研报掘金丨华鑫证券：维持热威股份“买入”评级，全球化布局深化，海外市场贡献持续增量

Core Viewpoint - The report highlights the deepening global layout of Hotway Co., with overseas markets contributing steadily to revenue growth, particularly through its operations in Thailand, which are strategically positioned near Southeast Asia's home appliance and automotive manufacturing clusters [1] Group 1: Global Expansion and Revenue Contribution - Hotway Co. has achieved over 50% of its revenue from overseas markets, covering regions such as Europe, America, and Asia, driven by the recovery of demand in emerging markets and customer expansion [1] - The company's overseas subsidiaries, including Hotway Thailand and Thai Auto Parts, have matured in operations, aligning with the needs of Southeast Asian home appliance and automotive factories, thereby reducing tariff and logistics costs [1] Group 2: R&D and Technological Advancements - The company continues to invest in research and development, establishing technological barriers and leading in product iteration [1] - Hotway Co. has successfully expanded the application of thick film heating elements into the thermal management systems of new energy vehicles, positioning itself as a market pioneer in this sector [1] Group 3: Customer Loyalty and Market Position - After years of accumulation, the company has established strong ties with leading clients in the global home appliance, automotive parts, and industrial equipment sectors, resulting in high customer loyalty and stable demand [1] - Given the ongoing global business expansion and strong customer stickiness, the investment rating for Hotway Co. is maintained at "Buy" [1]