Huaguang Welding(SH:688379) Chang Jiang Shang Bao·2025-12-23 23:48Core Viewpoint - Huaguang New Materials plans to establish a production base in Thailand to enhance its competitiveness and tap into overseas markets, particularly in the refrigeration, electrical, new energy vehicles, and electronics sectors [1][2][4]. Group 1: Company Overview - Huaguang New Materials, founded in 1995, has become a leading enterprise in the domestic brazing materials industry over 30 years of continuous innovation [2][5]. - The company aims to achieve an annual revenue of over 2 billion yuan for the first time in 2025 [2]. Group 2: Financial Performance - For the first three quarters of 2025, Huaguang New Materials reported a revenue of 1.826 billion yuan, a year-on-year increase of 33.15%, and a net profit attributable to shareholders of 158 million yuan, up 100.79% [1][6]. - The company’s revenue for 2023 and 2024 is projected to be 1.415 billion yuan and 1.918 billion yuan, reflecting year-on-year growth of 15.96% and 35.52%, respectively [6]. Group 3: Investment and Expansion Plans - The total investment for the Thailand project is 249 million yuan, with 199 million yuan raised through a specific stock issuance to fund the second phase of the production base [2][3]. - The project aims to add a production capacity of 3,500 tons of brazing materials, including silver, copper, tin, and aluminum-based materials, over a construction period of 2.5 years [3][4]. Group 4: Market Strategy - The company is actively expanding its overseas market presence, particularly in Southeast Asia, to align with its downstream customers who are establishing production bases abroad [2][4]. - Huaguang New Materials is focusing on emerging sectors such as new energy vehicles and electronics, which have shown significant revenue growth, with increases of 75.92% and 50.01% respectively in recent periods [7].