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华懋科技(603306):汽车安全业务蓬勃发展,进军算力制造两翼齐飞

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][11]. Core Views - Huamao Technology is a leader in the automotive passive safety sector, with high capacity utilization for airbag products and new factories coming online, which are expected to drive continuous growth in the automotive segment. Additionally, the company plans to fully acquire the optical communication leader Fuchuang Youyue, entering the semiconductor and computing manufacturing fields, creating a new growth engine. Benefiting from the explosive demand for computing power, Fuchuang Youyue has a promising outlook, likely contributing to the company's sustained performance growth. The company is projected to achieve attributable net profits of 543 million, 720 million, and 915 million yuan from 2025 to 2027 [3][9]. Company Overview - Huamao Technology, established in 2002, is a leader in the automotive passive safety field, planning to acquire Fuchuang Youyue, a leader in optical communication, to enter the semiconductor and computing manufacturing sectors. The company has a rich management background, with the current chairman having previously held significant roles in major tech companies [6][19]. Automotive Business Growth - The main products in the automotive safety sector include airbag fabric, airbag bags, and seat belts. The market for automotive passive safety systems is steadily increasing, with a projected global market size of 24.5 billion USD by 2025, growing at a compound annual growth rate (CAGR) of approximately 6.6% from 2022 to 2025. Huamao Technology holds over 35% of the domestic market share in 2022, with new production capacity from its Vietnam base expected to contribute to revenue growth [7][44][50]. Acquisition of Fuchuang Youyue - Huamao Technology plans to fully acquire Fuchuang Youyue through a combination of share issuance and cash payment. Fuchuang Youyue has over 18 years of experience in the optical communication industry and is one of the largest manufacturers of optical module PCBA in China. The company is expected to see significant revenue and profit growth due to the accelerating demand for AI applications and computing power [8][19]. Financial Performance - The company achieved a revenue of 2.21 billion yuan in 2024, a year-on-year increase of 7.7%, and a net profit of 280 million yuan, up 14.6%. In the first quarter of 2025, the company reported a revenue of 540 million yuan, a 14.4% increase year-on-year, and a net profit of 90 million yuan, a 60.3% increase year-on-year [29][32]. Market Position and Competitive Landscape - The automotive passive safety system market is characterized by high entry barriers due to stringent certification requirements and established supplier relationships. Huamao Technology has established a significant competitive advantage in technology, customer resources, and product quality, maintaining a leading position in the domestic market [58][63].