Comprehensive Analysis Report on Private Placement of Wuzhou Xinchun (603667)

According to the company announcement and online search information [1][2], Wuzhou Xinchun’s total funds raised from this private placement of A-shares to specific targets does not exceed .

The maximum number of shares issued is (109.86 million shares), not exceeding 30% of the company’s total share capital before issuance [1].

• Based on the maximum fundraising of 1 billion yuan and maximum issuance of 110 million shares,
  the estimated issuance price is approximately 9.10 yuan per share
• There is a
  large discount space
  (about 87.7%) compared to the current stock price (74.20 yuan)
• Pricing mechanism: Adopts competitive bidding issuance, with the issuance price not lower than 80% of the average trading price of the stock in the 20 trading days before the pricing benchmark date [2]

• Issuance objects: No more than 35 specific investors (securities investment funds, securities companies, trust companies, finance companies, insurance institutions, qualified foreign institutional investors, etc.) [2]
• Lock-up period: 6 months [2]
• Validity period: 12 months from the date of approval by the CSRC

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Use	Amount	Investment Content
Embodied Intelligent Robot and Automotive Intelligent Driving Core Components R&D and Industrialization Project	700 million yuan	• 980,000 sets of planetary roller screws<br>• 2.1 million sets of micro ball screws<br>• 70,000 sets of general robot-specific bearings<br>• 1 million sets of automotive steering system screws<br>• 4 million sets of brake parking system screw production lines
Supplementary Working Capital	300 million yuan	Optimize capital structure and enhance operational capabilities

• Humanoid Robot Field:
  According to Huaxin Securities’ forecast, global sales will reach 2.05 million units by 2030, with each unit requiring 5-8 planetary roller screws, resulting in an annual demand of over
  10 million sets
  [1]
• Intelligent Automotive Field:
  China’s penetration rate will rise from 57.1% in 2023 to 99.7% in 2030, with annual sales of nearly 30 million vehicles, each requiring 2-4 sets of brake/steering screws, leading to an annual demand of over
  100 million sets
  [1]

• The global high-end screw market has long been dominated by giants like Japan THK, Germany Schaeffler, and Japan NSK [1]
• Domestic self-sufficiency rate of high-end screws is low, and there is no large-scale mass production capacity in the field of high-precision planetary roller screws, a core component of humanoid robot joints [1]
• Wuzhou Xinchun’s entry into this field is expected to fill the gap in key components of domestic high-end actuators

• Humanoid robot field: Successfully connected with main engine manufacturers like ByteDance
• Industrial robot field: Customers include global bearing giants such as Schaeffler and SKF, as well as robot reducer enterprises like Neugart and Zhongda Leader [1]
• Automotive field: Partners include well-known enterprises like Autoliv, BYD, and Continental AG [1]

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Indicator	Before Issuance	After Issuance (at maximum)	Change
Total Share Capital	366 million shares	476 million shares	+30%
Shareholding Ratio of Existing Shareholders	100%	76.9%	Diluted by 23.08%
Proportion of New Shares	-	23.1%	-

Based on the latest net profit data (TTM of approximately 98 million yuan):

Scenario	Net Profit	EPS	Dilution/Thickening幅度
Before Issuance	98 million yuan	0.269 yuan/share	-
After Issuance (Profit Unchanged)	98 million yuan	0.207 yuan/share	-23.08%

Earnings Scenario	Annualized Return Rate	Annual Additional Profit	EPS After Hedge	EPS Change
Conservative Scenario	3%	21 million yuan	0.251 yuan/share	-6.67%
Neutral Scenario	5%	35 million yuan	0.280 yuan/share	+4.26% ✓
Optimistic Scenario	8%	56 million yuan	0.325 yuan/share	+20.66% ✓

• If the funded project can achieve an
  annualized return rate of over 5%
  , it can fully hedge against EPS dilution and achieve增厚
• Based on the 700 million yuan project investment, an annualized return of 5% is equivalent to an additional profit of 35 million yuan, which can increase EPS by 4.26%
• The project requires a certain period to reach full production (usually 1-3 years), so EPS will still face dilution pressure in the short term

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Indicator	Value	Industry Comparison
Current Stock Price	74.20 yuan	-
P/E Ratio (TTM)	Approximately 276x	Significantly higher than the average level of the general equipment manufacturing industry
P/B Ratio	Approximately 9.1x	Higher than the industry average
Total Market Capitalization	Approximately 27.2 billion yuan	-

• High P/E ratio reflects market recognition of the company’s growth, especially high growth expectations in the humanoid robot and intelligent driving tracks
• If the funded project can be successfully put into production, it will open a new growth curve for the company and support long-term valuation
• The current stock price is in a historical high range (up over 200% in the past year), and there is relatively ample room for private placement pricing

• Short-term EPS dilution may put pressure on the stock price
• Current valuation is at a high level; if market style shifts or project progress is less than expected, there may be a risk of valuation correction
• On December 26, 29, and 30, the cumulative deviation value of the closing price increase exceeded 20% within three consecutive trading days, and the company has issued a risk warning announcement [3]

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1. Clear Strategic Positioning:
   Precisely布局 embodied intelligent robot and automotive intelligent driving core components, in line with industrial upgrading direction
2. Huge Market Space:
   Driven by dual tracks of humanoid robots and intelligent cars, with a high market ceiling
3. Domestic Substitution Opportunity:
   Fills the gap in domestic high-end screw production capacity and has first-mover advantage
4. High-Quality Customer Resources:
   Has established a high-quality customer base such as Schaeffler and BYD

1. Significant Short-Term Dilution:
   Issuance at maximum will lead to EPS dilution of approximately 23%
2. Project Uncertainties:
   There are uncertainties in the construction cycle, production progress, and actual earnings of the funded project
3. High Current Valuation:
   TTM P/E ratio is approximately 276x, and the valuation safety margin is relatively limited
4. Issuance Price Discount:
   The estimated issuance price is about 9.10 yuan, which has a large discount compared to the current stock price, possibly affecting the sentiment of existing shareholders

Investor Type	Recommendation
Long-Term Value Investors	Focus on the long-term implementation of the funded project and performance fulfillment capacity; short-term fluctuations can be regarded as layout opportunities
Short-Term Trading Investors	Pay attention to the time window of private placement landing and the short-term suppression of EPS dilution on the stock price; operate cautiously
Existing Small and Medium Shareholders	Pay attention to the private placement price and objects; if high-quality industrial investors can be introduced, it will help the company’s long-term development

Investors should focus on the following time nodes and indicators:

1. Issuance Pricing and Subscription Objects:
   Pay attention to the final issuance price and types of subscription investors
2. Progress of Funded Projects:
   Project construction and production schedules, and capacity ramp-up situation
3. Order Landing Situation:
   Order acquisition situation related to humanoid robots and intelligent cars
4. Performance Fulfillment:
   Whether performance growth in 2026-2027 meets expectations

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1. Private Placement Issuance Risk:
   The final issuance price, quantity, and objects have not been determined, and there are uncertainties
2. Project Implementation Risk:
   There are cycles in the construction of funded projects, and there may be uncertainties in production progress and actual earnings
3. Market Volatility Risk:
   The current stock price is at a high level, and there is a risk of correction
4. Industry Competition Risk:
   Competition in the high-end screw field may intensify
5. Technology Iteration Risk:
   The humanoid robot industry is still in the early stage, and there are uncertainties in technical paths
6. Regulatory Risk:
   The company has issued a risk warning announcement regarding abnormal stock price fluctuations; investors need to pay attention to regulatory dynamics [3]

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[0] Jinling AI Financial Data Analysis (Stock Code: 603667.SS) - Company Overview, Financial Data, Market Price, Python Quantitative Calculation

[1] Sina Finance - “Wuzhou Xinchun (603667) Private Placement of 1 Billion Yuan Approved, Targeting Intelligent Robot Planetary Ball Screw Track, Opening a New Chapter of New Quality Productivity”
https://finance.sina.com.cn/stock/relnews/cn/2025-12-08/doc-inhaarpi1753407.shtml

[2] China Economic Net - “Wuzhou Xinchun’s Private Placement of Up to 1 Billion Yuan Approved by Shanghai Stock Exchange, CITIC Securities Contributes”
https://finance.sina.com.cn/jjxw/2025-12-07/doc-infzyhhe4598283.shtml

[3] Investor Network - “Breaking! 30 Billion Commercial Aerospace Concept Stock Suspected of Illegal Information Disclosure Under Investigation by CSRC”
https://cj.sina.cn/articles/view/2868676035/aafc85c302001i08m

[4] East Money Network - Wuzhou Xinchun (603667) Stock Quotes
https://quote.eastmoney.com/sh603667.html

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This report is based on public information and data analysis and does not constitute investment advice. Investors should make independent judgments based on their own risk tolerance and pay attention to the company’s subsequent announcements.