| 证券代码：603306 | 证券简称：华懋科技 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | | 华懋（厦门）新材料科技股份有限公司 关于 2025 年度"提质增效重回报"行动方案的半年度评估 报告 华懋（厦门）新材料科技股份有限公司（以下简称"公司"）为贯彻落实上 海证券交易所（以下简称"上交所"）《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，推动公司持续优化经营、规范治理和积极回报投资者，以新 质生产力推动高质量发展，公司结合自身发展战略、经营情况及财务状况，基于 对未来发展前景的信心及价值的认可，为维护公司全体股东利益，增强投资者信 心，促进公司长远健康可持续发展，公司制定了 2025 年度"提质增效重回报" 行动方案。 2025 年上半年，公司根据行动方案内容，积极开展和落实各项工作，现将 主要进展及成效情况报告如下： 一、贯彻落实公司发展战略，加快发展新质生产力 1、越南生产基地顺利投产，海外业务布局稳步推进 公司越南子公司的经营稳健增长，新生产基地已于 2025 年第二季度正式投 产。报告期内，公司 ...

Group 1 - The company has confirmed that it is currently not providing OAM cards and UBB boards to Cambrian [2]

格隆汇8月26日|华懋科技(603306.SH)在互动平台表示，公司以及富创优越不存在与寒武纪直接合作关 系。 ...

Core Viewpoint - Huamao Technology stated that Fuchuang Youyue is a global player in the AI and computing power manufacturing industry, focusing on intelligent manufacturing of high-reliability complex electronic products such as high-speed optical modules and high-speed copper cable connectors [1] Company Summary - Fuchuang Youyue is dedicated to the intelligent manufacturing of core components for complex electronic products [1] - Currently, there is no business cooperation between Fuchuang Youyue and Cambricon or its affiliates [1] - The products manufactured by Fuchuang Youyue do not include OAM cards, UBB boards, or server computing power cards at this time [1]

Group 1 - The company Huamao Technology (603306.SH) stated on the interactive platform that it does not have a direct cooperation relationship with Cambrian [1]

Core Viewpoint - Huamao Technology is solidifying its core business in automotive passive safety while expanding into the optical communication and semiconductor sectors through the acquisition of Fuchuang Youyue, positioning itself for growth in these emerging markets [1][3][4]. Group 1: Automotive Passive Safety Market - The automotive passive safety system market is expected to reach $24.5 billion by 2025, with a compound annual growth rate (CAGR) of approximately 6.6% from 2022 to 2025 [2]. - Huamao Technology holds over 35% of the domestic market share in the automotive passive safety sector, benefiting from increased vehicle production and the rising penetration of new energy vehicles [2]. - The company is expanding its production capacity with a total investment of 1.05 billion yuan in its Vietnam production base and the renovation of its Xiamen facility, which is expected to contribute to revenue growth as the Vietnam plant ramps up production [2]. Group 2: Acquisition of Fuchuang Youyue - Huamao Technology plans to fully acquire Fuchuang Youyue through a combination of share issuance and cash payment, increasing its stake from 42.16% to 100% [3]. - Fuchuang Youyue is a leading manufacturer in the optical communication industry, with a comprehensive product range and a strong global production capacity [3]. - The company anticipates significant revenue growth driven by the increasing demand for AI applications and computing power, with projected revenues of 6.3 million yuan in 2023, 13.2 million yuan in 2024, and 6.5 million yuan in the first four months of 2025 [3]. Group 3: Investment Outlook - Huamao Technology is rated as a "buy" due to its leadership in the automotive passive safety sector and the expected growth from its new optical communication business [4]. - The company is projected to achieve net profits of 543 million yuan, 720 million yuan, and 915 million yuan from 2025 to 2027, indicating a strong growth trajectory [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][11]. Core Views - Huamao Technology is a leader in the automotive passive safety sector, with high capacity utilization for airbag products and new factories coming online, which are expected to drive continuous growth in the automotive segment. Additionally, the company plans to fully acquire the optical communication leader Fuchuang Youyue, entering the semiconductor and computing manufacturing fields, creating a new growth engine. Benefiting from the explosive demand for computing power, Fuchuang Youyue has a promising outlook, likely contributing to the company's sustained performance growth. The company is projected to achieve attributable net profits of 543 million, 720 million, and 915 million yuan from 2025 to 2027 [3][9]. Company Overview - Huamao Technology, established in 2002, is a leader in the automotive passive safety field, planning to acquire Fuchuang Youyue, a leader in optical communication, to enter the semiconductor and computing manufacturing sectors. The company has a rich management background, with the current chairman having previously held significant roles in major tech companies [6][19]. Automotive Business Growth - The main products in the automotive safety sector include airbag fabric, airbag bags, and seat belts. The market for automotive passive safety systems is steadily increasing, with a projected global market size of 24.5 billion USD by 2025, growing at a compound annual growth rate (CAGR) of approximately 6.6% from 2022 to 2025. Huamao Technology holds over 35% of the domestic market share in 2022, with new production capacity from its Vietnam base expected to contribute to revenue growth [7][44][50]. Acquisition of Fuchuang Youyue - Huamao Technology plans to fully acquire Fuchuang Youyue through a combination of share issuance and cash payment. Fuchuang Youyue has over 18 years of experience in the optical communication industry and is one of the largest manufacturers of optical module PCBA in China. The company is expected to see significant revenue and profit growth due to the accelerating demand for AI applications and computing power [8][19]. Financial Performance - The company achieved a revenue of 2.21 billion yuan in 2024, a year-on-year increase of 7.7%, and a net profit of 280 million yuan, up 14.6%. In the first quarter of 2025, the company reported a revenue of 540 million yuan, a 14.4% increase year-on-year, and a net profit of 90 million yuan, a 60.3% increase year-on-year [29][32]. Market Position and Competitive Landscape - The automotive passive safety system market is characterized by high entry barriers due to stringent certification requirements and established supplier relationships. Huamao Technology has established a significant competitive advantage in technology, customer resources, and product quality, maintaining a leading position in the domestic market [58][63].

Group 1 - The CPO concept stocks in the A-share market experienced significant gains, with notable performances from various companies [1] - Robotech reached a 20% limit up, while Dekoli surged over 14% [1] - Other companies such as Zhongji Xuchuang and Juguang Technology saw increases of over 13% and 10% respectively [1] Group 2 - Cambridge Technology and Changfei Optical Fiber both hit the 10% limit up [1] - New Yisheng rose over 9%, while companies like Changxin Bochuang and Shijia Photon increased by over 8% [1] - Several other firms, including Hengtong Optical, Huimiao Technology, and Mingpu Optoelectronics, saw gains of over 6% [1]

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

Core Viewpoint - Huamao Technology's stock price showed a slight increase on August 20, closing at 53.35 yuan, reflecting a rise of 0.24% from the previous trading day [1] Company Overview - The company specializes in the research, development, production, and sales of automotive passive safety system components, including airbag fabric and airbag bags [1] - Its products are primarily used in the original equipment manufacturer (OEM) market and the aftermarket for vehicle repairs [1] Market Activity - On August 20, the stock experienced a rapid increase, reaching a price of 53.1 yuan at 9:38 AM, with a rise of over 2% within five minutes [1] - The trading volume for the day was 113,900 hands, with a total transaction value of 598 million yuan [1] - The net outflow of main funds on that day was 68.68 million yuan, with a cumulative net outflow of 137 million yuan over the past five trading days [1] - The turnover rate for the day was 3.46%, and the total market capitalization stood at 17.555 billion yuan [1]