HMT(SH:603306) Zhong Zheng Wang·2025-04-29 14:29Core Viewpoint - Huamao Technology achieved record high revenue and profit in 2024, indicating strong growth and operational efficiency in the automotive safety materials sector [1][2]. Financial Performance - In 2024, Huamao Technology reported revenue of 2.213 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 277 million yuan, up 14.64% [1]. - The first quarter of 2025 saw revenue of 537 million yuan, a 14.37% increase year-on-year, with net profit reaching 86 million yuan, a significant rise of 60.34% [1]. - The company's gross profit margin improved to 31.39% in 2024, driven by domestic production of raw materials and streamlined processes [2]. Cash Flow and Dividends - Operating cash flow for 2024 was 663 million yuan, reflecting a substantial increase of 187.41% due to improved cash collection from sales [2]. - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, totaling approximately 28.14 million yuan [2]. Business Segments - The airbag bag business generated sales of 1.464 billion yuan in 2024, with a 3.40% year-on-year increase, while the airbag fabric segment saw a 24.27% increase in revenue to 534 million yuan [3]. - Revenue from new energy vehicle manufacturers accounted for nearly 30% of total sales [3]. Strategic Initiatives - Huamao Technology is pursuing new industry opportunities through both organic growth and acquisitions, focusing on trends in lightweight, low-carbon, and intelligent automotive development [3]. - The company acquired a 10% stake in Shenzhen Fuchuang Youyue Technology Co., increasing its ownership to 42.16%, aiming to leverage synergies in electronic manufacturing services [3]. Research and Development - R&D expenses reached 102 million yuan in 2024, marking a 6.44% increase, with a focus on enhancing production efficiency and product safety [4]. - The company obtained a patent for a sewing machine device, further solidifying its position in the automotive safety materials sector [4]. International Operations - The Vietnamese subsidiary reported impressive performance with sales of approximately 258 million yuan, a year-on-year increase of 32.23%, and a net profit of about 37.44 million yuan, up 78.34% [5]. - The subsidiary has evolved from a simple cutting and sewing operation to a complete airbag bag production line, targeting Southeast Asia, Asia-Pacific, and European markets [5]. - The Vietnamese facility is set to achieve a planned production capacity of approximately 2 billion yuan, incorporating smart production equipment and energy management systems [5].