Hwaway Technology(SZ:001380) Western Securities·2025-08-28 08:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a projected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [10]. Core Insights - The company achieved a revenue of 940 million yuan in 1H25, representing a year-on-year increase of 33%, and a net profit attributable to shareholders of 130 million yuan, up 56% year-on-year [1][5]. - The company is deeply integrated with major brands like BYD and Geely, which significantly contributed to its revenue growth, with BYD and Geely's sales increasing by 33% and 47% respectively in 1H25 [1][2]. - The company is expanding its global footprint by establishing joint ventures with Wan'an Technology to build production bases in Mexico and Morocco, aiming for a comprehensive overseas capacity layout [2]. - The company is actively developing non-automotive spring products, with expectations for significant growth in this segment, particularly in robotics and aerospace [2]. Financial Summary - The company forecasts revenues of 2.29 billion yuan, 2.75 billion yuan, and 3.16 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23%, 20%, and 15% [2][4]. - The projected net profit attributable to shareholders for the same years is 300 million yuan, 370 million yuan, and 440 million yuan, with growth rates of 32%, 23%, and 20% respectively [2][4]. - The company reported a gross margin of 25.7% and a net margin of 13.9% in 1H25, showing improvements compared to the previous year [1].