Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company has shown steady growth in Q3 2024, with significant increases in tire mold and machine tool businesses [1] - The revenue for the first three quarters of 2024 reached 6.365 billion, representing a year-on-year growth of 20.05% [1] - The net profit attributable to the parent company increased by 18.33% year-on-year, reaching 1.417 billion [1] - The company is positioned as a leader in the tire mold industry, with three growth curves expected to continue driving stable performance [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 6,642 million - 2023A: 7,166 million - 2024E: 8,272 million (15% growth) - 2025E: 9,358 million (13% growth) - 2026E: 10,489 million (12% growth) [1][2] - **Net Profit Forecasts**: - 2022A: 1,200 million - 2023A: 1,612 million - 2024E: 1,898 million (18% growth) - 2025E: 2,222 million (17% growth) - 2026E: 2,491 million (12% growth) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.50 - 2023A: 2.02 - 2024E: 2.37 - 2025E: 2.78 - 2026E: 3.11 [1][2] - **Valuation Ratios**: - P/E: - 2022A: 30.2 - 2023A: 22.5 - 2024E: 19.1 - 2025E: 16.3 - 2026E: 14.6 [1] - P/B: - 2022A: 4.9 - 2023A: 4.2 - 2024E: 3.5 - 2025E: 2.9 - 2026E: 2.5 [1] Business Growth Drivers - The tire mold business has shown strong domestic sales performance and stable growth in exports [1] - The demand for gas turbines continues to improve, and wind power business orders are recovering [1] - The company is promoting its series of vertical five-axis machining centers and precision machining centers across various regions [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 1.417 billion yuan, up 21.23% year-on-year. The company continues to benefit from downstream market prosperity, maintaining rapid growth in both revenue and profit [1] - The company has a clear business layout in three areas: tire molds, large components, and CNC machine tools, with a positive outlook for market expansion in machine tool products [1][2] - The company is increasing its R&D investment, with R&D expenses reaching 329 million yuan in the first three quarters of 2024, a year-on-year increase of 29.3%, indicating a commitment to enhancing product offerings [1][2] Summary by Relevant Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and a net profit of 457 million yuan, up 15.93% year-on-year. The gross margin for Q1-Q3 2024 was 34.94%, an increase of 0.92 percentage points year-on-year, while the net margin was 22.29%, up 0.26 percentage points year-on-year [1] - The company’s revenue projections for 2024-2026 are adjusted to 8.277 billion yuan, 9.478 billion yuan, and 10.834 billion yuan, respectively, with net profits projected at 1.978 billion yuan, 2.280 billion yuan, and 2.626 billion yuan [2] Business Outlook - The tire mold business is a major revenue source, benefiting from the automotive industry's growth and market expansion. The company has established subsidiaries in various countries, enhancing its global production service system, with overseas capacity accounting for 10% of total mold capacity in 2023 [1][2] - The CNC machine tool business is identified as a key growth area, with significant R&D investment and a variety of products being developed. The company has received positive feedback from customers, enhancing its brand image and industry position [1][2]

证券研究报告 2024 年 10 月 31 日 湘财证券研究所 相关研究： 1.《20241019湘财证券-豪迈科技 002595.SZ-全球轮胎模具龙头， 机床业务发展迅速》 % 1 个月 3 个月 12 个月 相对收益 5.5 18.7 36.8 绝对收益 10.5 34.1 45.3 注：相对收益与沪深 300 相比 公司研究 豪迈科技（002595）事件点评 公司三季度业绩快速增长，合同负债创新高 核心要点： ❑ 公司发布 2024 年三季报，业绩保持快速增长 2024 年 10 月 28 日，公司发布 2024 年第三季度报告。2024 年前三季 度，公司营业总收入约 63.6 亿元，同比增长 20.0%；归母净利润约 14.2 亿 元，同比增长 21.2%；扣非后归母净利润约 13.5 亿元，同比增长 18.3%； 经营活动现金净流量约 5.9 亿元，同比减少 48.4%；基本每股收益 1.78 元， 同比增长 21.3%；加权平均 ROE 约 15.4%，同比上升 0.4 个百分点。2024 年第三季度，公司营业收入 22.3 亿元，同比增长 26.2%；归母净利润 4.6 亿元，同比增长 15 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue growth driven by the tire industry expansion and a strong engine market [4] - The company's machine tool business is expected to grow rapidly due to its long-standing casting and machining technology, as well as strong customer loyalty [4][5] - The projected revenue for 2024-2026 is 84.95 billion, 95.21 billion, and 106.92 billion yuan respectively, with corresponding net profits of 19.47 billion, 22.05 billion, and 24.85 billion yuan [5] Financial Summary - Revenue (in million yuan): - 2022A: 6642 - 2023A: 7166 - 2024E: 8495 - 2025E: 9521 - 2026E: 10692 - Revenue growth rate (%): - 2022A: 10.55 - 2023A: 7.88 - 2024E: 18.54 - 2025E: 12.08 - 2026E: 12.30 - Net profit (in million yuan): - 2022A: 1200 - 2023A: 1612 - 2024E: 1947 - 2025E: 2205 - 2026E: 2485 - Net profit growth rate (%): - 2022A: 13.95 - 2023A: 34.33 - 2024E: 20.81 - 2025E: 13.23 - 2026E: 12.68 - EPS (yuan): - 2022A: 1.51 - 2023A: 2.03 - 2024E: 2.43 - 2025E: 2.76 - 2026E: 3.11 - PE: - 2022A: 15.38 - 2023A: 14.66 - 2024E: 19.36 - 2025E: 17.10 - 2026E: 15.17 - ROE (%): - 2022A: 16.36 - 2023A: 18.72 - 2024E: 19.03 - 2025E: 18.73 - 2026E: 18.39 - PB: - 2022A: 2.52 - 2023A: 2.77 - 2024E: 3.68 - 2025E: 3.20 - 2026E: 2.79 [2][4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company achieved a revenue of 6.365 billion yuan in the third quarter of 2024, representing a year-on-year growth of 26.24%. The net profit attributable to shareholders was 457 million yuan, up 15.93% year-on-year [1]. - The tire mold business continues to perform well, driven by the rapid development of the new energy vehicle sector in China and the overall positive trend in the tire industry. The company is also enhancing its global production capacity, with new facilities in Thailand and Mexico [1][4]. - The company has adjusted its profit forecast upwards, expecting net profits attributable to shareholders to reach 1.93 billion yuan, 2.30 billion yuan, and 2.66 billion yuan for the years 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 6.365 billion yuan, a year-on-year increase of 20.05%. The net profit attributable to shareholders was 1.417 billion yuan, reflecting a growth of 21.23% [1][6]. - The gross margin and net margin for the first three quarters of 2024 were 34.94% and 22.29%, respectively, showing slight improvements compared to the previous year [1][7]. - The company’s operating expenses have increased, impacting the net profit growth rate, with management and R&D expenses rising due to increased personnel costs [1][7]. Earnings Forecast and Valuation - The company is projected to have a net profit of 1.93 billion yuan in 2024, 2.30 billion yuan in 2025, and 2.66 billion yuan in 2026, with corresponding price-to-earnings ratios of 20, 16, and 14 times [1][9]. - The expected revenue for 2024 is 8.512 billion yuan, with a growth rate of 18.8% compared to 2023 [3][9].

Investment Rating - Buy (Maintained) [1] Core Views - The company's international layout is becoming more complete, with revenue and profits maintaining growth [1] - The tire mold industry is experiencing strong demand, benefiting the company's products [1] - The company's overseas business performance is outstanding, with overseas revenue reaching 1.826 billion yuan in H1 2024, a year-on-year increase of 13.20% [1] - The company continues to increase R&D investment, with R&D expenses reaching 329 million yuan in Q1-Q3 2024, a year-on-year increase of 29.27% [2] - The company's overall sales gross margin in Q1-Q3 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, and the net profit margin was 22.29%, a year-on-year increase of 0.26 percentage points [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and net profit attributable to the parent company of 1.417 billion yuan, a year-on-year increase of 21.23% [1] - In Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and net profit attributable to the parent company of 457 million yuan, a year-on-year increase of 15.93% [1] - The company's revenue is expected to be 8.330 billion yuan, 9.498 billion yuan, and 10.612 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 2.39 yuan, 2.70 yuan, and 3.07 yuan [3] Industry Analysis - The tire mold industry is benefiting from the rapid development of the tire and new energy vehicle industries [1] - The demand for tire molds is closely related to the production scale of tires and is also influenced by the speed of updates in tire specifications and patterns [1] - The company has mastered three mold processing technologies: EDM, engraving, and precision casting aluminum, and has applied new processes such as laser engraving and 3D printing in mold manufacturing [1] International Expansion - The company has established subsidiaries in the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production and service system [1] - The overseas business gross margin in H1 2024 was 42.93%, an increase of 0.34 percentage points compared to the same period in 2023, and 16.11 percentage points higher than the domestic gross margin [1] R&D and Innovation - The company has obtained more than 290 invention patents and has launched new technologies and products such as high-efficiency energy-saving molds, electric heating vulcanizers, and electric heating molds [2] - The company's R&D investment in Q1-Q3 2024 accounted for 5.17% of its revenue [2] Profitability and Growth - The company's gross margin in Q1-Q3 2024 was 34.94%, and the net profit margin was 22.29% [2] - The company's revenue growth rate is expected to be 16.3%, 14.0%, and 11.7% in 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to grow by 18.8%, 12.9%, and 13.7% in 2024, 2025, and 2026, respectively [5]

各位投资者大家下午好我是海通机械首席赵院伟那今天和我一起主持的还有分析师刘启仑和欧阳天一那今天我们非常有幸请到公司的证券事务代表赵总来给我们一起解读一下最新豪迈科技的三级报的情况那么今天因为是一个小范围的一个会议就有请我们赵总能否就给我们这个三级报里面的几个主要这个业务板块能否先给我们做一个分析感谢 好的 您可以稍等感谢大家对公司的关注和支持从三季度的这个情况来讲分又板块来看的话轮胎模具跟疏孔机床这两项业务基本上是跟半年度的情况差不太多它的增长速度基本上是波动不大 门塔模具也是实现了15%以上的一个增长苏宏机场也是接近三倍的增速然后大型零部件机械产品可能前三季度相比半年度来讲的话是增速还是有一些变化的 在半年度的时候大型零部件接待产品这个业务增长在不太到3%前三季度来看也是实现了双位数的增长跟我们前年的预期基本上是相匹配的这是一个变化 嗯明白明白然后我们就是也看到了就是第三季度呢当时可能整一个这个毛利率其实出现了一些这个同环比下滑的这个情况然后这一部分的原因是跟咱们咱们刚刚说的就是这个结构性的原因为主呢还是说有其他一些外部的因素有一些影响导致这个毛利率可能阶段性啊有一些小小的下滑 对首先就是这个产品结构一些业 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.365 billion CNY, a year-on-year increase of 20.05% [1] - The net profit attributable to shareholders for the same period was 1.417 billion CNY, reflecting a growth of 21.23% [1] - In Q3 2024, the operating revenue was 2.227 billion CNY, up 26.24% year-on-year, with a net profit of 457 million CNY, increasing by 15.93% [1] Group 2: Foreign Exchange Impact - The company experienced a foreign exchange loss of 23 million CNY due to currency fluctuations in the first nine months of 2024 [1] - The high proportion of overseas business income, primarily settled in USD, makes the company susceptible to foreign exchange market fluctuations [1] - Hedging activities are employed to mitigate foreign exchange risks and reduce exposure to exchange losses [2] Group 3: Business Operations and Growth - The main raw materials for the company include forged steel, pig iron, scrap steel, and aluminum ingots [2] - The tire mold business is currently operating at full capacity and is expected to maintain good growth throughout 2024 [2] - The gas turbine segment has seen a continuous increase in market demand, with revenue from this segment improving [2] Group 4: Market Position and Strategy - The company holds a market share of over 30% in the tire mold sector, with a higher share in the domestic market compared to international markets [4] - Major clients for the gas turbine business include GE, Mitsubishi, Siemens, and Shanghai Electric [4] - The company plans to enhance its overseas production capabilities and service capacity in response to market conditions [4] Group 5: Future Outlook and Dividends - The company has increased its dividend payout to nearly 500 million CNY for 2023 and proposed a mid-term dividend plan for 2024 [4] - The company benefits from a tax policy allowing a 5% deduction on VAT until December 31, 2027, which supports its financial performance [5]

Investment Rating - Buy (Maintained) [1] Core Views - The company's profitability remains high, with rapid growth in performance [1] - The company achieved revenue of 6.37 billion yuan in Q1-Q3 2024, a year-on-year increase of 20.1%, and net profit attributable to the parent company of 1.42 billion yuan, a year-on-year increase of 21.2% [1] - In Q3 2024, the company achieved revenue of 2.23 billion yuan, a year-on-year increase of 26.2%, and net profit attributable to the parent company of 460 million yuan, a year-on-year increase of 15.9% [1] Business Segments - Tire mold segment: The company's market share exceeded 30% in 2023, benefiting from the overseas expansion of domestic tire companies and the growing demand for new energy vehicles and high-performance tires [2] - Large parts segment: The high-margin gas turbine business continues to see strong market demand, with full order books and an increasing proportion of revenue. The wind power business is gradually recovering, with optimized product structure and full production capacity [2] - CNC machine tool segment: Since the launch of machine tool products in 2022, industry recognition has continued to improve, with rapid expansion of revenue scale, and the company's third growth curve is gradually being realized [2] - Contract liabilities reached 240 million yuan by the end of the reporting period, a year-on-year increase of 109.7%, indicating strong order support for future development [2] Profitability and R&D - In Q1-Q3 2024, the company's gross margin was 34.9%, a year-on-year increase of 0.9 percentage points, and the net margin was 22.3%, a year-on-year increase of 0.3 percentage points [3] - In Q3 2024, the company's gross margin was 34.4%, a year-on-year decrease of 1.7 percentage points, and the net margin was 20.5%, a year-on-year decrease of 1.8 percentage points [3] - R&D expenses reached 330 million yuan in Q1-Q3 2024, a year-on-year increase of 29.3%, reflecting the company's commitment to enhancing its competitive advantage in R&D-intensive industries such as tire molds and machine tools [3] Financial Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 1.94 billion yuan, 2.20 billion yuan, and 2.46 billion yuan in 2024, 2025, and 2026, respectively, with a compound annual growth rate of 15% over the next three years [3] - The current stock price corresponds to a PE ratio of 20x, 17x, and 15x for 2024, 2025, and 2026, respectively [3] - The company's revenue is expected to grow by 19.32%, 12.19%, and 9.95% in 2024, 2025, and 2026, respectively [4] - The company's net profit attributable to the parent company is expected to grow by 20.10%, 13.70%, and 11.88% in 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's ROE is expected to be 19.05%, 18.38%, and 17.59% in 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be 2.02 yuan, 2.42 yuan, and 2.75 yuan in 2024, 2025, and 2026, respectively [4] - The company's PB ratio is expected to be 4.40x, 3.73x, and 3.17x in 2024, 2025, and 2026, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][8]. Core Insights - The company reported a revenue of 6.365 billion yuan for the first three quarters of 2024, representing a year-over-year growth of 20.05%. The net profit attributable to the parent company was 1.417 billion yuan, with a year-over-year increase of 21.23% [6][8]. - The company has a robust order backlog, with contract liabilities reaching 236 million yuan, a 109.68% increase from the beginning of the year, reflecting strong demand [8]. - The report highlights the company's strategic focus on expanding its tire mold business and developing steam turbine components, which are expected to drive future growth [8]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve revenues of 19.25 billion yuan, with net profits of 1.925 billion yuan, corresponding to a PE ratio of 20x [8][11]. - The gross margin for Q3 2024 was reported at 34.94%, with a net margin of 22.29%, showing slight decreases due to increased operating expenses [6][7]. - The company’s total assets and liabilities indicate a healthy financial position, with a debt-to-asset ratio of 14.97% [3].