Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has shown steady revenue and profit growth, driven by the synergy of its three main business segments: tire molds, gas turbines, and CNC machine tools [3][4] - The tire mold business achieved revenue of 46.51 billion yuan in 2024, a year-on-year increase of 22.73%, supported by technological advancements and capacity expansion [4] - The gas turbine business is benefiting from the global energy transition and increasing demand for electricity, with orders expected to exceed 50GW in 2024, marking a 15% increase [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 88.13 billion yuan, a 22.99% increase year-on-year, and a net profit of 20.11 billion yuan, up 24.77% [2][3] - For Q1 2025, revenue reached 22.79 billion yuan, reflecting a 29.06% year-on-year growth, with net profit at 5.20 billion yuan, a 29.96% increase [2][3] Business Segments - The tire mold segment is experiencing high growth due to its leading market position and full order books, with significant contributions from the new factories in Thailand and Mexico [4] - The electric heating vulcanizing machine has secured significant orders, indicating a shift from pilot projects to mass production, with recent contracts totaling 135 million yuan [5] - The gas turbine segment is positioned to capitalize on the increasing global electricity demand, with a forecasted market growth to over 100GW by 2029 [9] Profit Forecast - Revenue projections for 2025-2027 are 108.9 billion yuan, 131.2 billion yuan, and 156.1 billion yuan respectively, with corresponding EPS of 3.12 yuan, 3.80 yuan, and 4.64 yuan [10][12]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-30 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250428：25Q1 固收+基金转债持仓十大亮点 特征 1：2025Q1，固收+基金规模整体为净申购，其中二级债基和可转债 基金的基金规模增幅相对更明显，受益于优异的净值表现，尤其是可转债 基金在 2025Q1 表现突出，整体跑赢其他固收+基金和中证转债指数，与 等权指数相当。 特征 2：观察大类资产配置情况，固收+基金多数降低了 杠杆率以及含权资产整体仓位，对其中转债、股票的配置变化不一。具体 来看，一级债基和二级债基相对稳健，降低了整体含权仓位的比例；转债 基金降低了股票仓位但提高转债仓位；而偏债混和灵活配置型基金则降 低了转债仓位，增加了股票仓位，弹性诉求或更强。按照基金波动性划分 看，高波基金提高了转债仓位，略微降低股票仓位；中低波基金的含权仓 位整体下降。 宏观量化经济指数周报 20250427：如何理解新的结构性货币政策工具和 新型政策性金融工具 从"量"和"价"两个方面拓宽流动性投放空间，结构性政策工具的"量 增、价降"也是"适度宽松"的重要内容。 本 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company continues to experience rapid growth, with Q1 2025 revenue increasing by 29.1% year-on-year, reaching 2.279 billion yuan, and net profit attributable to shareholders rising by 30.0% to 520 million yuan [2] - The gross margin slightly decreased to 33.8%, down 1.7 percentage points year-on-year, primarily due to an increase in domestic sales of tire molds and changes in accounting policies [3] - The company is effectively managing expenses, with a decrease in the expense ratio to 7.78%, down 2.19 percentage points year-on-year, indicating improved operational efficiency [3] Business Development - The tire mold business is expanding internationally, with the Thai factory completed and operational since October 2023, and the Mexican factory set to begin production in April 2024 [4] - The large component machinery segment is benefiting from a growing global gas turbine market and a recovering wind power industry, leading to a strong order backlog [4] - The CNC machine tool business is introducing new five-axis products and is set to open a machine tool laboratory in 2025 to enhance product testing and development [4] - The electric heating vulcanization machine has been successfully developed, with significant orders already secured, indicating potential for a new growth curve [4] Financial Forecasts - The report revises the net profit forecasts for 2025-2027 to 2.455 billion yuan (previously 2.335 billion), 2.989 billion yuan (previously 2.763 billion), and 3.546 billion yuan (previously 3.190 billion), respectively [5] - The current stock price corresponds to dynamic P/E ratios of 19, 15, and 13 for the years 2025, 2026, and 2027, respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a Q1 2025 revenue of 2.279 billion yuan, a year-over-year increase of 29.06%, and a net profit attributable to shareholders of 520 million yuan, up 30% year-over-year, exceeding market expectations [5][8] - The main business segments are experiencing rapid growth, particularly in tire molds and large components, with significant orders and production expansions planned [8] - The company has secured a large order for electric heating vulcanization machines, which are expected to drive future growth due to their efficiency advantages over traditional methods [8] - The company has raised its earnings forecast for 2025-2027, reflecting strong order backlog and market opportunities [8] Financial Data and Earnings Forecast - For Q1 2025, the company achieved a gross margin of 33.81%, with a net profit margin of 22.80% [5] - The projected total revenue for 2025 is 10.465 billion yuan, with a year-over-year growth rate of 18.7% [7] - The forecasted net profit for 2025 is 2.437 billion yuan, representing a year-over-year growth of 21.2% [7] - The company’s earnings per share (EPS) for 2025 is estimated at 3.05 yuan [7]

Financial Performance - The company's revenue for Q1 2025 reached ¥2,278,671,602.80, representing a 29.06% increase compared to ¥1,765,653,515.37 in the same period last year[4] - Net profit attributable to shareholders was ¥519,648,870.94, up 29.96% from ¥399,864,260.85 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥501,237,083.12, reflecting a 33.68% increase from ¥374,962,497.31 in the previous year[4] - Total operating revenue for the current period reached ¥2,278,671,602.80, a 29.1% increase from ¥1,765,653,515.37 in the previous period[21] - Net profit for the current period was ¥519,514,677.84, representing a 29.6% increase compared to ¥400,889,627.93 from the previous period[22] - Operating profit increased to ¥587,997,426.81, a rise of 28.3% from ¥458,350,549.24 in the last period[22] Cash Flow and Investments - The company's cash flow from operating activities increased by 27.66% to ¥163,281,140.31, compared to ¥127,906,106.84 in the same period last year[4] - Cash flow from operating activities generated a net amount of ¥163,281,140.31, compared to ¥127,906,106.84 in the prior period, reflecting a 27.7% increase[24] - The net cash flow from investment activities was negative at -¥283,669,228.89, a decrease of 1552.65% compared to ¥19,527,699.78 in the previous year, mainly due to reduced maturity of structured deposits[11] - The company reported a net cash outflow from investing activities of ¥283,669,228.89, contrasting with a net inflow of ¥19,527,699.78 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,174,146,294.43, a 4.25% increase from ¥11,678,333,832.19 at the end of the previous year[4] - Current assets totaled CNY 8,495,833,850.54, up from CNY 8,283,362,329.86, indicating an increase of about 2.56%[17] - Non-current assets reached CNY 3,678,312,443.89, compared to CNY 3,394,971,502.33, representing a growth of approximately 8.38%[18] - Total liabilities decreased to CNY 1,757,319,924.63 from CNY 1,791,954,064.62, showing a reduction of about 1.93%[19] - The company's equity attributable to shareholders increased to CNY 10,409,358,860.75 from CNY 9,879,142,889.71, reflecting a growth of approximately 5.36%[19] - The total liabilities and equity combined reached CNY 12,174,146,294.43, consistent with the total assets reported[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,039, with the largest shareholder holding 30.21% of the shares[12] - The company reported a total of 800,000,000.00 in share capital, unchanged from the previous period[19] Research and Development - Research and development expenses rose by 32.07% to ¥127,529,790.01, indicating increased investment in innovation[10] - Research and development expenses were ¥127,529,790.01, up 32.1% from ¥96,562,738.87 in the previous period[21] Earnings Per Share - Basic and diluted earnings per share were both ¥0.6515, an increase from ¥0.5044 in the previous period[23] Other Comprehensive Income - Other comprehensive income after tax was ¥7,604,300.78, compared to a loss of ¥30,085,088.72 in the prior period[22] Inventory and Receivables - Accounts receivable stood at CNY 2,729,332,417.65, slightly up from CNY 2,673,732,827.34, marking an increase of approximately 2.08%[17] - Inventory levels increased to CNY 2,707,477,127.56 from CNY 2,478,466,344.40, representing a growth of about 9.23%[17] Cash and Cash Equivalents - Cash and cash equivalents were reported at CNY 1,120,718,524.33, down from CNY 1,250,688,878.34, indicating a decrease of about 10.39%[17] - Cash and cash equivalents at the end of the period totaled ¥1,101,149,230.41, down from ¥1,251,485,595.81 at the end of the previous period[25]

Group 1 - The company, Haomai Technology (002595), reported a revenue of 2.279 billion yuan for the first quarter of 2025, representing a year-on-year growth of 29.06% [1] - The net profit for the same period was 520 million yuan, showing a year-on-year increase of 29.96% [1]

报 告 摘 要 四、2025年一季报中FOF配置数量最多的基金经理 在主动权益基金中，重仓该基金的 FOF 数量最多的三只基金是 大成高鑫 A 、富 国稳健增长 A 、华夏创新前沿 ；重仓规模最大的三只基金是 华夏创新前沿、大 成高鑫 A 、易方达信息行业精选 C 。 在债券型基金中，重仓该基金的 FOF 数量最多的三只基金是 广发纯债 A 、易方 达安悦超短债 A 、富国纯债 AB ；重仓规模最大的三只基金是 易方达安悦超短 债 A 、广发纯债 A 、嘉实汇鑫中短债 A 。 三、相比2024Q4，FOF基金经理增配了哪些基金？ 追踪 FOF 基金经理的投资动态：在主动权益基金中， FOF 预估净增持数量最多 的三只基金是 富国稳健增长 A 、景顺长城品质长青 A 、博时智选量化多因子 A ； FOF 预估净增持规模最大的三只基金是 富国稳健增长 A 、易方达战略新兴产 业 C 、易方达医药生物 C 。 在债券型基金中， FOF 预估净增持数量最多的三只基金是 易方达安悦超短债 A 、富国产业债 A 、易方达安瑞短债 D ； FOF 预估净增持规模最大的三只基金是 易方达安悦超短债 A 、嘉合磐泰短债 A 、 ...

Core Viewpoint - Haomai Technology has made significant progress in its electric heating vulcanization machine business, securing orders totaling 135 million yuan, which is expected to positively impact the company's future performance [1][2]. Financial Performance - In 2024, Haomai Technology's revenue is projected to reach 8.813 billion yuan, representing a year-on-year growth of 22.99%, while net profit is expected to be 2.011 billion yuan, up 24.77%, marking a historical high [1][4]. - The company's R&D investment for the same year is approximately 467 million yuan, reflecting a 30.03% increase [1][6]. - The gross margin for 2024 is reported at 34.30%, a slight decrease of 0.35 percentage points, while the net profit margin improved by 0.36 percentage points to 22.85% [4]. Business Segments - Haomai Technology operates three main business segments: tire molds, large component machinery, and machine tools, all of which have shown growth in 2024 [5][6]. - The tire mold segment generated 4.651 billion yuan in revenue, a 22.73% increase, accounting for 52.78% of total revenue [5]. - The large component machinery segment achieved 3.332 billion yuan in revenue, up 20.31%, representing 37.81% of total revenue [5]. - The machine tool segment reported 399 million yuan in revenue, a growth of 29.30%, making up 4.53% of total revenue [5]. Market Expansion and Strategy - To meet market demand, Haomai Technology plans to expand its production capacity through acquisitions, including a 105 million yuan purchase of land and equipment from Shandong Haomai Heavy Industry [3]. - The company has established a global production service system with subsidiaries in various countries and has formed strategic partnerships with several Fortune 500 companies [4]. Shareholder Returns - For the 2024 fiscal year, Haomai Technology plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling 319 million yuan, which represents 30.77% of the net profit for the year [7].

证券代码：002595 证券简称：豪迈科技 公告编号：2025-013 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"）的新产品电加热硫化机经过 多年的研发和试制，相较传统工艺在节能、环保等方面具有显著的优势，自推向市场后， 前期已在客户处开始小规模应用。近日，公司陆续收到客户的中标通知，中标金额合计 1.35亿元，取得积极进展。 一、基本情况 | 序号 | 招标单位 | 项目名称 | 招标编号 | 中标金额 （万元） | | --- | --- | --- | --- | --- | | 1 | 风神轮胎 股份有限 | 风神轮胎股份有限公司 120 万套硫化机 电硫化改造 | 0747-2560SCCZUF10/01 | 5,500.00 | | | 公司 | 风神轮胎股份有限公司 70 万套 JK 排置 换新电硫化机 | 0747-2560SCCZUF09/01 | 4,996.20 | | 2 | 万力轮胎 股份有限 | 万力轮胎从化基地三期项目第 2 期扩建 600 万条高性能半钢子午线轮胎项目 48 ...

Core Viewpoint - Haomai Technology (002595) has made significant progress in the market with its new product, electric heating vulcanizer, receiving a total bid amount of 135 million yuan from various clients [1] Group 1: Market Achievements - The company has received multiple winning bids, including a 55 million yuan project for 1.2 million sets of electric vulcanizers for the transformation of the tire company, Wind God Tire Co., Ltd [1] - Another project involves 70,000 sets of JK replacement electric vulcanizers, with a bid amount of approximately 49.96 million yuan [1] - Additionally, the company secured a bid worth 30.42 million yuan for the third phase project at Wanli Tire Co., Ltd's Conghua base [1] Group 2: Future Impact - The bulk orders signify increased market recognition of the company's products, which is expected to have a positive impact on future operating performance [1]