Hwaway Technology(001380) 中泰证券·2025-04-29 10:50Investment 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]