---
title: "Minsheng Securities: Maintains \"Recommended\" rating for Wuxi Zhenhua, electroplating business catalyzes new growth"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/248103014.md"
description: "Minsheng Securities maintains a \"Recommended\" rating for Wuxi Zhenhua, pointing out that the company's electroplating business is catalyzing new growth. Since its establishment in 1989, Wuxi Zhenhua has focused on the automotive stamping business, and it is expected that by 2025, the customer structure will reach a turning point, with the proportion of new energy business reaching 25%. The company has expanded into the electroplating business, forming a layout of four major business areas: stamping components, assembly parts, precision electroplating, and molds, actively developing new customers and building a second growth curve"
datetime: "2025-07-11T06:34:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/248103014.md)
  - [en](https://longbridge.com/en/news/248103014.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/248103014.md)
---

# Minsheng Securities: Maintains "Recommended" rating for Wuxi Zhenhua, electroplating business catalyzes new growth

Minsheng Securities research report points out that Wuxi Zhenhua's stamping customer structure has reached a turning point, with electroplating business catalyzing new growth. Established in 1989, the company has been deeply engaged in the automotive stamping business for over 30 years, driven by a dual strategy of "intelligent transformation of traditional business + scaling of new energy business." With SAIC Group as the foundation, new growth is driven by companies like Xiaomi, Li Auto, and Tesla. Starting in 2025, the customer structure will enter a turning point, and the new energy business will accelerate, with the company's goal of achieving a 25%/60% share of new energy business by 2025/2030. In addition, the company expanded into the high-tech barrier and high-profitability electroplating business in 2022, creating a second growth curve. Currently, it has formed a business layout that includes stamping components, sub-assemblies, precision electroplating, and molds. The company's stamping business is deeply tied to SAIC, actively exploring customers like Xiaomi, Li Auto, and Tesla for growth; the acquisition into the electroplating field builds a second growth curve, and actively self-researching to expand technology and customer boundaries contributes new flexibility. Maintain "Recommended" rating

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