南方财经12月8日电，针对浙江正裕工业股份有限公司提交的向特定对象发行股票申请，上海证券交易 所发出审核问询函，对其募资4.5亿元投入"正裕智造园(二期)"项目的合理性、风险及资金用途等进行重 点问询。 针对是否将新增关联交易的问询，公司回复称，项目实施主体为公司自身，建设及投产阶段均预计不会 新增关联交易，并已出具承诺确保合规。关于项目总投资4.3亿元的构成，公司解释厂房基建费16,000万 元主要根据建筑面积及单价预估，设备购置费15,783万元则根据设备清单测算，并承认因成本上涨，二 期单位设备产能略低于一期。 为说明产能消化能力，公司披露，汽车悬架系统减震器在手订单持续增长，截至2025年6月末已达 648.02万支，认为新增产能具备市场基础。关于融资规模的合理性，公司说明其存在资金压力，经测 算，未来两年资金需求高达10.78亿元，而自身资金不足覆盖，资金缺口达6.47亿元，已超过本次募资 额，因此4.5亿元的募资规模具有合理性。 ...

Core Viewpoint - Zhongyou Securities research report highlights Zhengyu Industrial's deep focus on the automotive shock absorber sector for nearly thirty years, establishing a synergistic business structure centered on automotive suspension system shock absorbers, high-margin engine seals, and rubber shock products that have turned profitable, indicating strong growth potential [1] Group 1: Business Structure and Strategy - Zhengyu Industrial has developed a business structure that includes core automotive suspension system shock absorbers, high-margin engine seals, and rubber shock products that are now profitable, marking a new growth area [1] - The company is expanding production capacity through its Thailand base and the second phase of its domestic manufacturing park, while also advancing high-end shock absorber technology research and binding with new energy vehicle supply chains [1] - The global layout is aimed at increasing overseas market share, with projections indicating that by the first half of 2025, overseas market share will reach 86.5% [1] Group 2: Financial Performance and Projections - The shock absorber business, which accounts for over 70% of revenue, is a core component of the suspension system, with major clients including ZF Group in Mexico and AutoZone in the United States [1] - The company has undertaken multiple capacity expansions, with production expected to reach 20.61 million units in 2024 and projected to increase to 41 million units by 2029 [1] - The company's stock price is projected to have PE multiples of 22, 19, and 16 times for the years 2025 to 2027, respectively, indicating a favorable investment outlook [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company, Zhengyu Industrial, has been a leader in the automotive shock absorber sector for nearly 30 years, focusing on expanding production capacity and business collaboration [5][14]. - The shock absorber industry is experiencing rapid growth, with engine sealing components becoming a new growth driver due to their high profit margins [6]. - Global automotive ownership is steadily increasing, with significant growth expected in emerging markets like China and India, which will drive demand for the company's products [7][28]. Company Overview - Zhengyu Industrial specializes in automotive shock absorbers, engine sealing components, and rubber shock absorber products, with a strong focus on high-end technology and supply chain integration with new energy vehicle manufacturers [5][14]. - The company has a total market capitalization of 31 billion yuan and a current share price of 12.74 yuan [4]. Financial Performance - The company’s revenue is projected to grow from 27.1 billion yuan in 2025 to 41.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of 39.7% for net profit [8][9]. - The shock absorber business accounts for over 70% of revenue, with a stable gross margin, while engine sealing components are expected to contribute significantly to future growth [6][25]. Market Dynamics - The global automotive market is expected to grow, with the total number of vehicles reaching 1.475 billion by 2024, driven by demand in emerging markets [28][32]. - Zhengyu Industrial's production capacity is set to increase significantly, with projections of producing 41 million shock absorbers by 2029 [7][50]. Product Segmentation - The company’s main revenue source is automotive shock absorbers, which consistently account for over 70% of total revenue, while engine sealing components and rubber shock absorbers are also gaining traction [25][59]. - The company has a diverse product range with over 20,000 models, catering to a wide array of vehicle types globally [37]. Competitive Landscape - Zhengyu Industrial faces competition from both domestic and international players, including Tenneco and ZF Group, but maintains a strong market position due to its extensive product offerings and established customer relationships [38][44].

Core Viewpoint - Zhengyu Industrial is a leading domestic manufacturer of automotive shock absorbers, focusing on the research, production, and sales of automotive suspension system shock absorbers, with a strong presence in overseas markets [1] Group 1: Business Performance - In Q3 2025, Zhengyu Industrial achieved a revenue of 2.072 billion yuan, ranking 30th among 103 companies in the industry, significantly lower than the top company Weichai Power at 170.571 billion yuan and second-ranked Top Group at 20.928 billion yuan [2] - The revenue composition includes 997 million yuan from automotive suspension system shock absorbers (73.54%), 220 million yuan from engine sealing parts (16.19%), and 118 million yuan from rubber shock absorbers (8.69%) [2] - The net profit for the same period was 154 million yuan, ranking 34th in the industry, which is substantially lower than Weichai Power's 10.852 billion yuan and Top Group's 1.969 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhengyu Industrial's debt-to-asset ratio was 55.26%, a decrease from 57.34% year-on-year, but still above the industry average of 39.06%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 22.82%, down from 24.40% year-on-year, yet still higher than the industry average of 21.53%, suggesting a competitive edge in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 34.60% to 15,900, while the average number of circulating A-shares held per shareholder decreased by 25.70% to 15,100 [5] - Notable shareholders include the sixth-largest shareholder, China Merchants Quantitative Selected Stock A, holding 2.9098 million shares, an increase of 267,200 shares from the previous period [5] Group 4: Future Outlook - Zhengyu Industrial is expected to release production capacity in 2024 with the launch of its intelligent manufacturing park and the commencement of operations at its Thailand factory, projecting a 52.1% year-on-year increase in suspension system shock absorber production to 20.62 million units [5] - Revenue is anticipated to grow by 31.0% year-on-year to 2.3 billion yuan in 2024, with a net profit of 70 million yuan, reflecting a 21.4% increase [5] - Forecasted net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, representing year-on-year growth rates of 109.8%, 20.5%, and 15.2% respectively [5]

Company Overview - Zhejiang Zhengyu Industrial Co., Ltd. is located in Yuhuan City, Zhejiang Province, and was established on August 20, 1998. The company was listed on January 26, 2017. Its main business involves the research, production, and sales of automotive suspension system shock absorbers [1]. Financial Performance - As of June 30, 2025, Zhengyu Industrial achieved operating revenue of 1.356 billion yuan, representing a year-on-year growth of 39.62%. The net profit attributable to the parent company was 119 million yuan, showing a significant year-on-year increase of 420.67% [2]. - The company has distributed a total of 258 million yuan in dividends since its A-share listing, with cumulative distributions of 44.9351 million yuan over the past three years [3]. Stock Performance - On September 18, the stock price of Zhengyu Industrial fell by 2.02%, closing at 17.00 yuan per share, with a trading volume of 176 million yuan and a turnover rate of 4.23%. The total market capitalization is 4.081 billion yuan [1]. - Year-to-date, the stock price has increased by 91.66%, with a 0.71% rise over the last five trading days, a 5.26% increase over the last 20 days, and a 44.19% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 11,800, a decrease of 5.51% from the previous period. The average number of circulating shares per person is 20,372, which has increased by 13.54% [2]. - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Initiation A" (001917) is the seventh largest shareholder, holding 2.6427 million shares as a new shareholder [3]. Business Segmentation - The main revenue composition of Zhengyu Industrial includes automotive suspension system shock absorbers (73.54%), engine sealing parts (16.19%), rubber shock absorbers (8.69%), and other products (0.90%) [1]. - The company operates within the automotive industry, specifically in the automotive parts sector, focusing on chassis and engine systems. It is also involved in various concept sectors such as the automotive aftermarket, small-cap stocks, automotive parts, new energy vehicles, and robotics [1].

Core Points - Zhengyu Industrial's stock increased by 5.54% on September 16, reaching a price of 16.95 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 4.069 billion CNY [1] Company Overview - Zhejiang Zhengyu Industrial Co., Ltd. is located in Yuhuan City, Zhejiang Province, and was established on August 20, 1998. The company was listed on January 26, 2017. Its main business involves the research, production, and sales of automotive suspension system shock absorbers [1] - The revenue composition of Zhengyu Industrial includes: 73.54% from automotive suspension system shock absorbers, 16.19% from engine sealing parts, 8.69% from rubber shock absorbers, 0.90% from other products, and 0.67% from supplementary items [1] Shareholder Information - Among Zhengyu Industrial's top ten circulating shareholders, a fund under China Merchants Fund ranks as a significant holder. The China Merchants Quantitative Selected Stock Fund A (001917) entered the top ten circulating shareholders in the second quarter, holding 2.6427 million shares, which accounts for 1.1% of the circulating shares. The estimated floating profit today is approximately 2.352 million CNY [2] - The China Merchants Quantitative Selected Stock Fund A (001917) was established on March 15, 2016, with a current scale of 2.765 billion CNY. Year-to-date returns are 38%, ranking 972 out of 4222 in its category; the one-year return is 78.64%, ranking 997 out of 3804; and since inception, the return is 270.41% [2]

Company Overview - Zhengyu Industrial Co., Ltd. is located in Yuhuan City, Zhejiang Province, and was established on August 20, 1998. The company was listed on January 26, 2017. Its main business involves the research, production, and sales of automotive suspension system shock absorbers [1]. - The revenue composition of Zhengyu Industrial includes: 73.54% from automotive suspension system shock absorbers, 16.19% from engine sealing parts, 8.69% from rubber shock absorbers, and 0.90% from other products [1]. Financial Performance - As of June 30, 2025, Zhengyu Industrial achieved an operating income of 1.356 billion yuan, representing a year-on-year growth of 39.62%. The net profit attributable to shareholders was 119 million yuan, showing a significant year-on-year increase of 420.67% [2]. - Since its A-share listing, Zhengyu Industrial has distributed a total of 258 million yuan in dividends, with 44.9351 million yuan distributed over the past three years [3]. Stock Market Activity - On September 15, Zhengyu Industrial's stock price decreased by 2.03%, trading at 15.94 yuan per share, with a total market capitalization of 3.826 billion yuan. The stock has increased by 79.71% year-to-date, but has seen a decline of 6.57% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 5 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhengyu Industrial was 11,800, a decrease of 5.51% from the previous period. The average number of circulating shares per person increased by 13.54% to 20,372 shares [2]. - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Fund" ranks as the seventh largest shareholder, holding 2.6427 million shares as a new shareholder [3].

Core Viewpoint - Zhejiang Zhengyu Industrial Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased production capacity and market demand in the automotive parts industry [2][7]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.36 billion RMB, a year-on-year increase of 39.62% [2][7]. - Total profit reached approximately 161.49 million RMB, up 344.48% from the previous year [2][7]. - Net profit attributable to shareholders was approximately 118.50 million RMB, reflecting a 420.67% increase compared to the same period last year [2][7]. - The company's total assets increased by 4.77% to approximately 3.66 billion RMB, while net assets attributable to shareholders rose by 20.34% to approximately 1.48 billion RMB [2][7]. Industry and Main Business Situation - The company operates in the automotive manufacturing sector, specifically in the production of automotive parts and accessories [3][4]. - The automotive parts market is divided into the aftermarket and original equipment manufacturer (OEM) markets, with the aftermarket showing resilience against economic fluctuations [3][4]. - The global automotive market is expected to grow, with the International Energy Agency (IEA) predicting an increase in vehicle ownership, which will benefit the aftermarket [3][4]. - In China, the automotive aftermarket is projected to experience rapid growth due to increasing vehicle ownership and aging vehicles [3][4]. Business Performance and Growth Strategy - The company has established a global strategic customer network and is focusing on the development of high-end intelligent suspension systems for new energy vehicles [7][8]. - The domestic market is expanding due to rising vehicle ownership and the increasing market share of new energy vehicles, prompting the company to enhance its service offerings [8]. - The company is investing in smart manufacturing capabilities to improve production efficiency and reduce delivery times [8][9]. - The establishment of a manufacturing base in Thailand is expected to enhance the company's competitiveness and market share in the international arena [9]. Product and Technology Development - The company specializes in the research, development, and production of automotive suspension systems, rubber damping products, and engine sealing components [5][6]. - The company has developed a comprehensive quality control system to ensure product reliability, which is crucial for maintaining long-term relationships with global customers [12]. - Continuous investment in research and development has led to the successful launch of several innovative products, reinforcing the company's technological leadership in the automotive parts sector [9][10].

Core Insights - The company, Zhengyu Industrial, reported significant growth in net profit for the first half of 2025, driven by increased sales from capacity release and gains from land and factory transfers [1][2] Group 1: Financial Performance - In the first half of 2025, Zhengyu Industrial achieved revenue of 1.356 billion yuan, a year-on-year increase of 39.62% [1] - The net profit for the same period reached 119 million yuan, reflecting a remarkable year-on-year growth of 420.67% [1] - The company generated 44.1 million yuan in non-recurring net profit from the sale of land and facilities, accounting for 27.31% of total profit [2] - Excluding this one-time gain, the net profit from core operations was 68.8 million yuan, up 269.37% year-on-year [2] - The net cash flow from operating activities was 119 million yuan, an increase of 412.6% compared to the previous year [2] Group 2: Operational Developments - Zhengyu Industrial's "Zhengyu Intelligent Manufacturing Park" has significantly enhanced production capacity, establishing a matrix of intelligent factories [1] - The company has begun mass production of key components such as high-precision stamping parts and electromagnetic valves, achieving self-sufficiency in core parts [1] - The company plans to raise up to 450 million yuan through a specific issuance of A-shares, with 360 million yuan allocated for the second phase of the Intelligent Manufacturing Park project [1] - The company's manufacturing base in Thailand has reached a scale of production and will continue to receive investments to enhance capacity and market share [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1] Core Views - The company is a leader in the domestic shock absorber industry, focusing on the automotive aftermarket for over 30 years, with a product range of nearly 20,000 models covering most global vehicle types [8][11] - The company is expected to experience strong growth in performance due to new capacity being released in the second half of 2024, driving a dual boost in profitability and valuation [1][8] - The aftermarket for shock absorbers is significant, with potential for domestic companies to increase market share, as demand is closely tied to vehicle ownership and replacement cycles [8][33] Financial Data and Valuation - Revenue projections show a steady increase from 1,758 million yuan in 2023 to 3,890 million yuan in 2027, with a compound annual growth rate (CAGR) of 14% [3] - The net profit attributable to shareholders is expected to rise from 59 million yuan in 2023 to 208 million yuan in 2027, reflecting a significant growth trajectory [3] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 69.4 in 2023 to 19.6 in 2027, indicating improving valuation metrics [3] Company Overview - The company has a strong international presence, with over 80% of its revenue coming from overseas markets, particularly North America [25][28] - The company has established relationships with major global clients such as Tenneco and ZF Group, enhancing its market position [25][26] - The company is actively expanding its production capacity both domestically and internationally, with a new manufacturing base in Thailand expected to enhance its global delivery capabilities [39][40] Industry Insights - The shock absorber market is characterized by a large aftermarket potential, with an estimated global demand exceeding 800 million units and a market size of approximately 700 billion yuan [34][35] - The industry is highly competitive and fragmented, with a mix of international and domestic players, providing opportunities for growth for quality domestic manufacturers [36] - The replacement cycle for shock absorbers is typically 6-8 years, creating a consistent demand driven by vehicle ownership and usage patterns [33][36]