Summary of the Conference Call for 易实精密 Company Overview - **Company**: 易实精密 (Yishi Precision) - **Acquisition**: Acquired 51% stake in 无锡通益和 (Wuxi Tongyihe) to enter the precision stamping field [2][4] Key Points and Arguments Financial Performance - **Profit Margins**: - Tongyihe's mold gross margin is approximately 40% - Precision stamping product gross margin is around 30% - **Net Profit Projections**: - Expected net profit for 2024 is 23 million RMB - Expected net profit for 2025 is 28 million RMB [2][14] Strategic Partnerships and Expansion - **Global Factory**: - A factory in Slovenia established with an Austrian partner, expected to start production in September 2025, focusing on traditional fuel vehicle parts [2][5] - **New Ventures**: - Established 马克表面处理科技有限公司 (Mark Surface Treatment Technology Co., Ltd.) to enhance supply chain and reduce costs [2][8] Technology and Product Development - **Precision Stamping Technology**: - Precision stamping allows for high-precision processing of materials between 4mm to 12mm thick, with production speed and cost advantages [6][22] - **Robotics Connector Development**: - Expansion into humanoid robot connectors, with Tyco as a key partner, expected to generate sales in 2025 [17][26] Market Demand and Customer Base - **Customer Relationships**: - Existing customers like Bosch and Continental show strong demand for products, facilitating mutual business empowerment post-acquisition [2][12] - **New Orders**: - Tongyihe has secured new projects with major clients like Mercedes-Benz, expected to contribute 18 million RMB in 2025 [14][30] Production Capacity and Future Growth - **Production Capacity**: - The wood project completed construction acceptance in October 2023, with production expected to ramp up in the second half of 2024 [23] - **Revenue Growth Targets**: - Overall revenue and profit are projected to grow by 18% to 20% in 2025 compared to 2024 [23][24] Acquisition Details - **Acquisition Progress**: - Due diligence and audits for the acquisition of Tongyihe are expected to be completed by July 2025, with a potential completion date for the acquisition by August 2025 [4][36] - **Strategic Rationale**: - The acquisition is aimed at leveraging existing customer relationships and enhancing product offerings through shared technology and capabilities [11][12] Additional Important Information - **Market Position**: - Precision stamping technology has high market entry barriers, with limited global suppliers [7] - **Financial Health**: - The company maintains a strong order visibility, with some orders extending up to three years, aiding in operational stability [35] - **Product Line Contributions**: - The suspension product line is expected to contribute the most to revenue growth in 2025, driven by new customer orders [29] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, financial outlook, and operational developments of 易实精密.

拓普集团 20250414 铝合金底盘件产能供应链较长，包括原材料处理、精密铸造、热处理、机加工、 表面处理及检验出货等多个环节。其中差压铸造工艺复杂，投资周期长，从设 备采购到调试通常超过一年。此外，与中下游热处理和机加工配合也需要更多 know-how。北美市场环境对制造业投资阻力更大，包括薪资水平高、员工管理 难度高等因素，使得资本对汽车制造业投资望而却步。因此，这类复杂重资产 长周期且多能耗的制造业投资在北美并不积极。 拓普集团如何应对关税带来的潜在影响？ 拓普集团在北美市场的地位稳固，尤其是在新能源客户中的配套难以被轻易替 代。尽管近期有关于关税的传言，但公司自身的确定性较大。拓普集团给美国 本土配套的底盘和橡胶减震产品等替代难度非常大，例如铝合金控制臂，这类 金属零部件由于体积和重量较大，在美国本土制造或设置产能难度高。因此， 即使短期内可能受到关税扰动，中长期来看，由于新设产能困难，供应商承担 关税的可能性不大。预计拓普集团今明年能够维持 25%左右的复合年增长率。 • 拓普集团为美国本土配套的铝合金控制臂等底盘和橡胶减震产品替代难度 大，美国本土新设产能面临薪资高、员工管理难等阻力，资本对汽车 ...