开辟增长新曲线 锚定双轮驱动战略 在全球汽车产业格局重构之际，国际化布局与国内产能优化成为汽车零部件企业破局的两个重要路径。 对此，凯众股份锚定"国内优化+海外扩张"的双轮驱动战略，推动海内外市场协同发力、全域赋能。 侯振坤表示，在国内，凯众股份3.08亿元可转债资金投入的南通基地扩产项目稳步推进，该项目建成 后，将新增年产聚氨酯减震元件2700万件、轻量化踏板总成350万件的产能，"公司第三代自动化生产线 即将调试完成，产能较前代大幅提高且占地面积更少，单位面积产出与利润将显著提升。同时，公司创 新采用'主生产基地+卫星工厂'模式，在广州、宁德、洛阳等地布局卫星工厂，以便就近装配与快速响 应客户需求，后续还计划根据业务拓展新增2家至3家工厂。" 与此同时，凯众股份的国际化布局蹄疾步稳。据侯振坤介绍，2024年，凯众股份在墨西哥的工厂已正式 量产，直接服务于国际知名新能源车企，以及通用、福特等北美核心客户，并可覆盖墨西哥当地450万 台/年的汽车产能。此外，公司同步推进的摩洛哥工厂将于明年一季度开始建设，预计2026年底投产， 该工厂将凭借"距西班牙直线14公里"的地理优势，通过"海运+陆运"联动，一周内即可 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][5] Core Views - The acquisition of Anhui Tuosheng will enhance profitability and expand the product delivery capabilities in the automotive NVH (Noise, Vibration, and Harshness) sector [2][3] - The company is a leader in the polyurethane buffer block market, holding a 36% market share, and aims to build a comprehensive product matrix by integrating rubber-based elastomers through this acquisition [2][3] - The company is also exploring new applications for polyurethane materials in the robotics field, which could open additional revenue streams [3] Financial Summary - The company reported revenues of 4.87 billion, 6.10 billion, and 5.49 billion for Q1-Q3 of 2023, 2024, and 2025 respectively, with net profits of 0.42 billion, 0.59 billion, and 0.47 billion, reflecting net profit margins of 8.6%, 9.7%, and 8.5% [2] - Projected revenues for 2025-2027 are estimated at 8.30 billion, 9.77 billion, and 11.49 billion, with corresponding net profits of 0.89 billion, 1.10 billion, and 1.40 billion [3] - The company’s PE ratios are projected to be 39.73, 32.07, and 25.26 for 2025, 2026, and 2027 respectively [3] Market Position - The company’s automotive damping components account for 65% of total revenue, primarily from polyurethane buffer blocks and top supports used in automotive suspension systems [2] - The company has established a supply chain presence with major domestic automakers including BYD, SAIC-GM, Geely, and others [2]

Core Viewpoint - The company plans to issue shares to acquire 60% of Anhui Tuosheng, which is expected to constitute a significant asset restructuring [1][2] Group 1: Company Overview - The company focuses on optimizing automotive NVH (Noise, Vibration, Harshness) performance, primarily engaged in the research, production, and sales of polyurethane elastic damping components for chassis suspension systems [2] - The target company specializes in rubber-based elastic damping and sealing components that also influence automotive NVH performance, covering the entire automotive chassis system and involving powertrain systems [2] Group 2: Strategic Implications - The transaction is expected to create deep complementary and synergistic effects in market layout, technical capabilities, and customer channels between the company and the target [2] - The company aims to expand its market layout and product development capabilities related to automotive NVH performance, establishing a comprehensive product matrix of polyurethane and rubber-based elastic components [2] - This acquisition will enhance the company's ability to deliver systematic solutions for automotive NVH damping and sealing components, meeting diverse customer customization needs and significantly increasing the value per vehicle [2]

Core Viewpoint - The company Kaizhong Co., Ltd. plans to acquire 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds from specific investors [1][2]. Group 1: Transaction Details - The acquisition involves issuing shares at a price of 11.44 yuan per share, which is set at no less than 80% of the average trading price over the previous 20 trading days [1]. - The fundraising will not exceed 100% of the asset acquisition price, and the number of shares issued will not exceed 30% of the company's total share capital prior to the issuance [1]. - The shares obtained by the transaction counterparties will have a lock-up period, the specifics of which will be determined after the completion of auditing and evaluation [1]. Group 2: Target Company Overview - Anhui Tuosheng was established in 2013 with a registered capital of 30 million yuan, and its controlling shareholder is Zhu Cheng, who holds 55% of the shares [2]. - The company specializes in the R&D, production, and sales of automotive rubber-based elastomer shock absorbers and sealing components, with products used in major automotive systems [2]. - Financial data indicates steady growth in Anhui Tuosheng's performance, with projected net profits of 41.72 million yuan in 2023 and 59.02 million yuan in 2024 [2]. Group 3: Strategic Benefits - The acquisition will complement Kaizhong's main business of polyurethane elastomer shock absorbers, creating a comprehensive product matrix for automotive NVH (Noise, Vibration, and Harshness) solutions [2]. - Both companies will share R&D resources, design databases, and testing laboratories, enhancing market reach and customer service capabilities [2]. - The control of the company will remain stable post-transaction, with the actual controllers being Yang Jiangang and Hou Zhenkun [3].

Core Viewpoint - Kaizhong Co., Ltd. announced plans to acquire 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payments, along with raising supporting funds [1][4]. Transaction Details - The transaction involves purchasing shares from nine parties, including Zhu Cheng and others, and will be based on an asset evaluation report compliant with the Securities Law [2][4]. - The final transaction price for the assets has not yet been determined, pending completion of auditing and evaluation [4][7]. - The share issuance price is set at 11.44 yuan per share, with the total amount of supporting funds not exceeding 100% of the asset purchase price [4][7]. Business Synergy - Kaizhong Co., Ltd. primarily engages in the design, research, production, and sales of automotive suspension system damping components and lightweight pedal assemblies, with a focus on the passenger vehicle market [9][11]. - Anhui Tuosheng specializes in the research, production, and sales of rubber-based damping components and sealing elements for automotive applications, contributing to the NVH (Noise, Vibration, and Harshness) performance of vehicles [9][10]. - The acquisition is expected to enhance market positioning, technical capabilities, and customer channels, creating significant synergies between the two companies [11]. Financial Impact - For the first three quarters of 2025, Kaizhong Co., Ltd. reported revenues of approximately 564 million yuan, a year-on-year increase of 5.43%, while net profit decreased by 5.12% to approximately 58.29 million yuan [11]. - The completion of this transaction is anticipated to further increase the total assets and revenues of Kaizhong Co., Ltd., enhancing its operational capabilities [11].

Core Viewpoint - The company Kaizhong Co., Ltd. plans to acquire 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds from specific investors [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 60% of Anhui Tuosheng, which specializes in automotive rubber-based products [1][2]. - The share issuance price for the acquisition is set at 11.44 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - The total amount of raised funds will not exceed 100% of the asset acquisition price, and the number of shares issued will not exceed 30% of the company's total share capital prior to the issuance [1]. Group 2: Financial Performance of Anhui Tuosheng - Anhui Tuosheng has shown steady growth in recent years, with projected net profits of 41.72 million yuan in 2023 and 59.02 million yuan in 2024 [2]. - For the first nine months of 2025, the net profit is reported at 46.71 million yuan [2]. - The company has a strong technical foundation with a comprehensive database for damping formulas and a professional laboratory [2]. Group 3: Strategic Benefits - The acquisition will allow Kaizhong to complement its polyurethane damping components with Anhui Tuosheng's rubber-based products, enhancing its product matrix [2]. - The collaboration will enable shared R&D resources, design databases, and testing laboratories, as well as access to downstream customer channels [2]. - This strategic move aims to improve the overall value of vehicles and meet diverse customer needs [2]. Group 4: Control and Management - Post-transaction, the actual controllers of the company will remain Yang Jiangang and Hou Zhenkun, ensuring stability in control [3].

Core Viewpoint - The company plans to acquire 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its market position in the automotive NVH (Noise, Vibration, and Harshness) sector [1] Group 1: Acquisition Details - The acquisition involves nine counterparties, including Zhu Cheng, and will be accompanied by fundraising efforts [1] - The company's stock and convertible bonds will resume trading on December 1, 2025 [1] Group 2: Target Company Overview - Anhui Tuosheng specializes in the R&D, production, and sales of rubber-based elastomer dampers and sealing components that influence automotive NVH performance [1] - The product range covers automotive chassis systems and involves powertrain systems [1] Group 3: Strategic Benefits - The transaction is expected to create deep synergies in market layout, technical capabilities, and customer channels between the company and the target [1] - The company aims to expand its market presence and product development capabilities related to automotive NVH performance [1] - The goal is to establish a comprehensive product matrix of polyurethane and rubber-based elastomers, enhancing the systematic delivery capability of automotive NVH dampers and sealing components to meet diverse customer customization needs [1] - This will significantly increase the value per vehicle and further strengthen market competitiveness [1]

Core Viewpoint - The company plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its market position and product development capabilities in the automotive NVH (Noise, Vibration, Harshness) sector [1] Group 1: Acquisition Details - The acquisition involves nine counterparties, including Zhu Cheng, and will be funded through both equity issuance and cash [1] - The company's stock and convertible bonds will resume trading on December 1, 2025 [1] Group 2: Target Company Overview - Anhui Tuosheng specializes in the R&D, production, and sales of rubber-based elastomer dampers and sealing components that impact automotive NVH performance [1] - The target company's products cover the automotive chassis system and involve the powertrain system [1] Group 3: Strategic Benefits - The transaction is expected to create deep complementary and synergistic effects in market layout, technical capabilities, and customer channels between the company and the target [1] - The company aims to expand its market layout and product development capabilities related to automotive NVH performance, establishing a comprehensive product matrix of polyurethane and rubber-based elastomers [1] - The goal is to enhance the systematic delivery capability of automotive NVH dampers and sealing components, meeting diverse customer customization needs and significantly increasing the value per vehicle, thereby strengthening market competitiveness [1]

Core Viewpoint - Kaizhong Co., Ltd. plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring [1][3]. Group 1: Acquisition Details - The acquisition involves signing a "Letter of Intent" with nine counterparties, with the transaction price based on an asset evaluation report from a qualified institution [3]. - Kaizhong intends to raise funds from no more than 35 specific investors to finance the acquisition, with all proceeds allocated for the transaction [3]. - The transaction is still in the planning stage, requiring approval from the board, shareholders, and regulatory authorities before implementation [3]. Group 2: Strategic Importance - The acquisition is seen as a strategic move for Kaizhong to address intense industry competition and integrate its supply chain [5]. - Kaizhong's main business focuses on automotive chassis suspension damping components, with a leading technology level and a second-place market share in China [5]. - The company has experienced a slowdown in growth, with a revenue of 564 million yuan and a net profit of approximately 58.29 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 5.12% [5]. Group 3: Market Potential - The NVH (Noise, Vibration, and Harshness) damping and sealing sector presents broader development opportunities compared to Kaizhong's current market [6]. - Anhui Tuosheng has an annual output value exceeding 500 million yuan, specializing in rubber-based NVH damping and sealing components [7]. - The merger is expected to enhance Kaizhong's product line, allowing it to transition from a single component supplier to a comprehensive system service provider, thereby increasing customer value and negotiation power [8][9].

Core Viewpoint - Kaizhong Co., Ltd. plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring [2][5]. Group 1: Acquisition Details - On November 21, Kaizhong signed a "Letter of Intent" with nine counterparties to acquire 60% of Anhui Tuosheng, with the transaction price based on an asset valuation report from a qualified evaluation agency [3]. - The company intends to issue shares to no more than 35 specific investors to raise funds for the transaction [4]. - The acquisition is still in the planning stage, and formal agreements have not yet been signed, with the transaction subject to board and shareholder approval [5]. Group 2: Strategic Importance - The acquisition is seen as a strategic move for Kaizhong to address intense industry competition and integrate its supply chain [6]. - Kaizhong specializes in automotive chassis suspension damping components and lightweight pedal assemblies, holding a leading position in technology and a second-place market share in China [6]. - The company has experienced a slowdown in growth due to limited market size and increasing competition, necessitating the search for new growth avenues [6]. Group 3: Financial Performance - For the first three quarters of 2025, Kaizhong reported revenue of 564 million yuan, a year-on-year increase of 5.43%, while net profit attributable to shareholders decreased by 5.12% to approximately 58.29 million yuan [7]. Group 4: Market Potential - The automotive NVH (Noise, Vibration, and Harshness) damping and sealing sector presents broader development opportunities compared to Kaizhong's current focus [8]. - Anhui Tuosheng has an annual output value exceeding 500 million yuan, specializing in rubber-based NVH damping and sealing components [9]. - The acquisition is expected to allow Kaizhong to expand its product line into the NVH field, enhancing its service offerings and competitive position in the market [12].