Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) successfully listed on the Shanghai Stock Exchange, marking a significant milestone in its development and reflecting the growing competitiveness of Chinese precision manufacturing in the global new energy industry chain [1][3]. Company Overview - Huaxin Precision has over 20 years of experience in the precision stamping field and is recognized as a national "specialized, refined, and innovative" small giant, being the only domestic supplier of drive motor iron cores for BMW and one of only two globally [3][4]. - The company has achieved over twofold revenue growth in its new energy drive motor business over three years, benefiting from the national "dual carbon" goals and policies supporting the new energy vehicle industry [3][4]. Business Development Stages - Stage 1 (2002-2009): Established as Jiangyin Huaxin Electric Co., Ltd., focusing on electromagnetic stamping parts, primarily producing electrical equipment iron cores [4]. - Stage 2 (2009-2018): Expanded product offerings to include automotive iron cores, achieving breakthroughs in new energy vehicle drive motor iron cores, and established a production management system aligned with international standards [5]. - Stage 3 (2018-Present): Rapid growth in new energy vehicle drive motor iron cores, becoming a mainstream supplier and recognized by major automotive and electrical equipment manufacturers [6]. Financial Performance - From 2021 to 2024, revenue from new energy vehicle drive motor iron cores is projected to grow from 235 million yuan to 828 million yuan, with a compound annual growth rate (CAGR) of 52.1% [6][7]. - Overall revenue increased from 1.192 billion yuan in 2022 to 1.421 billion yuan in 2024, with a CAGR of 9.2%, while net profit rose from 114 million yuan to 150 million yuan, reflecting a CAGR of 14.7% [7]. Technological Advancements - The company has developed proprietary technologies such as "in-mold gluing" and has a production capacity for ultra-thin silicon steel, with an annual capacity of 60,200 tons for new energy vehicle drive motor iron cores [8]. - Huaxin Precision holds 80 authorized patents, including 18 invention patents, and has established a strong reputation in the industry [7][8]. IPO and Future Plans - The IPO aims to raise funds for expanding production capacity for new energy vehicle drive motor iron cores, developing a precision stamping and mold R&D center, and supplementing working capital [9][10]. - The company plans to invest 445 million yuan in expanding production capacity, targeting an annual output of 1 million high-end drive motor rotor iron cores [10]. - The global market for automotive drive motor iron cores is expected to reach $4.678 billion by 2030, with a CAGR of approximately 11.85% [9]. Global Expansion - Huaxin Precision has established subsidiaries in Singapore and Mexico, aiming to enhance its global supply chain integration and deepen cooperation with international clients like BMW and ZF [11].
华新精科上市：专注精密冲压二十载 成宝马、比亚迪核心供应商