华新精科：精密冲压铁芯头部企业，净利率行业领跑，多赛道共振长期发展可期

Core Viewpoint - The explosive growth of the new energy vehicle (NEV) industry is reshaping the global automotive supply chain, with significant sales and market penetration expected to continue in the coming years [1][2]. Group 1: Market Dynamics and Growth Potential - In 2025, the retail sales of new energy passenger vehicles are projected to reach 11.472 million units, representing a year-on-year growth of 19.6%, with a penetration rate of 59.3% in November, marking a historical high [1]. - The global precision stamping core market reached 112.11 billion yuan in 2023, with expectations to grow to 263.70 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 12.82% from 2024 to 2030 [2]. - The automotive application segment accounts for 28.51% of the precision stamping core market, serving as a key driver for industry growth [2]. Group 2: Company Overview and Strategic Positioning - Huaxin Precision Technology Co., Ltd. (stock code: 603370) has established itself as a leader in the precision component manufacturing for NEV power systems, collaborating closely with major automotive manufacturers like BYD and BMW [1][4]. - The company has diversified its product matrix to include NEV drive motor cores, micro-special motor cores, electrical equipment cores, and ignition coil cores, with a strong customer network covering both domestic and international markets [4]. Group 3: Financial Performance and Market Share - In 2024, NEV drive motor cores are expected to account for 64.70% of the company's revenue, with sales increasing from 561,600 units in 2021 to 2,222,100 units in 2024, resulting in a global market share increase from 5.59% to 8.12% [5]. - The company ranks among the top three domestic manufacturers in both global and Chinese automotive core markets, with the top ten manufacturers holding a combined market share of 75.54% globally and 78.11% in China [5]. Group 4: Technological Advancements and Competitive Edge - Huaxin Precision has adopted innovative in-mold gluing technology to address industry challenges, enhancing the performance of drive motor cores by reducing eddy current losses and improving efficiency [6][9]. - The company has expanded its customer base significantly since 2021, securing projects with leading global firms and deepening collaborations with existing partners, which supports sustained revenue growth [7]. Group 5: Future Growth and Strategic Initiatives - The NEV market is expected to continue its robust growth, with the total installed capacity of NEV drive motors in China projected to reach 15.229 million units in 2024, a year-on-year increase of 40.04% [10]. - The company plans to utilize raised funds for expanding production capacity and research, focusing on new energy vehicle drive motor cores and precision stamping technology, which will enhance its competitive position [12][13]. - Huaxin Precision aims to establish a global presence by setting up subsidiaries in Singapore and Mexico, facilitating localized supply services for international clients [13].