Minsheng Securities: Maintaining a "recommended" rating for Wuxi Jiahua, electroplating business catalyzes growth.

Minsheng Securities research report points out that the customer structure of Wuxi Zhenhua stamping has reached a turning point, and the electroplating business catalyzes additional growth. Since its establishment in 1989, the company has been deeply involved in the automotive stamping business for over 30 years. With the dual driving force of "intelligent traditional business + scale new energy business", the company has relied on SAIC as the base, with Xiaomi, Ideal, Tesla and others driving additional growth. Starting in 2025, the customer structure will reach a turning point, and the new energy business will accelerate, with the company aiming for a new energy business ratio of 25%/60% in 2025/2030. Additionally, the company expanded into the high-tech barrier and high-profit electroplating business in 2022, bringing a second growth curve. The company has already established a business layout including stamping parts, sub-assembly parts, precision electroplating, and molds. The stamping business is closely tied to SAIC, actively expanding to bring growth to customers such as Xiaomi, Ideal, and Tesla. The acquisition of the electroplating field has built the second growth curve, actively expanding technology and customer boundaries to contribute new elasticity. Maintaining a "recommended" rating.