维科精密通过深度参与下游客户的同步研发，与国内外知名汽车零部件一级供应商等下游客户建立了长 期稳定的合作关系，目前，喷油器部件、电磁阀线圈、传感器组件等产品相关技术处于行业前列。 8月26日，维科精密（301499）披露2025年半年报显示，公司在2025年上半年实现营业收入4.47亿元， 同比增长12.58%；实现归属于上市公司股东的净利润2288.98万元，同比增长9.15%。此外，公司披露了 中期分红预案，拟向全体股东每10股派发现金红利0.5元(含税)。 维科精密主要从事汽车电子精密零部件、非汽车连接器及零部件和精密模具的研发、生产和销售。其 中，在汽车电子方面，公司经多年的积累与发展，形成了动力系统零部件、底盘系统零部件、汽车连接 器及零部件等核心产品体系，与国内外知名的一级汽车零部件供应商联合电子、博世、博格华纳、意力 速电子等形成了长期稳定的合作关系。 值得一提的是，维科精密的产品多为平台项目，具有一定的通用性，可供整车厂商选用并配备在不同车 型上使用。经过多年的发展，公司产品最终应用于上汽大众、上汽通用、上汽、长城、吉利、比亚迪 （002594）、奔驰、宝马、奥迪、日产、菲亚特、广汽本田、广汽 ...

Core Viewpoint - Tianlong Co., Ltd. is focusing on precision plastic manufacturing with a comprehensive capability in "precision molds, injection molding, stamping, and assembly," primarily serving the automotive and electrical appliance sectors [1] Group 1: Company Overview - The company specializes in automotive components, particularly in automotive electronic precision parts and lightweight structural components [1] - Tianlong's construction of its production base in Thailand has been completed, with most equipment expected to be in place by the end of July, and some equipment already in production [1] Group 2: Future Outlook - The company plans to actively pursue more overseas orders and continue its focus on the automotive industry [1] - There is potential for the company to expand its downstream application market through its developments in lightweight and sensor technologies [1] - The report initiates coverage with a "buy" investment rating for the company [1]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company focuses on precision plastic manufacturing, primarily in the automotive and electrical appliance sectors, with a strategic emphasis on automotive electronic components and lightweight structural parts [5][6]. - Future developments will target lightweight components such as functional door panels and electronic cooling fans, as well as integrated electronic products for new energy vehicles [5]. - The company has completed construction of its production base in Thailand and aims to secure more overseas orders [5]. - The company has a stake in Wuhan Fei'en Microelectronics, which specializes in MEMS sensor development, indicating a strategic move into the robotics market [6]. - Revenue forecasts for 2025-2027 are projected at 15.87 billion, 19.20 billion, and 21.58 billion yuan, with corresponding EPS of 0.69, 0.82, and 0.97 yuan [7][10]. Summary by Sections Company Overview - The company specializes in precision plastic manufacturing with capabilities in precision molds, injection molding, stamping, and assembly [5]. Market Position - The company is positioned to benefit from trends in lightweight automotive components and the growing demand for automotive electronics, particularly in the context of new energy vehicles [5][6]. Financial Projections - Revenue is expected to grow from 15.87 billion yuan in 2025 to 21.58 billion yuan in 2027, with a compound annual growth rate of approximately 12.3% [10]. - The projected EPS growth reflects a positive outlook, with estimates of 0.69 yuan in 2025 and 0.97 yuan in 2027 [7][10]. Strategic Initiatives - The company is actively pursuing opportunities in the robotics sector through its partnership with Wuhan Fei'en Microelectronics, focusing on lightweight materials and advanced sensor technologies [6].

Summary of Key Points Core Viewpoint - The company has decided to postpone the completion date of its automotive electronic precision component production line expansion project to March 2026, based on a careful assessment of the actual construction situation and market conditions [1][3]. Group 1: Fundraising Overview - The company successfully completed its initial public offering (IPO) on July 2023, raising a net amount of RMB 1,000 million after deducting issuance costs of RMB 72,708,418.03 [1]. - The total commitment for the fundraising investment project is RMB 435 million, with RMB 360.36 million already invested as of May 31, 2025 [2]. Group 2: Project Postponement Details - The postponement of the automotive electronic precision component production line expansion project is due to considerations of industry development cycles, external market conditions, and changes in market demand [3][4]. - The project’s investment progress has been adjusted, but the total investment amount, project content, and implementation entity remain unchanged [3][4]. Group 3: Impact and Decision-Making Process - The postponement is not expected to have a significant adverse impact on the company's normal operations and aligns with the company's long-term strategic interests [3][4]. - The board of directors and the supervisory board have both approved the postponement, confirming that it does not harm the interests of the company or its shareholders [4][5].

Core Insights - The company reported a revenue of 226 million yuan in Q1 2025, representing a year-on-year growth of 14.83% and a net profit of 12.01 million yuan, up 22.37% year-on-year [1] - For the full year 2024, the company achieved a revenue of 843 million yuan, an increase of 11.13% year-on-year, and a net profit of 45.30 million yuan [1] - The company plans to distribute a cash dividend of 0.72 yuan per 10 shares to all shareholders [1] Revenue Breakdown - In 2024, the automotive electronics segment generated a revenue of 718 million yuan, while the non-automotive connectors and components segment brought in 52.77 million yuan, with year-on-year growth rates of 11.88% and 9.77% respectively [1] - The company's revenue from new energy products reached 117 million yuan in 2024, marking a significant increase of 47.19% year-on-year [2] R&D and Product Development - The company increased its R&D investment to 56.79 million yuan in 2024, a growth of 21.52% compared to the previous year [1] - The company is focusing on the development of automotive electronic products that align with industry trends towards intelligence, low carbon, connectivity, and lightweight design [2] - The company aims to enhance production automation and intelligence to improve product quality and reduce labor costs [2] Strategic Focus - The company is actively expanding its product offerings in the new energy and intelligent driving sectors, aligning with the automotive industry's shift towards sustainable and innovative solutions [2] - The company emphasizes continuous technological innovation and collaboration with clients to enhance product development and increase production capacity utilization [2]

股票简称：维科精密 股票代码：301499 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路618号 二〇二三年七月 上海维科精密模塑股份有限公司 上市公告书 特别提示 上海维科精密模塑股份有限公司（以下简称"维科精密"、"发行人"、 "公司"或"本公司"）股票将于 2023 年 7 月 21 日在深圳证券交易所创业板 上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面 临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露 的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《上海维科精密模 塑股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称 "招股说明书"）中的相同。 1 上海维科精密模 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 招股说明书 保荐人（主承销商） 首次公开发行股票并在创业板上市 （中国（上海）自由贸易试验区商城路 618 号） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 招股意向书 （中国（上海）自由贸易试验区商城路 618 号） 首次公开发行股票并在创业板上市 保荐人（主承销商） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的 招股说明书作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质 ...