2003 BMW M3 Can't pass smog check in California

My BMW M3 has high HC (hydrocarbons)

Hydrocarbon failures mean unburned gasoline is passing through the engine and entering the exhaust. The three most common causes include ignition misfire, lean misfire and low compression (typically a burned exhaust valve). Ignition misfire can be caused by worn or fouled spark plugs, bad plug wires or a weak coil. Lean misfire results where there is too much air and not enough fuel, so check for vacuum leaks, dirty injectors or a fuel delivery problem. In addition to these, hydrocarbon failures can also be caused by oil burning due to worn valve guides, valve guide seals and/or rings.

Will the HC be reduced if the old cats are replaced?

That's the Cat's job is to lower the HC/CO