Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][5] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.5 for 2025, 17 for 2026, and 14.9 for 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][8] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8][12] - The company’s current stock price corresponds to a PE ratio of 19.5 for 2025, 17.0 for 2026, and 14.9 for 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's performance in 2024 is in line with expectations, with revenue growth of 22.99% year-on-year, reaching 88.13 billion yuan, and net profit attributable to shareholders of 20.11 billion yuan, up 24.77% year-on-year [2][4] - All three major business segments (tire molds, large component machinery, and CNC machine tools) have shown significant growth, contributing to the overall revenue increase [2][4] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] Revenue and Profitability - In 2024, the tire mold business generated revenue of 46.51 billion yuan, up 22.73% year-on-year; large component machinery products achieved 33.32 billion yuan, up 20.31%; and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - The gross profit margin for 2024 is 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin increased by 0.36 percentage points to 22.85% [3] - The company received 103 million yuan in government subsidies, which positively impacted the net profit margin [3] Financial Forecasts - The report projects revenue for 2025 to reach 104.04 billion yuan, with a net profit of 23.35 billion yuan, and for 2026, revenue is expected to be 122.92 billion yuan with a net profit of 27.63 billion yuan [4][11] - The estimated earnings per share (EPS) for 2024 is 2.51 yuan, with projections of 2.92 yuan for 2025 and 3.45 yuan for 2026 [4][11] Market Position and Growth Drivers - The company is benefiting from the growth in the global gas turbine market and the recovery of the wind power industry, which is expected to continue driving performance [4] - The CNC machine tool segment is developing a third growth curve with new five-axis products and a planned machine tool laboratory for technology development [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with revenue growth of 22.99% year-on-year, reaching 88.13 billion yuan, and net profit attributable to shareholders of 20.11 billion yuan, up 24.77% year-on-year [2] - All three major business segments (tire molds, large component machinery, and CNC machine tools) have shown significant growth, contributing to the overall revenue increase [2] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] - The CNC machine tool segment is expected to open a third growth curve with new product launches and investments in a machine tool laboratory [4] - Profitability has slightly improved, with a net profit margin of 22.85%, despite a small decline in gross margin to 34.30% [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 88.13 billion yuan, a year-on-year increase of 22.99%, and a net profit of 20.11 billion yuan, up 24.77% [2] - The revenue from the tire mold business was 46.51 billion yuan, up 22.73%, while large component machinery generated 33.32 billion yuan, up 20.31%, and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - For Q4 2024, the company reported revenue of 24.48 billion yuan, a 31.35% increase year-on-year, and a net profit of 5.94 billion yuan, up 34.10% [2] Profitability and Cost Management - The gross margin for 2024 was 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin improved by 0.36 percentage points [3] - The increase in management and R&D expenses was noted, attributed to a rise in personnel and salary costs, as well as increased investment in R&D [3] Business Expansion and Growth Drivers - The tire mold business is expanding internationally, with new factories enhancing service capabilities [4] - The large component machinery segment benefits from a growing gas turbine market and recovering wind power orders [4] - The CNC machine tool segment is focusing on high-precision products and has plans for a new laboratory to support product development [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised for 2025 and 2026 to 23.35 billion yuan and 27.63 billion yuan, respectively, with an expected net profit of 31.90 billion yuan in 2027 [4] - The current stock price corresponds to dynamic P/E ratios of 18, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]

Financial Performance - In 2024, the company achieved operating revenue of 8.813 billion CNY, a year-on-year increase of 22.99% [2] - The net profit attributable to shareholders was 2.011 billion CNY, up 24.77% year-on-year [2] - The gross margin for tire mold business was 39.59%, a decrease of 3.10 percentage points compared to the previous year [2] - Revenue from large component machinery products reached 3.332 billion CNY, with a gross margin of 25.67%, an increase of 2.66 percentage points [2] Business Segments - Tire mold business saw a revenue increase of 46.51% year-on-year, with strong domestic sales growth [2] - CNC machine tool sales generated 399 million CNY, reflecting a 29.30% year-on-year growth [3] - The company’s high-end casting project is expected to start production in May or June 2025, focusing on wind power and gas turbine components [6] Workforce and Personnel - As of December 31, 2024, the total number of employees was 14,804, an increase of 2,275 from the previous year [4] - The tire mold business accounted for over 9,000 employees, while large component machinery and machine tool divisions had approximately 3,000 and 1,700 employees, respectively [4] - Personnel increases are anticipated in 2025, particularly in the tire mold and large component machinery sectors [4] Market Outlook - The demand for gas turbines is expected to remain strong due to rising global electricity needs [6] - The wind power component market is recovering, with both wind and gas turbine businesses projected to grow in 2024 [7] - The company’s electric heating vulcanizing machine is expected to see significant growth, with a projected doubling of overall business output by 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified for the next six months [1]. Core Views - The company has achieved rapid growth in performance, with three main business segments continuing to perform well [1][7]. - The tire mold business has seen significant revenue growth, driven by domestic tire companies expanding overseas and increasing demand for new energy vehicles and high-performance tires [7][8]. - The gas turbine market is experiencing strong demand, with global orders for gas turbines exceeding 50GW in 2024, reflecting a 15% year-on-year increase [7]. - The CNC machine tool business is expanding rapidly, with a projected revenue growth of 60% in 2025 [8]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 88.1 billion yuan, a year-on-year increase of 23.0%, and a net profit attributable to the parent company of 20.1 billion yuan, up 24.8% year-on-year [7]. - The fourth quarter of 2024 saw revenue of 24.5 billion yuan, a 31.3% year-on-year increase, and a net profit of 5.9 billion yuan, up 34.1% year-on-year [7]. Business Segments - Tire Mold Business: Revenue reached 46.5 billion yuan in 2024, growing 22.7% year-on-year, benefiting from the international expansion of domestic tire manufacturers [7][8]. - Large Component Machinery Products: Revenue of 33.3 billion yuan in 2024, a 20.3% increase, with strong demand in the gas turbine and wind power sectors [7]. - CNC Machine Tools: Revenue of 4.0 billion yuan in 2024, a 29.3% increase, with significant growth potential due to low domestic market penetration [7][8]. Profitability and Forecast - The company maintains strong profitability with a gross margin of 34.3% in 2024 and a net margin of 22.8% [7]. - Forecasts for net profit from 2025 to 2027 are 23.3 billion yuan, 26.4 billion yuan, and 29.3 billion yuan, respectively, with a compound annual growth rate of 13% [10][11].

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 豪迈科技（002595）机械设备 目标价：——元（6 个月） 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 相对指数表现 -12% 1% 14% 28% 41% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 豪迈科技 沪深300 买入 （维持） 当前价：53.42 元 业绩实现快速增长，三大业务持续向好 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8813.37 | 10339 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-over-year growth of 22.99%, and a net profit of 2.011 billion yuan, up 24.77% year-over-year. The Q4 revenue was 2.448 billion yuan, showing a year-over-year increase of 31.35% and a quarter-over-quarter increase of 9.91% [5][7] - The report highlights the company's strong performance in the tire mold business, which generated 4.651 billion yuan in revenue, a year-over-year increase of 22.73%, despite a slight decline in gross margin due to increased domestic sales and rising personnel costs [7] - The large component business achieved revenue of 3.332 billion yuan, up 20.31% year-over-year, driven by growth in gas turbine and wind power sectors, with a gross margin increase attributed to improved production efficiency and lower raw material costs [7] - The machine tool business saw a revenue increase of 29.30% year-over-year, with new product launches contributing to significant growth [7] - The earnings forecast for 2025-2027 has been raised, with expected net profits of 2.333 billion yuan in 2025, 2.694 billion yuan in 2026, and 3.064 billion yuan in 2027, reflecting the company's strong market position and growth potential [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 7.166 billion yuan, 2024: 8.813 billion yuan, 2025E: 10.109 billion yuan, 2026E: 11.378 billion yuan, 2027E: 12.655 billion yuan [7][8] - Net profit projections are: 2023: 1.612 billion yuan, 2024: 2.011 billion yuan, 2025E: 2.333 billion yuan, 2026E: 2.694 billion yuan, 2027E: 3.064 billion yuan [8] - The company maintains a healthy financial position with a debt-to-asset ratio of 15.34% and a price-to-earnings ratio forecasted to decrease from 27 in 2023 to 14 in 2027 [2][7]

证券研究报告 豪迈科技 (002595 CH) 三大业务齐头并进，期待再创佳绩 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 18 日│中国内地 | 专用设备 | 豪迈科技发布年报，2024 年实现营收 88.13 亿元（yoy+22.99%），归母净 利 20.11 亿元（yoy+24.77%），扣非净利 18.87 亿元（yoy+20.50%）。其中 Q4 实现营收 24.48 亿元（yoy+31.35%，qoq+9.91%），归母净利 5.94 亿 元（yoy+34.10%，qoq+30.12%）。公司 2024 全年业绩高于我们此前预期 （营收 80.22 亿，归母净利 18.19 亿），公司轮胎模具、大型零部件机械产 品、数控机床三大业务板块齐头并进，在行业需求扩张以及机床持续放量下 公司盈利能力有望持续提升，因此上调 25-26 年业绩预期，维持"增持"。 公司核心业务增长亮眼，盈利能力较为稳健 2024 年公司营收同比增长 22.99%，公司 2024 年毛利率 34.30%，同比 +0.04pct；分产品看，202 ...

Summary of Conference Call for Haomai Technology Company Overview - **Company**: Haomai Technology - **Date**: March 18, 2025 Key Points Financial Performance - In 2024, the company achieved revenue of 8.8 billion yuan, a year-on-year increase of 23% [3] - Net profit attributable to shareholders was 2 billion yuan, up 25% year-on-year [3] - Overall gross margin and net margin remained stable [3] Business Segments - **Tire Molds**: Revenue reached 4.65 billion yuan, a 23% increase, with a gross margin of 40%, down 3 percentage points due to changes in customer structure and new employee skill levels [3] - **Large Component Machinery**: Revenue was 3.33 billion yuan, a 20% increase, with a gross margin of 25.7%, up 2.7 percentage points, benefiting from lower raw material prices and reduced average personnel [3] - **CNC Machine Tools**: Significant growth with external sales of 400 million yuan, a 29% increase, and self-use sales of 190 million yuan, totaling nearly 50% growth [3][4] - **Vulcanizing Machines**: Revenue of 260 million yuan, an increase of 100 million yuan year-on-year, with overall growth of about 60% in the machine tool sector [4] Market Outlook - The company expects continued growth in tire mold revenue from 2025 to 2027, with gross margins stabilizing [3] - Anticipated doubling of vulcanizing machine orders in 2025, with last year's sales at 260 million yuan, of which over 100 million yuan was from electric heating vulcanizing machines [3][23] - The company established a rubber machinery subsidiary to capitalize on the electric heating vulcanizing machine market, which has shown significant energy-saving advantages and European patents [9] Production Capacity and Expansion - New casting capacity primarily for wind power equipment, with interchangeable gas cylinder bodies and wind power equipment, though limited by processing equipment [11] - A new factory in Gaoming is expected to be operational by May-June 2025, significantly enhancing capacity [6][7] - The company does not plan large-scale expansion in molds but will optimize efficiency to meet order demands [13] Employee and Operational Strategy - The total number of employees increased by over 2,000 in 2024, with significant additions in tire molds and large components [28] - The company plans to increase personnel in 2025, particularly in the tire mold and large component departments, while the machine tool department may see less growth [29] Risk Management and Pricing - Pricing agreements with downstream customers are often subject to market fluctuations, with some customers locking in prices at the beginning of the year [20] - The company anticipates stable pricing for gas turbine components, with limited room for price increases due to the niche market [22] Industry Trends - The wind power and gas turbine sectors are expected to grow in tandem, with wind power components being easier to expand due to smaller part sizes [16] - The acceptance of electric heating vulcanizing machines is growing, particularly in Europe, driven by government support for green energy [27] Future Projections - The company projects a significant increase in production capacity from the new 65,000-ton expansion project, expected to be operational between late 2025 and May 2026 [30] - Long-term revenue planning for the rubber machinery business is projected to reach 1 billion yuan [31] Conclusion - Haomai Technology is positioned for growth across its various business segments, with strategic expansions and a focus on efficiency and innovation in production processes. The company is optimistic about market trends and its ability to adapt to changing customer needs and industry dynamics.