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 ...

Summary of Huamao Technology Conference Call Company Overview - **Company**: Huamao Technology - **Industry**: Automotive Passive Safety and AI Technology Key Points Financial Performance - Huamao Technology's non-GAAP profit is expected to grow significantly, with a projected increase of 55%-61% in 2024 [2][4] - The company achieved a revenue of 2.21 billion yuan in 2024, representing a year-on-year growth of 7.7%, and a profit of 277 million yuan, up 14.6% [2][6] - In Q1 2025, revenue reached 540 million yuan, a 14.4% increase year-on-year, with profit soaring to 80 million yuan, reflecting a 60.3% growth [2][6] Market Position and Competition - Huamao Technology holds approximately 30% market share in the domestic market for automotive passive safety products, facing competition from South Korean and Japanese companies [2][4] - The global airbag market is projected to exceed 1.7 billion USD by 2031, indicating a stable growth trajectory for the company's traditional business [2][4] AI Business Expansion - The company is actively entering the AI sector, having acquired 42% of Fuchuang Youyue, with plans to acquire the remaining shares [2][5] - The AI business is expected to grow to 600 million yuan, 778 million yuan, and 947 million yuan from 2025 to 2027, respectively [2][5] International Market Strategy - Huamao Technology is expanding its international presence, having established a factory in Vietnam and planning a new factory in Europe [2][7] - The Vietnamese factory has a projected output value of 2.7 billion yuan, with 258 million yuan in revenue and 37 million yuan in profit expected in 2024 [2][7] Management and Ownership Structure - The actual controllers of Huamao Technology are Yan Dingqing and Lin Hui, who indirectly hold 15.1% of the company's shares [2][8] - Yan has a background as a researcher at Cathay Fund and a project manager at Ping An Bank, while Lin has extensive investment experience [2][8] Valuation and Target Price - The target price for Huamao Technology is set at 45.7 yuan, corresponding to a price-to-earnings ratio of 25 [2][3][9] - This valuation is based on the stable growth of the automotive passive safety business and the rapid expansion potential of the AI business, along with industry outlook and financial performance [2][3][9]

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].