HMT(SH:603306) Chang Jiang Shang Bao·2025-05-08 23:49Core Viewpoint - Huamao Technology (603306.SH), a leading company in the domestic automotive passive safety sector, is sending positive signals to the market, enhancing investor confidence through significant share buybacks and strong financial performance [1][4]. Financial Performance - In 2024, Huamao Technology achieved record revenue of 2.213 billion yuan, a year-on-year increase of 7.67%, and a net profit of 277 million yuan, up 14.64% [3]. - For Q1 2025, the company reported revenue of 537 million yuan, a 14.37% increase year-on-year, and a net profit of 86.42 million yuan, reflecting a substantial growth of 60.34% [3][4]. Business Growth and Market Position - The company has captured opportunities in the rapidly growing new energy vehicle sector, with nearly 30% of its revenue coming from major manufacturers in this field [3]. - Huamao Technology's production of airbag projects reached 498 in 2024, with 188 new projects being initiated [3]. R&D and Innovation - The company has consistently increased its R&D expenditure, totaling 380 million yuan from 2020 to 2024, which supports product technology upgrades and enhances market competitiveness [6]. - In Q1 2025, R&D expenses were 24 million yuan, a 10.69% increase year-on-year [6]. Global Expansion - Huamao Technology has accelerated its global supply chain layout by establishing a subsidiary in Vietnam, which has evolved from a simple cutting and sewing operation to a complete airbag production line [5]. - The Vietnamese subsidiary achieved sales revenue of approximately 258 million yuan in 2024, a year-on-year growth of 32.23%, and a net profit of about 37.44 million yuan, up 78.34% [5].