事件：公司发布 2024 年年报及 2025 年第一季度报告，公司 2024 年实现营收18.6 亿元，同比 +49.7%，实现归母净利润2.3 亿元，同比+38.0%。 盈利预测：我们预计公司2025-2027 年归母净利润分别为2.9 亿元、3.6亿元和4.4 亿元，对应PE 分别20 倍、17 倍、13 倍。 风险因素：汽车销量不及预期、盈利能力不及预期、新车推出不及预期等。 7%，同比-1.7pct；归母净利率为12.2%，同比-1.0pct；对应归母净利润为2.3 亿元，同比+38.0%。 2025Q1 毛利率为25.0%，同比-0.8pct，环比-2.1pct；归母净利率为14.2%，同比+0.8pct，环比+2.6pct； 对应归母净利润为0.6 亿元，同比+57.4%，环比-12.5%。从费用率来看，2024 年销售/管理/研发/财务费 用率分别为3.2%/2.6%/4.8%/-0.2%，分别同比+0.1pct/-0.3pct/-0.1pct/+0.0pct；2025Q1 销售/管理/研发/财 务费用率分别为2.7%/2.7%/5.1%/0.0%，分别同比-0.6pct/-0.9pct/-0. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军华纬科技(001380.SZ) 投资评级 上次评级 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com [Table_ReportDate] 2025 年 04 月 30 日 [Table_S 事件：公司发布 ummary] 2024 年年报及 2025 年第一季度报告，公司 2024 年实现 营收 18.6 亿元，同比+49.7%，实现归母净利润 2.3 亿元，同比+38.0%。 2025Q1 公司实现收入 4.5 亿元，同比+47.4%，环比-28.2%；实现归母净 利润 0.6 亿元，同比+57.4%，环比-12.5%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_Oth ...

证券代码：001380 证券简称：华纬科技 公告编号：2025-045 华纬科技股份有限公司 关于 2025 年员工持股计划完成非交易过户 暨回购股份处理完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 华纬科技股份有限公司（以下简称"公司"）分别于2025年2月25日、2025 年3月13日召开第三届董事会第二十次会议和2025年第二次临时股东大会，审议 通过了《关于<公司2025年员工持股计划（草案）>及其摘要的议案》、《关于< 公司2025年员工持股计划管理办法>的议案》、《关于提请股东大会授权董事会 办理公司2025年员工持股计划相关事宜的议案》，具体内容详见公司于2025年2 月26日、3月14日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 2025年4月29日，公司收到中国证券登记结算有限责任公司深圳分公司出具 的《证券过户登记确认书》，公司回购专用证券账户所持有的公司股票585,124 股已于2025年4月28日以非交易过户形式过户至公司开立的"华纬科技股份有限 公司－2025年员工持股计划"专户，占公司目前总股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with an expectation of a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [7] Core Views - The company reported a revenue of 450 million yuan in Q1 2025, representing a year-on-year increase of 47.4%, and a net profit attributable to shareholders of 60 million yuan, up 57.4% year-on-year [3][4] - The growth is driven by the release of production capacity and strong customer demand for suspension system components, including suspension springs and stabilizers [4] - The company has established strong partnerships with well-known domestic automotive brands and suppliers, including BYD and Geely, which supports stable performance [4] - The company is advancing its global strategy, with significant investments planned for production bases in Germany, Mexico, and Morocco, aiming to enhance market share and meet regional demand [4] Financial Summary - The company forecasts revenue growth from 1,860 million yuan in 2024 to 3,368 million yuan in 2027, with year-on-year growth rates of 50%, 24%, 22%, and 20% respectively [2] - Net profit attributable to shareholders is projected to grow from 226 million yuan in 2024 to 438 million yuan in 2027, with corresponding growth rates of 38%, 25%, 26%, and 23% [2] - The earnings per share (EPS) is expected to increase from 1.24 yuan in 2024 to 2.40 yuan in 2027 [2] - The company maintains a healthy financial position with a projected net profit margin of approximately 12.6% in 2024, improving to 13.5% by 2027 [6]

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]

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% [1] - The total profit reached 73 million yuan, with a year-on-year increase of 63.35% [1] - The net profit attributable to shareholders was 64 million yuan, showing a year-on-year growth of 57.43% [1] Group 2 - The company has established a competitive advantage in the spring industry through years of deep cultivation, focusing on technology, manufacturing, and customer resources [1] - Current capacity expansion projects are progressing smoothly, including an annual production capacity of 80 million high-performance springs and surface treatment upgrades, with an investment of 140 million yuan completed by the end of 2024 [1] - The high-precision new energy vehicle suspension spring intelligent production line project has seen an investment of 110 million yuan, with expected benefits of 18.23 million yuan in 2024 [1] Group 3 - The company is accelerating its domestic industrial layout and optimizing its material and product supply chain to enhance production efficiency and reduce logistics costs [2] - In 2024, the company initiated a global strategy, establishing a presence in Germany, Mexico, and Morocco, focusing on local production to respond to global supply chain restructuring [2] - The company aims to build a global network covering R&D, manufacturing, and supply chain, seizing opportunities for high-quality development and continuous performance growth [2]

证券代码：001380 证券简称：华纬科技 公告编号：2025-044 华纬科技股份有限公司 关于2024年年度报告的更正公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华纬科技股份有限公司（以下简称"公司"）于2024年4月10日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《华纬科技股份有限公司2024年年度报告》 （以下简称《2024年年度报告》）。经事后核查发现，审计报告中的母公司现金 量表及重要会计政策变更部分信息列示有误，现对《2024年年度报告》相关内容 予以更正，相关更正信息不影响公司报告期财务状况、经营成果和现金流状况， 具体更正如下： 一、"第六节 重要事项——六、与上年度财务报告相比，会计政策、会计 估计变更或重大会计差错更正的情况说明——（三）执行《企业会计准则解释第 18号》'关于不属于单项履约义务的保证类质量保证的会计处理'的规定" 更正前： 单位：元 | 会计政策变更的内 | 受影响的报 | 合并 | | 母公司 | | | --- | --- | --- | --- | --- | --- | | ...

华纬科技股份有限公司 审计报告及财务报表 二○二四年度 华纬科技股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-109 | 审 计 报 告 信会师报字[2025]第 ZF10126 号 华纬科技股份有限公司全体股东： 一、 审计意见 我们审计了华纬科技股份有限公司（以下简称华纬科技）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...

证券代码：001380 证券简称：华纬科技 公告编号：2025-043 为充分尊重投资者、提升交流的针对性，现就公司 2025 年第一季度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 7 日（星期三）11:30 前访问 https://ir.p5w.net/zj/，或扫描下方二维 码，进入问题征集专题页面。公司将在 2025 年第一季度业绩说明会上，对投资 者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上业绩说明会。 （问题征集专题页面二维码） 特此公告。 华纬科技股份有限公司 关于举行2025年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华纬科技股份有限公司（简称"公司"）定于 2025 年 5 月 8 日（星期四） 15:00-16:00 在全景网举办 2025 年第一季度网上业绩说明会，本次业绩说明会 将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台"（h ttps://ir.p5w.net）参与本次业绩说明会或者直接进入华纬科技股份有限公司 ...

Financial Performance - The company's operating revenue for 2024 reached ¥1,860,407,689.28, representing a 49.67% increase compared to ¥1,243,045,050.58 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥226,417,033.24, a 38.00% increase from ¥164,071,812.53 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥213,065,237.78, up 37.21% from ¥155,282,742.73 in 2023[22]. - Basic and diluted earnings per share increased to ¥1.24, a 24.00% rise from ¥1.00 in 2023[22]. - Total assets at the end of 2024 were ¥2,711,792,036.74, reflecting a 16.97% increase from ¥2,318,450,868.98 at the end of 2023[22]. - The net assets attributable to shareholders increased to ¥1,688,760,366.05, an 11.71% rise from ¥1,511,691,567.50 in 2023[22]. - The company reported a total of ¥13,351,795.46 in non-recurring gains for 2024, compared to ¥8,789,069.80 in 2023[30]. - The company achieved a total revenue of 186,040.77 million yuan in 2024, an increase of 61,736.26 million yuan or 49.67% compared to 2023[84]. - The net profit attributable to shareholders reached 22,641.70 million yuan, reflecting a growth of 38.00% year-over-year[84]. Cash Flow and Investments - The company reported a significant decline in cash flow from operating activities, with a net cash outflow of ¥198,366,665.85 compared to a positive cash flow of ¥43,499,380.33 in 2023, marking a decrease of 556.02%[22]. - Operating cash inflow totaled approximately ¥1.04 billion, an increase of 10.51% compared to ¥942.33 million in 2023[105]. - Operating cash outflow increased significantly by 37.93% to approximately ¥1.24 billion from ¥898.83 million in 2023[105]. - Investment cash inflow surged by 802.94% to approximately ¥2.24 billion from ¥248.49 million in 2023[105]. - The total investment amount for the reporting period reached ¥2,439,061,666.17, representing a significant increase of 239.73% compared to ¥717,933,735.47 in the same period last year[116]. - The company has a remaining balance of 16,190.50 million RMB in raised funds, all stored in designated accounts or under cash management[126]. Market and Industry Trends - The automotive parts industry showed resilience with a total production of 3,128.2 million units in 2024, a 3.7% increase year-on-year[37]. - The production of new energy vehicles reached 1,288.8 million units, representing a significant growth of 34.4% compared to the previous year[37]. - The new energy vehicle market has expanded, with sales accounting for over 40%, indicating a new stage of high-quality development in the industry[39]. - The demand for elastic components is continuously growing due to the rapid increase in automobile production and new energy vehicle models, providing broad market space for the industry[41]. - Lightweight materials such as aluminum alloys and carbon fiber composites are increasingly used in the automotive parts industry to meet stricter environmental regulations and consumer demands for fuel efficiency[42]. Corporate Governance and Management - The board of directors has confirmed that all members attended the meeting to review the annual report, ensuring accountability for the report's accuracy and completeness[5]. - The company has a stable and experienced core management team, which contributes to its competitive edge in the spring manufacturing industry[76]. - The company has a well-defined corporate governance structure, with no significant discrepancies from legal regulations[162]. - The company operates independently from its controlling shareholders, with a complete business structure and no reliance on them for production, procurement, or customer base[164]. - The company has established effective internal management and control systems, ensuring lawful operations without interference from controlling shareholders[168]. Research and Development - The company holds 20 national invention patents and 179 utility model patents, showcasing its strong commitment to technology and innovation[80]. - Research and development expenses increased by 45.43% to 89,680,114.19 yuan in 2024, up from 61,665,389.90 yuan in 2023[100]. - The company is focused on capital reserve distribution as a strategy to enhance shareholder value[173]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product features[151]. - The company plans to increase R&D investment, focusing on lightweight and intelligent components in the automotive sector, and strengthen collaborations with major automotive manufacturers[135]. Strategic Plans and Future Outlook - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, with a total of 183,009,600 shares considered for the distribution[6]. - The company will also increase capital reserves by issuing 4.8 additional shares for every 10 shares held by shareholders[6]. - The company plans to continue expanding its market presence and is focused on new product development and technology advancements[116]. - The company aims to establish a global strategy in 2024, with plans to set up operations in Germany, Mexico, and Morocco to create an international network for technology research and smart manufacturing[133][134]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[144]. Risks and Challenges - The company does not currently face any significant risks that could impact its normal operations, as detailed in the management discussion and analysis section[6]. - The company emphasizes the importance of investors understanding the risks associated with forward-looking statements regarding future plans and strategies[6]. - The company faces risks related to economic fluctuations, which could impact sales and financial performance, and plans to diversify its market strategies to mitigate these risks[137]. - Rising raw material costs, particularly for spring steel, pose a risk to production costs, and the company plans to implement cost-saving measures and effective inventory management[140].