Summary of Yishi Precision's Conference Call Company Overview - **Company**: Yishi Precision - **Industry**: Automotive components, specifically focusing on high-pressure connectors, air suspension systems, and electromagnetic valve housings Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue grew steadily, with a total revenue of 251 million yuan, representing a year-on-year increase of 7.1% [3] - **Net Profit**: Net profit for the same period was 47.43 million yuan, a year-on-year increase of 3.09%, indicating that net profit growth lagged behind revenue growth due to various operational challenges [2][3] - **Gross Margin**: The gross margin remained stable at approximately 31.8% [2][9] - **Asset Growth**: Total assets increased by 7.62% to 536 million yuan, while the debt-to-asset ratio was 20.85%, indicating a healthy financial status [3] Product Segmentation - **Revenue Contribution**: - High-pressure connectors and high-pressure shielding covers accounted for about 30% of total revenue - Tool rotating quick connectors and related parts contributed approximately 18% - Electromagnetic valve housings also represented around 30% of revenue, with a focus on domestic substitution for traditional fuel vehicles [2][3] Air Suspension Business - **Projected Revenue**: The air suspension business is expected to generate an annual output value of 60 million yuan, although there are pressures from clients to reduce prices, which may impact actual revenue [2][5] - **Client Contributions**: Major clients include Konghui, Baolong Technology, Continental, and Top Group, with expected contributions of 40 million yuan, 11 million yuan, and 4 million yuan respectively [5] Production Capacity and Technology - **New Production Lines**: The second-generation welding ring production line is operational, and the third-generation fully automated production line is expected to start mass production by the end of the year, significantly improving yield and quality rates [2][6][7] - **Cost Control**: The introduction of advanced Italian equipment in the third-generation line aims to enhance production efficiency and reduce costs, with a focus on maintaining a good quality rate above 92% [7] Competitive Landscape - **Market Competition**: The company faces competition from Ultimate Shares and Top Group in the air suspension sector, but maintains a competitive edge through technology and cost control, avoiding price wars [8] - **Client Relationships**: The company emphasizes maintaining stable relationships with key clients while exploring new product developments to mitigate risks associated with price pressures [10][16] Future Outlook - **2026 Projections**: The company anticipates that overall production capacity will align with business development, leading to stable growth in 2026 [6] - **New Product Development**: Ongoing innovation includes the development of a new aluminum-based camera for major clients and high-frequency components for Tesla, with production expected to ramp up [12][14] - **International Expansion**: The establishment of a production line in Slovenia in collaboration with Mark Precision aims to meet local demands and navigate trade tensions [18] Additional Insights - **Order Visibility**: The visibility of orders from major clients remains stable, although new product developments carry some uncertainty [16] - **Client Base Stability**: The top five clients have not changed significantly, although there have been adjustments in their respective shares [19]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on expanding its customer base in the field of air suspension and enhancing its precision stamping technology to promote the localization of reducer flexible wheels [5] - In Q1 2025, the company achieved revenue of 80 million yuan and a net profit attributable to shareholders of 15.04 million yuan [6] - The company has established itself as a supplier for well-known automotive parts manufacturers, including Tyco Electronics and Bosch [6] - The company signed a strategic cooperation agreement with Konghui Technology to broaden its product line and is expected to achieve mass production of the third-generation welding ring line in 2025 [6][9] - The company plans to acquire 51% of Tongyihe Precision Technology to enhance its development and manufacturing capabilities in precision stamping [6][9] - The establishment of a joint venture in Slovenia aims to enhance overseas layout and local supply capabilities [6][9] Financial Summary - The company forecasts revenue growth from 276 million yuan in 2023 to 609 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.91% [8] - The net profit attributable to shareholders is projected to increase from 52 million yuan in 2023 to 100 million yuan in 2027, reflecting a CAGR of 25.37% [8] - The earnings per share (EPS) is expected to rise from 0.44 yuan in 2023 to 0.86 yuan in 2027 [8] - The company maintains a healthy return on equity (ROE), projected to reach 23.54% by 2027 [8]

证券简称： 易实精密 证券代码： 836221 江苏易实精密科技股份有限公司 江苏省南通市崇川区太平北路 1018 号 江苏易实精密科技股份有限公司招股说明书 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 保荐机构（主承销商） 金元证券股份有限公司 海口市南宝路 36 号证券大厦 4 楼 大的市场风险。投资者应充分了解北京证券交易所市场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。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 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者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，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 ...

证券简称： 易实精密 证券代码： 836221 江苏易实精密科技股份有限公司 江苏省南通市崇川区太平北路 1018 号 江苏易实精密科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 保荐机构（主承销商） 金元证券股份有限公司 海口市南宝路 36 号证券大厦 4 楼 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 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者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，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 ...

证券简称： 易实精密 证券代码： 836221 江苏易实精密科技股份有限公司 江苏省南通市崇川区太平北路 1018 号 江苏易实精密科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 保荐机构（主承销商） 金元证券股份有限公司 海口市南宝路 36 号证券大厦 4 楼 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 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者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，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； ...

证券简称： 易实精密 证券代码： 836221 江苏省南通市崇川区太平北路 1018 号 发 行 人 名 称 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 声明 江苏易实精密科技股份有限公司招股说明书（申报稿） 保荐人名称和住所 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 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者保证。任何与之相反的声明均属虚假不实 陈述。 保荐人主承销商名称和住所 根据《证券法》的规定，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 ...