Hwaway Technology(SZ:001380) ZHONGTAI SECURITIES·2025-04-15 12:49Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [8]. Core Views - The company achieved a record high in quarterly revenue, with a 49.7% year-on-year increase in 2024, reaching 1.86 billion yuan, and a net profit of 226 million yuan, up 38% year-on-year [5][6]. - The growth in the suspension spring business is notable, with a 60.2% increase in revenue from suspension system components, contributing significantly to overall performance [5]. - The company is advancing its global strategy, with investments in production bases in Germany, Mexico, and Morocco, aiming to enhance market share and operational capacity [5][6]. Financial Performance Summary - Revenue projections for the company are as follows: 1.24 billion yuan in 2023, 1.86 billion yuan in 2024 (40% growth), 2.31 billion yuan in 2025 (50% growth), and continuing to grow to 3.37 billion yuan by 2027 [3][5]. - The net profit is forecasted to increase from 164 million yuan in 2023 to 438 million yuan in 2027, with growth rates of 46% in 2023 and 38% in 2024 [3][5]. - The company's gross margin for Q4 2024 was reported at 27.12%, showing a slight year-on-year decline but an increase from the previous quarter, indicating improved operational efficiency [5]. Investment Recommendations - The report suggests adjusting the net profit forecasts for 2025 and 2026 to 284 million yuan and 356 million yuan respectively, with a new forecast for 2027 at 438 million yuan, reflecting a robust growth trajectory [5][6]. - The expected price-to-earnings (P/E) ratios for the upcoming years are projected to decrease from 30.9 in 2023 to 11.6 by 2027, indicating an attractive valuation as earnings grow [3][5].