Group 1 - The core viewpoint of the news is that Xiangxin Technology has seen a significant increase in stock price, rising by 5.07% to 39.19 CNY per share, with a total market capitalization of 10.4 billion CNY [1] - Xiangxin Technology specializes in the research, production, and sales of precision stamping molds and metal structural components, with a focus on various sectors including new energy vehicles, fuel vehicles, energy storage equipment, and communication devices [1] - The revenue composition of Xiangxin Technology is as follows: 54.24% from new energy vehicle components, 17.30% from fuel vehicle components, 16.41% from energy storage equipment, 10.21% from communication devices, and 1.83% from other sources [1] Group 2 - Green Fund has a significant holding in Xiangxin Technology, with the Green Emerging Industries Mixed A Fund (014327) holding 3,100 shares, representing 7.6% of the fund's net value, making it the fourth largest holding [2] - The Green Emerging Industries Mixed A Fund has achieved a year-to-date return of 44.71% and a one-year return of 29.93%, ranking 1524 out of 8140 and 2223 out of 8056 respectively in its category [2] - The fund manager, Wang Zhenlin, has been in charge for approximately 3 years and has achieved a best return of 41.38% and a worst return of -33.25% during his tenure [3]

Core Viewpoint - Xiangxin Technology, established in 2004 and listed in 2019, specializes in precision stamping molds and metal structural components, focusing on the new energy vehicle sector and holding multiple patents in this field [1] Group 1: Business Performance - In Q3 2025, Xiangxin Technology reported revenue of 5.667 billion, ranking fifth among 55 companies in the industry [2] - The company's main business segments include precision stamping molds and metal structural components for new energy vehicles (1.937 billion, 54.24%), fuel vehicles (618 million, 17.30%), energy storage (586 million, 16.41%), and communication equipment (365 million, 10.21%) [2] - The net profit for the same period was 162 million, placing it sixteenth in the industry [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.83%, higher than the industry average of 40.56% [3] - The gross profit margin was 12.14%, below the industry average of 21.56% [3] Group 3: Executive Compensation - The chairman, Chen Rong, received a salary of 1.815 million, unchanged from the previous year [4] - The general manager, Xie Xiangwa, also received a salary of 1.791 million, consistent with the prior year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.22% to 44,900 [5] - The average number of shares held per shareholder decreased by 7.59% to 4,437.61 [5] Group 5: Business Highlights and Future Outlook - In H1 2025, revenue from the new energy vehicle segment grew by 2.78%, while the communication equipment segment saw a significant increase of 145.99% [6] - The company is expanding into liquid cooling, robotics, and low-altitude economy sectors [6] - EPS forecasts for 2025-2027 are 1.38, 1.85, and 2.37, with corresponding P/E ratios of 29, 22, and 17 [6]

Core Viewpoint - The company experienced revenue growth in 2024, reaching 6.744 billion yuan, a year-on-year increase of 18.25%, while net profit declined to 359 million yuan, down 11.63%, indicating both opportunities and challenges in its operations [1][2][3]. Financial Performance - Revenue for 2024 was 6,744,224,014.49 yuan, up from 5,703,204,128.39 yuan the previous year, marking an 18.25% increase [2]. - The automotive manufacturing sector generated 5,002,853,733.52 yuan, accounting for 74.18% of total revenue, with a year-on-year growth of 12.85% [2]. - The metal products sector saw significant growth, with revenue of 1,518,385,713.76 yuan, a 60.66% increase [2]. - Revenue from computer, communication, and other electronic equipment manufacturing dropped to 115,750,077.83 yuan, down 49.38% [2]. - The most rapid growth came from energy storage equipment precision stamping molds and metal structural parts, which generated 1,216,926,538.98 yuan, up 123.03% [2]. Profitability Challenges - Net profit attributable to shareholders was 359,441,766.08 yuan, down from 406,736,577.67 yuan, reflecting an 11.63% decline [3]. - The decrease in net profit is attributed to intensified market competition, leading to lower product prices and profit margins, as well as increased operational costs [3]. Expense Analysis - Sales expenses rose to 36,021,193.36 yuan, a 20.09% increase due to expanded sales activities [4]. - Management expenses increased by 8.58% to 277,718,044.36 yuan, driven by higher personnel costs and operational expenses [4]. - Financial expenses showed a significant decrease, reaching -6,209,332.66 yuan, primarily due to foreign exchange fluctuations [4]. - Research and development expenses amounted to 243,204,126.73 yuan, representing 3.61% of revenue, with a 17.34% increase from the previous year [4]. Cash Flow and Investment - Net cash flow from operating activities decreased by 19.92% to 294,197,764.45 yuan, influenced by increased operational costs [5]. - Net cash flow from investing activities worsened to -559,178,097.00 yuan, reflecting a 64.15% increase in cash outflows [5]. - Net cash flow from financing activities surged to 693,368,511.32 yuan, a 753.35% increase, due to funds raised from issuing shares and loans [5]. Research and Development Focus - The company invested 24,320.41 million yuan in R&D, which is 3.61% of revenue, emphasizing its commitment to innovation and technology development [7]. - The number of R&D personnel increased from 449 to 542, a growth of 20.71%, indicating a focus on talent acquisition for sustained innovation [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the automotive and automotive parts industry [6]. Core Views - The company's core business in new energy structural components is stable, while its robotics segment is expected to provide new growth opportunities. The projected net profits for 2024-2026 are estimated at 382 million, 492 million, and 618 million yuan respectively, with a corresponding PE ratio of 28, 22, and 17 times for those years. The target price is set between 60.25 and 72.3 yuan, based on a 25-30 times PE valuation for 2025 [4][6]. Summary by Sections 1. Company Development and Market Position - The company has established a solid core technology system in the mold and metal structural components sector since its inception in 2004, expanding into automotive stamping molds and metal structural components in 2008. It has gradually accumulated production experience and developed new technologies in precision stamping molds, covering automotive, energy storage photovoltaic, and communication sectors [1][13]. - The company has invested in a subsidiary in Mexico to further explore overseas markets [1]. 2. New Energy Vehicle Market Potential - The demand for stamping parts is increasing due to the rising penetration of new energy vehicles (NEVs) and the trend towards automotive lightweighting. Major clients such as Geely and BYD are expected to see significant sales growth, with Geely targeting 2.71 million vehicles by 2025, a 24.5% increase from 2024, and BYD aiming for over 5 million vehicles, a 17% increase [2][48]. 3. Robotics and Smart Manufacturing - The company has established a subsidiary focused on humanoid robotics and formed a strategic partnership with the Guangdong Academy of Sciences to innovate key components for humanoid robots. This collaboration aims to leverage research capabilities in areas such as dexterous hands and digital simulation design [3][5]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with projected revenues of 7.03 billion, 8.75 billion, and 10.98 billion yuan for 2024-2026, reflecting growth rates of 23.31%, 24.42%, and 25.51% respectively. The net profit is expected to grow significantly, with a notable increase of 300.38% in 2022 compared to 2021 [5][26][28]. 5. Industry Trends and Customer Base - The new energy vehicle sector is experiencing rapid growth, with NEV sales in China projected to rise from 1.21 million in 2019 to 12.87 million in 2024, representing a compound annual growth rate (CAGR) of 60.55% [36]. - The company has established long-term partnerships with leading battery manufacturers, contributing to its revenue growth. It supplies battery box components to major players like CATL and BYD, which dominate the domestic market [51][52]. 6. Strategic Collaborations and Market Expansion - The company has formed partnerships with international leaders in the photovoltaic and energy storage sectors, enhancing its market position and expanding its customer base. It has secured supplier certifications from major companies, enabling mass production of various products [61][63].

天衡会计师事务所（特殊普通合伙） 关于祥鑫科技股份有限公司向特定对象发行股 票的审核问询函的回复 天衡专字(2023) 00925 号 天衡会计师事务所（特殊普通合伙） 2-1 t and the state of the state 宙核间询函回复 祥鑫科技股份有限公司 关于祥鑫科技股份有限公司 向特定对象发行股票的审核问询函的回复 天衡专字(2023) 00925号 深圳证券交易所:: 贵所于2023年4月4日出具的《关于祥鑫科技股份有限公司申请向特定对象发 行股票的审核问询函》(审核函〔2023〕120044号)(以下简称"审核问询函") 己收悉,天衡会计师事务所(特殊普通合伙)(以下简称"发行人会计师")作 为祥鑫科技股份有限公司(以下简称"祥鑫科技"、"发行人"、"公司") 向特定对象发行股票的申报会计师,我们对审核问询函中有关财务事项进行了审 慎核查,现回复如下,请予以审核。 除另有说明外,本问询函回复使用的简称与《祥鑫科技股份有限公司向特定 对象发行股票募集说明书(申报稿)》中的释义相同。 本间询函回复中的字体代表以下含义: | 字体 | 含义 | | --- | --- | | 黒体加粗 | ...