Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 profitability improved significantly, with gross margin reaching 26.68%, up 1.17pct YoY and 4.52pct QoQ, and net margin at 14.53%, up 1.04pct YoY and 4.03pct QoQ [2] - The company's Q3 2024 revenue was RMB 527 million, up 53.37% YoY and 31.41% QoQ, with net profit attributable to shareholders of RMB 72 million, up 58.39% YoY and 77.21% QoQ [3] - The company's revenue growth is driven by the gradual release of new production capacity and increased sales from downstream core customers [4] - The company is expected to achieve revenue of RMB 1.685 billion, RMB 2.088 billion, and RMB 2.561 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 36%, 24%, and 23% [6] - The company's net profit attributable to shareholders is expected to be RMB 224 million, RMB 270 million, and RMB 332 million in 2024, 2025, and 2026, respectively, with YoY growth rates of 37%, 21%, and 23% [6] Financial Performance - The company's Q3 2024 operating income was RMB 527 million, up 53.37% YoY and 31.41% QoQ [3] - The company's Q3 2024 net profit attributable to shareholders was RMB 72 million, up 58.39% YoY and 77.21% QoQ [3] - The company's Q3 2024 operating expenses ratio was 9.67%, optimized by 0.39pct YoY and 0.97pct QoQ [2] - The company's ROE is expected to be 14%, 15%, and 16% in 2024, 2025, and 2026, respectively [7] - The company's EPS is expected to be RMB 1.22, RMB 1.48, and RMB 1.81 in 2024, 2025, and 2026, respectively [6] Industry and Market Position - The company is a platform-type enterprise in industrial spring manufacturing, benefiting from the increase in electrification penetration, domestic substitution trends, and the release of new production capacity [4] - The company's downstream core customers, such as BYD and Geely, saw Q3 sales increase by 15% and 13% QoQ, respectively [4] - The company's new production capacity projects, including the "New Annual Production of 80 Million High-Performance Springs and Surface Treatment Technical Transformation Project," are expected to be operational by the end of 2024 [4] Valuation and Forecast - The company's P/E ratio is expected to be 19.14, 15.88, and 12.93 in 2024, 2025, and 2026, respectively [6] - The company's P/B ratio is expected to be 2.63, 2.37, and 2.10 in 2024, 2025, and 2026, respectively [7] - The company's P/S ratio is expected to be 2.55, 2.05, and 1.68 in 2024, 2025, and 2026, respectively [7]

Group 1: Market Position and Performance - The market share of stabilizers has exceeded 12% [2] - In the third quarter, the revenue from stabilizers significantly increased, surpassing the total revenue from the first half of the year and reaching 76% of last year's total revenue for this product [2] - The company aims to continuously enhance its overall competitiveness to increase market share [2] Group 2: Research and Development Focus - Current R&D efforts are concentrated on upgrading materials and product performance [2] - Achievements include advancements in spring steel wire quenching technology and high-performance spring steel wire manufacturing technology [2] - The hollow stabilizer manufacturing technology has improved material utilization and reduced production energy consumption [2] Group 3: Future Growth and Market Strategy - The company sees significant potential in the overseas passenger vehicle market, leveraging its product quality and design development speed [3] - Business growth is influenced by macroeconomic conditions, with potential for sustained growth if external demand remains strong [3] - The company has established stable long-term relationships with suppliers and customers, forming a mature business model [3] Group 4: Shareholder Information - No major shareholder reduction plans are currently in place, aside from a previously disclosed plan on September 13, 2024 [2]

Investment Rating - Buy rating for the company [1] Core Views - The company reported strong Q3 2024 results with revenue of 5.27 billion yuan, up 53.37% YoY, and net profit of 0.72 billion yuan, up 58.39% YoY [2] - Stabilizer bar revenue grew 138% YoY in the first three quarters of 2024, driving overall revenue growth [2] - Gross margin improved to 26.68% in Q3 2024, up 1.17 ppts YoY and 4.52 ppts QoQ, due to economies of scale and capacity expansion [2] - Market share for suspension springs exceeded 26% and stabilizer bars exceeded 12% in the first three quarters of 2024 [2] - The company is pursuing international expansion through partnerships and acquisitions, including a potential 20 million euro investment in MSSC AHLE GmbH assets [2] Financial Performance - Revenue for the first three quarters of 2024 reached 12.34 billion yuan, up 45.86% YoY [2] - Net profit for the first three quarters of 2024 was 1.53 billion yuan, up 39.92% YoY [2] - Revenue is forecast to grow to 17.8 billion yuan in 2024, 22.9 billion yuan in 2025, and 28.3 billion yuan in 2026 [2][3] - Net profit is expected to reach 2.2 billion yuan in 2024, 2.9 billion yuan in 2025, and 3.7 billion yuan in 2026 [2][3] - EPS is projected to be 1.19 yuan in 2024, 1.59 yuan in 2025, and 2.05 yuan in 2026 [3] Valuation - Current PE ratio is 30.52 and PB ratio is 2.39 [1] - Forecast PE ratios are 17.7 for 2024, 13.3 for 2025, and 10.3 for 2026 [2][3] - Forecast PB ratios are 2.20 for 2024, 1.93 for 2025, and 1.67 for 2026 [4] Business Segments - Suspension spring revenue reached 6.7 billion yuan in the first three quarters of 2024, up 30% YoY [2] - Stabilizer bar revenue reached 3.9 billion yuan in the first three quarters of 2024, up 138% YoY [2] Capacity and Market Position - The company is expanding production capacity in Henan, Chongqing, and Zhuji [2] - Suspension spring market share exceeded 26% and stabilizer bar market share exceeded 12% in the first three quarters of 2024 [2] International Expansion - The company began cooperation with Stellantis in 2023 [2] - A potential 20 million euro investment in MSSC AHLE GmbH assets is planned to support international growth [2] Financial Ratios - Gross margin improved to 26.68% in Q3 2024 [2] - Net margin reached 14.53% in Q3 2024, up 1.04 ppts YoY and 4.03 ppts QoQ [2] - ROE is forecast to increase from 10.9% in 2023 to 16.2% in 2026 [4] - ROIC is expected to grow from 9.9% in 2023 to 15.3% in 2026 [4]

华纬科技股份有限公司投资者关系活动记录表 -1- 编号：2024-013 | --- | --- | --- | |--------------------|--------------------------------------|----------------------------------------------| | | | | | | ☑ 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他：电话会议 | | | | 华泰柏瑞 刘子豪 | | | | 远信投资 袁迦昌 | | | | 宁银理财 高晗 | | | | 南华基金 李昊 | | | 活动参与人员 | 华西汽车 钟思婷 | | | | 华商基金 张狄龙 | | | | 长江证券 王子豪 | | | | （上述排名不分先后） | | | 时间 | 2024 年 10 月 30 日（周三） | 13:00-15:00 | | 地点 | 公司会议室 | | | 形式 | 线下 | | | | 1 、公司后续稳定 ...

华纬科技股份有限公司投资者关系活动记录表 -1- 编号：2024-012 | --- | --- | --- | |--------------------|-----------------------------|-------------------------------------------------| | | | | | | ☑ 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他：电话会议 | | | | 上海勤辰私募基金 | 周南 | | | 聚力财富 刘帅彬 | | | | 首创证券 黄璿 | | | 活动参与人员 | 睿诚投资 邓胜 | | | | 中信建投证券 王曼丹 | | | | 中信建投证券 蔡广谦 | | | | （上述排名不分先后） | | | 时间 | 2024 年 10 月 29 日（周二） | 14:00-16:00 | | 地点 | 公司会议室 | | | 形式 | 线下 | | | | 1 | 、三季度悬架弹簧、稳定杆的收入具体大概是多 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][12] Core Insights - The company achieved a record high in quarterly performance, with Q3 revenue reaching 527 million yuan, a year-on-year increase of 53.37% and a quarter-on-quarter increase of 31.41% [3][4] - The company has established strong partnerships with well-known domestic automotive brands and suppliers, which supports steady revenue growth [2][5] - The company is actively expanding its production capacity and exploring overseas markets, with significant investments planned for new projects [5] Financial Performance Summary - For 2022, the company reported revenue of 890 million yuan, with a year-on-year growth rate of 24% [1] - The forecast for 2024 revenue is 1.725 billion yuan, reflecting a growth rate of 39% [1] - The net profit attributable to the parent company for 2022 was 113 million yuan, with a year-on-year growth of 82% [1] - The projected net profit for 2024 is 228 million yuan, indicating a growth rate of 39% [1] - The earnings per share (EPS) for 2024 is estimated at 1.25 yuan, with a projected increase to 1.79 yuan by 2026 [1][11] Customer and Market Position - The company has a robust customer base, including major automotive manufacturers such as BYD, Geely, and NIO, which enhances its market position [2][5] - The company is focusing on expanding its production capabilities for new energy vehicle components and robotics, with a total planned investment of 2.5 billion yuan for new projects [5]

华纬科技股份有限公司投资者关系活动记录表 编号：2024-011 | --- | --- | |--------------------|--------------------------------------------------| | | □分析师会议 | | | □业绩说明会 | | 投资者关系活动类别 | □路演活动 | | | | | | | | 活动参与人员 | 43 人 | | 时间 | 日（周一） 10:00-11:00 | | 地点 | | | 形式 | | | | 、三季度悬架弹簧、稳定杆的收入具体大概是多少？三 | | | 季度收入放量主要是什么原因？ | | | 答：前三季度悬架弹簧收入约 6.7 亿，稳定杆收入约 | | | 亿，其中悬架弹簧收入同比增长 30% ，稳定杆收 | | | 138% 。单从第三季度来看，悬架弹簧收 | | | 亿，稳定杆收入2亿。第三季度收入放量最主 | | | 要原因是稳定杆收入大幅增长，仅第三季度的收入 | | | 便已超过今年上半年的收入，并且达到了去年全年 | | | 76%。 | | 交流内容及具体问答 | 、三季度毛利率提升的原因是什么 ...

华纬科技股份有限公司 2024 年第三季度报告 | --- | --- | --- | --- | |------------|-----------------------|------------------------------------------------------------------------------------------------|----------| | | | | | | 证券代码： | | 证券简称：华纬科技 公告编号： | 2024-061 | | | 华纬科技股份有限公司 | | | | | 2024 年第三季度报告 | | | | | | 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。 | | 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-066 华纬科技股份有限公司 关于举行2024年第三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（以下简称"公司"）于 2024 年 10 月 26 日在巨潮 资讯网上披露了《华纬科技股份有限公司 2024 年第三季度报告》。为便于广大 投资者更加全面深入地了解公司 2024 年第三季度经营业绩、发展战略等情况， 公司定于 2024 年 10 月 31 日（星期四）15:00-16:00 在"价值在线"（www.ir- online.cn）举办华纬科技股份有限公司 2024 年第三季度网上业绩说明会，与投 资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2024 年 10 月 31 日（星期四）15:00-16:00； 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 一、说明会召开的时间、地点和方式 本次业绩说明会召开后，投资者可以通过价值在线（www.ir-online.c n）或 易董 a ...

证券代码：001380 证券简称：华纬科技 公告编号：2024-062 华纬科技股份有限公司 第三届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 华纬科技股份有限公司（以下简称"公司"）第三届董事会第十八次会议于 2024 年 10 月 24 日（星期四）在公司会议室以现场结合通讯的方式召开。会议通知已于 2024 年 10 月 18 日通过邮件和通讯方式送达各位董事。本次会议应出席董事 9 人， 实际出席董事 9 人（其中：金雷先生、霍新潮先生、陈文晓先生、董舟江先生、王丽 女士，共 5 位董事以通讯表决方式出席）。 董事长金雷先生因出差在外，无法主持本次会议，由半数以上董事共同推举董事 童秀娣女士主持，全体监事、部分高管列席会议。本次会议的出席人数、召集、召开 程序和审议内容均符合《中华人民共和国公司法》等有关法律、行政法规、部门性规 章、规范性文件及《华纬科技股份有限公司章程》等有关规定。 二、董事会会议审议情况 《2024 年第三季度报告》的内容真实、准确、完整地反映了公司 2024 年第三季度经 ...