华懋科技：夯实主业，外延发展公司前身是成立于2002 年的华懋（厦门）纺织有限公司，是汽车被动 安全领域的龙头，拟入主光通信龙头富创优越，切入半导体及算力制造领域。袁晋清&林晖为实际控制 人，通过东阳华盛控股上市公司。公司管理层履历丰富，现任董事长吴黎明曾任长江存储科技有限责任 公司全球供应链负责人。受益汽车产量的提升及新能源车渗透率上行，汽车被动安全市场稳步上行，叠 加公司越南基地投产贡献增量，公司实现营收业绩双升。 华懋科技是汽车被动安全业务龙头，公司安全气囊产品产能利用率较高，新工厂迎来投产，处于持续爬 坡阶段，有望带动汽车板块持续增长。此外，公司拟入主光通信龙头富创优越，切入半导体及算力制造 领域，打造全新成长极。受益算力需求爆发，富创优越前景广阔，有望带动公司业绩持续向上。预计公 司2025-2027 年实现归属净利润5.43、7.20、9.15 亿元，首次覆盖，给予"买入"评级。 风险提示 汽车业务长坡厚雪，公司积极扩产，全球化布局公司汽车安全领域的主要产品为安全气囊布、安全气囊 袋、安全带等，属于汽车被动安全行业。 1、汽车需求不及预期； 2、产能爬坡进度不及预期；3、云商投入AI 大模型力度不 ...

联合研究丨公司深度丨华懋科技（603306.SH） 报告要点 [Table_Summary] 华懋科技是汽车被动安全业务龙头，公司安全气囊产品产能利用率较高，新工厂迎来投产，处 于持续爬坡阶段，有望带动汽车板块持续增长。此外，公司拟入主光通信龙头富创优越，切入 半导体及算力制造领域，打造全新成长极。受益算力需求爆发，富创优越前景广阔，有望带动 公司业绩持续向上。预计公司 2025-2027 年实现归属净利润 5.43、7.20、9.15 亿元，首次覆 盖，给予"买入"评级。 分析师及联系人 [Table_Author] 于海宁 马太 黄天佑 SAC：S0490517110002 SAC：S0490516100002 SAC：S0490522050005 SFC：BUX641 SFC：BUT911 李禹默 SAC：S0490525060002 [Table_Title] 汽车安全业务蓬勃发展，进军算力制造两翼齐飞 %% %% %% %% research.95579.com 1 丨证券研究报告丨 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 华懋科 ...

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue Technology, indicating a significant asset restructuring without changing the controlling shareholder or actual controller [1][4]. Group 1: Acquisition Details - The acquisition involves purchasing approximately 19.46% equity of Fuchuang Youyue and 100% equity of its shareholders, Yirui Technology and Fuchuang No.1, through a combination of issuing shares and cash payments [3]. - Prior to this transaction, Huamao Technology held 42.16% equity in Fuchuang Youyue through its wholly-owned subsidiary [4]. - The overall valuation of Fuchuang Youyue was approximately 9.5 billion yuan in September and October 2024, and it decreased to about 8.5 billion yuan in January 2025, reflecting a decline of about 10% [4][5]. Group 2: Financial Performance - Fuchuang Youyue, established in 2019, reported revenues of 630 million yuan and 1.17 billion yuan for 2023 and the first eleven months of 2024, respectively, with net profits of 14.52 million yuan and 120 million yuan [7]. - As of November 2024, Fuchuang Youyue's total assets were approximately 880 million yuan, with net assets around 450 million yuan, and a debt-to-asset ratio of about 50% [8][9]. - Huamao Technology's revenue for 2024 was 2.213 billion yuan, a year-on-year increase of 7.67%, and net profit was 277 million yuan, up 14.64% [10]. Group 3: Strategic Implications - By increasing its stake in Fuchuang Youyue to 100%, Huamao Technology aims to enhance its business layout in the semiconductor and computing manufacturing sectors, which are seen as a second growth curve [4][10]. - The acquisition will allow Huamao Technology to consolidate Fuchuang Youyue's financial performance into its consolidated financial statements, potentially improving overall financial metrics [10].

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Shenzhen Fuchuang Youyue Technology Co., Ltd., which is expected to constitute a major asset restructuring, leading to a suspension of its stock trading starting May 21, 2025 [1][4]. Group 1: Acquisition Details - The acquisition involves purchasing 19.4519% equity from Fuchuang Youyue and 100% equity from its shareholders, including Shenzhen Yinrui Technology Co., Ltd. and Shenzhen Fuchuang Youyue No. 1 Enterprise Management Partnership [4]. - Prior to the transaction, Huamao Technology held 42.1602% equity in Fuchuang Youyue through its subsidiary Huamao (Dongyang) New Materials Co., Ltd. After the acquisition, the company will hold 100% equity [4]. - The transaction is still in the planning stage, and the final agreement is subject to board and shareholder approval, as well as regulatory approval [5]. Group 2: Company Background and Strategic Intent - Fuchuang Youyue, established in August 2019 with a registered capital of 76.165 million yuan, specializes in electronic manufacturing services and has a workforce of nearly 1,000 employees [7]. - Huamao Technology has been gradually increasing its stake in Fuchuang Youyue, indicating a strategic intent to integrate and deepen its involvement in the semiconductor and computing power manufacturing sectors [6][8]. - The company aims to enhance its business layout in semiconductor and computing power manufacturing, focusing on next-generation optical communication technologies and further capital cooperation [8]. Group 3: Financial Performance - Huamao Technology has shown steady financial performance, with consecutive revenue and net profit growth from 2022 to 2024. In Q1 of this year, the company reported revenue of 537 million yuan, a year-on-year increase of 14%, and a net profit of 86 million yuan, up 60% year-on-year [8].

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Shenzhen Fuchuang Youyue Technology Co., Ltd, which is expected to constitute a major asset restructuring, leading to the suspension of its stock trading starting May 21, 2025 [2][3]. Group 1: Acquisition Details - The acquisition involves purchasing 19.4519% equity from Fuchuang Youyue and 100% equity from its shareholders, including Shenzhen Yinrui Technology Co., Ltd and Shenzhen Fuchuang Youyue No.1 Enterprise Management Partnership [3]. - Prior to this transaction, Huamao Technology held 42.1602% equity in Fuchuang Youyue through its wholly-owned subsidiary Huamao (Dongyang) New Materials Co., Ltd [3]. - Upon completion of the transaction, Huamao Technology will directly and indirectly hold 100% equity in Fuchuang Youyue [3]. Group 2: Strategic Importance - The acquisition aligns with Huamao Technology's strategic focus on the semiconductor and computing power manufacturing sectors, which are identified as key growth areas for the company [4][6]. - The company has been increasing its stake in Fuchuang Youyue over the past year, indicating a commitment to integrating and expanding its operations in this sector [5][6]. Group 3: Financial Performance - Huamao Technology has shown steady financial performance, with revenue and net profit increasing year-on-year for three consecutive years from 2022 to 2024 [6]. - In the first quarter of this year, the company reported revenue of 537 million yuan, a 14% increase year-on-year, and a net profit of 86 million yuan, reflecting a 60% growth [6]. - As of May 20, 2025, Huamao Technology's stock price was 41.65 yuan, with a market capitalization of 13.7 billion yuan [7].