HMT(SH:603306) 光大证券研究·2025-05-09 14:12Core Viewpoint - The company demonstrates strong growth in revenue and net profit, with strategic expansions in automotive safety and semiconductor sectors, alongside shareholder confidence through stock buybacks and increases in holdings by major stakeholders [2][3][5][6]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.213 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 277 million yuan, up 14.64% [2]. - In Q1 2025, the company reported revenue of 537 million yuan, reflecting a year-on-year growth of 14.37%, and a net profit of 86 million yuan, which is a significant increase of 60.34% [2]. Group 2: Automotive Passive Safety Business - The company's automotive passive safety products are strategically focused on high-end, domestic production, and new energy applications, with 498 safety airbag projects in mass production and 188 new projects in the pipeline for 2024 [3]. - Revenue from new energy vehicle manufacturers (excluding traditional energy vehicle segments) is expected to account for nearly 30% of total revenue in 2024, driven by increased airbag installation rates and the penetration of new energy vehicles [3]. Group 3: Semiconductor and Computing Power Manufacturing - The company has strategically invested 383.36 million yuan to acquire a 42.16% stake in electronic manufacturing service provider Fuchuang Youyue, enhancing its presence in the semiconductor and computing power manufacturing sectors [4]. - The company plans to continue increasing investments and integrating the supply chain in the semiconductor field, focusing on providing comprehensive electronic manufacturing services [4]. Group 4: Shareholder Confidence - On May 7, the company announced that its controlling shareholder, Dongyang Huasheng Enterprise Management Partnership, plans to increase its stake in the company by investing between 100 million and 200 million yuan within six months, reflecting confidence in the company's long-term development [5]. - The company has also been actively repurchasing shares, having bought back 21 million shares, which is 6.34% of the total share capital, with a total expenditure of 771 million yuan [6].