核心要点： 据Wind 数据，2025 年5 月我国金属切削机床产量约6.7 万台，同比增长6.3%，增速环比回落9.3pct；1-5 月累计产量约33.2 万台，同比增长13.3%，增速环比回落3.5pct。2025 年5 月，我国金属成形机床产量 约1.5 万台，同比增长7.1%，增速环比回升7.1pct；1-5 月累计产量约6.9 万台，同比增长11.3%，增速环 比下降0.9pct。此外，2025 年5 月，我国工业机器人产量约6.9 万台，同比增长35.5%，增速环比下降 16.0pct；1-5 月累计产量约28.7 万台，同比增长32.0%，增速环比回落2.1pct。虽然5 月我国金属切削机 床和工业机器人产量增长有所放缓，但5 月我国PMI 环比回升0.5pct，生产、新订单等分项指数均有不 同程度回升。此外，1-5 月我国制造业固定资产投资同比增长8.5%，保持较高增速；1-4 月制造业利润 总额累计增长8.6%，今年以来增速持续回升，显示制造业需求正逐渐复苏。未来，随制造业景气度逐 渐回升，我国机床、工业机器人产量有望保持增长。 据国家统计局，2025 年5 月我国制造业PMI 环比回升0. ...

从中证500机械制造指数持仓的市场板块来看，上海证券交易所占比71.88%、深圳证券交易所占比 28.12%。 从中证500机械制造指数持仓样本的行业来看，工业占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证500指数调整样本时，中证500行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证500行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 数据统计显示，中证500机械制造指数近一个月下跌0.04%，近三个月下跌4.51%，年至今下跌0.90%。 据了解，为反映中证500指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证500 指数样本按中证行业分类分为11个一级行业、35个二级行业及90余个三级行业，再以进入各一、二、三 级行业的全部证券作为样本编制指数，形 ...

机床业务持续推出新品，实验室即将落地。2024年，公司新推出卧式五轴车铣复合加工 中心、卧式车铣复合加工中心、五轴叶片加工中心等产品，面向复杂零件的高精高效加工、 凝聚多工序为一体的复合加工场景，机床客户群体正稳步增长。为保障项目持续稳建的发 展，支撑高端机床装备研制与稳定量产，促进高端机床装备功能、性能迭代提升，公司于 2024年投资建设机床实验室，开展技术攻关、新产品测试、应用与验证等工作，预计2025年 下半年开始投入使用。 盈利预测与估值：公司2025-2027年营收分别为103.86、117.67、130.76亿元，同比增速 分别为17.85%、13.29%、11.13%；归母净利润分别为23.56、27.00、30.38亿元，同比增速分 别为17.13%、14.61%、12.50%。公司2025-2027年业绩对应PE估值分别为20.83、18.17、 16.15，首次覆盖，给予"增持"评级。 风险提示：轮胎客户资本开支不及预期风险；新业务开拓不及预期风险；市场竞争加剧 风险。（中邮证券 刘卓,陈基赟） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 险自担。 中邮证 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 豪迈科技 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 61.34 | | --- | --- | | 总股本/流通股本（亿股）8.00 | / 7.94 | | 总市值/流通市值（亿元）491 | / 487 | | 52 周内最高/最低价 | 63.42 / 34.51 | | 资产负债率(%) | 15.3% | | 市盈率 | 24.24 | | 第一大股东 | 张恭运 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 豪迈科技(002595) 业绩快速增长，机床、硫化机成长空间较大 l 事件描述 公司发布 2024 年年度报 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments, all contributing to its growth: molds, large component machinery products, and CNC machine tools, with respective revenue growth rates of 22.73%, 20.31%, and 29.30% [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico, and has introduced energy-efficient electric heating vulcanizing machines, which have begun to see initial market applications [6]. Company Overview - The latest closing price of the company's stock is 61.34 yuan, with a total market capitalization of 49.1 billion yuan [3]. - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 24.24 [3]. Financial Performance - In Q1 2025, the company reported revenue of 2.279 billion yuan, a 29.06% increase year-on-year, and a net profit of 520 million yuan, up 29.96% [4]. - The company forecasts revenues of 10.386 billion yuan, 11.767 billion yuan, and 13.076 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.356 billion yuan, 2.700 billion yuan, and 3.038 billion yuan [10][12]. Future Projections - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 17.85%, 13.29%, and 11.13% for the years 2025 to 2027 [10]. - The introduction of new products in the machine tool segment and the establishment of a machine tool laboratory are anticipated to support ongoing innovation and market expansion [7].

Group 1: Business Overview - The company has a systematic pricing mechanism for tire mold products, considering specifications, processing difficulty, and order cycles, with profit margins varying by product type and complexity [2] - The company has established subsidiaries in multiple countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production service system [2] - The company offers a range of CNC machine tools, including direct drive turntables and vertical five-axis machining centers, with applications in precision molds, automotive, and electronics [2][3] Group 2: Financial Performance and Projections - The company's CNC machine tool revenue recognition varies by quarter due to order cycles and inventory levels, impacting the timing and amount of revenue recognized [3] - The company anticipates that the expansion and upgrades in tire mold business will increase demand for CNC machines, affecting production capacity [3] - The company expects steady growth in revenue from wind power and gas turbine components in 2024, with gas turbines accounting for approximately 30% and wind power for about 60% of large component machinery products [5][6] Group 3: Product Development and Market Trends - The electric heating vulcanization machine has gained recognition for its energy-saving and environmental benefits, leading to larger orders after initial trials [4] - The company is investing in a machine tool laboratory, expected to be operational by September 2024, to enhance its high-end machine tool offerings [3] - The market for wind power components is recovering in 2024 compared to the second half of 2023, while gas turbine demand remains strong [5][6] Group 4: Workforce and Corporate Governance - As of December 31, 2024, the company has a total of 14,804 employees, with significant increases in the tire mold and large component machinery sectors [6] - The company plans to optimize its investor return mechanism based on operational performance and shareholder expectations [6]

Group 1 - The explosion occurred at Youdao Chemical Co., Ltd. in Gaomi City, Shandong Province, resulting in 5 deaths, 6 missing persons, and 19 injuries as of 19:25 on the same day [1] - The emergency response was initiated by the Shandong provincial government, establishing a joint rescue command to manage search and rescue operations, medical treatment for the injured, and environmental monitoring [1] - Youdao Chemical is a subsidiary of Haomai Group, which reported a production value of 20.2 billion yuan in 2024 [1][4] Group 2 - Haomai Group is a leading enterprise in Gaomi City, involved in various public welfare projects including healthcare, education, and energy services [2] - The company has diversified investments in equipment manufacturing, including tire molds, mechanical processing, and oil and gas equipment [3] - Zhang Gengyun, the actual controller of Haomai Group, holds 30.21% of Haomai Technology, which has shown strong financial performance with revenues of 6.642 billion yuan in 2022 and projected growth in 2025 [3][4]

Core Viewpoint - The explosion at a subsidiary of Haomai Technology's controlling shareholder has led to a significant drop in the company's stock price, raising concerns about safety and potential impacts on the chemical industry [2][3]. Company Summary - Haomai Technology's stock fell by 3.56% to close at 63.88 yuan, with a trading volume of 367 million yuan, a substantial increase from the previous day's 198 million yuan [2]. - The explosion occurred at Youdao Chemical Co., Ltd., a subsidiary of Haomai Group, which focuses on the development and production of pesticides and pharmaceutical intermediates [2]. - Youdao Chemical has an annual production capacity of 11,000 tons for a key pesticide ingredient, making it the largest producer globally [2]. Market Impact - Year-to-date, Haomai Technology's stock has increased by 19.86%, reaching a one-year high just before the incident [3]. - As of the end of Q1, Haomai Technology was among the top ten holdings in 71 funds, with a total of 61.08 million shares valued at 3.615 billion yuan [3]. - The incident has triggered a surge in the pesticide sector, with several stocks experiencing significant gains, indicating a potential shift in market dynamics [5]. Fund Holdings - The top ten funds holding Haomai Technology shares include various mixed funds, with the largest holding being 2.2169 million shares valued at approximately 1.3119 billion yuan [4]. - Four ETFs also hold shares in Haomai Technology, with the largest being Guotai Zhongzheng Machine Tool ETF, which reduced its holdings from 522,600 to 476,500 shares [5].

天眼查信息显示，山东友道由山东豪迈化学有限公司持股97%，后者为豪迈集团股份有限公司（"豪迈 集团"）的全资子公司，山东企业家张恭运持有豪迈集团83%股份。 据央视新闻消息，5月27日11时57分左右，山东高密友道化学有限公司一车间发生爆炸事故，正全力组 织救援救治。 5月27日，贝壳财经记者致电山东友道母公司豪迈集团，以及豪迈集团旗下另一上市公司豪迈科技 （002595.SZ），均未获接通。记者随后致电高密市政府，并按工作人员要求致电当地市委宣传部，同 样未获接通。 贝壳财经记者关注到，此次发生爆炸事故的山东友道近年主要从事杀虫剂生产，今年4月公司的氯虫苯 甲酰胺原药方才获得美国环境保护署的登记批准。 高密当地媒体2021年的一则报道显示，由豪迈集团和外地高端人才合作的山东友道高效杀虫剂氯虫苯甲 酸胺原药一期项目已经进入试产阶段。该项目计划完成总投资10亿元，全部投产后氯虫苯甲酸胺原药生 产能力将达到每年1万吨，年产值将突破50亿元。氯虫苯甲酸胺据介绍是目前全球销售额最大的一个杀 虫剂。 据提供全球农药登记服务与法规技术咨询的机构瑞旭集团消息，其助力山东友道的氯虫苯甲酰胺 （Chlorantranilipr ...

Group 1 - The explosion occurred at Shandong Youdao Chemical Co., Ltd. on May 27, 2023, at approximately 11:57 AM, and rescue efforts are currently underway [1] - Youdao Chemical is an indirect subsidiary of Haomai Group Co., Ltd., established in August 2019 with a registered capital of 1 billion yuan, located in Weifang, Shandong Province, covering over 700 acres [1] - The company employs over 300 staff, including 81 dedicated R&D personnel, with 54 holding master's degrees or higher [1] Group 2 - Youdao Chemical focuses on the development, production, and sales of pesticide, pharmaceutical, and related fine chemical intermediates, with key products including chlorantraniliprole, methoxyfenozide intermediates, and various pharmaceutical intermediates [1] - A nearby business owner reported seeing black smoke rising from the direction of Youdao Chemical during the explosion, although it was no longer visible by the time of the call [2] - Youdao Chemical is 97.375% owned by Shandong Haomai Chemical Co., Ltd., which is a wholly-owned subsidiary of Haomai Group [2]