| 1.业绩是否存在大幅波动的情况 √ | | | | --- | --- | --- | | 2.业绩大幅波动是否存在合理解释 | | √ | | 3.与同行业可比公司比较，公司业绩是否不存在明显异常 | √ | | | （七）公司及股东承诺履行情况 | | | | 现场检查手段：查阅公司定期报告、临时报告等信息披露文件；取得公司及股东、 | | | | 董事、监事、高级管理人员所做出的承诺文件，核对履行承诺条款对应的相关材料， | | | | 了解承诺履行情况及相关信息披露情况，对部分承诺人及公司董事、监事、高级管 | | | | 理人员及相关部门工作人员进行访谈。 | | | | 1.公司是否完全履行了相关承诺 | √ | | | 2.公司股东是否完全履行了相关承诺 | √ | | | （八）其他重要事项 | | | | 现场检查手段：与控股股东、董事、监事、高级管理人员及有关部门工作人员进行 | | | | 访 谈，查阅公司公开信息披露文件。 | | | | 1.是否完全执行了现金分红制度，并如实披露 | √ | | | 2.对外提供财务资助是否合法合规，并如实披露 | | √ | | 3.大额资金往 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 profitability improved significantly, with gross margin reaching 26.68%, up 1.17pct YoY and 4.52pct QoQ, and net margin at 14.53%, up 1.04pct YoY and 4.03pct QoQ [2] - The company's Q3 2024 revenue was RMB 527 million, up 53.37% YoY and 31.41% QoQ, with net profit attributable to shareholders of RMB 72 million, up 58.39% YoY and 77.21% QoQ [3] - The company's revenue growth is driven by the gradual release of new production capacity and increased sales from downstream core customers [4] - The company is expected to achieve revenue of RMB 1.685 billion, RMB 2.088 billion, and RMB 2.561 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 36%, 24%, and 23% [6] - The company's net profit attributable to shareholders is expected to be RMB 224 million, RMB 270 million, and RMB 332 million in 2024, 2025, and 2026, respectively, with YoY growth rates of 37%, 21%, and 23% [6] Financial Performance - The company's Q3 2024 operating income was RMB 527 million, up 53.37% YoY and 31.41% QoQ [3] - The company's Q3 2024 net profit attributable to shareholders was RMB 72 million, up 58.39% YoY and 77.21% QoQ [3] - The company's Q3 2024 operating expenses ratio was 9.67%, optimized by 0.39pct YoY and 0.97pct QoQ [2] - The company's ROE is expected to be 14%, 15%, and 16% in 2024, 2025, and 2026, respectively [7] - The company's EPS is expected to be RMB 1.22, RMB 1.48, and RMB 1.81 in 2024, 2025, and 2026, respectively [6] Industry and Market Position - The company is a platform-type enterprise in industrial spring manufacturing, benefiting from the increase in electrification penetration, domestic substitution trends, and the release of new production capacity [4] - The company's downstream core customers, such as BYD and Geely, saw Q3 sales increase by 15% and 13% QoQ, respectively [4] - The company's new production capacity projects, including the "New Annual Production of 80 Million High-Performance Springs and Surface Treatment Technical Transformation Project," are expected to be operational by the end of 2024 [4] Valuation and Forecast - The company's P/E ratio is expected to be 19.14, 15.88, and 12.93 in 2024, 2025, and 2026, respectively [6] - The company's P/B ratio is expected to be 2.63, 2.37, and 2.10 in 2024, 2025, and 2026, respectively [7] - The company's P/S ratio is expected to be 2.55, 2.05, and 1.68 in 2024, 2025, and 2026, respectively [7]

Group 1: Market Position and Performance - The market share of stabilizers has exceeded 12% [2] - In the third quarter, the revenue from stabilizers significantly increased, surpassing the total revenue from the first half of the year and reaching 76% of last year's total revenue for this product [2] - The company aims to continuously enhance its overall competitiveness to increase market share [2] Group 2: Research and Development Focus - Current R&D efforts are concentrated on upgrading materials and product performance [2] - Achievements include advancements in spring steel wire quenching technology and high-performance spring steel wire manufacturing technology [2] - The hollow stabilizer manufacturing technology has improved material utilization and reduced production energy consumption [2] Group 3: Future Growth and Market Strategy - The company sees significant potential in the overseas passenger vehicle market, leveraging its product quality and design development speed [3] - Business growth is influenced by macroeconomic conditions, with potential for sustained growth if external demand remains strong [3] - The company has established stable long-term relationships with suppliers and customers, forming a mature business model [3] Group 4: Shareholder Information - No major shareholder reduction plans are currently in place, aside from a previously disclosed plan on September 13, 2024 [2]

Investment Rating - Buy rating for the company [1] Core Views - The company reported strong Q3 2024 results with revenue of 5.27 billion yuan, up 53.37% YoY, and net profit of 0.72 billion yuan, up 58.39% YoY [2] - Stabilizer bar revenue grew 138% YoY in the first three quarters of 2024, driving overall revenue growth [2] - Gross margin improved to 26.68% in Q3 2024, up 1.17 ppts YoY and 4.52 ppts QoQ, due to economies of scale and capacity expansion [2] - Market share for suspension springs exceeded 26% and stabilizer bars exceeded 12% in the first three quarters of 2024 [2] - The company is pursuing international expansion through partnerships and acquisitions, including a potential 20 million euro investment in MSSC AHLE GmbH assets [2] Financial Performance - Revenue for the first three quarters of 2024 reached 12.34 billion yuan, up 45.86% YoY [2] - Net profit for the first three quarters of 2024 was 1.53 billion yuan, up 39.92% YoY [2] - Revenue is forecast to grow to 17.8 billion yuan in 2024, 22.9 billion yuan in 2025, and 28.3 billion yuan in 2026 [2][3] - Net profit is expected to reach 2.2 billion yuan in 2024, 2.9 billion yuan in 2025, and 3.7 billion yuan in 2026 [2][3] - EPS is projected to be 1.19 yuan in 2024, 1.59 yuan in 2025, and 2.05 yuan in 2026 [3] Valuation - Current PE ratio is 30.52 and PB ratio is 2.39 [1] - Forecast PE ratios are 17.7 for 2024, 13.3 for 2025, and 10.3 for 2026 [2][3] - Forecast PB ratios are 2.20 for 2024, 1.93 for 2025, and 1.67 for 2026 [4] Business Segments - Suspension spring revenue reached 6.7 billion yuan in the first three quarters of 2024, up 30% YoY [2] - Stabilizer bar revenue reached 3.9 billion yuan in the first three quarters of 2024, up 138% YoY [2] Capacity and Market Position - The company is expanding production capacity in Henan, Chongqing, and Zhuji [2] - Suspension spring market share exceeded 26% and stabilizer bar market share exceeded 12% in the first three quarters of 2024 [2] International Expansion - The company began cooperation with Stellantis in 2023 [2] - A potential 20 million euro investment in MSSC AHLE GmbH assets is planned to support international growth [2] Financial Ratios - Gross margin improved to 26.68% in Q3 2024 [2] - Net margin reached 14.53% in Q3 2024, up 1.04 ppts YoY and 4.03 ppts QoQ [2] - ROE is forecast to increase from 10.9% in 2023 to 16.2% in 2026 [4] - ROIC is expected to grow from 9.9% in 2023 to 15.3% in 2026 [4]

证券代码：001380 证券简称：华纬科技 公告编号：2024-066 华纬科技股份有限公司 关于举行2024年第三季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华纬科技股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日在巨潮 资讯网上披露了《华纬科技股份有限公司 2024 年第三季度报告》。为便于广大 投资者更加全面深入地了解公司 2024 年第三季度经营业绩、发展战略等情况， 公司定于 2024 年 10 月 31 日（星期四）15:00-16:00 在"价值在线"（www.ir- online.cn）举办华纬科技股份有限公司 2024 年第三季度网上业绩说明会，与投 资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2024 年 10 月 31 日（星期四）15:00-16:00； 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 一、说明会召开的时间、地点和方式 本次业绩说明会召开后，投资者可以通过价值在线（www.ir-online.c n）或 易董 a ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-065 华纬科技股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 根据《企业会计准则》和公司会计政策的相关规定，公司及子公司 2024 年前三 季度计提资产减值准备 1,893.56 万元，占公司 2023 年度经审计归属于上市公司股东 净利润的 11.54%，具体情况如下： | 资产名称 | 类别 | 2024 | 年前三季度计 占 | 2023 年度经审计归属于上市 | | | --- | --- | --- | --- | --- | --- | | | | 提金额（万元） | | 公司股东的净利润的比例 | | | 应收票据坏账损失 | 信用 | | 20.30 | | 0.12% | | | 减值 | | | | | | 应收账款坏账损失 | 信用 | | 1,052.02 | | 6.41% | | | 减值 | | | | | | 应收款项融资减值损失 | 信用 | | 18.43 | | 0.11% | | | 减值 | | | | | | 其他应收款项坏账损失 | 信用 | | -8.91 | | -0.05% | ...

平安证券股份有限公司 关于华纬科技股份有限公司 部分募集资金投资项目延期的核查意见 平安证券股份有限公司（以下简称平安证券或保荐机构）作为华纬科技股 份有限公司（以下简称华纬科技或公司）首次公开发行股票并上市的保荐机构， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》《深圳 证券交易所上市公司自律监管指引第13号——保荐业务》等规定，就华纬科技 部分募集资金投资项目延期的相关事项进行核查，具体核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意华纬科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕616 号），公司首次公开发行人民 币普通股（A 股）3,222 万股，每股发行价格 28.84 元，共募集资金人民币 92,922.48 万元，扣除不含税发行费用人民币 11,355.04 万元，实际募集资金净额为人民币 81,567.44 万元。上述募集资金已于 2023 年 5 月 11 日到位，立信会计师事务所 （特殊普通合伙）于 2023 年 5 月 11 日对本次发行募集 ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-063 华纬科技股份有限公司 第三届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于部分募集资金投资项目延期的公告》（公告编号：2024-064）。 三、备查文件 华纬科技股份有限公司（以下简称"公司"）第三届监事会第十七次会议于 2024 年 10 月 24 日（星期四）在公司会议室以现场的方式召开。会议通知已于 2024 年 10 月 18 日（星期五）通过邮件的方式送达各位监事。本次会议应出席 监事 3 人，实际出席监事 3 人。会议由监事会主席赵利霞女士召集和主持，本次 会议的出席人数、召集、召开程序和审议内容均符合《中华人民共和国公司法》 等有关法律、行政法规、部门性规章、规范性文件及《华纬科技股份有限公司章 程》（以下简称《公司章程》）等有关规定。 二、监事会会议审议情况 1、以 3 票同意，0 票反对，0 票弃权，审议通过了《关于<20 ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-062 华纬科技股份有限公司 第三届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华纬科技股份有限公司（以下简称"公司"）第三届董事会第十八次会议于 2024 年 10 月 24 日（星期四）在公司会议室以现场结合通讯的方式召开。会议通知已于 2024 年 10 月 18 日通过邮件和通讯方式送达各位董事。本次会议应出席董事 9 人， 实际出席董事 9 人（其中：金雷先生、霍新潮先生、陈文晓先生、董舟江先生、王丽 女士，共 5 位董事以通讯表决方式出席）。 董事长金雷先生因出差在外，无法主持本次会议，由半数以上董事共同推举董事 童秀娣女士主持，全体监事、部分高管列席会议。本次会议的出席人数、召集、召开 程序和审议内容均符合《中华人民共和国公司法》等有关法律、行政法规、部门性规 章、规范性文件及《华纬科技股份有限公司章程》等有关规定。 二、董事会会议审议情况 《2024 年第三季度报告》的内容真实、准确、完整地反映了公司 2024 年第三季度经 ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-064 华纬科技股份有限公司 关于部分募集资金投资项目延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华纬科技股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第三届 董事会第十八次会议和第三届监事会第十七次会议，审议通过了《关于部分募集资金 投资项目延期的议案》，本事项在公司董事会审批权限范围内，无需提交公司股东大 会审议。现将有关事宜公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意华纬科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2023〕616 号），公司首次公开发行人民币普 通股（A 股）3,222 万股，每股发行价格 28.84 元，共募集资金人民币 92,922.48 万元， 扣除不含税发行费用人民币 11,355.04 万元，实际募集资金净额为人民币 81,567.44 万 元。上述募集资金已于 2023 年 5 月 11 日到位，立信会计师事务所（特殊普通合伙） 于 2023 年 5 月 11 日对本次发行募 ...