Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leader in the precision gear industry, focusing on the automotive sector and expanding into the robot reducer market, which is expected to drive future growth [7][12]. - The company has a strong market position in the differential gear segment, with a significant market share and a growing revenue stream from its complete differential assembly business [12][22]. - The transition towards electric vehicles is creating new opportunities for the company, particularly in lightweight aluminum components and robot joint technology [57][69]. Summary by Sections 1. Company Overview - Established in 1992 and listed in 2011, the company specializes in precision gears for automotive applications, including differential gears and transmission components [12]. - The company has a diverse customer base, including major domestic and international automotive manufacturers [18]. 2. Financial Performance - The company reported total revenue of 20.25 billion yuan in 2024, a decrease of 3.7% year-on-year, with a net profit of 1.60 billion yuan, down 32.8% [20]. - Revenue is projected to grow to 23.06 billion yuan by 2025, with net profit expected to reach 2.41 billion yuan [1]. 3. Market Position - The company holds the largest market share in the differential gear sector in China, benefiting from high entry barriers in the capital-intensive industry [42][43]. - The market for differential assemblies is expected to grow significantly, with projections of 71.51 billion yuan by 2025 [54]. 4. Product Development - The company is expanding its product offerings to include lightweight aluminum components, which are crucial for meeting the demands of electric vehicles [57][69]. - The company has initiated projects to produce aluminum alloy parts, with planned capacities of 700,000 and 800,000 units for steering knuckles and control arms, respectively [71]. 5. Strategic Initiatives - The company is actively pursuing partnerships in the robotics sector, having established a joint venture to develop precision reducers for robotic applications [12][56]. - The company is enhancing its production capabilities through capital increases and convertible bonds to support its growth in the differential assembly market [55].

Group 1: Company Performance and Outlook - The company is confident in achieving stable revenue growth in 2025 according to market expectations [2] - The decline in profit for 2024 is primarily due to increased expenses, including new depreciation, asset impairment, convertible bond financial costs, employee stock plan costs, and reduced exchange gains [2] Group 2: Export and Production Strategy - The company plans to gradually shift its current export business to the United States and some new businesses to its factory in Thailand starting in the second half of the year [2] - The Thai factory has completed the first phase of construction and equipment installation, with small-scale production expected to begin in June 2025 [3] - The establishment of the Thai factory will facilitate the exploration of new export markets in North America and Europe, as well as support localization in the Southeast Asian automotive parts market [3] Group 3: Industry Position and Collaboration - The company aims to collaborate with terminal manufacturers that have R&D capabilities to participate in the design and testing of various robotic joint components, thereby building its own product design and testing capabilities [3]

Group 1: Company Overview - The company primarily focuses on planetary gear reducers and screw-type reducers, with plans to expand based on future customer and market demands [1] - The core equipment is mainly imported, and the overall capacity utilization rate is over 60% [1] Group 2: Business Performance - The differential assembly business is expected to see stable growth in 2025, with new project confirmations from clients [1] - Revenue for 2025 is anticipated to maintain stable growth according to current customer and market expectations [1] Group 3: Financial and Investment Insights - The company has over 100 million remaining from fundraising, which is still being invested [2] - There are no current plans for forced redemption of convertible bonds; future decisions will depend on conversion ratios and other factors [1] Group 4: International Expansion - The Thailand factory has completed the first phase of construction and equipment installation, with plans to begin small-scale production in June 2025 [2] - An investment intention has been signed with the Moroccan local government, with plans to acquire land within the year [2] Group 5: Customer Impact - The impact of annual customer declines is relatively smaller due to a high proportion of foreign, joint venture, and export businesses [2]

Group 1: Company Overview - The company is Jiangsu Pacific Precision Forging Technology Co., Ltd. with stock code 300258 and bond code 123174 [1]. Group 2: Investor Relations Activity - The investor relations activity took place on May 14, 2025, at 14:00 in the conference room of the second factory of Precision Forging Technology [2]. - Participants included representatives from Huafu Securities and Shanghai Securities [2]. Group 3: Business Development - A joint venture for "joint electric drive" was established in March 2025, focusing on the development and market expansion of robotic joints [2]. - The company is actively involved in lightweight research for robotic components, recognizing it as a future trend [2]. Group 4: Product and Market Strategy - The commercial vehicle solenoid valve business in Ningbo is set to begin mass production this year, with new projects already receiving customer approvals [3]. - The company generates over 80% of its revenue from foreign, joint venture, and export businesses [3]. Group 5: Strategic Partnerships - The collaboration with Aima Technology, a major supplier of automation equipment, leverages Japanese industrial robot technology to enhance project capabilities [2]. - The Thai factory has completed phase one of construction and is scheduled to start small-scale production in June 2025 [3]. Group 6: Future Plans - The company plans to continue expanding its product categories, focusing on robotic joint business planning, and developing overseas production bases [3]. - There are no current plans for forced redemption of convertible bonds, with future decisions based on conversion ratios [3].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to profit distribution changes, with the new conversion price set to 9.46 yuan per share effective from June 12, 2025 [6]. Group 1: Convertible Bond Issuance - The company issued 9.8 million convertible bonds at a total value of 98 million yuan, with trading commencing on March 7, 2023 [1]. - The initial conversion price was set at 13.09 yuan per share, which was later adjusted to 12.97 yuan per share following a cash dividend distribution on June 9, 2023 [3]. Group 2: Conversion Price Adjustments - The conversion price will be adjusted based on various corporate actions such as cash dividends, stock splits, and new share issuances, following a specific formula outlined in the company's prospectus [2]. - The conversion price was adjusted to 12.82 yuan per share effective from May 24, 2024, and further adjusted to 12.76 yuan per share effective from September 30, 2024 [4][5]. - The latest adjustment, resulting in a conversion price of 9.46 yuan per share, was calculated based on the company's actual cash dividend distribution of approximately 20.98 million yuan [6].

特别提示： | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于2024年年度权益分派实施后调整回购价格上限的公告 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。 本次权益分派实施后，每股现金红利=本次现金分红总额÷总股本（含回购专用证 券账户持有股份）= 20,977,038.12元÷532,407,461股≈0.0394003元/股（以截至2025年6 月3日公司总股本532,407,461股，剔除公司已回购股份7,981,508股为基数，共派发现金 =（532,407,461股-7,981,508股）×0.04元/股=20,977,038.12元）。本次权益分派实施后除 权除息参考价=股权登记日收盘价-0.0394003元/股，具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn）披露的《2024年年度权益分派实施公告》（公告编号：2025-057）。 一、回购公司股份方 ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于因利润分配调整"精锻转债"转股价格的公告 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。 留小数点后两位，最后一位实行四舍五入），则： 重要提示： 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会"证监许可[2023]45号"文核准，江苏太平洋精锻科 技股份有限公司（以下简称"公司"）于2023年2月15日向不特定对象发行了980万 张可转换债券，每张面值100元，发行总额98,000.00万元。经深圳证券交易所同意， 公司98,000.00万元可转换公司债券于2023年3月7日起在深圳证券交易所挂牌交易， 债券简称"精锻转债"，债券代码"123174"。 根据《江苏太平洋精锻科技股份有限公司创业板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"），当公司发生派送红股、转增股本、 增发新股（不包括因 ...

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。 特别提示： | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 2024年年度权益分派实施公告 1、截至 2025 年 6 月 3 日，江苏太平洋精锻科技股份有限公司（以下简称"公司"） 总股本为 532,407,461 股，其中公司回购专用证券账户中的股份 7,981,508 股不参与 本次权益分派，因而剔除公司回购专用账户中的股份数量后，公司本次利润分配的总 股本基数为 524,425,953 股。 2、本次权益分派实施按公司总股本（含回购专用证券账户持有股份）折算每 10 股现金分红（含税）=本次实际现金分红总额÷公司总股本（含回购专用证券账户持 有股份）×10 股= 20,977,038.12 元÷ 532,407,461 股×10 股≈0.394003 元（含税，保留 到小数点后六位，最后一位直接截取，不四舍五入）。 3、本次权益分派实施 ...

重要新闻 1. 国务院：政府部门应当科学合理确定政务数据共享属性，不得通过擅自增设条件等方式阻碍、影响政 务数据共享 李强签署国务院令，公布《政务数据共享条例》。条例提到，政府部门应当科学合理确定政务数据共享 属性，不得通过擅自增设条件等方式阻碍、影响政务数据共享。对属于有条件共享类的政务数据，政府 部门应当在政务数据目录中列明共享范围、使用用途等共享使用条件。对属于不予共享类的政务数据， 政府部门应当在政务数据目录中列明理由，并明确相应的法律、行政法规以及国务院决定依据。（新华 社） 2. 商务部等五部门组织开展2025年新能源汽车下乡活动，特斯拉Model 3、Model Y车型在列 工业和信息化部、国家发展改革委、农业农村部、商务部、国家能源局组织开展2025年新能源汽车下乡 活动。选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动；以此 为中心辐射周边乡镇，结合地区特点开展若干场特色活动。与县域充换电设施补短板试点、智能网联汽 车"车路云一体化"试点等工作形成协同效应，推动优质资源向乡村地区倾斜。其中，特斯拉Model 3、 Model Y车型在列。 3. 商务部：希望欧方 ...

Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]