Core Viewpoint - The recent offline research activity held by Huawai Technology attracted significant attention from the capital market, highlighting the company's core competitiveness and sustainable development potential in the spring manufacturing sector [1] Group 1: Material R&D and Profitability - Huawai Technology maintains a high gross margin due to its strong capability in material R&D, utilizing advanced production processes for spring steel wire [2] - The company has achieved continuous breakthroughs in material performance through alloy design, cold drawing processing, and rapid induction heat treatment, forming an integrated competitive advantage [2] - As of June 30, 2025, the company holds 23 national invention patents and 186 utility model patents, showcasing its technical strength recognized by industry authorities [2] Group 2: Financial Performance - For the first half of 2025, Huawai Technology reported revenue of 937 million yuan, a year-on-year increase of 32.62%, and a net profit of 127 million yuan, up 56.18% [3] - The net cash flow from operating activities turned positive at 174 million yuan, reflecting a significant improvement in profitability and capital turnover efficiency [3] - The suspension system components accounted for 85.80% of revenue, growing by 36.46%, while valve and special-shaped components saw a revenue increase of 41.45% [3] Group 3: Strategic Focus and Market Expansion - The company plans to continue focusing on its core business of elastic components while upgrading products towards lightweight and intelligent designs [4] - Huawai Technology has established joint ventures in Mexico and Morocco with total investments of 140.4 million yuan and 153 million yuan, respectively, to enhance market proximity and reduce trade risks [4] - The acquisition of controlling interest in Wuxi Zegen Spring Co., Ltd. aims to expand the scale of valve and special-shaped components and enter high-growth sectors like humanoid robots and aerospace [4] Group 4: Humanoid Robot Business Development - The humanoid robot business has achieved small batch orders and is in the process of sending samples to clients, with plans to potentially establish an independent division in the future [5] Group 5: Cost Management and Capacity Expansion - To address industry cost pressures, Huawai Technology is focusing on cost control and capacity enhancement, with plans to expand material production capacity in Nanjing [6] - The introduction of automation and optimization of production processes are expected to improve efficiency and reduce unit production costs [6] Group 6: Investment Value Proposition - Huawai Technology's deep expertise in spring materials, quality customer base, and ongoing globalization strategy position it well for sustained growth and value creation for investors [8] - The recent institutional research reflects market recognition of the company's development prospects and lays a solid foundation for future strategic execution and communication with the capital market [8]

Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, driven by strong demand from leading domestic brands and new energy vehicle manufacturers, particularly in its core suspension system components [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 937 million yuan, a year-on-year increase of 32.62%, and a net profit attributable to shareholders of 127 million yuan, up 56.18% year-on-year [1]. - The Q2 2025 results showed operating revenue of 487 million yuan, a year-on-year increase of 21.41% and a quarter-on-quarter increase of 8.22% [1]. - The gross profit margin for H1 2025 was 25.74%, an increase of 1.98 percentage points year-on-year, while Q2 2025 gross profit margin was 26.38%, up 4.22 percentage points year-on-year [2]. Business Segments - The suspension system components, the company's core business, generated revenue of 804 million yuan in H1 2025, representing a 36.46% year-on-year increase and accounting for 85.8% of total revenue [3]. - The company has established strong partnerships with major clients like BYD and Geely, with over 60% market share in BYD [3]. - Revenue from the valve and special-shaped parts segment grew by 41.45% year-on-year to 57 million yuan in H1 2025, supported by the acquisition of a 60% stake in Wuxi Zegen [3]. Strategic Initiatives - The company is expanding its production capacity both domestically and internationally, with a 250 million yuan investment in a new production base in Chongqing [3]. - Internationally, the company is establishing production bases in Germany, Mexico, and Morocco to enhance its global footprint and serve North American and European markets [3]. - In the robotics sector, the company is accelerating its development of industrial robots and humanoid robots, focusing on core components such as joint modules and drive systems [4]. Future Outlook - The company is expected to achieve operating revenues of 2.254 billion yuan, 2.738 billion yuan, and 3.235 billion yuan for the years 2025 to 2027, with net profits projected at 287 million yuan, 332 million yuan, and 364 million yuan respectively [4].

公司点评 | 华纬科技 1H25 业绩兑现高增，全品类出海+非车端业务可期 证券研究报告 2025 年 08 月 28 日 华纬科技（001380.SZ）2025 年半年报点评 事件：公司发布 2025 年半年报，1H25 公司实现营收 9.4 亿元，同比+33%， 归母净利润 1.3 亿元，同比+56%，扣非归母净利润 1.2 亿元，同比+58%； 单 Q2 来看，公司实现营收 4.9 亿元，同环比+21%/+8%，归母净利润 0.63 亿元，同环比+55%/-1%，扣非归母净利润 0.58 亿元，同环比+48%/-5%。 深度绑定比亚迪&吉利，1H25 业绩保持高增。公司深度绑定比亚迪&吉利两 大自主品牌，1H25 比亚迪和吉利分别实现销量 215/141 万辆，同比 +33%/+47%，带动公司营收实现高增。盈利能力方面，公司上半年实现毛 利率/净利率 25.7%/13.9%，同比+1.98/+2.37pcts；单 Q2 来看，实现毛利 率/净利率 26.4%/13.2%，同比+4.22/+2.73pcts，环比+1.34/-1.40pcts，其 中净利率环比下滑主要系单季度销售/研发费用率达 3.5% ...

Group 1 - The company reported a total operating revenue of 450 million yuan for Q1 2025, representing a year-on-year growth of 47.36%, and a net profit attributable to shareholders of 64 million yuan, up 57.43% year-on-year [1] - The company is recognized as one of the leading spring manufacturers in China, with strong R&D capabilities and advanced production technology, enabling it to meet the high-performance requirements of automotive components [1][2] - The company has established stable partnerships with well-known domestic and international automotive brands and component suppliers, enhancing its brand image and market position [1][2] Group 2 - The spring industry plays a crucial role in various sectors, including automotive, industrial machinery, and aerospace, with the company's products directly impacting the reliability of end devices [2] - The company has expanded its product applications into new fields such as rail transportation, industrial robots, and agricultural machinery, reflecting its growth and diversification strategy [2] - The company has seen a year-on-year increase in sales of suspension system components, with a growing market share in domestic suspension springs and stabilizer bars [2] Group 3 - The company has developed 20 national invention patents and 179 utility model patents, showcasing its strong commitment to innovation and technology development [3] - The company is set to implement a global strategy in 2024, establishing a presence in Germany, Mexico, and Morocco to create an international network for technology R&D and smart manufacturing [3] - The company aims to achieve global coverage of technology and supply chains, aligning with the trend of lightweight and intelligent upgrades in the new energy vehicle industry [3]

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]