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精密冲压铁芯“小巨人”,宝马唯二供应商今日申购丨打新早知道
招股书显示,精密冲压铁芯是华新精科的主要产品,可分为新能源汽车驱动电机铁芯、微特电机铁芯、 电气设备铁芯、点火线圈铁芯等多种类型,主要供应给国内外众多大型汽车零部件厂商、电机制造厂 商、电气设备制造厂商、汽车整车厂等各类企业;同时,公司还会向客户提供生产铁芯产品所需的精密 冲压模具。 业绩方面,2022年-2024年,华新精科的营业收入分别约11.92亿元、11.89亿元、14.21亿元,对应的净 利润分别约1.14亿元、1.56亿元、1.5亿元。2025年1-6月,公司实现营业总收入为7.52亿元,同比增长 19.40%;净利润为9834.5万元,同比增长13.52%。整体而言,华新精科近年来业绩有所波动,但整体保 持增长趋势。 其中,精密冲压铁芯业务始终为华新精科的主要收入来源。2022年至2024年间,精密冲压铁芯业务收入 占比稳定90%以上,其中又以新能源汽车驱动电机铁芯产品为主体、占据50%以上的收入份额。根据 VIC Market Research的测算,2021年至2023年,华新精科在全球及中国汽车铁芯领域内资厂商中合计销 售额均排名前三。 8月25日,可申购沪市主板的华新精科(603370. ...
宝马供应商华新精科开启申购 2024年经营性现金流量净额为负
Zhi Tong Cai Jing· 2025-08-24 22:55
华新精科于招股书中指出,公司通过向宝马集团直接供应及通过采埃孚向宝马集团间接供应宝马新能源汽车第五代驱动电机 铁芯。报告期各期,公司来自宝马项目的收入占公司营业收入比例分别为0.93%、26.83%、25.33%,宝马项目对公司的业绩 贡献较大。公司是宝马项目直接采购铁芯模式下唯二的全球铁芯供应商,也是唯一的中国供应商,宝马集团在定点时已确定 公司份额比例为近50%,宝马项目大规模量产以来,公司供应量已占宝马项目直采铁芯近一半份额,处于较高水平。 华新精科表示,公司2022年及2024年经营性现金流量净额为负,主要系公司业务规模持续扩张,经营性应收项目期末余额持 续增加,预先向供应商支付的原材料货款与收到客户货款存在时间差所致。公司预计,2025年上半年,公司营业收入、净利 润均预计较上年同期有所增长,经营业绩保持稳中有升趋势。 | 主要产品 | | 主要客户 | | | --- | --- | --- | --- | | | Valeo | | ELTA 台六 | | | 法雷奥 | 十亚迪 | 台达电子 | | 新能源汽车 | INOVANCE | | | | 驱动电机铁芯 | 汇川技术 | | | | ...
华新精科(603370):新能源汽车电机铁芯领先供应商
Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.96, which places it in the 26.5% percentile of the non-Science and Technology Innovation Board AHP model [4][9]. Core Insights - The company, Huaxin Precision Technology, is a leading supplier of electric motor cores for new energy vehicles, ranking second among domestic companies with a market share of 8.12% in 2024. The company has shown stable financial performance with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10]. - Huaxin has developed advanced adhesive technology, becoming the only Chinese supplier for BMW, which has significantly increased its profit margins. The gross margin for its high-priced new products rose from 16.15% in 2022 to 21.83% in 2023 [4][15]. - The precision stamping industry is experiencing significant differentiation between high-end and low-end markets, with intense competition in the low-end sector. Huaxin's focus on high-end products positions it well to capture market share as demand for advanced technologies grows [4][18]. Summary by Sections AHP Score and Expected Allocation Ratio - Huaxin's AHP score, excluding liquidity premium factors, is 1.96, indicating a mid-to-upper tier position in the market. The expected allocation ratios for offline investors are 0.0124% for Class A and 0.0107% for Class B under neutral conditions [4][9]. Company Fundamentals and Highlights - Huaxin ranks second in domestic sales of new energy vehicle motor cores, with a market share of 8.12% in 2024. The company has maintained a strong financial trajectory with a revenue CAGR of 9.17% and a net profit CAGR of 16.04% from 2022 to 2024 [4][10][12]. - The company has successfully implemented adhesive technology, becoming the sole Chinese supplier for BMW, which has led to increased sales and profit margins [4][14][15]. - The industry is shifting from rapid growth to high-quality competition, with Huaxin positioned to respond quickly to emerging demands in the high-end market [4][18]. Comparable Company Financial Metrics - Huaxin's revenue from 2022 to 2024 was 11.92 billion, 11.89 billion, and 14.21 billion respectively, with a CAGR of 9.17%. Its net profit for the same period was 1.14 billion, 1.56 billion, and 1.53 billion, with a CAGR of 16.04%, outperforming comparable companies [20][21]. - The company's gross margin for 2022-2024 was 16.89%, 21.86%, and 20.43%, significantly higher than the average of comparable companies, driven by high-value product sales [24][25]. - Huaxin's cash collection ratios were 0.72, 1.05, and 0.73 from 2022 to 2024, indicating strong cash flow management compared to peers [26][31]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity for new energy vehicle motor cores, developing a precision stamping and mold research center, and supplementing working capital. The expansion project aims to add an annual production capacity of approximately 30,000 tons for high-end motor cores [36][37].