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研報掘金丨民生證券:維持無錫振華“推薦”評級,電鍍業務催化新增長

民生證券研報指出,無錫振華衝壓客戶結構進入拐點,電鍍業務催化新增長。公司1989年成立至今,深耕汽車衝壓業務30餘年,圍繞“傳統業務智能化+新能源業務規模化”的雙輪驅動,以上汽集團爲基,小米、理想、特斯拉等驅動新增長,2025年起客戶結構進入拐點、新能源業務加速,公司目標2025/2030年新能源業務佔比達25%/60%。此外公司2022年拓展至高技術壁壘、高盈利能力的電鍍業務,帶來第二增長曲線,當前已形成衝壓零部件、分拼總成件、精密電鍍、模具在內的四大業務佈局。公司衝壓業務深度綁定上汽,積極開拓小米、理想、特斯拉等客戶帶來增長;收購進入電鍍領域構築第二增長曲線,積極自研拓展技術及客戶邊界貢獻新彈性。維持“推薦”評級。

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