Wuxi Zhenhua(SH:605319) Xin Lang Cai Jing·2025-07-07 02:27Group 1 - Xiaomi's first SUV, the YU7, launched on June 26, received over 289,000 pre-orders within the first hour, indicating strong market demand [1] - Xiaomi's automotive division is expected to benefit from its product strength, brand power, ecosystem, and traffic advantages, positively impacting related companies in the supply chain [1] - Wuxi Zhenhua has established a stable partnership with Xiaomi Automotive, with revenue from Xiaomi expected to account for 9.57% of the company's income in 2024, making it one of the top five customers [1] Group 2 - In Q1 2025, the company's revenue increased by 22% year-on-year but decreased by 25% quarter-on-quarter to 600 million yuan, with a gross margin of 28% [2] - The company's stamping business is currently supporting major clients such as SAIC, Tesla, Xiaomi Automotive, and Li Auto, with new opportunities arising from the new energy sector [2] - The company plans to raise up to 520 million yuan through convertible bonds, with 420 million yuan allocated to the Langfang Zhenhua automotive parts project, which is expected to achieve an annual production capacity of 500,000 automotive parts [2] Group 3 - The company has established a comprehensive production support network around major domestic clients, enhancing customer stickiness and potential client development [3] - The stamping business is expected to grow in scale and profitability due to strong sales momentum from core clients, while the plating business is expanding into automotive electronic components [3] - The company maintains a "Buy" rating, raising profit forecasts for 2025, 2026, and 2027 by 9%, 16%, and 11% respectively, with a target price adjustment to 37.03 yuan [3]