证券日报网讯 12月17日，华新精科在互动平台回答投资者提问时表示，根据招股书已公开信息，基于 项目达产的前提，对募集资金项目中的新能源车用驱动电机铁芯项目进行了投资盈利能力预测，预计达 产后项目投资收益率17.6%。前述预测信息不能视作公司对行业、公司发展或业绩的承诺和保证。目 前，公司正积极推进项目建设，确保资金高效使用，以支持业务可持续发展。 （文章来源：证券日报） ...

Core Viewpoint - The company's expansion decision is based on a systematic assessment of the long-term demand in the electric vehicle industry, aiming to seize development opportunities in the sector [2] Group 1: Company Strategy - The company is investing its own funds in the "New Energy Vehicle Drive Motor Core Expansion Project" to proactively increase production capacity [2] - The increase in production capacity for electric vehicle drive motor cores is gradually progressing to meet both existing and potential customer demands [2] Group 2: Industry Context - Automotive industry clients typically investigate suppliers' current production capacity and future capacity plans before project designation [2] - The decision to expand capacity is aligned with the anticipated growth in the electric vehicle market [2]

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is set to undergo an IPO review on the Shanghai Stock Exchange, aiming to raise 712 million yuan, with concerns regarding its financial performance and governance structure [2][3]. Financial Performance - Huaxin Precision's revenue increased from 1.192 billion yuan in 2022 to 1.421 billion yuan in 2024, while net profit decreased from 114 million yuan to 150 million yuan during the same period, indicating a trend of increasing revenue without corresponding profit growth [3][4]. - The company's cash flow from operating activities fluctuated significantly, with a net cash flow of -65.18 million yuan in 2022, 45.81 million yuan in 2023, and -63.38 million yuan in 2024, raising concerns about cash flow management [4]. Research and Development - R&D expenses were 40.51 million yuan, 44.39 million yuan, and 44.85 million yuan from 2022 to 2024, representing a declining percentage of revenue from 3.40% to 3.16% [5]. - The number of patents increased significantly, with 39 new patents obtained during the reporting period, despite a decrease in the number of R&D personnel with advanced degrees [5]. Governance and Ownership Structure - The actual control of Huaxin Precision is held by Guo Zhengping and his two daughters, who collectively control 68.97% of the shares, raising questions about governance and the experience of the young shareholders [6][7]. - Prior to the IPO, there was a significant restructuring of ownership, including the exit of Guo Zhengping's spouse from the company, which may have been a strategic move to address potential regulatory concerns [6][7]. Capital Utilization and Expansion Plans - The company plans to allocate 445 million yuan for expanding production capacity for electric vehicle drive motor cores, despite current capacity utilization rates being below 72% [2][10]. - Huaxin Precision intends to raise 200 million yuan for working capital, despite having cash reserves of 242 million yuan, leading to questions about the necessity of this capital injection [10][11]. Inventory and Risk Management - Inventory levels have been increasing, with balances of 151 million yuan, 194 million yuan, and 250 million yuan over the reporting period, raising concerns about potential inventory write-downs [10][11]. - The company acknowledged risks related to inventory management, including the potential for price declines and order cancellations impacting the value of raw materials and finished goods [11].