华新精科（603370）：新能源汽车电机铁芯领先供应商

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.96, which places it in the 26.5% percentile of the non-Science and Technology Innovation Board AHP model [4][9]. Core Insights - The company, Huaxin Precision Technology, is a leading supplier of electric motor cores for new energy vehicles, ranking second among domestic companies with a market share of 8.12% in 2024. The company has shown stable financial performance with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10]. - Huaxin has developed advanced adhesive technology, becoming the only Chinese supplier for BMW, which has significantly increased its profit margins. The gross margin for its high-priced new products rose from 16.15% in 2022 to 21.83% in 2023 [4][15]. - The precision stamping industry is experiencing significant differentiation between high-end and low-end markets, with intense competition in the low-end sector. Huaxin's focus on high-end products positions it well to capture market share as demand for advanced technologies grows [4][18]. Summary by Sections AHP Score and Expected Allocation Ratio - Huaxin's AHP score, excluding liquidity premium factors, is 1.96, indicating a mid-to-upper tier position in the market. The expected allocation ratios for offline investors are 0.0124% for Class A and 0.0107% for Class B under neutral conditions [4][9]. Company Fundamentals and Highlights - Huaxin ranks second in domestic sales of new energy vehicle motor cores, with a market share of 8.12% in 2024. The company has maintained a strong financial trajectory with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10][12]. - The company has successfully implemented adhesive technology, becoming the sole Chinese supplier for BMW, which has led to increased sales and profit margins [4][14][15]. - The industry is shifting from rapid growth to high-quality competition, with Huaxin positioned to respond quickly to emerging demands in the high-end market [4][18]. Comparable Company Financial Metrics - Huaxin's revenue from 2022 to 2024 was 11.92 billion, 11.89 billion, and 14.21 billion respectively, with a CAGR of 9.17%. Its net profit for the same period was 1.14 billion, 1.56 billion, and 1.53 billion, with a CAGR of 16.04%, outperforming comparable companies [20][21]. - The company's gross margin for 2022-2024 was 16.89%, 21.86%, and 20.43%, significantly higher than the average of comparable companies, driven by high-value product sales [24][25]. - Huaxin's cash collection ratios were 0.72, 1.05, and 0.73 from 2022 to 2024, indicating strong cash flow management compared to peers [26][31]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity for new energy vehicle motor cores, developing a precision stamping and mold research center, and supplementing working capital. The expansion project aims to add an annual production capacity of approximately 30,000 tons for high-end motor cores [36][37].