Hwaway Technology(SZ:001380) Guohai Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][15][9]. Core Insights - The company achieved a steady year-on-year revenue growth of 39.63%, reaching 1.243 billion yuan in 2023, with a net profit of 164 million yuan, reflecting a 45.59% increase [3][15]. - The gross margin for 2023 was 27.38%, up by 3.47 percentage points year-on-year, while the net profit margin improved to 13.47%, an increase of 0.85 percentage points [3][6]. - The company is benefiting from the increasing penetration of electrification, domestic substitution trends, and the release of new production capacity, which is expected to drive steady growth in performance [6][15]. Financial Performance Summary - Revenue for 2023: 1.243 billion yuan, with a growth rate of 39.63% [3][7]. - Net profit for 2023: 164 million yuan, with a growth rate of 45.59% [3][7]. - Forecasted revenue for 2024-2026: 1.530 billion yuan (23% growth), 1.925 billion yuan (26% growth), and 2.357 billion yuan (22% growth) [6][7]. - Forecasted net profit for 2024-2026: 204 million yuan (24% growth), 249 million yuan (22% growth), and 307 million yuan (23% growth) [6][7]. Market Position and Client Base - The company has a growing market share in the domestic suspension spring market, reaching 22.25% in 2023, up from 17.78% in 2022 [16]. - The client base is diversifying, with significant growth in the new energy vehicle sector, as traditional clients like BYD and Chery show stable production increases [5][16]. - The establishment of a new subsidiary in Chongqing aims to enhance strategic positioning and reduce transportation costs, further improving competitiveness [17].