Group 1: Company Overview - The company operates in two main business areas: automotive parts and new energy storage [1] - The automotive parts business includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is expanding its non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [1] Group 2: Shareholder Information - The top shareholders include Guoyuan Trust and China Resources Trust, which are associated with Chery Automobile Co., Ltd. [2] Group 3: Robotics Components - The company has established a team for the industrialization of robotic reducer products, enhancing its product range and market share [3] Group 4: Heavy-duty Truck Transmission - The company has developed a full range of heavy-duty truck transmission products, including manual and automatic transmissions, and is conducting customer vehicle trials [4] Group 5: Light-duty Truck Transmission - The light-duty truck transmission business is growing steadily, with a focus on electric products and strong market demand [5] Group 6: Passenger Vehicle Transmission - The company has significantly increased its direct export sales of passenger vehicle transmissions in 2024 and is focusing on developing overseas markets [6] Group 7: New Energy Storage Business - The company has operational independent energy storage power stations in Guangdong and Zhejiang, with installed capacities of 100MW/200MWh and 100MW/200MWh respectively [7] - The company is actively developing new projects in Guangdong, Hainan, and Zhejiang to enhance its energy storage business [7] Group 8: Core Competitiveness - The company has nearly 30 years of experience in the automotive parts industry, producing over 1 million transmission assemblies and tens of millions of components annually, showcasing strong manufacturing and quality control capabilities [9]

Group 1: Company Overview - The company operates in two main business segments: automotive parts and new energy storage [1] - The automotive parts segment includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The new energy storage segment focuses on power-side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [1] Group 2: Passenger Vehicle Transmission Business - In 2024, the company's direct export sales of passenger vehicle transmission products saw a significant year-on-year increase [2] - The company is actively developing overseas clients to sustain revenue growth from international markets [2] - There is a strong push for electric vehicle (EV) reducers and related products, contributing to increasing sales [2] Group 3: Commercial Vehicle Transmission Business - The light truck transmission business is expanding with a focus on both manual and electric products, including P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with production and sales expected to grow as client models are launched [2] Group 4: New Energy Storage Business - The company has operational independent storage power stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - These projects leverage the company's extensive experience in design, integration, construction, and operation within the energy storage sector [3] - New project developments are underway in Guangdong, Hainan, and Zhejiang provinces to further enhance the new energy storage business [3] Group 5: Robotics Components Business - A dedicated team for the industrialization of robotic reducers has been established to enhance product offerings [4] - The company is focusing on the development and integration of harmonic reducers and planetary reducers to improve market share [4]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.05% closing at 3286.65 points, and the Shenzhen Component Index also down by 0.05% closing at 9849.80 points. The ChiNext Index fell by 0.13% to 1931.94 points. Overall, 3556 stocks rose while 1670 stocks fell, with a total trading volume of 10221 billion yuan, a decrease of approximately 34.2 billion yuan from the previous trading day [1][13]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Machinery Equipment, Media, Light Industry Manufacturing, and Basic Chemicals, with respective gains of 2.60%, 1.44%, 1.27%, 1.04%, and 0.87%. Conversely, the sectors that experienced declines included Utilities, Comprehensive, Oil & Petrochemicals, Coal, and Social Services, with respective losses of 1.78%, 0.97%, 0.55%, 0.51%, and 0.47% [1][13]. Concept Sector Performance - The top-performing concept sectors today were Animal Vaccines, Marketing Communication, Medical Beauty, Auto Parts, Chemical Fibers, and Virtual Reality, among others. These sectors showed significant upward movement, while sectors like Electricity, Baijiu, and Insurance experienced pullbacks [2][11].

Core Viewpoint - Wanliyang (002434.SZ) reported a slight increase in revenue for 2024, but a significant decrease in net profit due to high investment costs in digital upgrades and new projects [1][2] Financial Performance - In 2024, Wanliyang achieved operating revenue of 6.013 billion yuan, a year-on-year increase of 1.69% [1] - The company's net profit attributable to shareholders was 240 million yuan, a decrease of 20.30% [1] - The non-recurring net profit was 220 million yuan, showing a slight increase of 0.34% [1] - Operating cash flow was 464 million yuan, up 4.62% year-on-year, indicating stable operational quality [1] New Business Growth - The new energy storage business showed strong growth, contributing significantly to profits with revenue of 191 million yuan, a year-on-year increase of 410.98% [1] - The energy company signed contracts for over 6.5 billion kWh of retail market electricity and traded 1.6 million green certificates domestically [2] - The company has operational independent energy storage stations in Guangdong and Zhejiang, yielding good returns [1][2] Product Development and Innovation - Wanliyang invested 336 million yuan in R&D in 2024, accounting for 5.59% of operating revenue [3] - The company is developing new products such as robotic harmonic reducers and planetary reducers, with successful prototype testing [3] - The Smart Star series of heavy-duty truck gearboxes has gained recognition from major domestic commercial vehicle clients, with 12 models in mass production and 15 models in calibration [2] Shareholder Returns - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 131 million yuan, with a payout ratio of 54.69% [3] Strategic Vision - Wanliyang aims to become a world-class automotive parts supplier, focusing on the trends of electrification, intelligence, connectivity, and automation in the automotive industry [3] - The company is committed to expanding its core automotive parts business and developing new revenue streams in non-road vehicle transmission/driving systems and humanoid robot components [3]

Investment Rating - The report assigns a rating of "Increase Holding" for the company, indicating a potential upside of over 15% relative to the CSI 300 index [43]. Core Viewpoints - The company, Huitong Holdings (603409.SH), is a leading manufacturer of automotive styling and acoustic components in China, with a significant market share in its core products. The company has established long-term partnerships with major clients such as BYD and Chery, and is actively expanding its customer base and product offerings [3][7]. - In 2023, the company achieved revenue of 765 million yuan and a net profit of 152 million yuan, with a compound annual growth rate (CAGR) of 35.38% in revenue and 63.62% in net profit from 2021 to 2023 [3][9]. - The company plans to raise 810 million yuan through its IPO, which will be used to enhance production capacity and digital transformation [6][33]. Summary by Sections Company Overview - Huitong Holdings specializes in the research, production, and sales of automotive styling components, acoustic products, and wheel assembly services. The company has a strong foothold in the domestic market, serving major automotive manufacturers [3][31]. Financial Performance - The company reported revenues of 417.20 million yuan in 2021, 628.32 million yuan in 2022, and 764.59 million yuan in 2023, with a projected revenue of 445.06 million yuan for the first half of 2024. The net profits for the same years were 56.91 million yuan, 162.14 million yuan, and 152.36 million yuan, respectively [9][12]. - The gross margin has consistently remained above 30%, with specific margins for automotive styling components reaching 49.50% in 2022 [17][21]. Market and Industry Analysis - The automotive parts market is expected to grow steadily, with the total market size for passenger car grilles estimated at approximately 5.8 billion yuan and for acoustic products at around 30 billion yuan [27]. - The competitive landscape in the grille and wheel assembly sectors is fragmented, with many small to medium-sized enterprises participating [30][31]. Client Base and Sales - The top five clients accounted for 94.37% of the company's revenue in the first half of 2024, with Chery and BYD being the largest contributors [26][37]. - The company has established long-term relationships with several major automotive manufacturers, which supports its revenue stability and growth potential [7][31]. IPO and Fund Utilization - The IPO will involve the issuance of 31.51 million shares, representing 25% of the total share capital post-IPO. The funds raised will be allocated to expanding production capacity and enhancing digital capabilities [33][34].

长年 Hwaway Technology Corporation Limited (浙江省诸暨市陶朱街道千禧路 26 号) 首次公开发行股票并在主板上市 招股说明书 保荐人(主承销商) DE ZET 专业 · 价值 PING AN SECURIT (深圳市福田区益田路 5023 号平安金融中心 B 座 22-25 层) 87 华纬科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行股票数量 3,222.00 万股，占发行后总股本的比例 25%，本次发行全部为新股发行，原股东不公开发售股份 | | | | | | 每股面值 | 人民币 1.00 元 | | | | | | 每股发行价格 | 人民币 28.84 元 | | | | | | 发行日期 | 2023 5 | 年 | 月 | 5 | 日 | | 拟上市的证券交易所和 | 深圳证券交易所主板 | | | | | | 板块 | | | | | | | 发行后总股本 | 12,888.00 万股 ...

华纬科技股份有限公司 Hwaway Technology Corporation Limited 首次公开发行股票并在主板上市 保荐人（主承销商） （浙江省诸暨市陶朱街道千禧路 26 号） 招股意向书 （深圳市福田区益田路 5023 号平安金融中心 B 座 22-25 层） 华纬科技股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行股票数量 | | | | | 3,222.00 万股，占发行后总股本的比例 25%，本次发行全部为新股发行，原股东不公开发售股份 | | 每股面值 | 人民币 1.00 元 | | | | | | | 每股发行价格 | 人民币【】元 | | | | | | | 预计发行日期 | 2023 5 | 年 | 5 | 月 | 日 | | | 拟上市的证券交易所和 板块 | 深圳证券交易所主板 | | | | | | | 发行后总股本 | 12,888.00 万股 | | | | | | | 保荐人（主承销商） | ...

首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （浙江省诸暨市陶朱街道千禧路 26 号） （注册稿） 华纬科技股份有限公司 Hwaway Technology Corporation Limited （深圳市福田区益田路 5023 号平安金融中心 B 座 22-25 层） 华纬科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | | 本次公开发行股票数量不超过 3,222.00 万股，占发行后总股本 | | 发行股数 | 的比例不低于 25%，本次发行全部为新股发行，原股东不公开发 | | | 售股份 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 人民币【】元 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易所和 板块 | 深圳证券交易所主板 | | 发行后总股本 | 不超过 12,888 万股 | | 保荐人（主承销商） | 平安证券股份有限公司 | | 招股说明书签署日期 | 【】年【】月【】日 | 1-1-1 华纬科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本 ...

（深圳市福田区益田路 5023 号平安金融中心 B 座 22-25 层） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （浙江省诸暨市陶朱街道千禧路 26 号） 华纬科技股份有限公司 招股说明书 华纬科技股份有限公司 Hwaway Technology Corporation Limited 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | | 本次公开发行股票数量不超过 3,222.00 万股，占发行后总股本 | | 发行股数 | 的比例不低于 25%，本次发行全部为新股发行，原股东不公开发 | | | 售股份 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 人民币【】元 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易所和 板块 | 深圳证券交易所主板 | | 发行后总股本 | 不超过 12,888 万股 | | 保荐人（主承销商） | 平安证券股份有限公司 | | 招股说明书签署日期 | 【】年【】月【】日 | 1-1-1 华纬科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的 ...

华纬科技股份有限公司 Hwaway Technology Corporation Limited （浙江省诸暨市陶朱街道千禧路 26 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （深圳市福田区益田路 5023 号平安金融中心 B 座 22-25 层） 华纬科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | | 本次公开发行股票数量不超过 3,222.00 万股，占发行后总股本 | | 发行股数 | 的比例不低于 25%，本次发行全部为新股发行，原股东不公开发 | | | 售股份 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 人民币【】元 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易所和 板块 | 深圳证券交易所主板 | | 发行后总股本 | 不超过 12,888 万股 | | 保荐人（主承销商） | 平安证券股份有限公司 | | 招股说明书签署日期 | 【】年【】月【】日 | 1-1-1 华纬科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的 ...