户以集中竞价交易方式累计回购股份11,730,061股，占公司总股本的比例为2.01%， 成交最低价格为8.37元/股，成交最高价格为12.93元/股，成交总金额为13,053.71万元（不含交易费 用），实际回购时间区间为2024年12月25日至2025年11月21日。 ...

智通财经APP讯，精锻科技(300258.SZ)公告，公司截至2025年11月21日累计回购股份1173.01万股，占 公司总股本的比例为2.01%，成交总金额约为1.31亿元。 ...

证券代码：300258 证券简称：精锻科技 公告编号：2025-113 江苏太平洋精锻科技股份有限公司 关于回购公司股份比例达到2%暨回购实施结果 股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏太平洋精锻科技股份有限公司（以下简称"公司"）于2024年11月4日召开 第五届董事会第五次会议，于2024年11月22日召开2024年第二次临时股东大会，审 议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金和银行回购专 项贷款以集中竞价交易的方式回购公司部分社会公众股份，用于减少注册资本及实 施员工持股计划或股权激励。本次用于回购股份的资金总额不低于人民币10,000万 元（含本数），不超过人民币20,000万元（含本数）；回购价格不超过人民币13.00 元/股（含本数）；本次回购股份的实施期限为自公司股东会审议通过本次回购股份 方案之日起12个月内。具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露 的《关于回购公司股份方案的公告》（公告编号：2024-068）及《回购报告书》（公 告编号：2024-076）。 ...

Group 1 - Volant Aviation has completed a B+ round financing of several hundred million yuan, with investments from multiple listed companies including Jinding Capital, Bertley, Hailide, Aima Technology, Jingzhuan Technology, and Bojun Technology [1] - The financing will be used for the airworthiness certification and mass production preparation of the Volant VE25 eVTOL, further accelerating its commercialization process [1] - Huaxing Capital acted as the exclusive financial advisor for this financing round [1] Group 2 - Volant Aviation focuses on the research and manufacturing of high-grade electric vertical take-off and landing aircraft (eVTOL) [4] - The company's first composite wing product, VE25-100 "Tianxing," is designed with a market-oriented approach, targeting the commercial passenger transport sector and covering all application scenarios in the low-altitude economy [4] - Since the successful first unprotected flight of the prototype AC101 on September 1, the Volant team is working towards completing rotor test flight subjects and preparing for manned flight tests [4]