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 ...

证券研究报告：汽车 | 公司点评报告 发布时间：2025-08-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.07 | | --- | --- | | 总股本/流通股本（亿股）3.17 / 1.58 | | | 总市值/流通市值（亿元）105 / 52 | | | 52 周内最高/最低价 | 36.74 / 22.64 | | 资产负债率(%) | 57.2% | | 市盈率 | 28.76 | | 第一大股东 | 胡铲明 | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 松原安全(300893) 气囊方向盘启动新增长引擎，国内外产能投放进展 顺利 ⚫ 事件 松原安全发布 2025 年半年报，25H1 公司实现营收 11.48 亿元， 同比增长 42.9%，实现归母净利润 1.61 亿元，同比增长 30.9%，扣非 归母净利润 1.50 亿元，同比增长 26.6%。 其中，第二季度实现营收 6.12 亿元，同比增长 40.8%，归母净利 润 0.88 亿元，同比增长 41.0 ...

| 投资要点 | | --- | 事件： 公司发布2025年半年度报告。2025年上半年公司实现营业收入11.48亿元，同比增长42.87%； 实现归母净利润1.61亿元，同比增长30.85%。其中，2025Q2单季度公司实现营业收入6.12亿 元，同比增长40.77%，环比增长14.30%；实现归母净利润0.88亿元，同比增长41.03%，环比增 长19.52%。公司2025Q2业绩符合我们的预期。 2025Q2业绩符合预期，毛利率环比改善明显。 营收端，公司2025Q2实现营业收入6.12亿元，同比增长40.77%，环比增长14.30%。主要下游客 户2025Q2表现情况：奇瑞汽车批发61.38万辆，环比增长2.28%；吉利汽车批发70.54万辆，环 比增长0.23%；上通五菱批发40.03万辆，环比增长13.40%；长城汽车批发31.30万辆，环比增长 21.88%。毛利率方面，公司2025Q2综合毛利率29.15%，环比提升1.21个百分点，预计主要系公 司收入增长带来的规模效益+持续推进降本增效所致。期间费用方面，公司2025Q2期间费用率 为11.45%，环比下降2.91个百分点，主要系公司二季度 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [5][7]. Core Views - The company achieved significant revenue growth in Q2 2025, with a total revenue of 1.12 billion yuan, representing a year-on-year increase of 42.87%. The net profit attributable to shareholders reached 161 million yuan, up 30.85% year-on-year [1][2]. - The growth in revenue is primarily driven by the safety belt and airbag businesses, with the airbag business experiencing a remarkable 72.3% increase in revenue [2][4]. - The company is expanding its global footprint with the commencement of production at its Malaysia factory, which is expected to reach full capacity by Q3 2025 [4]. Revenue Summary - In H1 2025, the company generated revenue of 1.148 billion yuan, with the safety belt business contributing 676 million yuan (up 27.8%), the airbag business 299 million yuan (up 72.3%), and the steering wheel business 148 million yuan (up 283.3%) [2][4]. - The Q2 2025 revenue was 612 million yuan, driven by increased sales from major clients such as Geely and Chery, with Geely's sales reaching 985,000 units (up 29% year-on-year) [2][4]. Profit Summary - The net profit for Q2 2025 was 88 million yuan, reflecting a year-on-year increase of 41.03% and a quarter-on-quarter increase of 18.92% [3]. - The gross margin improved to 29.15%, up 1.21 percentage points from the previous quarter, attributed to enhanced production efficiency [3]. Future Outlook - The company is expected to see continued revenue growth as new projects with Stellantis and other emerging clients like Leap Motor and Xpeng ramp up production [2][4]. - The report forecasts net profits of 410 million yuan, 530 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26.4, 20.3, and 14.7 [5][10].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and growth potential [1]. Core Insights - The company reported a significant revenue increase of 42.9% year-on-year for the first half of 2025, achieving a total revenue of 1.148 billion yuan, with a net profit of 161 million yuan, reflecting a 30.9% increase [1][3]. - The second quarter of 2025 saw a revenue of 612 million yuan, marking a 40.8% year-on-year growth and a 14.2% quarter-on-quarter increase [1][3]. - The company is expanding its product offerings beyond seat belts to include airbags and steering wheels, enhancing its competitive edge in the automotive safety sector [3]. - The company has successfully launched mass production of airbag fabric and is expected to achieve mass production of OPW by the third quarter of 2025 [3]. - The client base has diversified from domestic brands to include joint ventures and foreign brands, with 90 new product development projects acquired in the first half of 2025 [3]. Financial Summary - For the first half of 2025, the gross profit margin was 28.59%, with a net profit margin of 14.06% [3]. - The company forecasts net profits of 400 million, 540 million, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.3, 1.7, and 2.3 yuan [3]. - The projected revenue growth rates for 2025 to 2027 are 40.8%, 35.2%, and 31.5% respectively, with total revenues expected to reach 2.775 billion, 3.753 billion, and 4.936 billion yuan [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.148 billion yuan in the first half of 2025, representing a year-on-year increase of 42.87%. The net profit attributable to the parent company was 161 million yuan, up 30.85% year-on-year [1][2] - New businesses such as airbags and steering wheels are driving significant growth, with revenue from airbags and steering wheels increasing by 71.84% and 279.49% respectively [2] - The company maintains a high gross margin of 28.59%, although it has decreased by 1.69 percentage points year-on-year due to the rising proportion of lower-margin products [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 612 million yuan, a year-on-year increase of 40.77% and a quarter-on-quarter increase of 14.30%. The net profit for the same quarter was 88 million yuan, up 41.03% year-on-year and 19.52% quarter-on-quarter [1][2] Business Growth - The revenue breakdown shows that the safety belt, airbag, and steering wheel segments generated 676 million yuan, 299 million yuan, and 148 million yuan respectively, with year-on-year growth rates of 19.22%, 71.84%, and 279.49% [2] - The company has secured 90 new product development projects from clients such as Chery, Geely, and Volkswagen, which includes 42 safety belt projects, 30 airbag projects, and 18 steering wheel projects [4] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 73.93 million yuan in the first half of 2025, a year-on-year increase of 74.79% [3] Market Expansion - The company is actively expanding into overseas markets, with a production base in Malaysia expected to reach mass production by Q3 2025. This facility will initially focus on assembly and will gradually introduce upstream component production lines [5] Profit Forecast and Valuation - The company is projected to achieve revenues of 2.592 billion yuan, 3.371 billion yuan, and 4.382 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is expected to be 389 million yuan, 528 million yuan, and 696 million yuan for the same years [6][8]

Group 1 - The stock price of Junsheng Electronics (600699) has increased by 9.7% over the past week, attributed to developments in humanoid robots, automotive electronics, and growth in the first quarter report [1] - The company has fully entered the humanoid robot sector and plans to establish a wholly-owned subsidiary, Ningbo Junsheng Embodied Intelligent Robot Co., Ltd., by April 2025 [1] - Junsheng Electronics has made progress in its Robotaxi business, with products applicable to autonomous taxis, including safety airbags, seat belts, steering wheels, and various automotive electronic products [1] Group 2 - Over the past three years, the company has distributed approximately 860 million RMB in dividends and conducted share buybacks totaling around 420 million RMB [2] - The company has completed its loan buyback plan disclosed for November 2024, repurchasing 13.03 million shares for approximately 222 million RMB, with the repurchased shares being canceled [2] - Junsheng Electronics emphasizes shareholder returns through performance improvement and a dual approach of cash dividends and share buybacks, enhancing investor satisfaction [2] Group 3 - The company acknowledges the national policy on anti-involution, which aims to systematically address low-price competition and guide the industry towards value competition, enhancing overall profitability and promoting high-quality, innovation-driven transformation [2]

Core Viewpoint - Junsheng Electronics, known as the "Merger King," is pursuing a listing in Hong Kong after significant global expansion through acquisitions, but faces financial pressures and declining profitability [1][11]. Group 1: Company Overview - Junsheng Electronics was established in 2004 and entered the A-share market in 2011 through a reverse merger [2]. - The company has grown into a leading provider of smart automotive technology solutions, with total assets reaching 67.038 billion yuan as of the first quarter of this year [1][6]. - The company has completed a series of high-profile acquisitions, including the purchase of German PREH and Japanese Takata, significantly expanding its global footprint [2][3][4]. Group 2: Financial Performance - From 2011 to 2017, Junsheng's revenue increased from 1.462 billion yuan to 26.606 billion yuan, a growth of over 17 times, while net profit grew only 1.6 times [7]. - In 2021, the company reported a rare loss of 3.753 billion yuan, largely due to goodwill impairment [8][9]. - The company's revenue and net profit have shown significant volatility since 2019, with 2024 projections indicating continued financial strain [8][10]. Group 3: Debt and Dividend Policy - As of the first quarter of this year, Junsheng Electronics had approximately 7.239 billion yuan in goodwill and a debt-to-asset ratio of 69.83% [10]. - The company has maintained a cash dividend policy, distributing a total of 863 million yuan in dividends from 2022 to 2024, with an average payout ratio exceeding 30% [11].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company is solidifying its position in the automotive safety sector while actively expanding into the semiconductor and computing power manufacturing fields, aligning with national strategic initiatives and high-quality development goals [1][3]. - The company has a market share exceeding 35% in the domestic automotive safety airbag industry and is expanding its overseas market presence, particularly in Southeast Asia through its Vietnam production base [4][2]. - The company is strategically investing in the semiconductor sector by acquiring a significant stake in Fuchuang Youyue, aiming for a complete acquisition to enhance its growth potential in this area [3][4]. Summary by Sections Strengthening Passive Safety Business and Embracing Overseas Markets - The company focuses on high-end, localized, and new energy directions for its automotive passive safety products, with a projected revenue of approximately 2.58 billion RMB from its Vietnam operations in 2024, reflecting a year-on-year growth of 32.23% [2][4]. - The company has established a stable production base in Vietnam, with 37 projects certified for mass production and 5 awaiting certification, targeting markets in Southeast Asia, Japan, South Korea, and India [2][4]. Entering the Computing Power Manufacturing Field - The company has invested a total of 383.36 million RMB in Fuchuang Youyue, acquiring a 42.16% stake, and plans to increase its ownership to 100% through a combination of cash and stock issuance [3][4]. - The company aims to enhance its business layout in the semiconductor and computing power sectors, focusing on integrating the supply chain and increasing investments in these areas [3][4]. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of 497 million RMB in 2025, with a significant year-on-year growth of 79% [9][4]. - The report highlights the company's robust financial performance, with a total revenue forecast of 2.935 billion RMB for 2025, reflecting a 33% increase from the previous year [9][4].