Investment Rating - The investment rating for the company is "Outperform the Market" [3][15]. Core Views - The company's performance is under short-term pressure due to a decline in export business and domestic fuel vehicle sales, but there is potential for recovery as cost pressures ease and export business improves [1][4]. - The gross margin has shown a slight recovery, and expense management remains stable, indicating a potential for performance improvement in the future [1][4]. - The company is expanding its product categories and customer base, with a focus on overseas markets, which is expected to drive future growth [1][15]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.467 billion yuan, a year-on-year decrease of 2.54%. The net profit attributable to shareholders was 116 million yuan, down 38.28% year-on-year [1][4]. - For Q3 2024, revenue was 460 million yuan, a decline of 17.52% year-on-year and 8.59% quarter-on-quarter. The net profit for the same period was 23 million yuan, down 62.45% year-on-year and 51.72% quarter-on-quarter [1][4]. Margin and Expense Management - The gross margin for Q3 2024 was 23.88%, a decrease of 2.2 percentage points year-on-year but a slight increase of 0.05 percentage points quarter-on-quarter [1][4]. - The expense ratios for sales, management, R&D, and financial expenses were 0.87%, 6.96%, 5.87%, and 4.35% respectively, showing a year-on-year increase across all categories [1][4]. Product and Market Expansion - The company is transitioning from supplying single gears to complete differential assemblies and is also expanding into lightweight chassis components [1][10]. - The company has secured orders from various clients, including domestic brands and new energy vehicle manufacturers, indicating a diversification of its customer base [1][12]. - The overseas expansion includes a factory in Thailand, which is expected to start production in Q1 2025, potentially opening new growth avenues [1][14]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted to 230 million, 290 million, and 360 million yuan respectively, with corresponding EPS of 0.47, 0.59, and 0.74 yuan [1][15].

Investment Rating - The report downgrades the investment rating of Jingzhuan Technology (300258) to "Recommend" with a target price of 10.1 yuan, compared to the current price of 8.93 yuan [1] Core Views - Q3 2024 financial performance was in line with expectations, with a single-quarter revenue of 460 million yuan, down 18% year-on-year and 8.6% quarter-on-quarter [2] - Gross margin was 23.9%, down 2.2 percentage points year-on-year, mainly due to a decline in high-margin export business revenue [2] - Net profit attributable to the parent company was 23 million yuan, down 62% year-on-year and 52% quarter-on-quarter, with a net profit margin of 4.9%, down 5.8 percentage points year-on-year and 4.4 percentage points quarter-on-quarter [2] - The company is transitioning from differential gears to differential assemblies and diversified precision forgings, which is expected to support growth over the next 5-10 years [2] - The company is planning a factory in Thailand to expand its global presence, with production expected to start in Q1 2025 [2] Financial Forecasts - Revenue for 2024-2026 is forecasted to be 2,217 million yuan, 2,481 million yuan, and 2,836 million yuan, with year-on-year growth rates of 5.4%, 11.9%, and 14.3% respectively [3] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 168 million yuan, 194 million yuan, and 232 million yuan, with year-on-year growth rates of -29.3%, 15.7%, and 19.7% respectively [3] - EPS for 2024-2026 is forecasted to be 0.35 yuan, 0.40 yuan, and 0.48 yuan, with P/E ratios of 26x, 22x, and 19x respectively [3] Company Overview - Jingzhuan Technology is a company in the automotive parts industry, with a total market capitalization of 4.384 billion yuan and a circulating market capitalization of 4.211 billion yuan [4] - The company has a total share capital of 481.7772 million shares, with 462.7319 million shares listed and circulating [4] - The company's debt-to-asset ratio is 43.71%, and its net asset per share is 7.51 yuan [4] Market Performance - Over the past 12 months, Jingzhuan Technology's stock price has underperformed the CSI 300 index, with a decline of 44% compared to the CSI 300's decline of 23% [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5][7]. Core Views - The company is experiencing a transitional period due to a shift in customer structure, with expectations for overseas expansion to ramp up in 2025 [5][6]. - The company reported a total revenue of 1.467 billion yuan for Q1-Q3 2024, a year-on-year decrease of 2.54%, and a net profit attributable to shareholders of 116 million yuan, down 38.28% year-on-year [5][6]. - The company anticipates that the new business capacity layout will lead to improved gross margins over time, despite short-term depreciation and amortization pressures [6][7]. Summary by Sections Market Data - Closing price: 9.10 yuan - One-year high/low: 15.87/6.71 yuan - Price-to-book ratio: 1.2 - Dividend yield: 2.31% - Circulating A-share market value: 4,211 million yuan [2]. Financial Data - Net asset per share: 7.51 yuan - Asset-liability ratio: 43.71% - Total shares/ circulating A-shares: 482 million/463 million [3]. Revenue and Profit Forecast - Total revenue forecast for 2024E: 21.4 billion yuan, down from previous estimates of 23.8 billion yuan [7]. - Net profit forecast for 2024E: 1.7 billion yuan, revised down from 2.4 billion yuan [7]. - Earnings per share for 2024E: 0.37 yuan [8]. Historical Performance - Revenue for 2023: 2.103 billion yuan, with a year-on-year growth rate of 16.3% [10]. - Net profit for 2023: 238 million yuan, with a year-on-year decrease of 3.9% [10].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a cumulative revenue of 1.47 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.5%, and a net profit attributable to shareholders of 116 million yuan, down 38.3% year-on-year [1]. - In Q3 2024, the company's revenue was 460 million yuan, a decline of 17.5% year-on-year and 8.6% quarter-on-quarter, with a net profit of 23 million yuan, down 62.4% year-on-year and 51.7% quarter-on-quarter [1]. - The decline in revenue and profit is attributed to a drop in sales from major customer Volkswagen, with global Volkswagen sales down 7.1% year-on-year [1]. - The company is expanding its product categories, including lightweight components and main reduction gears, which are expected to contribute to growth starting in 2024 [1]. - The establishment of a wholly-owned subsidiary in Thailand for electric vehicle parts is anticipated to enhance the company's global presence and reduce export tariffs and shipping cost fluctuations [1]. - The company is projected to achieve revenues of 2.22 billion, 2.80 billion, and 3.54 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 220 million, 300 million, and 390 million yuan [1][2]. Financial Summary - The company’s revenue is forecasted to grow from 2.10 billion yuan in 2024 to 3.54 billion yuan in 2026, with corresponding net profits expected to rise from 222 million yuan to 386 million yuan [5]. - The earnings per share (EPS) are projected to increase from 0.46 yuan in 2024 to 0.80 yuan in 2026, with price-to-earnings (PE) ratios decreasing from 19 to 11 over the same period [2][5].

本次董事会经审议，通过了以下议案： 一、审议通过了《2024 年第三季度报告》 《2024 年第三季度报告》全文详见中国证监会指定信息披露网站。 本报告以 7 票同意，0 票反对，0 票弃权获得通过。 特此公告。 江苏太平洋精锻科技股份有限公司董事会 | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 第五届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 江苏太平洋精锻科技股份有限公司（以下简称"公司"）第五届董事会第四次 会议通知于 2024 年 10 月 15 日以电子邮件方式发出，会议于 2024 年 10 月 19 日下 午 14 点在公司三楼会议室以现场会议结合视频会议的方式召开。会议应到董事 7 名， 实到 7 名，符合《中华人民共和国公司法》和《公司章程》的规定，会议程序合法、 有效。会议由夏汉关先生主持，公司监事、高级管理人员列席了会议。 2024 年 ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 《2024 年第三季度报告》全文详见中国证监会指定信息披露网站。 本报告以 3 票同意，0 票反对，0 票弃权获得通过。 特此公告。 江苏太平洋精锻科技股份有限公司监事会 2024 年 10 月 22 日 江苏太平洋精锻科技股份有限公司（以下简称"公司"）第五届监事会第三次会 议通知于 2024 年 10 月 15 日以电子邮件方式发出，会议于 2024 年 10 月 19 日下午 15:00 在公司三楼会议室以现场会议的方式召开。会议应到监事 3 名，实到 3 名，会 议由任德君先生主持，符合《公司法》和《公司章程》的规定，会议程序合法、有效。 本次监事会经审议，通过了以下议案： 一、审议通过了《2024 年第三季度报告》 监事会认为：董事会编制和审核公司《2024 年第三季度报告》程序符合法律、 法规和中国证监会的有关规定，报告内容真实、准确、完整地反映了公司截止 2024 年 9 月底的 ...

Financial Performance - Revenue for Q3 2024 was CNY 460,163,324.33, a decrease of 17.52% year-over-year, while year-to-date revenue reached CNY 1,467,241,293.63, down 2.54% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 22,515,502.68, down 62.45% year-over-year, with year-to-date net profit at CNY 116,079,664.79, a decline of 38.28%[2]. - Basic earnings per share for Q3 2024 was CNY 0.0467, a decrease of 60.85% compared to the same period last year, while diluted earnings per share was CNY 0.0471, down 65.06%[2]. - Total operating revenue for Q3 2024 was CNY 1,467,241,293.63, a decrease of 2.54% compared to CNY 1,505,543,207.14 in the same period last year[15]. - Net profit for Q3 2024 was CNY 115,868,741.31, down 37.84% from CNY 186,594,454.97 in Q3 2023[16]. - Total comprehensive income attributable to the parent company was CNY 119,488,428.01, compared to CNY 183,982,545.91 in the previous period, reflecting a decrease[17]. Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 6,725,823,000.13, reflecting a 7.51% increase from the end of the previous year[2]. - The company's total liabilities reached CNY 2,939,722,088.16, an increase of 17.66% compared to CNY 2,499,642,399.07 in the previous year[14]. - Total equity attributable to shareholders of the parent company was CNY 3,780,768,960.38, up from CNY 3,750,682,309.40 year-on-year[14]. - The company's total assets reached CNY 6,725,823,000.13, up from CNY 6,255,867,583.54 year-on-year[14]. - The total amount of short-term borrowings was CNY 923,119,103.03, compared to CNY 565,907,050.47 in the previous year, reflecting a significant increase[14]. Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 354,071,472.29, a decrease of 19.93% compared to the same period last year[2]. - Net cash flow from operating activities was CNY 354,071,472.29, a decline from CNY 442,189,441.53 in the previous period[18]. - Cash inflow from operating activities totaled CNY 1,614,027,291.27, slightly down from CNY 1,616,598,037.13 in the previous period[18]. - Cash outflow from investing activities was CNY 4,579,034,562.35, compared to CNY 2,561,711,776.60 in the previous period, indicating increased investment expenditures[19]. - Net cash flow from financing activities decreased by 47.94% to CNY 381,452,169.87, primarily due to the absence of funds raised from convertible bonds compared to the previous year[8]. - The company reported a decrease in cash received from sales of goods and services, totaling CNY 1,520,670,204.98, compared to CNY 1,491,453,675.74 in the previous period[18]. Expenses - Sales expenses increased by 32.26% year-over-year to CNY 12,001,255.68, primarily due to higher employee stock plan costs and quality claims[5]. - Financial expenses surged by 918.29% to CNY 41,260,876.00, mainly due to reduced exchange gains and increased convertible bond interest expenses[8]. - Total operating costs amounted to CNY 1,365,208,438.80, an increase of 4.83% from CNY 1,302,925,835.53 in the previous year[15]. - Research and development expenses for the quarter were CNY 90,977,442.22, an increase of 29.5% compared to CNY 70,282,832.97 in the previous year[15]. - The company’s financial expenses increased to CNY 41,260,876.00, compared to CNY 4,051,995.56 in the previous year, indicating a substantial rise in financing costs[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,353[9]. - Jiangsu Dayang Investment Co., Ltd. holds 40.27% of shares, totaling 194,012,971 shares[9]. - The company has a significant shareholder relationship, with Jiangsu Dayang Investment being the controlling shareholder[10]. - The company has no preferred shareholders or changes in restricted shares during the reporting period[11].

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于 2024 年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1、"精锻转债"（债券代码：123174）转股期为 2023 年 8 月 21 日至 2029 年 2 月 14 日；最新有效的转股价格为人民币 12.76 元/股。 2、2024 年第三季度，共有 6 张"精锻转债"完成转股（票面金额共计 600.00 元人民币），合计转换成 47 股"精锻科技"股票（股票代码：300258）。 3、截至 2024 年第三季度末，公司剩余可转债为 9,799,159 张，剩余可转债票面 总金额为 979,915,900.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》的有关规定，江苏太平洋精锻科技股份有 限公司（ ...

（深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二四年九月 重要声明 证券代码：300258 证券简称：精锻科技 债券代码：123174 债券简称：精锻转债 国投证券股份有限公司 关于江苏太平洋精锻科技股份有限公司 创业板向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2024 年度） 债券受托管理人 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《江苏太平洋精锻科技股份有限公司（作为发行人）与安信证券股份有限公司（作 为受托管理人）之江苏太平洋精锻科技股份有限公司创业板向不特定对象发行可 转换公司债券受托管理协议》（以下简称"《受托管理协议》"）、《江苏太平洋精锻 科技股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）等相关公开信息披露文件，由本次债券受托管理人国投 证券股份有限公司（原名安信证券股份有限公司，以下简称"国投证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国投证券所作的承诺 或声明。在任何情况下，投资者依据本报 ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于 2023 年员工持股计划第一个锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 江苏太平洋精锻科技股份有限公司（以下简称"公司"）于 2023 年 8 月 9 日召 开了第四届董事会第十六次会议和第四届监事会第十二次会议，并于 2023 年 8 月 28 日召开 2023 年第一次临时股东大会，审议通过了《关于<江苏太平洋精锻科技股份 有限公司 2023 年员工持股计划（草案）>及其摘要的议案》等相关议案，同意公司实 施 2023 年员工持股计划（以下简称"本员工持股计划"），同时股东大会授权董事会 办理与本员工持股计划相关的事宜。具体内容详见公司分别于 2023 年 8 月 11 日和 2023 年 8 月 28 日刊登在中国证监会指定信息披露网站上的相关公告。 公司本员工持股计划所持有的公司股票第一个锁定期已于 ...