证券研究报告 | 公司点评 | 专用设备 投资要点 ❑ 全球轮胎模具龙头，展现超越周期成长性 豪迈科技起家于轮胎模具设备，2001 年业务延申至轮胎模具，2006 年切入大型 零部件制造，2022 年拓展数控机床业务，目前已形成轮胎模具、大型零部件、 机床三大主营业务格局，2024 年营收占比分别为 53%、38%、5%，毛利占比分 别为 61%、28%、4%。受益于轮胎模具业务基本盘稳定成长、多业务拓展成效 显著，公司规模及业绩稳步增长，2007-2024 年公司营收复合增速 22%，归母净 利润复合增速 20%，展现了超越周期的成长性。 发布员工持股计划，深度激励员工积极性。2025 年 10 月公司发布员工持股计划 （草案），持股计划规模不超过 144.12 万股，占当前公司股本总额的 0.1802%， 总人数预计不超过 2100 人。公司所在行业属于劳动力密集型产业，对熟练技术 人员的稳定性要求较高， 大规模股权激励有利于深度激励员工积极性。 ❑ 轮胎模具业务：全球轮胎模具龙头，多优势铸就核心护城河 轮胎模具带有定制化的耗材属性。根据 QYResearch，2025 年轮胎模具全球市场 规模约 130 ...

证券研究报告 | 公司点评 | 专用设备 ❑ 轮胎模具业务：全球轮胎模具龙头，多优势铸就核心护城河 全球轮胎模具龙头，燃机零部件景气高增 ——豪迈科技点评报告 投资要点 ❑ 全球轮胎模具龙头，展现超越周期成长性 豪迈科技起家于轮胎模具设备，2001 年业务延申至轮胎模具，2006 年切入大型 零部件制造，2022 年拓展数控机床业务，目前已形成轮胎模具、大型零部件、 机床三大主营业务格局，2024 年营收占比分别为 53%、38%、5%，毛利占比分 别为 61%、28%、4%。受益于轮胎模具业务基本盘稳定成长、多业务拓展成效 显著，公司规模及业绩稳步增长，2007-2024 年公司营收复合增速 22%，归母净 利润复合增速 20%，展现了超越周期的成长性。 发布员工持股计划，深度激励员工积极性。2025 年 10 月公司发布员工持股计划 （草案），持股计划规模不超过 144.12 万股，占当前公司股本总额的 0.1802%， 总人数预计不超过 2100 人。公司所在行业属于劳动力密集型产业，对熟练技术 人员的稳定性要求较高， 大规模股权激励有利于深度激励员工积极性。 轮胎模具带有定制化的耗材属性。根据 QYR ...

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [36] Core Views - The engineering machinery sector experienced a significant decline in domestic sales in February, primarily due to the timing of the Spring Festival and a high base from the previous year. However, the upcoming key projects and the continuation of large-scale equipment renewal policies are expected to boost the sector's recovery [28] - Tesla's upcoming launch of the Optimus V3 is anticipated to reignite market interest in humanoid robots, with the industry maintaining high prosperity. Several domestic companies are already in the IPO process, making 2026 a critical year for the humanoid robot sector [28] - The report maintains "Buy" ratings for Zhonglian Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [28] Industry News - In February, a total of 80,898 forklifts were sold, representing a year-on-year decline of 20.3%. Domestic sales of forklifts (excluding electric walk-behind warehouse vehicles) totaled 30,999 units, down 30.2% year-on-year [10] - Tesla's AI chip wafer factory project, codenamed "Terafab," is set to launch soon, as announced by CEO Elon Musk [11] Company Announcements - Chip Microelectronics announced progress on its H-share issuance and listing in Hong Kong [17] - Yonggui Electric reported a delay in some fundraising investment projects, adjusting the timeline for certain projects to March 18, 2027 [18] - Yilong Co. projected a 54.59% year-on-year increase in net profit for 2025, with a revenue of 3.20495 billion yuan, up 4.95% from the previous year [19] Market Review - From March 11 to March 17, 2026, the CSI 300 index fell by 0.80%, while the machinery equipment sector dropped by 6.35%, underperforming the CSI 300 by 5.55 percentage points [20] - As of March 17, 2026, the price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 49.67, with a valuation premium of 250.04% compared to the CSI 300 [21]

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the trends in the power generation sector, particularly focusing on the demand for gas turbines and the shift towards self-generated power by major tech companies in North America [1][2][3]. Core Insights and Arguments - Seven major U.S. tech companies, including Microsoft, Google, OpenAI, Amazon, Meta, xAI, and Oracle, signed a commitment to self-power generation, addressing public concerns about data centers increasing electricity demand and potentially raising electricity costs [1][3]. - The North American Automatic Identification and Data Capture (AIDC) sector is expected to increase its self-generated power ratio, which will further boost the demand for gas turbines [2][3]. - Projections indicate that global gas turbine demand will exceed 120 GW by 2028, while the expected supply will be around 90 GW, leading to a growing supply-demand gap in the industry [3]. Investment Opportunities - The call highlights undervalued investment opportunities in the gas turbine sector, particularly: - Core stocks in ship-to-gas conversion, such as China Power [4]. - Undervalued component manufacturers like Changbao Co. [4]. - Other promising companies include: - Self-powered gas turbine manufacturers like Dongfang Electric [4]. - Gas turbine integrators such as Jereh Group [4]. - Blade manufacturers including Yingliu Technology and Wanzhou Technology [4]. - Casting and forging companies like Lande Co. and Haomai Technology [4]. - Waste heat boiler manufacturers like BYTH and Xizi Clean Energy [4]. Additional Important Content - The commitment from the tech giants is seen as a strategic move to mitigate public concerns and align with future energy trends, indicating a significant shift in how data centers will manage their energy consumption [1][3]. - The anticipated gap in gas turbine supply suggests potential for investment in companies that are positioned to fill this void, emphasizing the importance of monitoring industry developments closely [3].

Core Insights - The report maintains a "positive" outlook for the machinery equipment industry, emphasizing the potential for growth in engineering machinery and robotics sectors [8][74] - Key companies recommended for investment include Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) with a rating of "increase" [4][74] Industry Overview - The machinery equipment sector outperformed the CSI 300 index, with a 1.87% increase compared to a 1.07% decline in the index from February 1 to March 3, 2026, marking a 2.94 percentage point outperformance [7][63] - As of March 3, 2026, the price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 51.21, representing a 257.70% premium over the CSI 300 [7][71] Engineering Machinery - The engineering machinery sector is experiencing a recovery, driven by the rollout of key projects and favorable policies for large-scale equipment upgrades [8][74] - In January 2026, excavator sales reached 18,708 units, a 49.50% year-on-year increase, with domestic sales up 61.40% [27][74] Robotics - The participation of humanoid robots in the 2026 Spring Festival Gala has positively impacted brand recognition and commercialization, potentially accelerating industry development [8][74] - The release of the "Humanoid Robot and Embodied Intelligence Standard System (2026 Edition)" marks a significant step towards standardized development in the humanoid robotics industry [15][74] Market Performance - Notable stock performances include New Jin Power (77.29%), Jepter (69.12%), and Taijia Shares (59.46%), while companies like Dongfang Zhizao and Deen Precision Engineering saw significant declines [68][70] - The machinery equipment sector ranked 12th among all primary industries in terms of performance during the reporting period [63][65] Investment Strategy - The report suggests continued focus on overseas market expansion for domestic engineering machinery leaders, highlighting their competitive advantages in technology and cost-effectiveness [8][74] - The report encourages investment in the robotics sector, particularly in light of the new standards that will guide the industry's future [8][74]

证券研究报告/公司深度 研究报告 豪迈科技（002595.SZ）： 重视电加热硫化机预期差，看好第四成长曲线双击 【华西机械团队】 | 评级： | 增持 | | --- | --- | | 上次评级： | 增持 | | 目标价格： | | | 最新收盘价： | 97.49 | 分析师：黄瑞连 SAC NO：S1120524030001 邮箱：huangrl@hx168.com.cn | 股票代码： | 002595 | | --- | --- | | 52 周最高价/最低价： | 99.50/48.14 | | 总市值(亿) | 780 | | 自由流通市值(亿) | 775 | | 自由流通股数(百万) | 795 | 2026年2月27日 请仔细阅读在本报告尾部的重要法律声明 投资要点 橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争力，预期差较大，2026年有望开始进入业绩释放阶段， 拉动第四成长 曲线戴维斯双击。作为全市场第一篇电加热硫化机报告，本篇报告主要回答以下三个问题： 1 1、第一性原理出发，如何看待电加热硫化机产业趋势？轮胎性能的关键核心在于原材料配方设计&硫化工艺的协同 ...

请仔细阅读在本报告尾部的重要法律声明 投资要点 证券研究报告/公司深度 研究报告 豪迈科技（002595.SZ）： 重视电加热硫化机预期差，看好第四成长曲线双击 【华西机械团队】 | 评级： | 增持 | | --- | --- | | 上次评级： | 增持 | | 目标价格： | | | 最新收盘价： | 97.49 | 分析师：黄瑞连 SAC NO：S1120524030001 邮箱：huangrl@hx168.com.cn | 股票代码： | 002595 | | --- | --- | | 52 周最高价/最低价： | 99.50/48.14 | | 总市值(亿) | 780 | | 自由流通市值(亿) | 775 | | 自由流通股数(百万) | 795 | 2026年2月27日 橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争力，预期差较大，2026年有望开始进入业绩释放阶段， 拉动第四成长 曲线戴维斯双击。作为全市场第一篇电加热硫化机报告，本篇报告主要回答以下三个问题： 1 1、第一性原理出发，如何看待电加热硫化机产业趋势？轮胎性能的关键核心在于原材料配方设计&硫化工艺的协同 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 华西证券研报指出，橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争 力，预期差较大，2026年有望开始进入业绩释放阶段，拉动第四成长曲线戴维斯双击。展望未来，看好 豪迈在全球电加热硫化机市场保持长期强竞争力。底层逻辑来看：1）数控机床&硫化机底层技术架构 相通：豪迈过去近30年始终坚持设备底层架构技术打磨，为其在硫化机等机械设备领域持续拓品打下基 础。2）轮胎模具&硫化机工艺、客户高度协同：轮胎模具和硫化机作为搭配使用的专用设备及其零部 件，二者工艺Know-How高度兼容，客户完全协同。基于公司持续拓品扩张的潜力，维持"增持"评级。 ...

Investment Rating - The industry is rated as "Positive" [2] - Companies recommended for "Increase" rating include Zhonglian Heavy Industry, Hengli Hydraulic, Jiechang Drive, and Haomai Technology [2] Core Viewpoints - The Spring Festival Gala featured humanoid robots, enhancing brand visibility and commercial acceleration, which is expected to expedite industry deployment [2][29] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs and significant events anticipated in 2026 [2][29] - 2026 is identified as a critical year for the development of the humanoid robot industry, suggesting continued investment opportunities in the supply chain [2][29] Industry News - Blue Arrow Aerospace announced the second quarter recovery test for the Zhuque-3 rocket [11] - The average operating rate of construction machinery in January 2026 was 37.15%, with a year-on-year growth rate of 0.71% [11] Industry Data - As of February 13, 2026, the steel comprehensive price index (CSPI) was 90.68 [12] - As of February 24, 2026, WTI and Brent crude oil prices were $66.31 per barrel and $71.11 per barrel, respectively [13] Company Announcements - Zhuozhao Dispensing reported a 202.58% year-on-year increase in revenue for 2025, with expected revenue of approximately 378.59 million yuan [19] - Dazhu Laser plans to invest $150 million to establish an overseas operation center in Southeast Asia [20] Market Review - From February 12 to February 24, 2026, the Shanghai and Shenzhen 300 index fell by 0.13%, while the machinery industry rose by 2.01%, outperforming the index by 2.14 percentage points [21] - As of February 24, 2026, the machinery industry’s price-to-earnings ratio (PE, TTM) was 52.63, with a valuation premium of 270.76% compared to the Shanghai and Shenzhen 300 index [22]