一、大股东积极看好自身发展。23年4季度和今年1季度分别发布两次回购计划。
1、23年9月计划回购1.2亿,目前已经全部执行完毕,回购价格23-33
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808139103578805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
2、24年初由于市场暴跌,各家公司纷纷展开回购,华懋于1月份再次发布了2亿元的回购计划,目前正在执行中,成本18.5-23.45
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808161667978805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808164681578805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
二、光刻胶业务
华懋通过子公司东阳凯阳持股徐州博康信息化学品有限公司23.99%的股权,为单一大股东。
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808260188978805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_21,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
徐州博康是国内少数打通光刻胶上游材料全产业链的公司,也是少数具备原材料一体化生产光刻胶能力的公司。
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808197405778805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_32,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808199349178805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808207033878805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808208577778805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808209438778805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
根据公司2023年报显示,光刻胶业务拓展情况:
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808226286878805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_22,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
华懋科技高管履历将对其拓展光刻胶业务产生积极作用:
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808231880278805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_42,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
此外,哈勃(华为)持股徐州博康8.9745%,也能证明徐州博康在光刻胶领域的地位。
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808406418378805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_21,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
三、对赌协议
2020年华懋与徐州博康签订了对赌协议,目前已过业绩考核区间,徐州博康三年亏损累计3.2亿元,对赌协议要求三年净利润超过4.29亿。目前尚不知如何执行对赌协议,存在延期支付业绩补偿的可能性。
![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808293078678805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_11,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
四、公司基本面
华懋主业是做汽车安全气囊的,23年扣非净利润增长27%,基本面无忧。另外通过
中骏三号投资基金持有腾盾科创1.07%股权,腾盾科创:![](https://jiucaigongshe.oss-cn-beijing.aliyuncs.com/merchant/171808328257478805a221a988e79ef3f42d7c5bfd418.png?x-oss-process=image/auto-orient,1/watermark,type_ZmFuZ3poZW5naGVpdGk,size_20,text_6Z-t56CU5YWs56S-77yaQOaJk-adv-Wwj-W_g-aJiw,color_FFFFFF,shadow_50,t_100,g_se,x_16,y_16)
飞行汽车正在调整中,在此就不大赘述。