Core Viewpoint - The company is positioned for growth through a dual strategy of traditional business intelligence and the scaling of new energy business, targeting a significant increase in revenue from electric vehicle components and precision electroplating by 2025 and 2030 [2][6]. Group 1: Automotive Stamping Business - The company has been deeply involved in the automotive stamping business for over 30 years, with a focus on expanding its customer base to include major players like Tesla, Li Auto, and Xiaomi, alongside its long-term partnership with SAIC Group [3][11]. - The domestic passenger car stamping market is projected to reach approximately 270 billion yuan by 2025, with a compound annual growth rate (CAGR) of 2.6% from 2025 to 2030 [3][40]. - The competitive landscape of the stamping industry is fragmented, with the top five companies holding a market share of about 9.5%, indicating potential for increased concentration as major manufacturers seek suppliers with strong responsiveness and cost control capabilities [3][45]. Group 2: Precision Electroplating Business - The acquisition of Wuxi Kaixiang in 2022 allowed the company to enter the precision electroplating sector, which has become a significant growth driver, contributing 7% of total revenue and 33% of net profit in 2023 [5][22]. - The company has established itself as a key supplier in the precision electroplating market, achieving over 50% market share domestically and a net profit margin of approximately 60% [5][15]. - The company is actively expanding its technology and customer base in the power semiconductor sector, having secured a partnership with Infineon, a leading player in the industry [5][15]. Group 3: Financial Performance and Projections - The company is expected to achieve revenues of 35.2 billion yuan, 44.5 billion yuan, and 52.8 billion yuan from 2025 to 2027, with net profits projected at 5.0 billion yuan, 6.5 billion yuan, and 8.0 billion yuan respectively [6][8]. - The earnings per share (EPS) are forecasted to increase from 2.01 yuan in 2025 to 3.18 yuan in 2027, reflecting a strong growth trajectory [6][8]. - The company maintains a competitive edge with a projected price-to-earnings (PE) ratio of 16, 12, and 10 for the years 2025 to 2027, indicating favorable valuation metrics [6][8]. Group 4: Management and Corporate Structure - The company has a stable ownership structure, with the controlling shareholders holding 62.49% of the shares, which supports long-term strategic execution [17][21]. - The management team is characterized by a blend of family leadership and professional expertise, enhancing operational stability and strategic direction [21][22]. - The implementation of stock incentive plans aims to align the interests of the core team with the company's growth objectives, fostering a motivated workforce [18][21].

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 31.65 CNY as of July 10, 2025 [6]. Core Insights - The company has entered a pivotal point in its stamping customer structure, with the electroplating business catalyzing new growth. The goal is for the new energy business to account for 25% and 60% of total revenue by 2025 and 2030, respectively [1][3]. - The company has a strong foothold in the automotive stamping parts sector, expanding its customer base and national production capacity, which is expected to drive growth [2][3]. - The acquisition of the electroplating business has created a second growth curve, with the company becoming a key supplier in the precision electroplating sector, particularly in the power semiconductor field [3][19]. Summary by Sections 1. Introduction - The report focuses on the company, which has over 30 years of experience in the automotive parts industry, forming four main business segments: stamping parts, assembly parts, precision electroplating, and molds. The company has established solid partnerships with major automotive manufacturers [10][12]. 2. Stamping Parts and Electroplating Business - The company is a leading supplier of automotive stamping parts, leveraging its long-standing relationship with SAIC Group and expanding into new energy vehicle manufacturers like Tesla and Li Auto [20][32]. - The precision electroplating business, acquired in 2022, has significantly contributed to revenue and profit, with a projected contribution of 1.8 billion CNY in revenue and 1.1 billion CNY in net profit for 2024 [29][45]. 3. Industry Overview - The automotive stamping parts market is projected to reach approximately 270 billion CNY by 2025, with a CAGR of 2.6% from 2025 to 2030. The industry is characterized by a fragmented competitive landscape [47][63]. - The report highlights the increasing demand for lightweight components in the automotive sector, driven by the rise of new energy vehicles, which is expected to enhance the market for stamping parts [46][63]. 4. Financial Forecast and Investment Recommendations - Revenue forecasts for 2025, 2026, and 2027 are estimated at 35.2 billion CNY, 44.5 billion CNY, and 52.8 billion CNY, respectively, with net profits projected at 5.0 billion CNY, 6.5 billion CNY, and 8.0 billion CNY [3][5]. - The report emphasizes the company's strong management capabilities and cost control, which are expected to lead to sustained improvements in net profit margins [2][39].

证券代码：605319 证券简称：无锡振华 公告编号：2025-037 无锡市振华汽车部件股份有限公司 （无锡市滨湖区胡埭镇陆藕东路188号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （上海市黄浦区中山南路119号东方证券大厦） 二〇二五年七月 第一节 重要声明与提示 无锡市振华汽车部件股份有限公司（以下简称"无锡振华"、"发行人"、 "本公司"或"公司"）及全体董事、监事和高级管理人员保证上市公告书的真 实性、准确性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司 董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊载于上交所网站（http://www.sse.com.cn）的《无锡市振华汽车部件股份有 限公司向不特定对象发行可转换公司债券证券募集说明书》（以下简称"《募集 说明书》"）全文。 如无特别说明，本上市公告书中的 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 锡振转债定价：首日转股溢价率 29%~33% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 16 日，无锡振华发布公告，拟于 2025 年 6 月 18 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 5.2 亿元。 其中 4.2 亿元拟用于投资"廊坊振华全京申汽车零部件项目"，总投资 6.48 亿元；1 亿元拟用于补充流动资金。 锡振转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.20 亿元，初始转股价格为 31.98 元，参考 6 月 19 日正股收盘价 格 32.19 元，转债平价 100.66 元，参考同期限同评级中债企业债到期收 益率（6 月 19 日）为 3.66%，到期赎回价 113 元，计算纯债价值为 95.25 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入 ...

观点 证券研究报告·固定收益·固收点评 固收点评 20250620 锡振转债：汽车车身结构件制造主力军 2025 年 06 月 20 日 [Table_Tag] [Table_Summary] 事件 2025-06-19 《安克转债：消费电子出海龙头》 2025-06-17 东吴证券研究所 1 / 13 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《华辰转债：输配电及控制设备领域 先锋》 请务必阅读正文之后的免责声明部分 ◼ 锡振转债（111022.SH）于 2025 年 6 月 18 日开始网上申购：总发行规 模为 5.20 亿元，扣除发行费用后的募集资金净额用于廊坊振华全京申 汽车零部件项目。 ◼ 当前债底估值为 95.23 元，YTM 为 2.81%。锡振转债存续期为 6 年,中 证鹏元资信评估股份有限公司资信评级为 AA-/AA-,票面面值为 100 元， 票面利率第一年至第六年分别为：0.20%、0.40%、0.80 ...

长江商报消息 ●长江商报记者 张璐 长江商报记者注意到，无锡振华围绕"传统业务智能化＋新能源业务规模化"的双轮驱动，深化公司主营 业务发展新格局，公司盈利能力在过去三年呈现显著增长。其中，公司持续深耕汽车零部件领域，2022 年—2024年，无锡振华汽车冲压零部件收入营收占比分别为62.84%、54.9%、58.62%，成为拉动营收增 长的主力军。 近年来，无锡振华产能布局持续完善，目前公司已先后成立了9个生产基地，已形成"无锡+上海+郑州 +宁德+武汉+廊坊"的多地联动布局。截至2025年一季度，无锡振华的资产负债率为50.6%，处于相对低 位。 超八成募资额用于提升产能 6月16日，无锡振华公告，公司拟公开发行可转换公司债券，发行规模5.2亿元，将用于廊坊振华全京申 汽车零部件项目及补充流动资金。 特斯拉、小米汽车供应商无锡振华（605319.SH）紧抓汽车行业发展新机遇，加快扩产步伐。 6月16日，无锡振华公告，公司拟公开发行可转换公司债券，发行规模5.2亿元，将用于廊坊振华全京申 汽车零部件项目及补充流动资金。 据了解，无锡振华主要从事汽车零部件的研发、生产和销售，公司产品广泛应用于乘用车领域，客户包 ...

拟募5.2亿扩产完善布局 资料显示，无锡振华成立于1989年，是一家集设计、研发、制造全方位一体的汽车零部件制造企业，公 司主营业务为汽车冲压及焊接零部件和相关模具的开发、生产和销售，以及提供分拼总成加工服务。 近年来，无锡振华积极扩产。2021年，无锡振华IPO上市之时募资5.61亿元，这笔资金主要用于武汉汽 车零部件生产基地扩建项目、年产量60万台套汽车车身零部件项目、宁德振华振德汽车部件有限公司项 目等建设。 长江商报消息特斯拉、小米汽车供应商无锡振华（605319）(605319.SH)加快扩产步伐。 近日，无锡振华发行可转债申请获得证监会同意注册的批复。公司拟募集资金总额不超过5.2亿元，扣 除发行费用后将用于廊坊振华全京申汽车零部件项目、补充流动资金。 据悉，无锡振华主营业务板块为冲压零部件业务、分拼总成加工业务、模具和选择性精密电镀加工业 务。截至2024年，该公司生产和销售的冲压零部件3500余种，分拼总成500余种。 长江商报记者注意到，近年来，无锡振华产能布局持续完善，目前公司已先后成立了9个生产基地，已 形成"无锡+上海+郑州+宁德+武汉+廊坊"的多地联动布局。公司发展势能充沛，2020 ...