汇通控股分析师会议-20250618

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The company's business has achieved steady development due to the rapid growth of domestic self - owned brand cars in the new energy vehicle and vehicle export fields, as well as the regional advantages of Hefei in the new energy vehicle industry. The company expects stable growth in operating performance and aims to expand market share and enhance comprehensive competitiveness in the next two to three years [22][24]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Huitong Holdings, belonging to the automotive parts industry. The reception time was June 18, 2025. The listed company's reception staff included the chairman Chen Wangbao, the financial director Wang Qiaosheng, and the board secretary Zhou Wenzhu [17]. 3.2. Detailed Research Institutions - The reception object type is a securities company, and the relevant institution is Guotai Haitong. The specific reception person is Zhang Han [20]. 3.3. Research Institution Proportion - No information provided in the report. 3.4. Main Content Data - Revenue Growth: In 2024, the company's revenue increased by nearly 40% (39.84% to be exact, with the annual revenue reaching 106,917.99 million yuan). This was due to business growth, significant increase in automotive acoustic product revenue, and a large increase in orders driven by the strong growth of major customers' vehicle sales. The company expects stable revenue growth as it deepens cooperation with existing customers and expands new customers and businesses [22]. - Gross Margin: In the first quarter of 2025, the gross margin declined because the newly built production bases in Wuhu and Anqing were in the capacity - climbing stage, leading to increased fixed costs. As the capacity utilization of these bases improves, the gross margin is expected to gradually recover. The company will also improve the gross margin through technology improvement, management optimization, and business scale expansion [22][23]. - Strategic Direction: The company will rely on its advantages in automotive styling components and automotive acoustic products to develop high - value - added products, consolidate existing customers, and expand new ones. In the next two to three years, it aims to focus on the main business, expand new customers and product categories, increase production scale, and enhance comprehensive competitiveness [24]. - New Product and New Customer Expansion: In terms of new product expansion, the company has expanded the bumper business in recent years, with new large - scale coating production lines in Wuhu and Anqing starting mass production. In terms of new customer development, the company has passed the access review of Lan Tu Automobile and a well - known foreign new energy vehicle brand's OEM and obtained new project approvals from new customers such as Dongfeng Nissan [25]. - Overseas Market Plan: The company will continue to pay attention to overseas market business expansion opportunities, and the specific business plan will be based on the company's disclosed information [25].