Hwaway Technology(SZ:001380)2023-05-29 08:26Group 1: Product Value and Market Position - The unit value of suspension springs is approximately 130-200 RMB, while stabilizers range from 120-160 RMB, with new energy vehicles showing a 20-30% increase in unit value compared to traditional vehicles due to higher strength requirements [1] - The company aims to increase its share in non-automotive sectors to diversify risks [2] Group 2: Robotics and Industrial Applications - Currently, the company supplies industrial robots, with ABB being a key client, but the scale of industrial robots differs from automotive products [1] - The technical barriers for industrial robots are higher than for automotive springs due to safety requirements and longer testing cycles [2] Group 3: Competitive Landscape and Financial Performance - The company has a longer industrial chain and self-processing capabilities for raw materials, which differentiates it from competitors like Meili Technology, which has lower gross margins despite higher revenues [2] - Fluctuations in profit margins in previous years were influenced by a 27% increase in steel procurement prices in 2021, which affected gross margins by 7 percentage points [3] Group 4: Market Trends and Client Relationships - The company has a significant export business in rail transportation, with domestic and international markets both contributing [3] - Current trends indicate that client price reductions will not significantly impact suppliers, although unexpected situations may arise [3]