Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is experiencing increased costs that are impacting current profitability, but it is enhancing its layout and driving development through multiple initiatives [2][3] - The company is focusing on a dual main business layout in "automotive + aerospace," with rich customer resources and expected improvements in scale effects and profitability as new projects and products are released [8] Financial Summary - For 2023, the company is projected to achieve a revenue of 1,946 million yuan, with a year-on-year growth rate of 32.2%. By 2027, revenue is expected to reach 4,155 million yuan, with a growth rate of 20.2% [1] - The net profit attributable to the parent company is expected to be 182 million yuan in 2023, with a significant increase to 664 million yuan by 2027, reflecting a growth rate of 28.9% [1] - The company's return on equity (ROE) is projected to improve from 8.1% in 2023 to 16.1% in 2027 [1] - The latest diluted earnings per share (EPS) is expected to rise from 0.21 yuan in 2023 to 0.77 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 67.9 in 2023 to 18.6 in 2027, indicating an improving valuation [1] Operational Insights - The company is enhancing its industrial layout by expanding product offerings from traditional synchronizers to include new energy differential gears, motor shafts, stators, rotors, and reducers, thereby increasing customer stickiness [3] - The company is also extending its technology and production capabilities into high-end manufacturing in aerospace and robotics, aiming to secure a competitive position in emerging markets [3] - A significant investment of 1 billion yuan is planned for the "Intelligent Manufacturing Core Components Project" in Chongqing, focusing on the production of components for new energy vehicles and robotics [3]

Group 1 - The company, Haoneng Co., Ltd., announced that from August 25, 2025, to September 5, 2025, its stock price has been above 130% of the current conversion price of the "Hao 24 Convertible Bond" at 6.33 CNY/share, which is 8.23 CNY/share [2] - If the company's stock price remains above 130% of the current conversion price for five trading days within a consecutive twenty-day period, it will trigger the conditional redemption clause of the "Hao 24 Convertible Bond" [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 自 2025 年 8 月 25 日至 2025 年 9 月 5 日，成都豪能科技股份有限公司股票 已有十个交易日的收盘价不低于"豪 24 转债"当期转股价格 6.33 元/股的 130%（即 8.23 元/股）。若在未来连续二十个交易日内有五个交易日公司股票的收盘价不低于 当期转股价格的 130%（含 130%），将触发"豪 24 转债"的有条件赎回条款。届时 公司将召开董事会审议确定是否按照债券面值加当期应计利息的价格赎回全部或部 分未转股的"豪 24 转债"。 一、可转债发行上市概况 | 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-050 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于"豪 24 转债"预计满足赎回条件的提示性公告 根据中国证券监督管理委员会《关于成都豪能科技股份有限公司向不特定对象 发行可转换公司债券注册的批复》（证监许可〔2024〕 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 转债 | | 成都豪能科技股份有限公司 会议召开地点：全景路演（https://rs.p5w.net） 会议召开方式：网络互动 （二）会议召开地点：全景路演（https://rs.p5w.net） 关于参加四川辖区 2025 年投资者网上集体接待日及 半年度报告业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 12 日（星期五） 14:00-17:00，其中网络互 动交流时间为 15:00-16:00 成都豪能科技股份有限公司（以下简称"公司"）已于 2025 年 08 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司将参加由四川省上市公司协会、深圳市全景 网络有限公司联合举办的"四川辖区 2025 年 ...

Key Insights - The report emphasizes a strategy of selecting cyclical stocks and capitalizing on industry catalysts for investment opportunities [5] - The report highlights the recovery in real estate sales, with a slight increase in sales figures [6] - The storage industry is undergoing significant upgrades, particularly in HBM and 3D DRAM technologies, which are expected to drive market growth [9][10] - The food and beverage sector shows a mixed performance, with revenue recovery in some areas but significant profit differentiation among companies [16][23] - The light manufacturing sector is led by a dominant player in the folding bicycle market, showcasing strong brand, technology, and channel advantages [26] Strategy and Recommendations - The report recommends focusing on leading companies across various sectors, particularly those benefiting from AI developments and low valuations [7] - Specific investment suggestions include companies in consumer goods, energy, and real estate sectors, as well as those involved in AI and hardware [7] Industry Performance - The report provides a detailed analysis of the food and beverage industry, noting a 0.6% decline in revenue for the restaurant supply chain sector in H1 2025, while the condiment sector saw a 4.9% revenue increase [16][17] - The snack sector experienced a 2.2% decline in revenue in H1 2025, with significant profit pressure due to rising costs and competitive dynamics [23] - The dairy industry reported a 1.3% revenue increase in H1 2025, with a notable 48.5% profit increase in Q2 2025 [18] Company-Specific Insights - Newland (000997.SZ) reported a 10.54% increase in revenue for H1 2025, driven by cross-border payment and digital ID services [28] - Zhuolin Co., Ltd. (300100.SZ) achieved a 20.1% revenue growth in H1 2025, primarily due to its electric drive business [29] - The folding bicycle leader, Dahan Kegong, holds a 26.3% market share in retail volume and a 36.5% market share in retail value in 2024 [26]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's overall operations are on an upward trend, with successful progress in robot products. In H1 2025, the company achieved revenue of 1.25 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year [1][2] - The automotive parts segment saw a revenue of 1.06 billion yuan in H1 2025, growing 7% year-on-year, while the aerospace parts segment reported revenue of 170 million yuan, a 32% increase year-on-year [2] Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 32.1%, a decrease of 1.8 percentage points year-on-year, while the net profit margin was 14.6%, an increase of 0.4 percentage points year-on-year. In Q2 2025, the gross profit margin remained stable at 32.1% year-on-year, with a net profit margin of 12.6%, down 4.2 percentage points quarter-on-quarter [3] - The company expects net profits for 2025-2027 to be 431 million, 542 million, and 661 million yuan respectively, with corresponding P/E ratios of 30.6, 24.3, and 20 [4] Business Segments - The automotive parts segment is experiencing a phase of adjustment in customer demand, with the company facing challenges due to some clients' demand fluctuations and new projects ramping up production capacity [2] - The company has developed high-precision planetary gear reducers and new types of cycloidal reducers, which are being applied in humanoid robots, robotic dogs, and exoskeletons [4] Market Position - The company has secured contracts with major clients such as Magna, Volkswagen, and Scania, which supports future performance growth [2] - The company benefits from regional supply chain advantages due to its headquarters in Sichuan and a subsidiary in Chongqing, which is close to key production bases [4]

Core Viewpoint - The company reported a revenue of 1.253 billion yuan for 1H25, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year. However, Q2 performance was below expectations due to increased expenses [1][2]. Business Performance - Aerospace and automotive parts businesses achieved revenues of 167 million yuan and 1.087 billion yuan respectively in 1H25, with year-on-year growth rates of 32.2% and 7.6%. The aerospace segment is expected to maintain rapid growth due to competitive advantages and new orders from civil aviation [1]. - The automotive parts segment is projected to see continued growth in differential products, while synchronizer products face short-term pressure due to customer demand adjustments [1]. R&D and Profitability - Increased R&D investment is anticipated to support long-term growth, with Q2 gross margin at 32.1%, a year-on-year increase of 0.1 percentage points. However, the net profit margin for Q2 decreased to 12.6%, down 1.4 and 4.2 percentage points year-on-year and quarter-on-quarter respectively [2]. - Management expenses rose primarily due to increased employee compensation and one-time relocation costs [2]. Strategic Investments - The company plans to invest 100 million yuan in its wholly-owned subsidiary, focusing on the construction of core components for intelligent manufacturing. This investment aims to enhance production capabilities in high-precision gear products for robotics applications [2]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026, with the current stock price corresponding to 32 and 25 times P/E for those years. The target price has been raised by 12% to 18.4 yuan, reflecting a 20% upside potential based on the rapid emergence of humanoid robotics business [3].

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 1.253 billion yuan for H1 2025, a year-on-year increase of 10.30%. The net profit attributable to shareholders was 184 million yuan, up 13.45% year-on-year, while the net profit excluding non-recurring items was 172 million yuan, an increase of 10.54% year-on-year. In Q2 2025, revenue was 634 million yuan, a year-on-year increase of 7.43% and a quarter-on-quarter increase of 2.34%. However, the net profit attributable to shareholders was 80 million yuan, down 3.01% year-on-year and down 23.34% quarter-on-quarter, with the net profit excluding non-recurring items at 69 million yuan, down 10.43% year-on-year and down 32.45% quarter-on-quarter [2]. Revenue and Profitability - In Q2 2025, the revenue was 634 million yuan, reflecting a year-on-year growth of 7.43% and a quarter-on-quarter growth of 2.34%. The revenue growth was driven by significant increases in the sales of differential gears and aerospace components [3]. - The Q2 2025 net profit attributable to shareholders was 80 million yuan, which represented a year-on-year decrease of 3.01% and a quarter-on-quarter decrease of 23.34%. The net profit excluding non-recurring items was 69 million yuan, down 10.43% year-on-year and down 32.45% quarter-on-quarter. The gross margin for Q2 2025 was 32.11%, a slight increase of 0.09 percentage points year-on-year but a decrease of 0.03 percentage points quarter-on-quarter. The net profit margin was 12.59%, down 1.36 percentage points year-on-year and down 4.22 percentage points quarter-on-quarter, primarily due to increased management and R&D expense ratios [3]. Cost Structure - In Q2 2025, the expense ratios for sales, management, R&D, and financial costs were 0.65%, 6.80%, 6.76%, and 2.21%, respectively. Year-on-year changes were -0.03, +2.57, +0.45, and -1.84 percentage points, while quarter-on-quarter changes were -0.13, +1.44, +1.49, and -0.28 percentage points. The increase in management expense ratio was mainly due to higher employee compensation and relocation costs for Chongqing Haoneng, while the increase in R&D expense ratio was attributed to advancements in technology research and product planning [3]. Strategic Initiatives - The company is accelerating its layout in the robot reducer sector, aiming to establish a second growth curve. In September 2024, the company signed an agreement with the People's Government of Bishan District, Chongqing, to jointly create a robot industry ecosystem, with a total investment of 1 billion yuan for the first phase. This initiative focuses on producing planetary reducers for new energy vehicles and high-precision industrial planetary reducers. The company is actively developing high-precision reducers and has established partnerships in various fields, including humanoid robots and exoskeletons [4]. - The aerospace components segment is experiencing rapid growth, with the company achieving a revenue of 167 million yuan in H1 2025, a year-on-year increase of 32.21%. The company is well-positioned to benefit from the increasing orders in the civil aviation sector, such as the C919 aircraft. An investment of 300 million yuan is being made to build an intelligent manufacturing center for aerospace components, which is progressing smoothly [5]. Financial Projections - The company is a leader in synchronizers, with a comprehensive product matrix for differential gears and an accelerated layout in robot reducers. Revenue projections for 2025-2027 are 2.808 billion yuan, 3.376 billion yuan, and 3.883 billion yuan, respectively. The net profit attributable to shareholders is projected to be 383 million yuan, 533 million yuan, and 676 million yuan for the same period, with corresponding EPS of 0.45 yuan, 0.62 yuan, and 0.79 yuan. The PE ratios are expected to be 34, 25, and 20 times, respectively, based on the closing price of 15.34 yuan per share on August 29, 2025 [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 1.253 billion yuan in H1 2025, reflecting a year-on-year increase of 10.30%, while the net profit attributable to shareholders was 184 million yuan, up 13.45% year-on-year [1]. - The second quarter of 2025 saw a revenue of 634 million yuan, a year-on-year increase of 7.43%, but the net profit decreased by 3.01% year-on-year to 80 million yuan [2]. - The company is accelerating its layout in the robot reducer sector, aiming to establish a second growth curve by developing high-precision reducers and collaborating with various companies in robotics [3]. - The aerospace components segment is experiencing rapid growth, with revenue from this sector reaching 167 million yuan in H1 2025, a year-on-year increase of 32.21% [3]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 2.808 billion yuan, with net profits of 383 million yuan, translating to an EPS of 0.45 yuan [5]. - The expected revenue growth rates for 2025-2027 are 19.0%, 20.2%, and 15.0%, respectively, while net profit growth rates are projected at 19.0%, 39.3%, and 26.8% [5][9]. - The company's gross margin for Q2 2025 was 32.11%, showing a slight year-on-year increase, while the net profit margin decreased to 12.59% [2].

Financial Performance - The company reported a total revenue of 1.253 billion yuan for the first half of 2025, representing a year-on-year increase of 10.3% [1] - The net profit attributable to shareholders reached 184 million yuan, up 13.45% year-on-year [1] - In Q2 2025, total revenue was 634 million yuan, a 7.43% increase year-on-year, while net profit decreased by 3.01% to approximately 79.8 million yuan [1] - The gross margin was 32.13%, down 3.08% year-on-year, while the net margin improved by 2.81% to 14.63% [1] - The company's accounts receivable amounted to 648 million yuan, which is 201.24% of the net profit, indicating a significant level of receivables [1][2] Cash Flow and Debt - The company had cash and cash equivalents of 387 million yuan, a 50.25% increase year-on-year [1] - The interest-bearing debt increased to 2.216 billion yuan, a rise of 5.54% [1] - The cash flow situation is concerning, with cash to current liabilities ratio at 41.03% [2] Business Model and Investment Insights - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [2] - Analysts expect the company's performance in 2025 to reach 427 million yuan, with an average earnings per share of 0.5 yuan [2] Fund Holdings - The company is held by a prominent fund manager, Yan Siqian from Penghua Fund, who has recently increased her stake [3] - The largest fund holding the company is Yongying Advanced Manufacturing Smart Selection Mixed Fund, with a scale of 2.976 billion yuan and a recent net value increase of 2.3% [4]