Core Viewpoint - Haon Automotive (301488.SZ) announced a private placement plan to raise up to 1.105 billion yuan for expanding production lines and upgrading R&D centers, targeting improvements in intelligent driving perception systems and domain controllers [2][4]. Fundraising and Investment Projects - The company plans to raise 1.105 billion yuan, with 304 million yuan allocated for the Shenzhen production line expansion, 472 million yuan for the Huizhou production line construction, and 329 million yuan for upgrading the R&D center, totaling an investment of 1.452 billion yuan [2][3]. - The main products from the Shenzhen and Huizhou projects will be radar and cameras for intelligent driving perception systems and domain controllers, which are Haon Automotive's core products [3]. Market Demand and Client Base - The company is optimistic due to the rapid growth in market demand for its core products and the increasing production and sales data of new energy vehicles. In 2023, the market for vehicle-mounted cameras is expected to reach 67.95 million units, with projections of 83 million units in 2024 and over 100 million units by 2025 [3][4]. - Haon Automotive has established a strong client base, including major automotive manufacturers like BYD, Xiaopeng, and Li Auto, and has secured three product contracts in 2025, with an estimated total revenue of approximately 1.5 billion yuan over their lifecycle [4][6]. Production Capacity and Utilization - The company currently maintains a production capacity utilization rate of 80% to 90%, with a factory in Huizhou already completed and in initial production [4][6]. - The company is planning a 3-4 times increase in production capacity to meet the growing demand from existing orders, indicating a significant potential for capacity enhancement post-fundraising [6]. Financial Performance and Profitability Concerns - Despite steady revenue growth, with year-on-year increases of 10.01%, 11.39%, and 17.25% from 2022 to 2024, the company's net profit growth has turned negative, with a decline of 11.15% expected in 2024 [6][7]. - The company's gross margin has been declining, from 22.10% to 20.93% over the past three years, attributed to competitive pricing pressures in the industry. The company aims for a slight recovery in gross margin to remain between 20% and 22% in 2025 [7].
客户“年降”致毛利率持续承压，豪恩汽电仍豪掷11亿定增扩产