Chongqing Zhixin Indl Co. Ltd.
603352.SS · SHH
Company research
Chongqing Zhixin Industrial Co., Ltd. (603352.SS) is a Chongqing-based manufacturer founded in 1995, specializing in the research, development, production, and sale of automotive body-in-white stamping and welding components and related molds, including cold stamping parts, thermoformed components, welded assemblies, and tooling. The company operates over 10 manufacturing bases across China and has established itself as a Tier 1 supplier to major domestic automakers such as Changan Automobile, Geely Auto, BYD, NIO, Li Auto, Great Wall Motor, and Leapmotor, as well as key industry partners like CATL. Recognized as a national high-tech enterprise, Zhixin has demonstrated strong financial momentum, with revenues growing from RMB 2.09 billion in 2022 to RMB 3.09 billion in 2024, and net profit rising from RMB 71 million to RMB 204 million over the same period. The company made its public market debut on the Shanghai Stock Exchange's Main Board in January 2026, with approximately 70% of its stamping and welding component revenue in the first half of 2025 derived from new energy vehicle models.
Research reports
The article presents Zhixin as a regional leader in automotive stamping and welding parts with deep technical accumulation, diversified top-tier customers, and strong revenue and profit growth, arguing that the IPO valuation multiple and price-to-sales are meaningfully below industry averages and peers. It recommends actively participating in the new share subscription while highlighting key risks including high asset-liability ratio, customer concentration above 70% of revenue, and sensitivity to market sentiment and auto demand.
申万宏源证券研究所（Shenwan Hongyuan Securities Research Institute） · December 30, 2025至信股份(603352)投资价值研究报告：高成长的冲焊件供应商 模具产线自制+优质客户配套 合理估值区间为40.58-45.02亿元This institutional report positions Zhixin as a core domestic supplier of automotive body-in-white stamping and welding components with a nationwide network of 14 plants, strong in-house mold and automation capabilities, and deeply bound relationships with leading OEMs such as Geely, Changan, BYD and Li Auto, supporting robust revenue growth from 20.9 to 30.9 billion yuan and significant margin improvement over 2022–2024. It forecasts 2025–2027 revenue of 39.27/43.41/51.65 billion yuan and net profit of 2.56/2.89/3.66 billion yuan, derives a 6–12 month fair value range of 40.58–45.02 billion yuan (17.90–19.86 yuan per share) implying mid-teens to low-20s P/E versus higher sector multiples, and discusses risks around forecast assumptions, market volatility, business growth falling short, technology, financial structure, governance and other uncertainties.
华金证券研究所（Huajin Securities Research Institute） · December 26, 2025新股覆盖研究：至信股份Huajin’s coverage note analyzes Zhixin’s fundamentals ahead of the IPO, emphasizing its position as a major private producer of automotive stamping and welding parts in Southwest China, broad product range across cold stamping, weld assemblies and hot forming, integrated value chain from in-house molds to automated lines, and more than ten manufacturing bases nationwide serving OEMs including Changan, Geely, Ford, Great Wall and others. It highlights rapid revenue and net profit growth from 20.91 to 30.88 billion yuan and from 0.71 to 2.04 billion yuan over 2022–2024, management guidance for 2025 revenue to grow 26.30–31.16% and net profit 25.02–29.92%, rising contribution from NEV-related projects with new energy stamping revenue share increasing to over 70%, and compares Zhixin’s margins and valuation to selected domestic peers while noting listing process, data and peer-selection risks as key uncertainties.