宝马供应商华新精科开启申购 2024年经营性现金流量净额为负

Core Viewpoint - Huaxin Precision Technology (603370.SH) has initiated its IPO with an issue price of 18.6 yuan per share and a price-to-earnings ratio of 21.68 times, focusing on the research, production, and sales of precision stamping products, particularly precision stamping cores for various applications, including electric vehicles [1][2]. Company Overview - Huaxin Precision Technology specializes in precision stamping products, with its main offerings being various types of precision stamping cores, including those for new energy vehicle drive motors, micro motors, electrical equipment, and ignition coils [1]. - The company has established strong partnerships with major automotive and electrical equipment manufacturers, including Valeo, Bosch Group, and BYD, among others [1][2]. Financial Performance - The company reported revenues of approximately 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of about 114 million yuan, 156 million yuan, and 150 million yuan during the same periods [4]. - For the fiscal year ending 2024, total assets are projected to reach approximately 1.837 billion yuan, with equity attributable to shareholders expected to be around 1.040 billion yuan [5]. Market Position - Huaxin Precision Technology ranks among the top five domestic manufacturers in the precision stamping core market in both global and Chinese contexts, with a significant market share [3]. - The company is recognized as one of the two global suppliers of cores for BMW's fifth-generation electric vehicle drive motors, contributing significantly to its revenue [2]. Future Projections - The company anticipates a growth in revenue and net profit for the first half of 2025, with expected revenues ranging from approximately 710 million to 785 million yuan, reflecting an increase of 12.84% to 24.71% compared to the first half of 2024 [7].