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.

Core Viewpoint - The company announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 4 yuan per share, totaling approximately 319 million yuan, which represents 15.88% of its net profit, marking the 15th cash distribution since its listing [1] Company Summary - The company reported a revenue of 8.813 billion yuan for 2024, reflecting a year-on-year growth of 22.99% [1] - The net profit for the year reached 2.011 billion yuan, with a year-on-year increase of 24.77% [1] - Basic earnings per share were reported at 2.5302 yuan, and the weighted average return on equity was 21.44% [1] - Over the past five days, the net inflow of main funds amounted to 10.7224 million yuan [1] Industry Summary - Within the machinery equipment sector, five companies have announced their 2024 cash distribution plans, with the company leading in total cash distribution at 319 million yuan [1] - The second and third highest cash distributions in the sector were reported by CITIC Heavy Industries and Bosheng Co., with distributions of 131 million yuan and 105 million yuan, respectively [1]

证券代码：002595 证券简称：豪迈科技 公告编号：2025-003 山东豪迈机械科技股份有限公司 第六届监事会第十三次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 山东豪迈机械科技股份有限公司（以下简称"公司"）第六届监事会第十三次会议通知已于 2025年3月4日以电子邮件、微信等方式送达各位监事，会议于2025年3月15日在公司会议室以 现场结合通讯表决方式召开，会议应出席监事3人，实际出席监事3人。会议由唐立星先生主持， 本次会议的召集、召开符合《公司法》及《公司章程》的有关规定，会议合法有效。 经与会监事认真讨论，一致通过以下决议： 议案内容详见刊登于《中国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资 讯网（www.cninfo.com.cn）的《关于2024年度利润分配预案的公告》。 一、会议以3票同意、0票反对、0票弃权的表决结果，审议通过《2024年度监事会工作报 告》 《2024年度监事会工作报告》全文刊登于巨潮资讯网（www.cninfo.com.cn），本报告尚需 提交2024年年度股东大会审议。 二、会议以 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2025-005 山东豪迈机械科技股份有限公司 关于2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、审议程序 山东豪迈机械科技股份有限公司（以下简称"公司"）于 2025 年 3 月 15 日召开第 六届董事会第十三次会议、第六届监事会第十三次会议，审议通过《2024 年度利润分配 预案》。该议案尚需提交公司 2024 年年度股东大会审议。 二、2024 年度利润分配预案基本情况 1、经信永中和会计师事务所（特殊普通合伙）审计，公司 2024 年度归属于上市公 司股东的净利润 2,011,422,999.24 元，母公司净利润 2,009,808,594.20 元。公司法定盈余 公积累计额已达到注册资本的 50%，按照《公司章程》等相关规定，可不再提取，本期 实际计提 0.00 元。截至 2024 年 12 月 31 日，公司合并报表未分配利润为 8,154,281,575.14 元，母公司报表未分配利润为 8,002,566,589.16 元。按照合并报表、母公司报表中 ...

Financial Performance - The company's operating revenue for 2024 reached ¥8,813,372,089.39, representing a 22.99% increase compared to ¥7,165,808,678.09 in 2023[16] - Net profit attributable to shareholders for 2024 was ¥2,011,422,999.24, up 24.77% from ¥1,612,088,152.00 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥1,886,618,876.58, reflecting a 20.50% increase from ¥1,565,612,592.47 in 2023[16] - The company's total assets increased by 17.80% to ¥11,678,333,832.19 at the end of 2024, compared to ¥9,913,603,329.40 at the end of 2023[16] - The net assets attributable to shareholders rose by 14.70% to ¥9,879,142,889.71 at the end of 2024, up from ¥8,612,993,968.39 in 2023[16] - Basic earnings per share for 2024 were ¥2.5302, a 24.61% increase from ¥2.0305 in 2023[16] - The weighted average return on equity for 2024 was 21.44%, compared to 20.22% in the previous year, marking a 1.22% increase[16] - The net cash flow from operating activities decreased by 29.01% to ¥1,139,332,503.40 in 2024, down from ¥1,604,903,342.76 in 2023[16] Market Trends and Industry Outlook - The global gas turbine market is projected to grow by 15% in 2024, with total orders expected to exceed 50 GW, indicating a robust demand for energy-related products[25] - The wind power sector is anticipated to add 136 GW of new capacity globally in 2024, representing a 25% year-on-year increase, which will positively impact the company's market position[27] - The domestic wind power industry in China is expected to see new orders reach 180 GW in 2024, a significant 83% increase compared to the previous year, highlighting strong market growth[27] - The machine tool industry is projected to see a 25% increase in investment by 2027, reflecting government support for equipment upgrades and modernization[28] Product and Technology Development - The company launched new technologies and products, including energy-efficient molds and electric heating vulcanizing machines, contributing to sustainable development goals[33] - The company is positioned to benefit from the rapid development of sectors such as new energy vehicles and artificial intelligence, which are driving demand for high-performance machine tools[31] - The company has established long-term strategic partnerships with major global firms such as GE, Mitsubishi, and Siemens, enhancing its market position[35] - The company has a comprehensive service system that provides one-stop solutions from raw casting to finished products in the large component machinery sector[35] Research and Development - The company holds over 340 invention patents, emphasizing its commitment to research and development innovation[37] - Research and development expenses increased by 30.19% to ¥463,136,103.80 compared to the previous year[54] - The number of R&D personnel increased to 1,521 in 2024, a rise of 16.64% from 1,304 in 2023[57] - R&D expenditure reached ¥467,033,883.09 in 2024, reflecting a growth of 30.03% compared to ¥359,164,738.25 in 2023[57] Corporate Governance and Management - The company has a well-defined corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board[101] - The company has established a governance structure that complies with relevant laws and regulations, ensuring no significant discrepancies with regulatory requirements[95] - The company has a dedicated team of senior management who are not involved in other competing businesses, ensuring focused leadership[98] - The company emphasizes high-quality information disclosure and aims to enhance investor satisfaction through good performance and governance practices[92] Environmental and Social Responsibility - The company adheres to various environmental protection policies and standards, promoting energy conservation and green development[159] - The company has established a comprehensive environmental management system and has received ISO14001 and ISO50001 certifications, promoting green manufacturing and energy conservation[181] - The company actively participates in social welfare initiatives, adhering to the philosophy of "sharing development results" and promoting collaborative innovation within the industry[182] - The company has been recognized as a national-level green factory and a national clean production demonstration enterprise, leading the industry in green manufacturing standards[181] Risks and Challenges - The company faces risks including economic environment risk, exchange rate fluctuation risk, market competition risk, and raw material price fluctuation risk[3] - The company is exposed to foreign exchange risks due to its high export sales revenue, which could affect profitability; it plans to engage in hedging activities to manage this risk[85] - The company is addressing raw material price volatility risks by upgrading equipment and improving management to control production costs[88] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥4.00 per 10 shares (including tax) to all shareholders based on a total share capital of 798,558,800 shares[3] - The company distributed a cash dividend of 6.25 CNY per 10 shares for the 2023 annual profit distribution, totaling 499,099,250 CNY[141] - The total cash dividend for the year 2024 is projected to be 618,883,070.00 CNY, with no share buybacks planned[145] Financial Audits and Compliance - The company has retained the accounting firm Xinyong Zhonghe for the 2024 audit, with a total remuneration of 600,000 RMB, including 500,000 RMB for annual audit services and 100,000 RMB for internal control audit services[192] - The internal control audit report issued a standard unqualified opinion, confirming effective internal control over financial reporting as of December 31, 2024[155] - The company has not faced any administrative penalties related to environmental issues during the reporting period[174]

| 信永中和会计师事务所 | 北京市东城区朝阳门北大街 | 联系电话: | +86(010)6554 2288 | | --- | --- | --- | --- | | | 8号富华大厦A座9层 | telephone: | +86(010)6554 2288 | | | 9/F, Block A, Fu Hua Mansion, | | | | ShineWing | No.8, Chaoyangmen Beidaj ie, Dongcheng District, Beij ing, | 传真: | +86(010)6554 7190 | | certified public accountants | 100027, P.R.China | facsimile: | +86(010)6554 7190 | 关于山东豪迈机械科技股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025JNAA3B0042 山东豪迈机械科技股份有限公司 山东豪迈机械科技股份有限公司全体股东： XYZH/2025JNAA3B0042 山东豪迈机械科技股份有限公司 本专项说明仅供豪迈科技公司 ...

内部控制审计报告 XYZH/2025JNAA3B0037 山东豪迈机械科技股份有限公司 山东豪迈机械科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了山东豪迈机械科技股份有限公司（以下简称"豪迈科技公司"）2024 年 12 月 31 日财 务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是豪迈科技公司董 事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 1 XYZH/2025JNAA3B0037 山东豪迈机械科技股份有限公司 四、 财务报告内部控制审计意见 我们认为，豪迈科技公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》和 相关规定在所有重大方面保持了有效的财务报告内部控制。 信永中和会计师事务所(特殊普通合伙) 中国注册会计师： （项目合伙人） 中 ...

本人作为山东豪迈机械科技股份有限公司（以下简称"公司"）的独立董事， 按照《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司独立董事管理办法》《公 司章程》以及公司《独立董事工作制度》等法律法规、规章制度的规定和要求， 忠实勤勉履行职责，充分发挥独立董事的作用，维护公司整体利益和全体股东尤 其是中小股东的合法权益。现将2024年度履职情况汇报如下： 一、独立董事的基本情况 王新宇，中国注册会计师、注册税务师、注册资产评估师，现任利安达会计 师事务所（特殊普通合伙）合伙人、山东分所所长。2023年9月至今，担任公司 独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2024年度履职情况 山东豪迈机械科技股份有限公司 2024年度独立董事述职报告 （1）审计委员会 2024年，召开审计委员会4次，本人实际出席4次，会议审议事项如下： （一）出席董事会、股东大会履职情况 2024年，公司召开3次股东大会、7次董事会。本人主动了解公司经营情况， 详细审阅议案资料，充分发挥自身的专业作用 ...