人民财讯8月26日电，华纬科技（001380）8月26日晚间披露半年报，2025年上半年，公司实现营业收入 为9.37亿元，同比增长32.62%；归母净利润1.27亿元，同比增长56.18%；基本每股收益0.4683元。报告 期内，公司悬架系统零部件产品生产节拍不断优化，管理效率持续提升。依托公司的自主研发能力、稳 固的市场地位以及优质的客户群体，经营业绩得到持续稳定的增长。 ...

Core Viewpoint - Huawai Technology Co., Ltd. reported strong financial performance for Q1 2025, with revenue of 450 million yuan, a year-on-year increase of 47.36%, and a net profit attributable to shareholders of 63.8475 million yuan, up 57.43% compared to the previous year [2] Group 1: Company Performance - The company is recognized as one of the top three spring manufacturers in China, focusing on high-end elastic components for the automotive industry [2] - The increase in orders is attributed to the rapid rise of domestic independent brands and the growing market share of new energy vehicles [2] - The company maintains good relationships with both new and existing customers, contributing to its performance growth [2] Group 2: Industry Trends - The domestic automotive market is evolving, with independent brands enhancing their innovation capabilities and fostering deep cooperation with component manufacturers [2] - The trend towards lightweight and intelligent upgrades in the new energy vehicle industry has driven the company to innovate and collaborate with upstream and downstream enterprises [3] - The company has expanded its product applications beyond automotive to include rail transit, industrial robots, engineering machinery, electrical energy, and agricultural machinery [3] Group 3: Research and Development - The company increased its R&D expenditure to 89.6801 million yuan, a 45.43% year-on-year growth, reflecting a commitment to innovation [3] - The company aims to enhance its independent R&D capabilities and optimize product structure to improve overall efficiency [3] - The company is actively engaging with potential clients in the humanoid robot sector, indicating a proactive approach to new market opportunities [3]

投资建议：考虑公司盈利能力稳步提升，调整25-26 年归母净利润为2.84/3.56 亿元（前值为2.8/3.3 亿 元），新增2027 年归母净利润预测值4.4 亿元，25-27 年同比增速分别为+25%/+25%/+23%，对应PE 分 别为18X/14X/12X，维持"买入"评级 事件：公司发布2024 年报，2024 年公司实现营收18.6 亿元，同比+49.7%，归母净利润2.3 亿元，同比 +38%。其中24Q4 营收6.3 亿元，同比+57.8%，归母净利润0.73亿元，同比+34.1%。 风险提示：客户需求不及预期、产能扩张不及预期等。 产能建设稳步推进，全球化战略迎拐点。公司23 年公告使用部分超募资金和自有资金对外投资建设"年 产900 万根新能源汽车稳定杆和年产10 万套机器人及工程机械弹簧建设项目"，计划总投资2.5 亿元，24 年上半年公告在重庆市渝北区投资建设"华纬科技重庆生产基地"，计划总投资约6 亿元，进一步承接西 南地区订单，提升市场份额。2024 年是华纬全球化战略迈出关键步伐的一年，2025 年公司将以"立足本 土，辐射全球"为战略方向，在德国、墨西哥、摩洛哥三地落子布局 ...