民生证券研报指出,无锡振华冲压客户结构进入拐点,电镀业务催化新增长。公司1989年成立至今,深耕汽车冲压业务30余年,围绕“传统业务智能化+新能源业务规模化”的双轮驱动,以上汽集团为基,小米、理想、特斯拉等驱动新增长,2025年起客户结构进入拐点、新能源业务加速,公司目标2025/2030年新能源业务占比达25%/60%。此外公司2022年拓展至高技术壁垒、高盈利能力的电镀业务,带来第二增长曲线,当前已形成冲压零部件、分拼总成件、精密电镀、模具在内的四大业务布局。公司冲压业务深度绑定上汽,积极开拓小米、理想、特斯拉等客户带来增长;收购进入电镀领域构筑第二增长曲线,积极自研拓展技术及客户边界贡献新弹性。维持“推荐”评级。
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