Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

Company Overview - Wuxi Zhenhua Automotive Parts Co., Ltd. is composed of Wuxi Zhenhua and its nine wholly-owned subsidiaries, located in Wuxi City, Binhu District [1] Financial Performance - In the fourth quarter of last year, Haifutong Fund's Haifutong Reform-Driven Mixed Fund reduced its holdings in Wuxi Zhenhua, with a current holding ratio of 0.74% [1] - The fund has reported a year-to-date return of -0.96%, ranking 1747 out of 2324 in its category [1] Fund Management - The fund manager of Haifutong Reform-Driven Mixed Fund is Zhou Xuejun, who has extensive experience in the investment management industry [3][4] - Zhou Xuejun has been with Haifutong Fund Management Co., Ltd. since February 2015, holding various managerial positions and managing multiple funds [3][4] Fund Company Background - Haifutong Fund Management Co., Ltd. was established in April 2003, with a shareholding structure where Haitong Securities Co., Ltd. holds 51% and Paris Asset Management BE holds 49% [4]

制图：佘诗婕 星标 ★ IPO日报 精彩文章第一时间推送 据IPO日报汇总，3月24日至3月30日，即上周一周内，多家上市公司发布发行可转债募资公告。其中，3月28日，三友化工（600409.SH）拟公开发 行公司债券，规模不超过9亿元，美力科技（300611.SZ）拟发行可转债募资不超过3亿元。 另外，3月28日，上交所和深交所修订并发布了《上海证券交易所公司债券发行上市审核规则适用指引第3号——审核重点关注事项（2025年修订）》、 《深圳证券交易所公司债券发行上市审核业务指引第2号——审核重点关注事项（2025年修订）》，旨在进一步强化公司债券（含企业债券）发行准入监 管，提升审核透明度，推动市场高质量发展。 3月24日至3月30日发债情况汇总 制图：李昕 三家5年内多次募资 上周，多家上市公司发布公告，拟通过发行可转换债券募资，涵盖新能源汽车、跨境电商、机器人等领域，IPO日报整理发现，无锡振华 （605319.SH）、瑞鹄模具（002997.SZ）和双乐股份（301036.SZ）均为上市5年内多次募资。目前无锡振华发行可转债申请获上交所通过。 3月26日，无锡振华公告称，公司向不特定对象发行可转换公 ...

关于向不特定对象发行可转换公司债券申请获得上海证券 证券代码：605319 证券简称：无锡振华 公告编号：2025-008 无锡市振华汽车部件股份有限公司 无锡市振华汽车部件股份有限公司董事会 交易所上市审核委员会审核通过的公告 2025 年 3 月 26 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海证券交易所上市审核委员会于 2025 年 3 月 26 日召开 2025 年第 9 次审 议会议（以下简称"会议"），对无锡市振华汽车部件股份有限公司（以下简称 "公司"）向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议 结果，公司本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条 件和信息披露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会作出同意注册的决定后方可实施。本次向不特定对象发行可转债能否获 得中国证券监督管理委员会同意注册的决定及时间进度尚存在不确定性。公司将 根据本次向不特定对象发行可转债事项进展情况，严格按照有关法律法规的规定 和要求及时履 ...

证券代码：605319 证券简称：无锡振华 公告编号：2025-007 无锡市振华汽车部件股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 无锡市振华汽车部件股份有限公司（以下简称"公司"）股票于 2025 年 3 月 5 日、3 月 6 日、3 月 7 日连续 3 个交易日内收盘价格涨幅偏离值累计超过 20%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 经公司自查，并书面问询控股股东及实际控制人，除公司前期披露内容 外，截至本公告披露日，不存在应该披露而未披露的重大事项或重要信息。 公司敬请投资者注意二级市场交易风险，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 3 月 5 日、3 月 6 日、3 月 7 日连续 3 个交易日内收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情况。 （四）其他股价敏感信息 经公司自查，公司目前不存在其他可能对公司股价产生较大影响的 ...

关于《无锡市振华汽车部件股份有限公司关于股票交 易异常波动的问询函》的回函 无锡市振华汽车部件股份有限公司董事会： 我们已收到《无锡市振华汽车部件股份有限公司关于股票交易异 常波动的问询函》，经认真自查核实，现就有关情况回复如下： 截止目前，我们作为无锡市振华汽车部件股份有限公司（以下简 称"上市公司"）的实际控制人，不存在对上市公司股票交易价格产 生重大影响的应披露而未披露的重大事项，包括但不限于重大资产重 组、发行股票、重大交易类事项、业务重组、股份回购、股权激励、 破产重整、重大业务合作、引进战略投资者等重大事项。 不存在异常波动期间交易公司股票的情形。 特此回复。 签字： 钱金祥 签字： 钱金祥 签字： 钱 犇 年 月 日 关于《无锡市振华汽车部件股份有限公司关于股票交 易异常波动的问询函》的回函 无锡市振华汽车部件股份有限公司董事会： 我们已收到《无锡市振华汽车部件股份有限公司关于股票交易异 常波动的问询函》，经认真自查核实，现就有关情况回复如下： 截止目前，我们作为无锡市振华汽车部件股份有限公司（以下简 称"上市公司"）的实际控制人之一，不存在对上市公司股票交易价 格产生重大影响的应披露而未披露的 ...

证券代码：605319 证券简称：无锡振华 公告编号：2025-006 无锡市振华汽车部件股份有限公司 关于公司股东减持股份结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 无锡瑾沣裕投资 | 5%以下股东 | 9,973,400 | 3.99% | 前取得：9,973,400 IPO | | 合伙企业（有限合 | | | | 股 | | 伙） | | | | | 上述减持主体无一致行动人。 二、减持计划的实施结果 (一)大股东及董监高因以下事项披露减持计划实施结果： 重要内容提示： 股东持股的基本情况 无锡市振华汽车部件股份有限公司（以下简称 "公司"）股东无锡瑾沣裕投 资合伙企业（有限合伙）（以下简称"无锡瑾沣裕"）持有本公司股份 9,973,400 股， 占公司股份总数的 3.99%，其中无限售条件流通股 9,973,400 股，占公司股份总 数 ...

公司本次高新技术企业的认定是原高新技术企业证书有效期满后进行的重 新认定。根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关 税收规定，公司自本次通过高新技术企业认定后连续三年（即 2024 年度至 2026 年度）享受国家关于高新技术企业的相关税收优惠政策，即按 15％的税率缴纳 企业所得税。 公司 2024 年度已按照 15％企业所得税税率进行申报缴纳，本次通过高新技 术企业重新认定不影响 2024 年度的相关财务数据。 证券代码：605319 证券简称：无锡振华 公告编号：2025-005 无锡市振华汽车部件股份有限公司 关于公司通过高新技术企业重新认定的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 无锡市振华汽车部件股份有限公司（以下简称"公司"）今日收到江苏省科学 技术厅、江苏省财政厅、国家税务总局江苏省税务局联合颁发的《高新技术企业 证书》，证书编号：GR202432004126，发证时间：2024 年 11 月 19 日，有效期： 三年。 无锡市振华汽车部件股份有限公司董事会 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% over the next six months [6]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 3.80 to 4.16 billion yuan in 2024, representing a year-on-year growth of 37% to 50% [4]. - The Q4 performance is expected to show significant growth, with a projected net profit of 1.30 to 1.66 billion yuan, reflecting a year-on-year increase of 17% to 50% and a quarter-on-quarter increase of 41% to 80% [6]. - The company benefits from a favorable shift in customer structure due to the transition to new energy vehicles, with significant sales increases from major clients like SAIC, Tesla, and Xiaomi [6]. Financial Data and Profit Forecast - Total revenue is expected to grow from 2,317 million yuan in 2023 to 3,721 million yuan in 2025, with a compound annual growth rate (CAGR) of approximately 40.4% [5]. - The net profit attributable to shareholders is forecasted to increase from 277 million yuan in 2023 to 514 million yuan in 2025, indicating a CAGR of about 30% [5]. - The company's gross margin is projected to remain stable, with slight fluctuations, maintaining around 26% in the coming years [5]. Performance Comparison - The company's stock price has shown a significant increase compared to the market, with a closing price of 25.33 yuan as of January 21, 2025, and a market capitalization of 5,413 million yuan [1]. - The stock has experienced a price range of 26.00 yuan at its highest and 14.46 yuan at its lowest over the past year, indicating volatility but also potential for growth [1].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 29.43 yuan, corresponding to a 16x PE for 2025E [4][6]. Core Views - The company is expected to achieve a significant year-on-year growth in net profit for 2024, projected to increase by 37.07%-50.05% to 380-416 million yuan, driven by strong sales performance of Xiaomi's models and a notable decrease in raw material prices [1][2]. - The company is enhancing its production capacity in stamping and expanding its electroplating business, which is expected to further strengthen customer loyalty and profitability [3][4]. Summary by Sections Financial Performance - The company forecasts a net profit of 392 million yuan for 2024, with a growth rate of 41.56% compared to 2023. The projected net profits for 2025 and 2026 are 461 million yuan and 522 million yuan, respectively [5][9]. - Revenue is expected to grow from 2,699 million yuan in 2024 to 3,275 million yuan in 2025, reflecting a growth rate of 21.32% [5][9]. Business Development - Xiaomi has become one of the company's top five clients, contributing 8.16% to revenue in the first half of 2024. The company plans to enhance its production capabilities through a convertible bond issuance, with 4.2 billion yuan allocated to automotive parts projects [2][3]. - The stamping business is expanding with investments in multiple locations, while the electroplating segment is benefiting from the rapid growth of hybrid vehicle sales, which are projected to increase by 77% in 2024 [3][4]. Valuation Metrics - The report projects an increase in EPS from 1.57 yuan in 2024 to 1.84 yuan in 2025, with a corresponding decrease in P/E ratio from 15 in 2024 to 13 in 2025 [5][12]. - The company's ROE is expected to remain strong, with estimates of 15.81% for 2024 and 16.30% for 2025 [11][12].