打新早知道 Est Un Descrip | 今日申购 | | | | | --- | --- | --- | --- | | 603370.SH 华新精科 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 18.6 | 19.32 | 24.41 | 电气机械和器材制 | | | | | 造业 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 21.68 | 21.80 | 通达动力 神力股份 | 41.17 | | | | | 亏损 | | 障感科技 | | | 43.33 | | 业绩情况 | | | | | 16.0 | | | 120% | | 14.0 | | | 100% | | 12.0 | | | 80% | | 10.0 | | | 60% | | 8.0 6.0 | | | 40% | | 4.0 | | | 20% | | 2.0 | | | 0% | | 0.0 2021年 | 2022年 | 2023年 | -20% 2024年 | 8月25日，可申购沪市主板的华新精科（603370）(603370 ...

招股书显示，精密冲压铁芯是华新精科的主要产品，可分为新能源汽车驱动电机铁芯、微特电机铁芯、 电气设备铁芯、点火线圈铁芯等多种类型，主要供应给国内外众多大型汽车零部件厂商、电机制造厂 商、电气设备制造厂商、汽车整车厂等各类企业；同时，公司还会向客户提供生产铁芯产品所需的精密 冲压模具。 业绩方面，2022年-2024年，华新精科的营业收入分别约11.92亿元、11.89亿元、14.21亿元，对应的净 利润分别约1.14亿元、1.56亿元、1.5亿元。2025年1-6月，公司实现营业总收入为7.52亿元，同比增长 19.40%；净利润为9834.5万元，同比增长13.52%。整体而言，华新精科近年来业绩有所波动，但整体保 持增长趋势。 其中，精密冲压铁芯业务始终为华新精科的主要收入来源。2022年至2024年间，精密冲压铁芯业务收入 占比稳定90%以上，其中又以新能源汽车驱动电机铁芯产品为主体、占据50%以上的收入份额。根据 VIC Market Research的测算，2021年至2023年，华新精科在全球及中国汽车铁芯领域内资厂商中合计销 售额均排名前三。 8月25日，可申购沪市主板的华新精科（603370. ...

华新精科于招股书中指出，公司通过向宝马集团直接供应及通过采埃孚向宝马集团间接供应宝马新能源汽车第五代驱动电机 铁芯。报告期各期，公司来自宝马项目的收入占公司营业收入比例分别为0.93%、26.83%、25.33%，宝马项目对公司的业绩 贡献较大。公司是宝马项目直接采购铁芯模式下唯二的全球铁芯供应商，也是唯一的中国供应商，宝马集团在定点时已确定 公司份额比例为近50%，宝马项目大规模量产以来，公司供应量已占宝马项目直采铁芯近一半份额，处于较高水平。 华新精科表示，公司2022年及2024年经营性现金流量净额为负，主要系公司业务规模持续扩张，经营性应收项目期末余额持 续增加，预先向供应商支付的原材料货款与收到客户货款存在时间差所致。公司预计，2025年上半年，公司营业收入、净利 润均预计较上年同期有所增长，经营业绩保持稳中有升趋势。 | 主要产品 | | 主要客户 | | | --- | --- | --- | --- | | | Valeo | | ELTA 台六 | | | 法雷奥 | 十亚迪 | 台达电子 | | 新能源汽车 | INOVANCE | | | | 驱动电机铁芯 | 汇川技术 | | | | ...

Core Viewpoint - The company aims to become a global leader in integrated precision stamping core solutions, focusing on innovation and quality manufacturing in the precision stamping field [1][8]. Business Overview - The company's main business is the research, production, and sales of precision stamping cores and related precision stamping molds [1]. - The company has established a subsidiary in Mexico as a key node for entering the North American market, specifically for producing cores for electric vehicle drive motors, with production expected to start in the second half of 2025 [2]. Financial Performance - The company's revenue and net profit have shown consistent growth, with revenues of 1.1919 billion, 1.1888 billion, and 1.4205 billion yuan for 2022, 2023, and 2024 respectively, and net profits of 113.73 million, 155.82 million, and 149.65 million yuan [4]. - The comprehensive gross profit margins were 16.89%, 21.86%, and 20.43% during the same period, indicating a strong performance in its main business [6]. Market Dynamics - The core drivers for the growth in revenue from electric vehicle drive motor cores are attributed to the industry's growth, with China's electric vehicle sales projected to increase from 6.887 million to 12.866 million units from 2022 to 2024, representing a compound annual growth rate of 36.68% [5]. - The company has established partnerships with major clients such as BYD, BMW, and ZF, enhancing its market presence and product competitiveness [5]. Competitive Advantages - The company possesses several competitive advantages, including technological superiority, customer relationships, scale advantages, and a comprehensive process capability [10][11]. - As of June 2025, the company holds 80 authorized patents and has developed core processes such as adhesive bonding and laser welding, enabling it to process ultra-thin silicon steel [11]. Future Development Strategy - The company's core development strategy for the next 3-5 years focuses on expanding the application of precision stamping cores and downstream processing businesses, aiming to become a global leader in integrated solutions [8]. - Future R&D investments will concentrate on core technology innovation, product and process development, and mold technology upgrades [12][13]. Industry Landscape - The precision stamping industry has seen significant growth, with many large automotive and electrical equipment manufacturers establishing production bases in China, leading to improved production processes and technology levels [15]. - The company has a strong competitive position in the industry, recognized for its comprehensive process capabilities and partnerships with leading manufacturers [16]. Investment and Funding - The company plans to use the funds raised from its IPO for projects including the expansion of electric vehicle drive motor core production, the establishment of a precision stamping and mold R&D center, and to supplement working capital [24]. - The investment is expected to enhance the company's production capacity and market share, ultimately improving its profitability and competitiveness [25][26].

【导读】下周2只新股可申购，华新精科客户包含比亚迪、汇川技术 A股打新投资者注意啦！ 根据目前发行安排，下周有2只新股可申购。 具体来看，8月25日可申购上交所主板新股华新精科，8月26日可申购北交所新股三协电机。 华新精科客户包含比亚迪、汇川技术 华新精科的申购代码是732370，发行价为18.60元/股，发行市盈率为21.68倍，参考行业市盈率为21.80倍。 华新精科此次总发行数量为4374万股，包含网上发行数量为1400万股。投资者参与网上申购华新精科，申购数量上限为1.35万股， 顶格申购需配沪市市值为13.50万元。 华新精科专注于精密冲压领域产品的研发、生产和销售，已成为国内外新能源汽车驱动电机铁芯、微特电机铁芯、电气设备铁芯、 点火线圈铁芯等产品的主流供应商之一。 目前，华新精科与法雷奥、台达电子、博世集团、艾尔多集团、汇川技术、比亚迪、宝马集团、采埃孚等企业建立了合作关系，其 中新能源汽车驱动电机铁芯的客户包含汇川技术、比亚迪、宝马集团。 来源：华新精科招股意向书 2022年至2024年，华新精科的营业收入分别为11.92亿元、11.89亿元、14.21亿元；归母净利润分别为1.14亿元、1 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Huaxin Jingke on August 25 and Sanxie Electric on August 26 [1] - Huaxin Jingke's subscription code is 732370, with an issue price of 18.60 CNY per share and a P/E ratio of 21.68, close to the industry average of 21.80 [2] - Sanxie Electric's subscription code is 920100, with an issue price of 8.83 CNY per share and a P/E ratio of 11.86, significantly lower than the industry average of 21.85 [8] Group 2: Huaxin Jingke Overview - Huaxin Jingke focuses on precision stamping products and is a key supplier for electric motor cores in the new energy vehicle sector, serving clients like BYD and Bosch [2] - The company has established partnerships with major firms including Valeo, Delta Electronics, and BMW [2] - Projected revenues for Huaxin Jingke from 2022 to 2024 are 1.192 billion CNY, 1.189 billion CNY, and 1.421 billion CNY, respectively, with net profits of 114 million CNY, 156 million CNY, and 153 million CNY [3] Group 3: Financial Projections for Huaxin Jingke - Expected revenue for the first three quarters of 2025 is between 1.122 billion CNY and 1.240 billion CNY, representing a year-on-year growth of 13.74% to 25.71% [6] - Projected net profit for the same period is estimated to be between 132 million CNY and 161 million CNY, indicating a growth of 16.03% to 41.81% [6] Group 4: Sanxie Electric Overview - Sanxie Electric specializes in control motors, including stepper motors and servo motors, with applications in humanoid robots [8] - The company has received recognition from clients in the robotics sector, including Hikvision and Dahua Technology [8] - Revenue projections for Sanxie Electric from 2022 to 2024 are 287 million CNY, 362 million CNY, and 420 million CNY, with net profits of 26.98 million CNY, 48.64 million CNY, and 56.34 million CNY [8] Group 5: Financial Projections for Sanxie Electric - Expected revenue for the first three quarters of 2025 is projected to be between 32 million CNY and 35 million CNY, reflecting a growth of 8.44% to 18.60% [12] - Projected net profit for the same period is estimated to be between 41.28 million CNY and 45.15 million CNY, indicating a growth of 8.36% to 18.51% [12]

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.96, which places it in the 26.5% percentile of the non-Science and Technology Innovation Board AHP model [4][9]. Core Insights - The company, Huaxin Precision Technology, is a leading supplier of electric motor cores for new energy vehicles, ranking second among domestic companies with a market share of 8.12% in 2024. The company has shown stable financial performance with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10]. - Huaxin has developed advanced adhesive technology, becoming the only Chinese supplier for BMW, which has significantly increased its profit margins. The gross margin for its high-priced new products rose from 16.15% in 2022 to 21.83% in 2023 [4][15]. - The precision stamping industry is experiencing significant differentiation between high-end and low-end markets, with intense competition in the low-end sector. Huaxin's focus on high-end products positions it well to capture market share as demand for advanced technologies grows [4][18]. Summary by Sections AHP Score and Expected Allocation Ratio - Huaxin's AHP score, excluding liquidity premium factors, is 1.96, indicating a mid-to-upper tier position in the market. The expected allocation ratios for offline investors are 0.0124% for Class A and 0.0107% for Class B under neutral conditions [4][9]. Company Fundamentals and Highlights - Huaxin ranks second in domestic sales of new energy vehicle motor cores, with a market share of 8.12% in 2024. The company has maintained a strong financial trajectory with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10][12]. - The company has successfully implemented adhesive technology, becoming the sole Chinese supplier for BMW, which has led to increased sales and profit margins [4][14][15]. - The industry is shifting from rapid growth to high-quality competition, with Huaxin positioned to respond quickly to emerging demands in the high-end market [4][18]. Comparable Company Financial Metrics - Huaxin's revenue from 2022 to 2024 was 11.92 billion, 11.89 billion, and 14.21 billion respectively, with a CAGR of 9.17%. Its net profit for the same period was 1.14 billion, 1.56 billion, and 1.53 billion, with a CAGR of 16.04%, outperforming comparable companies [20][21]. - The company's gross margin for 2022-2024 was 16.89%, 21.86%, and 20.43%, significantly higher than the average of comparable companies, driven by high-value product sales [24][25]. - Huaxin's cash collection ratios were 0.72, 1.05, and 0.73 from 2022 to 2024, indicating strong cash flow management compared to peers [26][31]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity for new energy vehicle motor cores, developing a precision stamping and mold research center, and supplementing working capital. The expansion project aims to add an annual production capacity of approximately 30,000 tons for high-end motor cores [36][37].

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is set to undergo its IPO review on June 6, 2025, with a focus on its precision stamping core products primarily used in the automotive and industrial sectors, including electric vehicles [1][2]. Company Overview - Huaxin Precision, based in Jiangyin, Wuxi, has a history dating back to 2002 and has undergone multiple capital changes, with the current actual controllers being Guo Zhengping and his daughters, holding a combined 68.97% voting rights [4][6]. - The company has established a strong client base, including major players like BYD, BMW Group, and Huichuan Technology [1][9]. Financial Performance - The company reported revenues of approximately CNY 1.192 billion, CNY 1.189 billion, and CNY 1.421 billion for the years 2022, 2023, and 2024, respectively, with net profits of CNY 114 million, CNY 156 million, and CNY 150 million [12]. - The gross profit margins for the same years were 16.89%, 21.86%, and 20.43%, indicating fluctuations in profitability [12][13]. Product Segmentation - Over 94% of Huaxin Precision's revenue comes from precision stamping cores, with more than 50% derived from electric vehicle drive motor cores, which have been increasing in contribution [9][10]. - The company also produces precision stamping molds, although this segment contributes a smaller portion of revenue [9]. Market Dynamics - The Chinese electric vehicle market has seen significant growth, with sales increasing from 6.887 million units in 2022 to 12.866 million units in 2024, representing a compound annual growth rate of 36.68% [16]. - Huaxin Precision has capitalized on this growth by increasing its client base and securing contracts with major automotive manufacturers [16]. Production Capacity and Utilization - The production capacity for electric vehicle drive motor cores has seen a decline in utilization from 84.98% in 2022 to 60.97% in 2024, raising concerns about future sales if market growth does not meet expectations [20][22]. - The company plans to raise approximately CNY 712 million through its IPO to expand its production capacity and enhance its research and development capabilities [18]. Client Dependency - A significant portion of Huaxin Precision's revenue is tied to its relationship with BMW, with contributions from this client accounting for 0.93%, 26.83%, and 25.33% of total revenue over the reporting periods [17]. - The company faces risks if it cannot secure ongoing orders from existing clients or new projects, which could impact sales [17].