Hwaway Technology(SZ:001380)2023-11-23 00:36Production Capacity and Growth - The company is accelerating the construction of investment projects to meet market demand, with production capacity for suspension springs gradually being released since Q3 2023 [1] - The production capacity for stabilizer bars is expected to be fully released by Q3 and Q4 of next year [1] - The second phase of production equipment is anticipated to be operational by the end of this year or early next year [2] Revenue Breakdown - Suspension springs are projected to account for approximately 60% of total revenue this year [2] - BYD is the largest customer, contributing 28% of revenue, followed by Geely at 13%, and others like FAW Dongji and Nanyang Xijian at around 9% each, with Great Wall at about 6% [2] Product Applications and Market Strategy - The company focuses primarily on the automotive sector, with over 90% of revenue derived from this market [3] - There is potential for expansion into other sectors once production capacity issues are resolved, aiming for a balanced revenue stream between automotive and non-automotive segments [3] - The company is also exploring the human-shaped robot market, although the automotive industry remains the primary focus due to its larger market size [4] Profit Margins and Pricing - The gross margin for stabilizer bars is around 20%, with expectations for improvement as production scales up [3] - The price range for traditional fuel vehicles is approximately 130-200 RMB for suspension springs and 120-160 RMB for stabilizer bars [3] - The value per vehicle is expected to increase by 20-30% due to the need for higher strength springs in new energy vehicles [4]