Core Viewpoint - Huaxin Jingke (603370.SH) has been listed 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 supplies major automotive parts manufacturers, motor manufacturers, and electrical equipment manufacturers both domestically and internationally [6]. Financial Performance - The projected revenues for Huaxin Jingke from 2022 to 2024 are approximately 1.192 billion, 1.189 billion, and 1.421 billion yuan, with corresponding net profits of about 114 million, 156 million, and 150 million yuan [6]. - For the first half of 2025, the company achieved total revenue of 752 million yuan, representing a year-on-year growth of 19.40%, and a net profit of 98.34 million yuan, up 13.52% year-on-year [6]. Market Position - Huaxin Jingke ranks among the top three manufacturers in the global and Chinese automotive iron core market from 2021 to 2023 [6]. - The precision stamping iron core business consistently accounts for over 90% of the company's revenue, with electric vehicle drive motor iron cores making up more than 50% of this revenue [6]. Investment and Growth Strategy - The company plans to invest 4.45 billion yuan in expanding production capacity for electric vehicle drive motor iron cores, 670 million yuan in a precision stamping and mold R&D center, and 200 million yuan 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 rotor and stator iron cores, targeting the high-end market [7]. Client Base and Certifications - Huaxin Jingke has secured contracts with notable clients such as BYD, Huichuan Technology, Valeo, and BorgWarner for its electric vehicle drive motor iron cores [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 Utilization - The capacity utilization rates for the company's electric vehicle drive motor iron cores were 84.98%, 48.71%, and 60.97% from 2022 to 2024, while the rates for micro-special motor iron cores were 43.4%, 41.43%, and 66.59% during the same period [8].