精密冲压铁芯“小巨人”，宝马唯二供应商今日申购

Core Viewpoint - The company Huaxin Jingke (603370.SH) is set to be publicly offered on the Shanghai Stock Exchange, focusing on the research, production, and sales of precision stamping products, particularly precision stamping iron cores and related molds [1][4]. Company Overview - Huaxin Jingke specializes in precision stamping iron cores, which include various types such as those for electric vehicle drive motors, micro-special motors, electrical equipment, and ignition coils [6]. - The company has established itself as a representative manufacturer in the domestic precision stamping iron core sector [4]. Financial Performance - The projected revenues for Huaxin Jingke from 2022 to 2024 are approximately CNY 11.92 billion, CNY 11.89 billion, and CNY 14.21 billion, with net profits of about CNY 1.14 billion, CNY 1.56 billion, and CNY 1.5 billion respectively [6]. - In the first half of 2025, the company achieved total revenue of CNY 7.52 billion, reflecting a year-on-year growth of 19.40%, and a net profit of CNY 983.45 million, up 13.52% year-on-year [6]. Market Position - Huaxin Jingke's precision stamping iron core business consistently accounts for over 90% of its revenue, with over 50% derived from electric vehicle drive motor cores [6]. - The company ranks among the top three in sales within the global and Chinese automotive iron core sectors from 2021 to 2023 [6]. Investment and Growth Strategy - The company plans to utilize the raised funds for projects including the expansion of electric vehicle drive motor core production, precision stamping and mold R&D, and to supplement working capital [4][8]. - The expansion project aims to add an annual production capacity of 1 million sets of high-end drive motor cores for electric vehicles [7]. Client Base and Certifications - Huaxin Jingke has secured contracts with notable clients such as BYD, Valeo, and BorgWarner, and is recognized as a key supplier for BMW's core procurement model [7]. - The company holds 80 authorized patents and has received certifications as a high-tech enterprise and a national-level specialized and innovative "little giant" enterprise [7]. Production Capacity and Utilization - The capacity utilization rates for the company's electric vehicle drive motor cores were 84.98%, 48.71%, and 60.97% for the years 2022 to 2024, respectively [8]. - The utilization rates for micro-special motor cores were 43.4%, 41.43%, and 66.59% during the same period [8].