Core Viewpoint - Huaxin Precision Technology (603370.SH) has initiated its IPO with an issue price of 18.6 yuan per share and a price-to-earnings ratio of 21.68 times, focusing on the research, production, and sales of precision stamping products, particularly precision stamping cores for various applications, including electric vehicles [1][2]. Company Overview - Huaxin Precision Technology specializes in precision stamping products, with its main offerings being various types of precision stamping cores, including those for new energy vehicle drive motors, micro motors, electrical equipment, and ignition coils [1]. - The company has established strong partnerships with major automotive and electrical equipment manufacturers, including Valeo, Bosch Group, and BYD, among others [1][2]. Financial Performance - The company reported revenues of approximately 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of about 114 million yuan, 156 million yuan, and 150 million yuan during the same periods [4]. - For the fiscal year ending 2024, total assets are projected to reach approximately 1.837 billion yuan, with equity attributable to shareholders expected to be around 1.040 billion yuan [5]. Market Position - Huaxin Precision Technology ranks among the top five domestic manufacturers in the precision stamping core market in both global and Chinese contexts, with a significant market share [3]. - The company is recognized as one of the two global suppliers of cores for BMW's fifth-generation electric vehicle drive motors, contributing significantly to its revenue [2]. Future Projections - The company anticipates a growth in revenue and net profit for the first half of 2025, with expected revenues ranging from approximately 710 million to 785 million yuan, reflecting an increase of 12.84% to 24.71% compared to the first half of 2024 [7].

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) has successfully passed the IPO meeting on June 6, aiming to raise 712 million RMB, focusing on the research, production, and sales of precision stamping products, particularly precision stamping iron cores for various applications [1] Company Overview - Huaxin Precision specializes in precision stamping iron cores, which include types for new energy vehicle drive motors, micro motors, electrical equipment, and ignition coils, supplying major domestic and international automotive parts manufacturers and electric equipment manufacturers [1] - The company has established strong partnerships with well-known enterprises such as Valeo, Delta Electronics, Bosch Group, and BYD, becoming a mainstream supplier in the industry [1] Technical and Operational Strengths - The company has accumulated rich experience and technical reserves in the precision stamping business, mastering core production processes such as self-locking riveting, argon arc welding, and laser welding, with the capability to mass-produce ultra-thin silicon steel [2] - Huaxin Precision has achieved long-term batch supply of iron core products to several renowned domestic and international companies, demonstrating its technical advantages in product precision and quality stability [2] Financial Performance - For the fiscal years 2022, 2023, and 2024, Huaxin Precision reported revenues of approximately 1.192 billion RMB, 1.189 billion RMB, and 1.421 billion RMB, respectively, with net profits of approximately 114 million RMB, 156 million RMB, and 150 million RMB [2] - The total assets of the company are projected to reach approximately 1.837 billion RMB by the end of 2024, with a debt-to-asset ratio of 40.67% [3] - The company's equity attributable to shareholders is expected to be around 1.040 billion RMB by the end of 2024, reflecting a steady increase in financial health [3]

Group 1 - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) application of Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) on June 6, 2025 [2] - Huaxin Precision plans to publicly issue no more than 43.7375 million shares, accounting for no less than 25% of the total share capital after issuance [4] - The IPO aims to raise 720 million yuan, which will be used for the expansion of new energy vehicle drive motor core projects, precision stamping and mold R&D center projects, and to supplement working capital [4] Group 2 - Huaxin Precision was established on August 19, 2002, and is located in Jiangyin City, focusing on the R&D, production, and sales of precision stamping products, primarily precision stamping cores and related molds [5] - The main products include various types of precision stamping cores, such as those for new energy vehicle drive motors, micro motors, electrical equipment, and ignition coils [5] Group 3 - In the fiscal years 2022, 2023, and 2024, Huaxin Precision's operating revenues were 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan, respectively, while net profits attributable to the parent company were 114 million yuan, 156 million yuan, and 153 million yuan [9] - The comprehensive gross profit margins for the same periods were 16.89%, 21.86%, and 20.43%, with weighted average return on equity at 17.75%, 19.37%, and 15.92% [9] Group 4 - As of the end of 2024, Huaxin Precision's total assets amounted to 1.837 billion yuan, with equity attributable to shareholders of the parent company at 1.040 billion yuan [10] - The company's asset-liability ratio was 40.67% at the end of 2024, down from 40.92% in 2023 and 45.74% in 2022 [10] Group 5 - The actual controllers of Huaxin Precision are Guo Zhengping, Guo Yunrong, and Guo Wanrong, who collectively control 68.97% of the company's shares through their investment firm [11][13] - Guo Zhengping, born in 1957, serves as the chairman, while Guo Yunrong and Guo Wanrong hold positions as board members and executives [13]