Summary of Key Points Core Viewpoint The company, Guangdong Haomei New Materials Co., Ltd., is planning to issue A-shares to specific investors to raise funds for various projects, including capacity expansion and technological upgrades, while ensuring the protection of investors' interests through specific measures to mitigate the dilution of immediate returns. Group 1: Fundraising and Financial Details - The company raised a total of RMB 63,686.27 million from its initial public offering (IPO) in May 2020, with actual funds received amounting to RMB 58,989.35 million after deducting issuance costs [2][3] - In January 2022, the company issued 824,000 convertible bonds, raising RMB 82,400.00 million, with actual funds received being RMB 81,316.57 million after costs [3] - As of September 30, 2025, the company had a remaining balance of RMB 7,171.56 million from previous fundraising efforts, with RMB 4,000.00 million temporarily used to supplement working capital [23][24] Group 2: Fund Utilization and Project Changes - The company has utilized RMB 52,812.20 million from the IPO funds and RMB 68,513.68 million from the convertible bond funds for various projects as of September 30, 2025 [7][8] - Changes in project implementation have occurred, including the transfer of the "Aluminum Alloy New Material Construction Project" to a subsidiary, which is expected to enhance resource integration and operational efficiency [8][10] - The company has also adjusted the use of funds for the "High-end Energy-saving System Windows and Curtain Walls Production Base" project to focus on "Annual Production of 20,000 Tons of Aluminum Alloy Profiles and 2 Million Sets of Component Deep Processing Technology Renovation Project" [10][12] Group 3: Impact on Financial Metrics and Investor Returns - The company anticipates that the upcoming issuance of A-shares will dilute immediate returns, with projections indicating a decrease in earnings per share post-issuance [35][36] - To mitigate the impact of dilution, the company has outlined specific measures, including improving operational efficiency, ensuring proper fund management, and enhancing profit distribution policies [43][44][47] - The company has committed to maintaining a stable profit distribution policy to protect investor interests and ensure sustainable returns [47][48] Group 4: Regulatory Compliance and Governance - The company has not faced any penalties from regulatory bodies in the past five years, except for a warning issued in December 2023 regarding inaccurate disclosures [51][52] - The company emphasizes its commitment to improving internal controls and compliance with relevant laws and regulations to enhance information disclosure quality [52]

人民财讯11月17日电，豪美新材（002988）11月17日公告，公司拟向特定对象发行股票的募集资金总额 不超过18.97亿元，用于华东汽车轻量化高性能铝型材及零部件产能扩充项目、华南汽车轻量化高性能 铝型材及零部件产能扩充项目、研发创新中心建设项目、华南生产基地智能化技术改造项目及补充流动 资金。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The automotive lightweighting trend is irreversible, driven by "dual carbon" policies and the endogenous needs of new energy vehicles. Aluminum alloy is the most cost - effective lightweight material under the current technical system, and its application in the automotive industry is gradually expanding. However, the process of "aluminum replacing steel" is more complex than expected, and the development of automotive casting aluminum alloy consumption needs to be comprehensively considered from multiple aspects such as technology, market, and policy [3][11][54] Summary by Relevant Catalogs 1. Era Wave: Automotive Lightweighting in Progress - **"Dual Carbon" Policy as the Core Driving Force**: The "dual carbon" policy is the fundamental driving force for automotive lightweighting. The "Technical Roadmap 2.0" and "Technical Roadmap 3.0" of energy - saving and new energy vehicles have set clear goals for automotive lightweighting and carbon emission reduction at different stages [3] - **Material Lightweighting and Aluminum Alloy Advantages**: Material lightweighting is the foundation, and among various lightweight materials, aluminum alloy has significant advantages. It has good weight - reduction effects, corrosion resistance, and is more cost - effective compared to magnesium alloy and carbon fiber materials, making it the most cost - effective lightweight material at present [8][11] - **Regenerated Aluminum as the Primary Choice**: Regenerated aluminum has become the primary choice for automotive die - castings due to its ability to meet the performance requirements of die - cast aluminum alloy, and it also has significant economic and environmental benefits [12][14] - **Rapid Development of Integrated Die - Casting**: Integrated die - casting can simplify the automotive manufacturing process, reduce costs, and improve manufacturing accuracy and structural strength. It has been actively promoted by Tesla and domestic car - making new forces [15] - **免热处理压铸铝合金引领潮流**:免热处理压铸 aluminum alloy is an important cornerstone of integrated die - casting. Although it currently uses primary aluminum, regenerated aluminum is expected to benefit in the future [18] 2. Peering into the Application of Automotive Aluminum Alloy - **Body Lightweighting**: Aluminum alloy penetration in the body is accelerating, and the steel - aluminum hybrid body has become the mainstream. Different parts of the body use different aluminum alloy materials, such as 5XXX and 6XXX series deformed aluminum alloys for body panels, and AlSi10MnMg alloy for body structural parts [25][35][36] - **Chassis Lightweighting**: Chassis lightweighting has entered a new stage, and aluminum alloy is reshaping the future of the chassis. Although there is a gap in the aluminization rate between domestic and foreign markets, it is expected to accelerate penetration [40] - **Engine Lightweighting**: Aluminum alloy is widely used in engine components such as cylinder blocks, cylinder heads, pistons, etc., which can effectively reduce the weight of the engine and improve fuel efficiency [43][44] - **Three - Electric System Lightweighting**: The concept of automotive lightweighting has shifted from "lighter single components" to "optimal system integration", and the battery system is a typical example [48] - **Management System Lightweighting**: Aluminum alloy is the basic material for the automotive thermal management system. The rise of new energy vehicles has driven the increase in the demand for aluminum heat - transfer materials, and aluminum brazing composite materials are the core beneficiaries [49] 3. Thoughts on "Aluminum Replacing Steel": Deviation of Linear Extrapolation - **Reasons for the Complexity of "Aluminum Replacing Steel"**: There are four main reasons for the complexity of "aluminum replacing steel", including battery technology breakthroughs, the shortcomings of single - material replacement, market acceptance and business logic, and the cost challenges of integrated die - casting [54] - **Observation Perspectives**: Through the analysis of the changes in the exhibition cars at the ECB conference, the evolution of the body materials of Audi A8 and NIO's full - range models, it is found that the application of steel - aluminum hybrid bodies is gradually increasing, and multi - material collaborative design will become the industry norm [57][61][64] 4. Bottom - Up Calculation of the Consumption of Automotive Casting Aluminum Alloy - **Selection of the Caliber of Aluminum Consumption per Vehicle**: The data from the CM Group is selected as the underlying data for splitting and prediction because it is considered to be more in line with the actual aluminum consumption per vehicle in the automotive industry [70] - **Calculation Logic of ADC12 Consumption in the Automotive Industry**: A calculation model is constructed, including benchmark data decomposition, component material identification, differentiated correction for different models, and final summation to estimate the total ADC12 consumption in the automotive industry [72] - **Calculation of Aluminum Consumption per Component for Different Types of Vehicles**: The aluminum consumption per vehicle and ADC12 consumption per vehicle for fuel vehicles, pure - electric vehicles, and hybrid vehicles in 2025 and 2030 are calculated respectively [74][76][78] - **Sales Forecast of the Chinese Automotive Industry during the "15th Five - Year Plan"**: It is expected that the production and sales of the Chinese automotive industry will continue to reach new highs in 2025, and the new energy vehicle market will become more competitive in the future [79] - **Calculation of Aluminum Consumption and ADC12 Demand for Different Vehicle Types in the Chinese Automotive Industry**: It is expected that the ADC12 consumption of fuel vehicles will gradually decrease, while that of new energy vehicles will continue to increase. The total consumption of recycled casting aluminum alloy may remain stable [81]

Group 1: Company Overview - Zhejiang Jingu Co., Ltd. was listed on the Shenzhen Stock Exchange in 2010 and is a leading manufacturer in the wheel manufacturing industry in China [2] - The company is transitioning from a traditional parts manufacturer to a new materials solution provider, driven by advanced material technology [2][3] Group 2: Material Technology and Strategic Upgrade - The company has developed the "Avatar" niobium micro-alloy material, which has a maximum strength of 2000 MPa, approximately twice that of titanium alloys and five times that of aluminum alloys, enabling weight reduction and cost savings [2][3] - Continuous investment in R&D has led to iterative upgrades of the Avatar material, expanding into other metal materials, composite materials, and modified plastics [3] Group 3: Automotive Parts Business Growth - The company is a significant player in the automotive wheel industry, leveraging its unique "Avatar low-carbon wheel" to establish a competitive advantage amid the trend towards automotive lightweighting [3] - The company has launched new product series, including "Gemini" and "Cybertron," aiming to cover a wide range of passenger vehicles from economy to mid-high-end models [3] - Rapid capacity expansion is underway with new production lines established in multiple domestic locations and overseas, including Thailand, to support performance growth [3] - The company has deepened partnerships with major domestic automakers like BYD and Changan, while also securing significant projects in international markets, with projected sales of $158 million from a U.S. project over five years [3] Group 4: Emerging Market Expansion - The company is strategically moving into the robotics industry, where lightweight, strong, and durable materials are essential for core components [4] - The electric two-wheeler market is expected to grow due to new safety regulations, prompting the company to apply its four-wheeler technology to this sector, which could significantly contribute to future performance [4] Group 5: Q&A Highlights - The Avatar niobium micro-alloy wheels are characterized by innovative design, lightweight, high precision, strength, better balance, enhanced deformation resistance, durability, and cost-effectiveness [5] - The company is actively collaborating with various enterprises in the robotics sector to enhance its competitive edge in high-end manufacturing [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Insights - The company has achieved a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company reported a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9]. - The automotive lightweight components business continues to optimize customer structure and enhance R&D efforts in aluminum and magnesium alloy applications. The company is also expanding its collaboration with key new energy customers [2][25]. - The general aviation aircraft manufacturing business is focused on innovation, with a strong order book and ongoing development of new aircraft models, including eVTOL and drones. The acquisition of Volocopter's core assets aims to create a commercial ecosystem for urban air mobility solutions [2][26]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.922 billion yuan, down 1.93% year-on-year, and a net profit of 229 million yuan, up 38.14% year-on-year. The gross margin for Q3 was 15.3%, a decrease of 0.4 percentage points year-on-year, while the net margin improved by 1.3 percentage points to 6.6% [1][18]. - For the first three quarters of 2025, the automotive lightweight components revenue was 9.385 billion yuan, a slight increase of 0.02% year-on-year, while the general aviation aircraft revenue was 2.031 billion yuan, up 2.20% year-on-year [9][26]. Business Segments - The automotive lightweight components segment focuses on aluminum and magnesium alloys, with ongoing efforts to enhance production efficiency and optimize product structure for new energy vehicles [25][29]. - The general aviation segment is expanding its market presence with a robust order book and continuous innovation in aircraft manufacturing, including the development of eVTOL and other new aircraft models [2][26]. Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][35] Core Insights - The company reported a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company achieved a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9] - The company focuses on lightweight automotive components and general aviation aircraft manufacturing, positioning itself as a leader in the low-altitude economy through its eVTOL and other aviation innovations [2][25][28] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter. The net profit for the same quarter was 229 million yuan, up 38.14% year-on-year and 1.35% quarter-on-quarter [1][9] - The gross margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The net margin improved by 1.3 percentage points year-on-year to 6.6% [1][18] Business Segments - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year. The general aviation aircraft manufacturing segment achieved revenue of 2.031 billion yuan, up 2.20% year-on-year [1][26] - The company is enhancing its customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, while also expanding its collaboration with core new energy customers [2][25] Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35] - The company is actively pursuing opportunities in the low-altitude economy, particularly through the development of eVTOL aircraft and expanding its market presence in urban air mobility solutions [2][28]

Core Viewpoint - Jin Hongshun's stock has shown volatility with a year-to-date decline of 12.79%, but recent trading indicates a recovery trend with a 6.93% increase over the last five trading days [1] Group 1: Stock Performance - As of November 14, Jin Hongshun's stock price reached 21.75 CNY per share, with a market capitalization of 3.898 billion CNY [1] - The stock has experienced a trading volume of 39.22 million CNY, with a turnover rate of 1.02% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on August 14, where it recorded a net buy of -6.0194 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Jin Hongshun reported operating revenue of 471 million CNY, a year-on-year decrease of 26.34% [2] - The net profit attributable to shareholders was 15.7079 million CNY, reflecting a significant year-on-year increase of 200.89% [2] Group 3: Shareholder Information - As of September 30, the number of shareholders for Jin Hongshun was 11,400, a decrease of 36.39% from the previous period [2] - The average number of circulating shares per shareholder increased by 57.22% to 15,752 shares [2] Group 4: Dividend Information - Since its A-share listing, Jin Hongshun has distributed a total of 60.8 million CNY in dividends, with 2.56 million CNY distributed over the last three years [3]

Core Insights - The company has secured aluminum alloy wheel projects from three clients, with a total expected sales revenue of approximately 1.135 billion yuan over the project lifecycles [1][2] Group 1: Project Details - Client 1's low-pressure casting aluminum alloy wheel project is expected to start mass production in January 2027, with a project lifecycle of 6 years and an estimated sales amount of about 697 million yuan [2] - Client 2's forged and spun aluminum alloy wheel project is anticipated to begin mass production in December 2027, with a project lifecycle of 4 years and an estimated sales amount of approximately 168 million yuan [2] - Client 3's spun aluminum alloy wheel project is projected to start mass production in December 2025, with a project lifecycle of 3 years and an estimated sales amount of around 270 million yuan [2] Group 2: Company Strengths - The company has nearly 40 years of experience in aluminum alloy and lightweight aluminum products, particularly in the high-end aluminum alloy wheel sector for automotive lightweighting [1] - The recent project confirmations highlight the clients' recognition of the company's capabilities in high-end aluminum alloy wheel product development, design, technical quality, and production assurance [1]

Core Viewpoint - LIZHONG Group has received project notifications for aluminum alloy wheels from multiple subsidiaries, with a total sales amount of approximately 1.135 billion yuan during the project period [2] Group 1: Project Details - The three subsidiaries awarded the project are Lizhong Mexico S DE RL DE CV, NewThai Wheel Manufacturing Co., Ltd., and Baoding Lizhong Wheel Manufacturing Co., Ltd. [2] - The sales amounts from different clients include approximately 697 million yuan (6 years), 168 million yuan (4 years), and 270 million yuan (3 years), totaling about 1.135 billion yuan [2] Group 2: Company Background - LIZHONG Group positions itself as a global supplier of new materials and lightweight automotive components, focusing on aluminum alloy and lightweight products for nearly 40 years [2] - The company has accumulated rich technology and production experience in the high-end aluminum alloy wheel sector [2] Group 3: Financial Performance - For the first three quarters of 2025, the company achieved total operating revenue of 22.921 billion yuan, representing a year-on-year growth of 18.34% [2] - The net profit attributable to shareholders reached 625 million yuan, with a year-on-year increase of 26.77% [2] Group 4: Strategic Implications - The recent project award highlights the recognition of the company's capabilities in high-end aluminum alloy wheel product development, design, technical quality, and production assurance [2] - This achievement further consolidates the company's leading advantage in its global strategic layout [2]

Core Viewpoint - The automotive industry is rapidly transitioning towards lightweight, intelligent, and electric vehicles, leading to the emergence of integrated die-casting technology, which simplifies production processes and enhances efficiency [2][4]. Industry Overview - Integrated die-casting technology consolidates multiple components into a single large casting, significantly reducing production complexity and costs while improving vehicle performance [2][4]. - Tesla's implementation of this technology in the Model Y has demonstrated a reduction in the number of parts from over 70 to a single casting, resulting in a weight reduction of approximately 10% and an increase in vehicle range [2][4]. Market Growth - The integrated die-casting industry in China is projected to grow from 0.09 billion yuan in 2020 to 18.57 billion yuan by 2024, with a compound annual growth rate (CAGR) of 279% [2]. - By 2025, the market size is expected to reach 36.8 billion yuan, driven by increasing demand from the booming new energy vehicle sector [2]. Technological Advancements - Integrated die-casting technology simplifies traditional automotive manufacturing processes by merging stamping and welding into a single step, thus reducing manufacturing costs by approximately 40% and increasing production efficiency [5][6]. - The use of super-large die-casting machines is crucial for this technology, with only a few manufacturers capable of producing machines with capacities exceeding 6000 tons [12]. Policy Support - The Chinese government has introduced various policies to promote integrated die-casting technology, which is essential for the lightweight production of vehicles, thereby supporting the transition to electric and intelligent vehicles [8][9]. - Recent initiatives include the "Nonferrous Metals Industry Stabilization and Growth Work Plan" aimed at accelerating the development of integrated die-casting and related technologies [9]. Industry Chain - The integrated die-casting industry chain consists of upstream raw materials and equipment, midstream die-casting companies, and downstream vehicle manufacturers [10]. - Key players in the upstream market include American Aluminum and German Rheinmetall, while domestic companies are striving for local alternatives [10]. Application in Automotive Sector - Integrated die-casting is primarily used in manufacturing critical automotive components such as rear floors, front compartments, and battery trays, significantly simplifying the assembly process and reducing costs [14]. - The production of new energy vehicles in China has surged, with output expected to grow from 340,500 units in 2015 to 12.888 million units by 2024, reflecting a CAGR of 49.74% [14].