（编辑 袁冠琳） 证券日报网讯 1月30日，通达动力在互动平台回答投资者提问时表示，截至目前，公司暂未与博世建立 直接合作关系，亦未在电机铁芯配套业务方面开展相关合作。公司始终积极拓展优质客户与业务机会。 ...

Core Viewpoint - The company, Zhenyu Technology, plans to issue convertible bonds to raise up to 1.88 billion yuan for various projects, including lithium battery components and humanoid robot modules [1] Group 1: Fundraising and Project Allocation - The company intends to raise a total of 1.88 billion yuan through the issuance of convertible bonds [1] - The funds will be allocated to four main areas: 752 million yuan for lithium battery precision structural components expansion, 282 million yuan each for the first phase of humanoid robot precision module and component industrialization, and motor core expansion projects, and 564 million yuan for working capital [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 5.752 billion yuan, 6.019 billion yuan, and 7.129 billion yuan respectively, with revenue of 6.593 billion yuan recorded from January to September 2025 [1] - Net profit for the same periods is expected to be 104 million yuan, 43 million yuan, and 254 million yuan, with a net profit of 411 million yuan for the first nine months of 2025 [1] Group 3: Asset and Funding History - As of September 2025, the company's total assets amount to 12.035 billion yuan, with a debt-to-asset ratio of 64.43% [1] - The company has raised a total of approximately 2.571 billion yuan through various funding methods, including an initial public offering and specific stock issuances [1] - The initial public offering raised 596 million yuan, with 566 million yuan actually invested; the specific stock issuance raised 792 million yuan, fully utilized for working capital and bank loan repayment; and the 2023 convertible bonds raised 1.183 billion yuan, with 909 million yuan already invested by September 2025, with some project uses adjusted for the construction of electric motor core production lines for new energy vehicles [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company has a strong growth trajectory in precision manufacturing, particularly in the fields of electric motor cores and lithium battery structural components, with a significant increase in revenue and profit margins expected [8][14]. - The entry into the humanoid robot sector is seen as a strategic move, with high technical barriers and substantial profit potential [8][14]. - The company is expected to benefit from automation improvements and cost reductions, leading to a recovery in profit margins [8][14]. Summary by Sections 1. Company Overview - The company has been deeply involved in the precision mold industry for over 20 years, expanding into electric motor cores and lithium battery structural components, achieving rapid growth [14]. - Established in 1994, the company has evolved from manufacturing steel needles to becoming a leader in precision stamping molds and structural components [14]. 2. Financial Performance - The company’s revenue grew from 1.193 billion to 7.129 billion yuan from 2020 to 2024, with a CAGR of 42.96% [23]. - The net profit increased from 130 million to 254 million yuan during the same period, reflecting a CAGR of 14.42% [23]. - The company’s gross margin for lithium battery structural components is projected to rise to over 12% by 2025 [8][23]. 3. Precision Molding Business - The precision stamping mold technology is critical for downstream component performance, and the company is recognized as a domestic leader in this field [33][40]. - The company’s molds are used in various industries, including automotive and industrial control, with a focus on high efficiency and precision [33][40]. 4. Lithium Battery Structural Components - The company has established strong partnerships with major clients like CATL, leading to a rapid increase in market share [8][14]. - Revenue from lithium battery structural components is expected to grow by over 35% starting in 2025, driven by increased demand from second and third-tier battery clients [8][14]. 5. Humanoid Robot Sector - The company is entering the humanoid robot market, focusing on the production of precision components such as lead screws, which are essential for robot functionality [8][14]. - The lead screw market is characterized by high technical barriers, and the company is well-positioned to capture significant market share due to its existing precision manufacturing capabilities [8][14]. 6. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 413 million, 575 million, and 785 million yuan respectively, with year-on-year growth rates of 62.67%, 39.21%, and 36.52% [1][8].