| | | 汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | | | | 总股本(百万股) | 250.06 | | --- | --- | | 流通股本(百万股) | 213.68 | | 市价(元) | 34.61 | | 市值(百万元) | 8,654.63 | | 流通市值(百万元) | 7,395.52 | 1、《无锡振华 2024 年报及 2025 年 一季报点评：》2025-04-29 2024-12-11 无锡振华 2025 年中报点评： 下游优质客户齐放量，2Q25 毛利率创单季度新高 无锡振华（605319.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Views - The Xizhen Convertible Bond (111022.SH) began online subscription on June 18, 2025, with a total issuance scale of 520 million yuan. After deducting issuance fees, the net raised funds will be used for the Langfang Zhenhua Quanjing Shen Automobile Parts Project [4]. - The current bond floor valuation is 95.23 yuan, with a YTM of 2.81%. The convertible bond has a 6 - year term, and its pure - bond value offers good protection [4]. - The current conversion parity is 100.3 yuan, with a parity premium rate of - 0.31%. The conversion period is from December 24, 2025, to June 17, 2031 [4]. - The bond terms are standard, and the total equity dilution rate is 6.11%, with a relatively small dilution pressure on the equity [4]. - It is estimated that the listing price of the Xizhen Convertible Bond on the first day will be between 123.58 and 137.42 yuan, and the subscription success rate is expected to be 0.0018%. It is recommended to subscribe actively [4]. - Wuxi Zhenhua's main business includes stamping parts, sub - assembly processing, mold, and selective precision electroplating processing. The company has a complete technical system and stable cooperation with many well - known customers [4]. - Since 2019, the company's revenue and net profit attributable to the parent have been growing steadily, with a compound growth rate of 10.23% and 27.23% respectively from 2019 - 2024 [4]. - The company's main business income accounts for a high proportion of total revenue, and the business is stable. The sales net profit margin and gross profit margin fluctuate, while the sales expense ratio remains low [4]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - The Xizhen Convertible Bond's issuance and subscription schedule is from June 16 to June 22, 2025, including steps such as prospectus publication, online roadshows, priority subscription for original shareholders, and online subscription [11]. - The basic terms of the convertible bond include a 6 - year term, a face value of 100 yuan, a coupon rate ranging from 0.20% to 2.30% from the first to the sixth year, and a redemption price of 113% of the face value at maturity. The conversion price is 31.98 yuan, and the conversion period is from December 24, 2025, to June 17, 2031 [12]. - The raised funds will be used for the Langfang Zhenhua Quanjing Shen Automobile Parts Project (420 million yuan) and working capital replenishment (100 million yuan) [13]. - The bond's pure - bond value is 117.80 yuan, with a pure - bond premium rate of - 15.11% and a YTM of 2.81%. The conversion parity is 101.78 yuan, with a parity premium rate of - 1.75% [13][14]. 3.2. Investment Subscription Recommendations - Based on comparable targets and empirical results, considering the good bond floor protection, rating, and scale attractiveness of the Xizhen Convertible Bond, it is estimated that the first - day listing conversion premium rate will be around 30%, and the listing price will be between 123.58 and 137.42 yuan [16][17]. - It is estimated that the original shareholders' priority subscription ratio will be 70.89%, and the online subscription success rate will be 0.0018% [18]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Wuxi Zhenhua's main business consists of stamping parts, sub - assembly processing, mold, and selective precision electroplating processing. The company has a complete technical system and stable cooperation with many customers [19]. - From 2019 to 2024, the company's revenue and net profit attributable to the parent have grown steadily, with a compound growth rate of 10.23% and 27.23% respectively. In 2024, the net profit attributable to the parent was 378 million yuan, a year - on - year increase of 36.30% [21]. - The main business income accounts for a high proportion of total revenue, and the business is stable. The sales net profit margin and gross profit margin fluctuate, while the sales expense ratio remains low, and the financial expense ratio is slightly higher than the industry average [24]. 3.3.2. Company Highlights - Wuxi Zhenhua has a complete stamping and welding technology system, covering the entire process from pre - process design analysis and stamping mold research and development to post - stamping and welding technology, forming a unique competitive advantage [32]. - The company has established long - term stable cooperation relationships with many well - known domestic and foreign vehicle manufacturers [32]. - In 2023, the company added the selective precision electroplating processing business through the acquisition of Wuxi Kaixiang, becoming a new profit growth point [33].