Core Viewpoint - Huamao Technology achieved record high revenue and profit in 2024, indicating strong growth and operational efficiency in the automotive safety materials sector [1][2]. Financial Performance - In 2024, Huamao Technology reported 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% [1]. - The first quarter of 2025 saw revenue of 537 million yuan, a 14.37% increase year-on-year, with net profit reaching 86 million yuan, a significant rise of 60.34% [1]. - The company's gross profit margin improved to 31.39% in 2024, driven by domestic production of raw materials and streamlined processes [2]. Cash Flow and Dividends - Operating cash flow for 2024 was 663 million yuan, reflecting a substantial increase of 187.41% due to improved cash collection from sales [2]. - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, totaling approximately 28.14 million yuan [2]. Business Segments - The airbag bag business generated sales of 1.464 billion yuan in 2024, with a 3.40% year-on-year increase, while the airbag fabric segment saw a 24.27% increase in revenue to 534 million yuan [3]. - Revenue from new energy vehicle manufacturers accounted for nearly 30% of total sales [3]. Strategic Initiatives - Huamao Technology is pursuing new industry opportunities through both organic growth and acquisitions, focusing on trends in lightweight, low-carbon, and intelligent automotive development [3]. - The company acquired a 10% stake in Shenzhen Fuchuang Youyue Technology Co., increasing its ownership to 42.16%, aiming to leverage synergies in electronic manufacturing services [3]. Research and Development - R&D expenses reached 102 million yuan in 2024, marking a 6.44% increase, with a focus on enhancing production efficiency and product safety [4]. - The company obtained a patent for a sewing machine device, further solidifying its position in the automotive safety materials sector [4]. International Operations - The Vietnamese subsidiary reported impressive performance with sales of approximately 258 million yuan, a year-on-year increase of 32.23%, and a net profit of about 37.44 million yuan, up 78.34% [5]. - The subsidiary has evolved from a simple cutting and sewing operation to a complete airbag bag production line, targeting Southeast Asia, Asia-Pacific, and European markets [5]. - The Vietnamese facility is set to achieve a planned production capacity of approximately 2 billion yuan, incorporating smart production equipment and energy management systems [5].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 95,018.32 million RMB, a year-on-year increase of 13.77% [2] - The net profit attributable to the parent company was 11,097.51 million RMB, reflecting a year-on-year growth of 24.85% [2] - The company expects to maintain a high growth trend throughout 2025 [2] Group 2: Response to Tariffs - The company plans to maintain its market share in the U.S. despite tariff impacts by engaging with clients and negotiating [2] - Establishing a bonded warehouse in the U.S. is part of the strategy to mitigate tariff effects [2] - The company aims to leverage its production base in Thailand to shift export capacity and reduce geopolitical risks [2] Group 3: Product Competitiveness - The company’s subsidiary, Hengjiu Brakes, holds a unique domestic patent for dual-metal composite brake drums [3] - The dual-metal composite brake drums are lighter, enhancing fuel efficiency and addressing the automotive industry's lightweight demands [3] - Key competitors in the dual-metal brake drum sector include Shanxi Tangrong Machinery Manufacturing Co., Ltd. and Jiaxing Sitong Wheel Co., Ltd., with high entry barriers due to technology and manufacturing processes [3] Group 4: Overseas Expansion - The company is investing up to 350 million RMB in a production base in Thailand, which will include 4 casting production lines and 18 processing production lines [3] - The annual production capacity for cylinder sleeves at the Thailand facility is projected to reach 7 million units [3] - The construction of the Thailand factory is progressing, with completion of infrastructure expected by the end of April 2025 and production lines operational by mid-2025 [3]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the year 2024, indicating challenges in the market and operational performance [2]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 144.685 billion yuan, a year-on-year decrease of 12.03%, and a net profit attributable to shareholders of 2.032 billion yuan, down 59.99% year-on-year [2]. - In Q4 2024, the company recorded revenue of 33.018 billion yuan, a decline of 25.29% year-on-year and 7.55% quarter-on-quarter, with a net profit of 261 million yuan, down 73.22% year-on-year and 40.68% quarter-on-quarter [2]. Group 2: Sales and Margins - The company's steel sales in 2024 totaled 25.3 million tons, a decrease of 4.64% year-on-year, with an average steel price of 4,339.21 yuan per ton, down 6.59% year-on-year. The gross profit per ton of steel was 191.33 yuan, reflecting a year-on-year decline of 38.16% [3]. Group 3: R&D and Financial Health - The R&D expense ratio for 2024 was 3.95%, with R&D investment amounting to 5.722 billion yuan. The proportion of specialty steel sales increased by 2 percentage points to 65% [4]. - The total depreciation expense reached a 13-year high of 4.02 billion yuan, marking a year-on-year increase of 160 million yuan. Free cash flow turned positive at 1.052 billion yuan, and the dividend payout ratio was 33.99%, resulting in a dividend yield of 1.85% based on the current stock price [4]. Group 4: Strategic Developments - The automotive sheet subsidiary achieved a net profit of 2.049 billion yuan in 2024, leading the lightweight development trend in the automotive industry through innovative applications and technologies [5]. - The company announced plans to raise up to 1.5 billion yuan through external investors for its electromagnetic materials company, maintaining a controlling stake of no less than 51%. This funding will accelerate project implementation, with the first phase of silicon steel production already operational [6].

公证天业会计师事务所(特殊普通合伙) 对深圳证券交易所《关于对十堰市泰祥实业股份有 限公司的重组问询函》的回复 公证天业会计师事务所(特殊普通合伙) 对深圳证券交易所《关于对十堰市泰祥实业股份有 限公司的重组问询函》的回复 深圳证券交易所: 由十堰市泰祥实业股份有限公司(以下简称"泰祥股份")转来的贵所《 关于对十堰市泰祥实业股份有限公司的重组间询函》（创业板非许可类重组问 询函(2023)第2号,以下简称问询函)奉悉。我们已对问询函中要求申报会计 师核查并发表明确意见的事项进行了专项核查,现对有关事项专项说明如下: 一、报告期内,宏马科技向前五大客户销售实现的营业收入合计占比分别为 87.74%、82.59%、78.13%,其中,第一大客户为一汽集团,其余四大客户分别 为上海大众动力总成有限公司、蒂森克虏伯、上汽大众和华域皮尔博格泵技术有 限公司等。宏马科技取得的供应商资质认证共计 18 项,其中一级、二级、三级 供应商资质分别为 5 项、11 项、2 项。 (1) 请补充说明宏马科技各级供应商资质的取得过程,需要满足的研发等 具体能力标准和要求。 | 序号 | 客户名称 | 所属集团 | 取得时间 | | ...