Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth in its performance, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments that have all shown significant growth, with revenue from molds, large component machinery, CNC machine tools, and others increasing by 22.73%, 20.31%, 29.30%, and 44.78% respectively [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico enhancing its service capabilities [6]. Company Overview - Latest closing price: 61.34 yuan - Total shares: 800 million, circulating shares: 794 million - Total market capitalization: 49.1 billion yuan, circulating market capitalization: 48.7 billion yuan - 52-week high/low: 63.42/34.51 yuan - Debt-to-asset ratio: 15.3% - Price-to-earnings ratio: 24.24 [3]. Financial Performance - In Q1 2025, the company achieved revenue of 2.279 billion yuan, a year-on-year increase of 29.06%, and a net profit of 520 million yuan, up 29.96% [4]. - The company expects revenues for 2025-2027 to be 10.386 billion, 11.767 billion, and 13.076 billion yuan, with corresponding growth rates of 17.85%, 13.29%, and 11.13% [10][12]. - The projected net profits for the same period are 2.356 billion, 2.700 billion, and 3.038 billion yuan, with growth rates of 17.13%, 14.61%, and 12.50% [10][12]. Future Outlook - The company is set to launch new products in the machine tool sector, including horizontal five-axis machining centers, which are expected to attract a growing customer base [7]. - A new high-end casting project is anticipated to boost revenue from large component machinery, with production expected to commence by mid-2025 [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments, all contributing to its growth: molds, large component machinery products, and CNC machine tools, with respective revenue growth rates of 22.73%, 20.31%, and 29.30% [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico, and has introduced energy-efficient electric heating vulcanizing machines, which have begun to see initial market applications [6]. Company Overview - The latest closing price of the company's stock is 61.34 yuan, with a total market capitalization of 49.1 billion yuan [3]. - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 24.24 [3]. Financial Performance - In Q1 2025, the company reported revenue of 2.279 billion yuan, a 29.06% increase year-on-year, and a net profit of 520 million yuan, up 29.96% [4]. - The company forecasts revenues of 10.386 billion yuan, 11.767 billion yuan, and 13.076 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.356 billion yuan, 2.700 billion yuan, and 3.038 billion yuan [10][12]. Future Projections - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 17.85%, 13.29%, and 11.13% for the years 2025 to 2027 [10]. - The introduction of new products in the machine tool segment and the establishment of a machine tool laboratory are anticipated to support ongoing innovation and market expansion [7].

Group 1: Business Overview - The company has a systematic pricing mechanism for tire mold products, considering specifications, processing difficulty, and order cycles, with profit margins varying by product type and complexity [2] - The company has established subsidiaries in multiple countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production service system [2] - The company offers a range of CNC machine tools, including direct drive turntables and vertical five-axis machining centers, with applications in precision molds, automotive, and electronics [2][3] Group 2: Financial Performance and Projections - The company's CNC machine tool revenue recognition varies by quarter due to order cycles and inventory levels, impacting the timing and amount of revenue recognized [3] - The company anticipates that the expansion and upgrades in tire mold business will increase demand for CNC machines, affecting production capacity [3] - The company expects steady growth in revenue from wind power and gas turbine components in 2024, with gas turbines accounting for approximately 30% and wind power for about 60% of large component machinery products [5][6] Group 3: Product Development and Market Trends - The electric heating vulcanization machine has gained recognition for its energy-saving and environmental benefits, leading to larger orders after initial trials [4] - The company is investing in a machine tool laboratory, expected to be operational by September 2024, to enhance its high-end machine tool offerings [3] - The market for wind power components is recovering in 2024 compared to the second half of 2023, while gas turbine demand remains strong [5][6] Group 4: Workforce and Corporate Governance - As of December 31, 2024, the company has a total of 14,804 employees, with significant increases in the tire mold and large component machinery sectors [6] - The company plans to optimize its investor return mechanism based on operational performance and shareholder expectations [6]

Group 1 - The explosion occurred at Youdao Chemical Co., Ltd. in Gaomi City, Shandong Province, resulting in 5 deaths, 6 missing persons, and 19 injuries as of 19:25 on the same day [1] - The emergency response was initiated by the Shandong provincial government, establishing a joint rescue command to manage search and rescue operations, medical treatment for the injured, and environmental monitoring [1] - Youdao Chemical is a subsidiary of Haomai Group, which reported a production value of 20.2 billion yuan in 2024 [1][4] Group 2 - Haomai Group is a leading enterprise in Gaomi City, involved in various public welfare projects including healthcare, education, and energy services [2] - The company has diversified investments in equipment manufacturing, including tire molds, mechanical processing, and oil and gas equipment [3] - Zhang Gengyun, the actual controller of Haomai Group, holds 30.21% of Haomai Technology, which has shown strong financial performance with revenues of 6.642 billion yuan in 2022 and projected growth in 2025 [3][4]

Core Viewpoint - The explosion at a subsidiary of Haomai Technology's controlling shareholder has led to a significant drop in the company's stock price, raising concerns about safety and potential impacts on the chemical industry [2][3]. Company Summary - Haomai Technology's stock fell by 3.56% to close at 63.88 yuan, with a trading volume of 367 million yuan, a substantial increase from the previous day's 198 million yuan [2]. - The explosion occurred at Youdao Chemical Co., Ltd., a subsidiary of Haomai Group, which focuses on the development and production of pesticides and pharmaceutical intermediates [2]. - Youdao Chemical has an annual production capacity of 11,000 tons for a key pesticide ingredient, making it the largest producer globally [2]. Market Impact - Year-to-date, Haomai Technology's stock has increased by 19.86%, reaching a one-year high just before the incident [3]. - As of the end of Q1, Haomai Technology was among the top ten holdings in 71 funds, with a total of 61.08 million shares valued at 3.615 billion yuan [3]. - The incident has triggered a surge in the pesticide sector, with several stocks experiencing significant gains, indicating a potential shift in market dynamics [5]. Fund Holdings - The top ten funds holding Haomai Technology shares include various mixed funds, with the largest holding being 2.2169 million shares valued at approximately 1.3119 billion yuan [4]. - Four ETFs also hold shares in Haomai Technology, with the largest being Guotai Zhongzheng Machine Tool ETF, which reduced its holdings from 522,600 to 476,500 shares [5].

Group 1 - The explosion incident occurred at Shandong Youdao Chemical Co., which is primarily engaged in pesticide production, particularly chlorantraniliprole, which recently received EPA registration [1] - The chlorantraniliprole project has a total investment of 1 billion yuan, with an expected annual production capacity of 10,000 tons and an annual output value exceeding 5 billion yuan [1] - Shandong Youdao is a subsidiary of Haomai Group, which is recognized as a hidden champion in the industrial manufacturing sector, particularly in tire molds [2] Group 2 - Zhang Gongyun, the controlling shareholder of Haomai Group, holds 83% of the company's shares and has a background in mechanical engineering [2] - Haomai Group has total assets of 20 billion yuan and employs over 20,000 people, with a projected output value of 20.2 billion yuan in 2024 [2] - The company reported a 20% increase in output value last year, reaching over 5 billion yuan, and anticipates continued growth this year [3]

Group 1 - The explosion occurred at Shandong Youdao Chemical Co., Ltd. on May 27, 2023, at approximately 11:57 AM, and rescue efforts are currently underway [1] - Youdao Chemical is an indirect subsidiary of Haomai Group Co., Ltd., established in August 2019 with a registered capital of 1 billion yuan, located in Weifang, Shandong Province, covering over 700 acres [1] - The company employs over 300 staff, including 81 dedicated R&D personnel, with 54 holding master's degrees or higher [1] Group 2 - Youdao Chemical focuses on the development, production, and sales of pesticide, pharmaceutical, and related fine chemical intermediates, with key products including chlorantraniliprole, methoxyfenozide intermediates, and various pharmaceutical intermediates [1] - A nearby business owner reported seeing black smoke rising from the direction of Youdao Chemical during the explosion, although it was no longer visible by the time of the call [2] - Youdao Chemical is 97.375% owned by Shandong Haomai Chemical Co., Ltd., which is a wholly-owned subsidiary of Haomai Group [2]

Group 1: Company Overview and Strategy - The company focuses on continuous R&D innovation to enhance product competitiveness and meet customer needs, aiming to increase market share [2] - The CNC machine tools launched in 2022 target the mid-to-high-end market, leveraging nearly 30 years of self-research experience [2] - The electric heating vulcanization machine has shown significant advantages in energy saving and environmental protection compared to traditional steam vulcanization machines [3] Group 2: Business Performance and Projections - Current business orders are robust, with expectations for sustained healthy development and good performance returns to investors [3] - The high-end casting project, with a capacity of 65,000 tons, is primarily for wind power components and is expected to start production around June 2025 [3] - The company anticipates a doubling of overall business output value for the vulcanization machine by 2025, indicating substantial market potential [5] Group 3: Market Demand and Trends - The market demand for wind power components is recovering in 2024 compared to the second half of 2023, while the gas turbine component demand remains strong [4] - The gas turbine market is expected to grow due to rising global electricity demand, with the company currently operating at full capacity [4] - Wind power product prices are volatile, while gas turbine product prices remain relatively stable [4] Group 4: International Expansion and Operations - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, creating a comprehensive global production service system [5] - The company collaborates with numerous domestic and international enterprises for CNC systems and components [5] Group 5: Investor Relations and Future Plans - The company plans to optimize investor return mechanisms based on operational performance and shareholder demands [5] - There are currently no plans to inject related company businesses into the listed company, with any future developments to be disclosed as required [5]

证券代码：002595 证券简称：豪迈科技 公告编号：2025-016 山东豪迈机械科技股份有限公司 2024年年度股东大会决议的公告 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、误导性陈述或者重大遗漏。 特别提示： 一、会议召开和出席情况 通过深圳证券交易所交易系统进行网络投票的时间为2025年5月16日上午9:15—9:25、 9:30—11:30和下午13:00—15:00； 通过深圳证券交易所互联网投票系统投票的时间为2025年5月16日上午9:15至下午15:00期 间的任意时间。 本次股东大会出席现场会议的股东及委托代理人共37人，代表股份357,513,751股，占公司 有表决权股份总数的44.7699%。 （2）网络投票股东参与情况 通过网络投票参加本次股东大会的股东共计203人，代表股份118,635,412股，占公司有表 1 1. 本次股东大会没有出现否决提案的情形。 2. 本次股东大会没有涉及变更以往股东大会已通过的决议。 1. 会议召开的时间： （1）现场会议时间：2025年5月16日（周五）下午14:30。 （2）网络投票时间：2025年5月16日。 2 ...

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 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第99号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北 京 德 和 衡 律 师 事 务 所 B E I J I N G D H H L A W F I R M 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 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第99号 致：山东豪迈机械科技股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受山东豪迈机械科技股份有限公司（以下 简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年年度股东大会。本所 律师依据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股东会规则》（以 下简称"《股东会规则》"《山东豪迈机械科技股份有限公司章程》（以下简称"《公司章程》"） 及相关法律法规以及规范性文件的规定，就本次股东大会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东 ...