Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has completed a cash acquisition of 51% of Tongyihe, which is expected to enhance its precision stamping industry chain and accelerate the localization of reducer components [4][5] - The company maintains its profit forecast for 2025-2026 and introduces a new forecast for 2027, expecting net profits attributable to the parent company to be 0.65 billion, 0.90 billion, and 1.08 billion respectively for the years 2025, 2026, and 2027 [4] - The acquisition of Tongyihe is anticipated to expand the company's performance scale and improve its competitive position in the precision stamping market [4][5] Financial Summary - In Q1 2025, the company achieved revenue of 0.80 billion, a year-on-year increase of 1.33%, and a net profit attributable to the parent company of 0.15 billion, up 3.22% year-on-year [4] - The company's projected revenue for 2025 is 4.08 billion, with a year-on-year growth of 26.9%, and net profit is expected to reach 0.65 billion, reflecting a growth of 20.8% [6] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 41.2, 29.9, and 24.8 respectively, indicating a favorable valuation trend [6] Acquisition Impact - The acquisition of Tongyihe is expected to enhance the company's capabilities in precision stamping technology, which includes 20 patents and partnerships with renowned automotive parts companies [5] - The performance commitment period for Tongyihe is set from 2025 to 2027, with expected net profits of 0.28 billion, 0.32 billion, and 0.36 billion for those years [4]
易实精密（836221）：北交所信息更新：现金收购通亦和51%股权，精冲技术加速减速器零件国产替代