HMT(SH:603306)2023-03-22 10:34Financial Performance - In 2022, the company achieved a revenue of 1.637 billion CNY, a year-on-year increase of 35.75% [5] - The net profit attributable to shareholders was 198 million CNY, up 12.68% year-on-year, while the net profit excluding share-based payment expenses reached 279 million CNY, growing by 22.14% [5] - The automotive passive safety segment generated a net profit of approximately 338 million CNY, reflecting a growth of around 46% compared to the previous year [5] - The fourth quarter revenue was 529 million CNY, a 34.17% increase year-on-year, with a gross margin of 32.91% [5] Customer and Market Dynamics - The proportion of revenue from new energy customers rose from about 10% in 2021 to nearly 30%, with a revenue growth rate of 225.81% from these customers [5] - Major clients, including BYD and "Wei Xiaoli," experienced significant growth, with BYD entering the top five customers for the first time, achieving a growth rate exceeding 300% [5] Product Performance - Revenue from airbag bags reached 1.184 billion CNY, a year-on-year increase of 52.30%, with OPW revenue at 513 million CNY, growing by 94.38% [5] - Sales revenue from airbag fabric was 318 million CNY, up 18.18%, while seatbelt sales reached over 63.4 million CNY, increasing by 11.27% [5] Production Capacity and Future Outlook - The Xiamen factory is expected to reach full production value of 2.5 billion CNY by the end of this year and 3 billion CNY by the end of next year [6] - The Vietnam factory is projected to begin trial production by the end of 2024, with a full production value of 2 billion CNY [6] Industry Position and Competitive Landscape - The company maintains stable orders without cancellations, and the demand for airbags is increasing, particularly in new energy vehicles [7] - The airbag industry has limited players, and the company is actively expanding production to match market demand [7] - The company is positioned as a leading player in the domestic semiconductor photoresist market, with significant advancements in product categories and customer validation [8]