格隆汇9月25日丨联诚精密(002921.SZ)在互动平台表示，公司主要从事各种精密机械零部件的研发设 计、生产和销售，公司产品广泛应用于商用空调压缩机、工业机器人、工程机械、商用车、乘用车、液 压机械、农业机械等多种行业。公司已向国内工业机器人头部企业批量供应相关零件产品，公司一直致 力于新客户及新业务的拓展，新产品的开发。 ...

格隆汇9月25日丨联诚精密(002921.SZ)在互动平台表示，公司主要从事各种精密机械零部件的研发设 计、生产和销售，公司产品广泛应用于商用空调压缩机、工业机器人、工程机械、商用车、乘用车、液 压机械、农业机械等多种行业。公司已向国内工业机器人头部企业批量供应相关零件产品，公司一直致 力于新客户及新业务的拓展，新产品的开发。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Views - The company is a leading player in the domestic aluminum profile extrusion mold industry, with significant growth potential in overseas markets. The company has expanded its product matrix from mold manufacturing to supporting equipment and precision components, benefiting from the growing application of aluminum profiles across various sectors [8][18]. - The company has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 17.5% from 2018 to 2024, increasing revenue from 432 million yuan to 1.136 billion yuan. Net profit also grew at a CAGR of 28.4% during the same period [28]. - The aluminum profile extrusion mold market in China is projected to exceed 6 billion yuan in 2024, with the industry concentrating towards leading players. The company has increased its market share from 3.85% to 7.57% between 2018 and 2024 [41][44]. Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.136 billion yuan in 2024, with a projected decline of 8.5% in 2025, followed by a recovery with growth rates of 18.6% and 18.8% in 2026 and 2027, respectively [2]. - The forecasted net profit for 2025 is 120 million yuan, with an expected increase to 175 million yuan in 2026 and 242 million yuan in 2027 [2][9]. - The company's earnings per share (EPS) are projected to be 2.00 yuan in 2025, increasing to 2.91 yuan in 2026 and 4.03 yuan in 2027 [2]. Market and Industry Analysis - The report highlights the significant growth in the mold manufacturing industry in China, with the market size expanding from 159 billion yuan in 2011 to 343.4 billion yuan in 2023, reflecting a CAGR of 6.63% [44]. - The aluminum extrusion mold market is expected to benefit from the increasing production of aluminum profiles, which is projected to grow from 19.8 million tons in 2018 to 23.3 million tons in 2024 [8][53]. - The company has established a strong international presence, with overseas revenue reaching 190 million yuan in the first half of 2025, marking a year-on-year growth of 31.91% and accounting for 38.51% of total revenue [8][9]. Business Segments - The company's main revenue sources include aluminum profile extrusion molds and supporting equipment, which together account for approximately 80% of total revenue. The precision mechanical components segment contributes an additional 15% [32][33]. - The revenue from aluminum profile extrusion molds and components is expected to grow from 429 million yuan in 2025 to 617 million yuan in 2027, while the supporting equipment segment is projected to grow from 364 million yuan to 524 million yuan in the same period [10][32].

Group 1 - Jiangshun Technology's stock increased by 4.13% on September 18, with a trading volume of 364 million yuan [1] - The company had a net financing purchase of 9.86 million yuan on the same day, with a total financing balance of 143 million yuan, accounting for 11.75% of its market capitalization [1] - The company specializes in the research, design, production, and sales of aluminum extrusion molds and components, aluminum extrusion supporting equipment, and precision mechanical parts [1] Group 2 - As of August 20, the number of shareholders for Jiangshun Technology decreased by 24.66% to 7,512, while the average circulating shares per person increased by 32.73% to 1,996 shares [2] - For the first half of 2025, Jiangshun Technology reported a revenue of 494 million yuan, a year-on-year decrease of 14.11%, and a net profit attributable to shareholders of 49.56 million yuan, down 40.73% year-on-year [2] Group 3 - Since its A-share listing, Jiangshun Technology has distributed a total of 48 million yuan in dividends [3]

Core Viewpoint - The company, United Precision (001268.SZ), is planning to acquire 51% of Chengdu Mite Aviation Manufacturing Co., Ltd. for a cash consideration, with the target company's overall valuation set at no more than 380 million yuan [1][2]. Group 1: Acquisition Details - The acquisition aims to diversify United Precision's revenue streams, as it currently relies heavily on sales to its largest customer, Midea Group, which accounted for 65.68% of its total sales in 2024 [2]. - Mite Aviation specializes in the research and manufacturing of aerospace standard and structural components, and it reported nearly 177 million yuan in revenue and a net profit of 30.8 million yuan last year [1][3]. - The acquisition agreement includes performance commitments for Mite Aviation, with net profits guaranteed to be no less than 5 million yuan, 18 million yuan, and 33 million yuan for the years 2025 to 2027, respectively [3]. Group 2: Financial Performance and Risks - Mite Aviation's performance has shown significant fluctuations, with an unaudited revenue of 43.6 million yuan and a net loss of 389,540 yuan in the first half of the current year [3]. - The performance commitments set for 2025 and 2026 are notably lower than Mite Aviation's 2024 net profit of 30.8 million yuan, raising concerns about the feasibility of these targets [3]. - United Precision's cash reserves were reported to be over 90 million yuan as of mid-2025, which raises questions about its ability to fund the acquisition, although it has receivables amounting to 426 million yuan that could be quickly liquidated [3].

Core Viewpoint - Jiangshun Technology experienced a slight decline in stock price and a net financing outflow, indicating potential investor caution amid declining revenue and profit figures [1][2]. Group 1: Stock Performance and Financing - On September 10, Jiangshun Technology's stock fell by 0.21%, with a trading volume of 107 million yuan [1]. - The company had a financing buy-in amount of 14.61 million yuan and a financing repayment of 19.72 million yuan, resulting in a net financing outflow of 5.11 million yuan [1]. - As of September 10, the total financing and securities balance for Jiangshun Technology was 112 million yuan, accounting for 10.30% of its market capitalization [1]. Group 2: Company Overview and Financial Performance - Jiangshun Technology, established on October 19, 2001, is located in Jiangyin City, Jiangsu Province, and specializes in the research, design, production, and sales of aluminum profile extrusion molds and components, supporting equipment, and precision mechanical parts [1]. - The company's main business revenue composition includes: aluminum profile extrusion molds and components (41.78%), supporting equipment (37.87%), precision mechanical parts (15.03%), and other businesses (5.31%) [1]. - For the first half of 2025, Jiangshun Technology reported a revenue of 494 million yuan, a year-on-year decrease of 14.11%, and a net profit attributable to shareholders of 49.56 million yuan, down 40.73% year-on-year [2]. Group 3: Shareholder Information - As of August 20, Jiangshun Technology had 7,512 shareholders, a decrease of 24.66% from the previous period [2]. - The average number of circulating shares per shareholder increased by 32.73% to 1,996 shares [2].

Core Viewpoint - Liancheng Precision (002921.SZ) is engaged in the research, design, production, and sales of various precision mechanical components, with products widely used in multiple industries such as commercial air conditioning compressors, industrial robots, construction machinery, commercial vehicles, passenger vehicles, hydraulic machinery, and agricultural machinery [1] Group 1 - The company has begun bulk supply of related component products to leading domestic industrial robot enterprises [1] - The company is committed to expanding new customers and new business opportunities, as well as developing new products [1]

格隆汇9月3日丨联诚精密(002921.SZ)在互动平台表示，公司主要从事各种精密机械零部件的研发设 计、生产和销售，公司产品广泛应用于商用空调压缩机、工业机器人、工程机械、商用车、乘用车、液 压机械、农业机械等多种行业。公司目前已向国内工业机器人头部企业批量供应相关零件产品，公司一 直致力于新客户及新业务的拓展，新产品的开发。 ...

Group 1 - The core point of the news is that shareholder He Junhua has pledged 2.95 million shares of United Precision, accounting for 2.73% of the total share capital, with a cumulative pledge of 5.6 million shares, representing 23.33% of his total holdings [1][3] - After this pledge, the cumulative pledged shares of the top ten shareholders of United Precision will be calculated based on the latest financial report [1] Group 2 - United Precision reported a main revenue of 445 million yuan for the first half of 2025, an increase of 21.49% year-on-year [3] - The net profit attributable to the parent company for the same period was 51.38 million yuan, up 52.8% year-on-year, with a non-recurring net profit of 51.25 million yuan, increasing by 55.1% [3] - In Q2 2025, the company achieved a single-quarter main revenue of 221 million yuan, a year-on-year increase of 14.42%, and a net profit attributable to the parent company of 32.18 million yuan, up 82.51% [3] - The company's debt ratio stands at 32.88%, with financial expenses of 3.33 million yuan and a gross profit margin of 24.33% [3][4]

Group 1 - The core point of the news is that Jiangshun Technology (001400) has seen a significant decline in its financial performance, with a notable drop in both revenue and net profit in the first half of 2025 compared to the previous year [3][4] - Shareholder Lei Yijin has pledged 1.2 million shares, accounting for 2.0% of the total share capital, with the pledge starting on August 25, 2025 [1] - After this pledge, the cumulative pledged shares of the top ten shareholders of Jiangshun Technology account for 11.99% of Lei Yijin's total holdings [1] Group 2 - Jiangshun Technology reported a main revenue of 494 million yuan in the first half of 2025, a year-on-year decrease of 14.11% [3] - The net profit attributable to shareholders was approximately 49.56 million yuan, down 40.73% year-on-year, while the non-recurring net profit was about 49.13 million yuan, a decrease of 35.06% [3] - The company operates in the research, design, production, and sales of aluminum profile extrusion molds and accessories, supporting equipment, and precision mechanical components [4]