北京德和衡律师事务所 关于 山东豪迈机械科技股份有限公司 控股股东、实际控制人张恭运 免于发出要约的 法律意见书 德和衡证律意见（2025）第614号 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 12 层 Tel：010-85407666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于 山东豪迈机械科技股份有限公司 控股股东、实际控制人张恭运 免于发出要约的 法律意见书 本所在出具本法律意见书之前已得到公司的保证，即公司提供给本所律师的所有 文件及相关资料均是真实的、完整的、有效的，无任何隐瞒、遗漏和虚假之处，文件 资料为副本、复印件的内容均与正本或原件相符，提交给本所的各项文件的签署人均 具有完全的民事行为能力，并且其签署行为已获得恰当、有效的授权。 本所及经办律师依据《律师事务所从事证券法律业务管理办法》等规定及本法律 意见书出具日以前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并承担相应法律 ...

人民财讯10月28日电，豪迈科技（002595）10月28日公告，公司控股股东、实际控制人张恭运以自有资 金于10月27日至10月28日通过深圳证券交易所交易系统以集中竞价交易方式增持公司股份共计33.11万 股，占公司股份总额的0.0414%。 ...

每经AI快讯，豪迈科技（SZ 002595，收盘价：68.04元）10月28日晚间发布公告称，控股股东、实际控 制人张恭运于2025年10月27日至2025年10月28日，增持约33万股，占公司总股本比例为0.0414%。本次 增持后，股东张恭运持有约2.42亿股，占总股本比例为30.25%。 截至发稿，豪迈科技市值为544亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 2025年1至6月份，豪迈科技的营业收入构成为：轮胎生产专用设备制造业占比51.99%，大型燃气轮机 零部件加工占比36.98%，数控机床占比9.62%，其他业务占比1.41%。 ...

Macro and Strategy Research - In the first nine months of 2025, profits of industrial enterprises above designated size increased by 3.2% year-on-year, with a notable recovery in profitability [2][3] - The profit growth rate improved by 2.3 percentage points compared to the previous period, with September showing a significant 21.6% increase [3] - The industrial added value maintained a year-on-year growth of 6.2%, supported by export and seasonal effects, while the PPI decline narrowed due to capacity management and market competition optimization [3][4] - Among 41 industrial categories, 21 showed positive profit growth, with high growth in sectors like mining and high-tech manufacturing [4] Company Research - The company reported a revenue of 8.076 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 26.88%, and a net profit of 1.788 billion yuan, up 26.21% [6][7] - The company improved its expense control, with a decrease in the expense ratio to 8.18%, down 1.44 percentage points from the previous year [7][8] - An employee stock ownership plan was announced to enhance governance and motivate employees, allowing up to 2,100 employees to participate [8] - Revenue forecasts for 2025-2027 are projected at 11.054 billion, 13.429 billion, and 15.808 billion yuan, with corresponding EPS of 3.08, 3.75, and 4.40 yuan [8] Industry Research - The light industry manufacturing sector underperformed compared to the CSI 300 index, with a 0.63 percentage point lag [10] - A new initiative to strengthen self-discipline in the metal packaging industry aims to shift focus from price competition to value competition, indicating a trend towards high-quality development [10][14] - Recent price increases in packaging paper and cardboard are expected to support downstream demand, particularly with the upcoming "Double Eleven" shopping festival [14] - The report maintains a neutral rating for the light industry and textile sectors, with specific companies recommended for an "overweight" rating [14] Metal Industry Research - The steel market is expected to face pressure as the off-season approaches, but positive sentiment from the "14th Five-Year Plan" may provide short-term support [15][16] - Copper supply is tightening due to accidents at major mines, which is expected to support copper prices [15][17] - The aluminum sector is seeing improved profits due to new project capacity releases, while the "anti-involution" policy is anticipated to enhance the supply structure [16][17] - The lithium market is experiencing a phase of tight supply driven by strong demand in the energy storage sector, which is expected to support prices [15][18]

10月27日沪指上涨1.18%，市场两融余额为24820.12亿元，较前一交易日增加248.22亿元。 证券时报·数据宝统计显示，截至10月27日，沪市两融余额12586.00亿元，较前一交易日增加117.06亿 元；深市两融余额12157.92亿元，较前一交易日增加130.17亿元；北交所两融余额76.20亿元，较前一交 易日增加0.99亿元；深沪北两融余额合计24820.12亿元，较前一交易日增加248.22亿元。 分行业看，申万所属行业中，融资余额增加的行业有23个，增加金额最多的行业是电子，融资余额增加 95.64亿元；其次是通信、电力设备行业，融资余额分别增加33.81亿元、21.99亿元。 具体到个股来看，融资余额出现增长的股票有2131只，占比57.04%，其中，413股融资余额增幅超过5% 。融资余额增幅最大的是惠泰医疗，该股最新融资余额2.26亿元，较前一交易日增幅达90.44%；股价表 现上，该股当日下跌13.44%，表现弱于沪指；融资余额增幅较多的还有长江能科、安阳钢铁，融资余 额增幅分别为85.13%、79.16%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨1.29%，涨幅 ...

投资评级:增持(维持) | 基本数据 | 2025-10-27 | | --- | --- | | 收盘价(元) | 63.87 | | 流通股本(亿股) | 7.95 | | 每股净资产(元) | 14.23 | | 总股本(亿股) | 8.00 | 最近 12 月市场表现 无惧关税影响，三季度业绩延续上半年增速 豪迈科技(002595) 证券研究报告 专用设备 / 公司点评 / 2025.10.28 -9% 0% 9% 18% 27% 36% 豪迈科技 沪深300 上证指数 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 分析师 何兵 SAC 证书编号：S0160525080007 hebing@ctsec.com 相关报告 1. 《模具、零部件、机床业务三轮驱动，稳 步增长》 2025-09-01 2. 《产能产品全力运行，三大业务实现稳步 增长》 2025-03 ...

Investment Rating - The investment rating for the company is "Accumulate" [4][6]. Core Insights - The company's performance growth is impressive, with a revenue of 8.076 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.88%. The net profit attributable to shareholders reached 1.788 billion yuan, up 26.21% year-on-year, with basic earnings per share of 2.2421 yuan [3][4]. - The company has announced an employee stock ownership plan to enhance governance structure and motivate employees, involving up to 2,100 key employees and a maximum of 1.4412 million shares, accounting for 0.1802% of the total share capital [5]. - The company has shown continuous improvement in expense control, with a period expense ratio of 8.18% for the first three quarters of 2025, down 1.44 percentage points from the same period in 2024. R&D expenses increased to 456 million yuan, a year-on-year growth of 38.57%, with an R&D expense ratio of 5.65% [4]. Financial Summary - For 2025, the company is expected to achieve revenues of 11.054 billion yuan, with a growth rate of 25.4%. The net profit is projected to be 2.463 billion yuan, reflecting a growth rate of 22.5% [9]. - The earnings per share (EPS) for 2025 is estimated at 3.08 yuan, with further increases to 3.75 yuan in 2026 and 4.40 yuan in 2027 [9][6]. - The company’s EBIT is forecasted to be 2.795 billion yuan in 2025, with a growth rate of 25.1% [9].

Market Overview - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with an increase of 1.18% [1] - The Shenzhen Component Index closed at 13489.40 points, up by 1.51% [1] - The ChiNext Index closed at 3234.45 points, rising by 1.98% [1] Trading Activity - A total of 2530 stocks saw an increase in average transaction volume, with 78 stocks experiencing a growth of over 50% [1] - 2034 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in transaction volume include Xinri Co., Haomai Technology, and Changbao Co. [1] Individual Stock Performance - Xinri Co. reported a daily increase of 10.02% with an average transaction volume of 1456 shares, showing a 253.73% increase [1] - Haomai Technology increased by 10.01% with an average transaction volume of 784 shares, reflecting a 206.77% increase [1] - Changbao Co. rose by 9.95% with an average transaction volume of 2716 shares, marking a 197.17% increase [1] - Tianyi Medical saw a significant increase of 20.00% with an average transaction volume of 575 shares, up by 153.85% [1] Active Stocks by Transaction Count - Geer Software had a notable increase in transaction count, rising by 3312.09% with 106,389 transactions [2] - Huajian Group experienced a decrease of 9.99% but had a transaction count increase of 1338.50% with 220,091 transactions [2] - Shanghai Port Bay reported a 1.59% increase with 41,109 transactions, reflecting a 723.50% increase [2] Summary of Notable Stocks - Tianyi Medical, Wanlang Magnetic Plastic, and Jialan Technology all reported significant increases in both transaction volume and count, indicating heightened trading activity [1][2] - Stocks like Xinyuan Co. and Juzhu Co. also showed substantial increases in transaction metrics, suggesting potential investment interest [1][2]

业绩持续高增，三大业务齐头并进 2025 年前三季度公司实现营收80.76 亿元，同比+26.89%，实现归母净利润17.88 亿元，同比+26.21%， 实现扣非归母净利润17.23 亿元，同比+27.83%。 公司业绩保持高速增长，主要得益于轮胎模具、大型零部件、数控机床三大核心业务的良好发展势态。 单季度来看，公司Q3 实现营收28.11 亿元，同比+26.21%，实现归母净利润5.92 亿元，同比+29.49%， 实现扣非归母净利润5.62 亿元，同比+27.86%。 盈利能力维持稳定，期间费用率小幅下滑 2025 年前三季度公司毛利率为33.99%，同比-0.95pct；销售净利率为22.15%，同比-0.14pct。 其中销售/管理/研发/财务费用率分别为0.78%/2.62%/5.65%/-0.87%，同比分 别-0.53pct/-0.20pct/+0.48pct/-1.18pct。公司持续加大研发投入，25 年前三季度研发费用同比增长 38.57%；财务费用大幅减少主要系汇率变动带来的汇兑收益增多所致。 大型零部件需求旺盛，数控机床打开新成长空间 1）轮胎模具业务：作为公司基本盘，业务保持稳健 ...

证券研究报告·公司点评报告·专用设备 豪迈科技（002595） 2025 年三季报点评：业绩持续增长，数控机 床打开新成长空间 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,166 | 8,813 | 11,103 | 13,512 | 16,141 | | 同比（%） | 7.88 | 22.99 | 25.97 | 21.70 | 19.46 | | 归母净利润（百万元） | 1,612 | 2,011 | 2,513 | 3,048 | 3,634 | | 同比（%） | 34.33 | 24.77 | 24.95 | 21.27 | 19.22 | | EPS-最新摊薄（元/股） | 2.02 | 2.51 | 3.14 | 3.81 | 4.54 | | P/E（现价&最新摊薄） | 28.81 | 23.09 | 18.48 | 15.24 | 12.78 | [Table_Tag] [投资要点 ...