HMT(SH:603306) Xin Lang Cai Jing·2025-05-09 02:31Core Viewpoint - The company has demonstrated strong growth in Q1 2025, with significant increases in both revenue and net profit, driven by its automotive passive safety business and strategic investments in semiconductor and computing manufacturing [1][3]. Group 1: Financial Performance - In 2024, the company achieved 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]. - For Q1 2025, the company reported revenue of 537 million yuan, reflecting a year-on-year growth of 14.37%, and a net profit of 86 million yuan, which is a substantial increase of 60.34% [1]. Group 2: Business Growth Areas - The automotive passive safety business is experiencing continuous growth, with a strategic focus on high-end, domestic, and new energy directions. In 2024, the company has 498 safety airbag projects in mass production and 188 new projects [1]. - The revenue from new energy vehicles is expected to account for nearly 30% of total revenue from major manufacturers, excluding traditional energy vehicle companies [1]. Group 3: Strategic Investments - The company has made strategic investments in semiconductor and computing manufacturing, including a total investment of 383.361 million yuan for a 42.16% stake in the electronic manufacturing service company, Fuchuang Youyue [1]. - Fuchuang Youyue's main business includes optical communication and maritime communication, providing comprehensive electronic manufacturing services [1]. Group 4: Shareholder Confidence - The controlling shareholder has announced a plan to increase their stake in the company, intending to invest between 100 million and 200 million yuan within six months, reflecting confidence in the company's long-term development [2]. - The company has also actively repurchased shares, with a total of 21 million shares repurchased, representing 6.34% of the total share capital, at a total cost of 771 million yuan [2]. Group 5: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 412 million yuan and 512 million yuan, respectively, reflecting increases of 20% and 26% from previous estimates. A new forecast for 2027 is set at 626 million yuan [3]. - The corresponding price-to-earnings ratios are projected at 30, 24, and 20 times for the respective years [3]. Group 6: Long-term Outlook - The company is viewed positively for its long-term growth potential, maintaining an "overweight" rating [4].