来源|贝多商业&贝多财经 近日，重庆至信实业股份有限公司（下称"至信股份"）就上海证券交易所的第一轮问询函进行了回复。 据贝多商业&贝多财经了解，至信股份于2025年6月递交招股书，报考在上海证券交易所主板上市。 本次报考上市，至信股份计划募资约13.29亿元。其中，10.29亿元将用于冲焊生产线扩产能及技术改造 项目（包括重庆基地、宁波基地、安徽基地），另外3亿元用于补充流动资金。 2022年9月，至信股份增资至约1.59亿元，由宁波明傲、宁波亨楚、合肥宇越、合肥书升、合肥典旭、 宁波煦广认缴新增出资。其中，宁波煦广为陈志宇、敬兵及其女儿的持股平台，宁波明傲、宁波亨楚、 合肥宇越、合肥书升、合肥典旭均为员工持股平台。 2023年3月，至信股份进一步增资至1.62亿元，由宁波煦广、宁波止域认缴新增出资。其中，宁波煦广 为陈志宇、敬兵及其女儿的持股平台。特别说明的是，陈志宇、敬兵夫妇为至信股份实际控制人，累计 控制公司约83.75%的表决权。 业绩方面，至信股份2022年、2023年和2024年的营收分别约为20.91亿元、25.64亿元和30.88亿元，净利 润分别约为7069.10万元、1.32亿元和2.0 ...

Group 1 - The core viewpoint of the news is the ongoing IPO process of Chongqing Zhixin Industrial Co., Ltd., which is still under review as of now [1] - Zhixin Industrial primarily operates in the automotive parts and molds business, with welding parts accounting for 95.93% of its main business revenue in 2024 [1] - The company has seen steady growth in its operating performance over the past three years, with revenues of 2.091 billion, 2.564 billion, and 3.088 billion yuan, and net profits of 71 million, 132 million, and 204 million yuan for the years 2022 to 2024 [1] Group 2 - The controlling stake of Zhixin Industrial is held by Chen Zhiyu and his wife Jing Bing, who together own approximately 83.41% of the shares [1] - The family has a significant presence in the capital market, with connections to notable figures such as Jing Wei and Jing Hong, who have established reputations in the industry [5][9] - The Jing family has been actively involved in capital market activities, with recent investments including a 21.31% stake in a listed company and a planned IPO for another company [8][9]

Group 1: Financial Performance - The company experienced a loss in Q1 2025 due to delays in mold business projects from overseas clients, impacting current performance [2] - Despite quarterly fluctuations, the overall operational profitability is expected to improve in the long term [3] - The company repurchased shares worth approximately 39.96 million yuan in 2024, with potential for further buyback plans depending on market conditions [3] Group 2: Business Operations and Strategy - The company has a robust order backlog in its mold business and multiple projects in the welding parts sector set to begin mass production within the year [3] - The overseas business, primarily in molds, accounts for about 10% of revenue from the U.S., with no trade barriers in other countries [2] - The company is enhancing its overseas capabilities and expanding its product line to mitigate trade risks [4] Group 3: Market and Industry Outlook - The global automotive industry faces uncertainties due to trade systems and macroeconomic fluctuations, affecting the company's main business [3] - The Austin factory in the U.S. has not yet turned profitable, with its business model awaiting stabilization from trade uncertainties [3] - The company aims to strengthen its overseas presence by leveraging customer resources and improving production capabilities [4]

汽车零部件业务快速放量，发行可转债加速扩产： | 投资要点 | | --- | 事件： 公司发布2025年一季报，2025Q1公司营收达7.47亿元，同比+47.76%/环比+6.98%，主要系模具 Q1交付多＋智界R7 Q1集中交付；25Q1公司归母净利润达0.97亿元，同比+28.49%/环 比-0.31%。 从盈利能力看，公司25Q1毛利率达25.00%，同比+1.26pct/环比-1.82pct；25Q1净利率14.88%， 同比-1.37pct/环比-2.03%。25Q1公司三费费用率达4.49%，同比-1.80pct/环比-1.14pct。其中销售 费用/管理费用/财务费用率分别达0.69%/3.84%/-0.05%，研发费用率达3.93%。 25Q1投资收益1337万，环比减少1000万，主要系奇瑞销量Q1 62万辆，同比+17%，环 比-27%。在奇瑞Q1销量环比下滑导致投资收益减少一千万的情况下，公司净利润能保持环比 持平，经营持续向好。 | 现金流量表(百万元) | 2024A | 2025E | 2026E | 2027E | 重要财务与估值指标 | 2024A | 2025E | 20 ...