Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company achieved a revenue of 6.365 billion yuan in the third quarter of 2024, representing a year-on-year growth of 26.24%. The net profit attributable to shareholders was 457 million yuan, up 15.93% year-on-year [1]. - The tire mold business continues to perform well, driven by the rapid development of the new energy vehicle sector in China and the overall positive trend in the tire industry. The company is also enhancing its global production capacity, with new facilities in Thailand and Mexico [1][4]. - The company has adjusted its profit forecast upwards, expecting net profits attributable to shareholders to reach 1.93 billion yuan, 2.30 billion yuan, and 2.66 billion yuan for the years 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 6.365 billion yuan, a year-on-year increase of 20.05%. The net profit attributable to shareholders was 1.417 billion yuan, reflecting a growth of 21.23% [1][6]. - The gross margin and net margin for the first three quarters of 2024 were 34.94% and 22.29%, respectively, showing slight improvements compared to the previous year [1][7]. - The company’s operating expenses have increased, impacting the net profit growth rate, with management and R&D expenses rising due to increased personnel costs [1][7]. Earnings Forecast and Valuation - The company is projected to have a net profit of 1.93 billion yuan in 2024, 2.30 billion yuan in 2025, and 2.66 billion yuan in 2026, with corresponding price-to-earnings ratios of 20, 16, and 14 times [1][9]. - The expected revenue for 2024 is 8.512 billion yuan, with a growth rate of 18.8% compared to 2023 [3][9].

Investment Rating - Buy (Maintained) [1] Core Views - The company's international layout is becoming more complete, with revenue and profits maintaining growth [1] - The tire mold industry is experiencing strong demand, benefiting the company's products [1] - The company's overseas business performance is outstanding, with overseas revenue reaching 1.826 billion yuan in H1 2024, a year-on-year increase of 13.20% [1] - The company continues to increase R&D investment, with R&D expenses reaching 329 million yuan in Q1-Q3 2024, a year-on-year increase of 29.27% [2] - The company's overall sales gross margin in Q1-Q3 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, and the net profit margin was 22.29%, a year-on-year increase of 0.26 percentage points [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and net profit attributable to the parent company of 1.417 billion yuan, a year-on-year increase of 21.23% [1] - In Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and net profit attributable to the parent company of 457 million yuan, a year-on-year increase of 15.93% [1] - The company's revenue is expected to be 8.330 billion yuan, 9.498 billion yuan, and 10.612 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 2.39 yuan, 2.70 yuan, and 3.07 yuan [3] Industry Analysis - The tire mold industry is benefiting from the rapid development of the tire and new energy vehicle industries [1] - The demand for tire molds is closely related to the production scale of tires and is also influenced by the speed of updates in tire specifications and patterns [1] - The company has mastered three mold processing technologies: EDM, engraving, and precision casting aluminum, and has applied new processes such as laser engraving and 3D printing in mold manufacturing [1] International Expansion - The company has established subsidiaries in the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production and service system [1] - The overseas business gross margin in H1 2024 was 42.93%, an increase of 0.34 percentage points compared to the same period in 2023, and 16.11 percentage points higher than the domestic gross margin [1] R&D and Innovation - The company has obtained more than 290 invention patents and has launched new technologies and products such as high-efficiency energy-saving molds, electric heating vulcanizers, and electric heating molds [2] - The company's R&D investment in Q1-Q3 2024 accounted for 5.17% of its revenue [2] Profitability and Growth - The company's gross margin in Q1-Q3 2024 was 34.94%, and the net profit margin was 22.29% [2] - The company's revenue growth rate is expected to be 16.3%, 14.0%, and 11.7% in 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to grow by 18.8%, 12.9%, and 13.7% in 2024, 2025, and 2026, respectively [5]

各位投资者大家下午好我是海通机械首席赵院伟那今天和我一起主持的还有分析师刘启仑和欧阳天一那今天我们非常有幸请到公司的证券事务代表赵总来给我们一起解读一下最新豪迈科技的三级报的情况那么今天因为是一个小范围的一个会议就有请我们赵总能否就给我们这个三级报里面的几个主要这个业务板块能否先给我们做一个分析感谢 好的 您可以稍等感谢大家对公司的关注和支持从三季度的这个情况来讲分又板块来看的话轮胎模具跟疏孔机床这两项业务基本上是跟半年度的情况差不太多它的增长速度基本上是波动不大 门塔模具也是实现了15%以上的一个增长苏宏机场也是接近三倍的增速然后大型零部件机械产品可能前三季度相比半年度来讲的话是增速还是有一些变化的 在半年度的时候大型零部件接待产品这个业务增长在不太到3%前三季度来看也是实现了双位数的增长跟我们前年的预期基本上是相匹配的这是一个变化 嗯明白明白然后我们就是也看到了就是第三季度呢当时可能整一个这个毛利率其实出现了一些这个同环比下滑的这个情况然后这一部分的原因是跟咱们咱们刚刚说的就是这个结构性的原因为主呢还是说有其他一些外部的因素有一些影响导致这个毛利率可能阶段性啊有一些小小的下滑 对首先就是这个产品结构一些业 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.365 billion CNY, a year-on-year increase of 20.05% [1] - The net profit attributable to shareholders for the same period was 1.417 billion CNY, reflecting a growth of 21.23% [1] - In Q3 2024, the operating revenue was 2.227 billion CNY, up 26.24% year-on-year, with a net profit of 457 million CNY, increasing by 15.93% [1] Group 2: Foreign Exchange Impact - The company experienced a foreign exchange loss of 23 million CNY due to currency fluctuations in the first nine months of 2024 [1] - The high proportion of overseas business income, primarily settled in USD, makes the company susceptible to foreign exchange market fluctuations [1] - Hedging activities are employed to mitigate foreign exchange risks and reduce exposure to exchange losses [2] Group 3: Business Operations and Growth - The main raw materials for the company include forged steel, pig iron, scrap steel, and aluminum ingots [2] - The tire mold business is currently operating at full capacity and is expected to maintain good growth throughout 2024 [2] - The gas turbine segment has seen a continuous increase in market demand, with revenue from this segment improving [2] Group 4: Market Position and Strategy - The company holds a market share of over 30% in the tire mold sector, with a higher share in the domestic market compared to international markets [4] - Major clients for the gas turbine business include GE, Mitsubishi, Siemens, and Shanghai Electric [4] - The company plans to enhance its overseas production capabilities and service capacity in response to market conditions [4] Group 5: Future Outlook and Dividends - The company has increased its dividend payout to nearly 500 million CNY for 2023 and proposed a mid-term dividend plan for 2024 [4] - The company benefits from a tax policy allowing a 5% deduction on VAT until December 31, 2027, which supports its financial performance [5]

Investment Rating - Buy (Maintained) [1] Core Views - The company's profitability remains high, with rapid growth in performance [1] - The company achieved revenue of 6.37 billion yuan in Q1-Q3 2024, a year-on-year increase of 20.1%, and net profit attributable to the parent company of 1.42 billion yuan, a year-on-year increase of 21.2% [1] - In Q3 2024, the company achieved revenue of 2.23 billion yuan, a year-on-year increase of 26.2%, and net profit attributable to the parent company of 460 million yuan, a year-on-year increase of 15.9% [1] Business Segments - Tire mold segment: The company's market share exceeded 30% in 2023, benefiting from the overseas expansion of domestic tire companies and the growing demand for new energy vehicles and high-performance tires [2] - Large parts segment: The high-margin gas turbine business continues to see strong market demand, with full order books and an increasing proportion of revenue. The wind power business is gradually recovering, with optimized product structure and full production capacity [2] - CNC machine tool segment: Since the launch of machine tool products in 2022, industry recognition has continued to improve, with rapid expansion of revenue scale, and the company's third growth curve is gradually being realized [2] - Contract liabilities reached 240 million yuan by the end of the reporting period, a year-on-year increase of 109.7%, indicating strong order support for future development [2] Profitability and R&D - In Q1-Q3 2024, the company's gross margin was 34.9%, a year-on-year increase of 0.9 percentage points, and the net margin was 22.3%, a year-on-year increase of 0.3 percentage points [3] - In Q3 2024, the company's gross margin was 34.4%, a year-on-year decrease of 1.7 percentage points, and the net margin was 20.5%, a year-on-year decrease of 1.8 percentage points [3] - R&D expenses reached 330 million yuan in Q1-Q3 2024, a year-on-year increase of 29.3%, reflecting the company's commitment to enhancing its competitive advantage in R&D-intensive industries such as tire molds and machine tools [3] Financial Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 1.94 billion yuan, 2.20 billion yuan, and 2.46 billion yuan in 2024, 2025, and 2026, respectively, with a compound annual growth rate of 15% over the next three years [3] - The current stock price corresponds to a PE ratio of 20x, 17x, and 15x for 2024, 2025, and 2026, respectively [3] - The company's revenue is expected to grow by 19.32%, 12.19%, and 9.95% in 2024, 2025, and 2026, respectively [4] - The company's net profit attributable to the parent company is expected to grow by 20.10%, 13.70%, and 11.88% in 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's ROE is expected to be 19.05%, 18.38%, and 17.59% in 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be 2.02 yuan, 2.42 yuan, and 2.75 yuan in 2024, 2025, and 2026, respectively [4] - The company's PB ratio is expected to be 4.40x, 3.73x, and 3.17x in 2024, 2025, and 2026, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][8]. Core Insights - The company reported a revenue of 6.365 billion yuan for the first three quarters of 2024, representing a year-over-year growth of 20.05%. The net profit attributable to the parent company was 1.417 billion yuan, with a year-over-year increase of 21.23% [6][8]. - The company has a robust order backlog, with contract liabilities reaching 236 million yuan, a 109.68% increase from the beginning of the year, reflecting strong demand [8]. - The report highlights the company's strategic focus on expanding its tire mold business and developing steam turbine components, which are expected to drive future growth [8]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve revenues of 19.25 billion yuan, with net profits of 1.925 billion yuan, corresponding to a PE ratio of 20x [8][11]. - The gross margin for Q3 2024 was reported at 34.94%, with a net margin of 22.29%, showing slight decreases due to increased operating expenses [6][7]. - The company’s total assets and liabilities indicate a healthy financial position, with a debt-to-asset ratio of 14.97% [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance is generally in line with expectations, with Q3 2024 single-quarter revenue increasing by 26% year-on-year [2] - For the first three quarters of 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 1.417 billion yuan, up 21.23% year-on-year [2] - The growth in revenue is primarily driven by successful market expansion in three major business segments: tire molds, large components, and CNC machine tools [2] - The company's gross margin for the first three quarters of 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, while the gross margin for Q3 2024 was 34.43%, a decrease of 1.68 percentage points year-on-year [3] - The company is expanding its overseas market for tire molds and has opened a new growth curve in the CNC machine tool business [4] Financial Performance Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.001 billion yuan, 2.256 billion yuan, and 2.524 billion yuan respectively, with corresponding dynamic P/E ratios of 19, 17, and 15 times [4] - The total revenue for 2024 is projected to be 8.509 billion yuan, reflecting an 18.75% year-on-year growth [4] - The report indicates that the company's net profit margin for Q3 2024 was 20.52%, down 1.79 percentage points year-on-year, primarily due to increased management and R&D expenses [3]

证券代码：002595 证券简称：豪迈科技 公告编号：2024-035 山东豪迈机械科技股份有限公司 第六届监事会第十一次会议决议的公告 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"）第六届监事会第十一次会议 通知已于2024年10月16日以电子邮件、微信等方式送达各位监事，会议于2024年10月 26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。会议由公司监事会主席唐立星先生主持，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： 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年第三季度 报告》 监事会认为：董事会编制和审核《2024年第三季度报告》的程序符合法律、行政 法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 二、会议以2票同意、0票反对、0票弃权的表决结果审议通过《关于调增2024年度 日常关联交易预 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2024-034 山东豪迈机械科技股份有限公司 第六届董事会第十一次会议决议的公告 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。 山东豪迈机械科技股份有限公司（以下简称"公司"）第六届董事会第十一次会议 通知已于2024年10月16日以电子邮件、微信等方式送达各位董事，会议于2024年10月 26日在公司会议室以现场结合通讯表决方式召开，会议应出席董事9人，实际出席9人。 全体高管及监事列席了会议。会议由公司董事长单既强先生主持，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。 经与会董事认真讨论，一致通过以下决议： 本议案已经公司董事会审计委员会审议通过。 二、会议以9票同意、0票反对、0票弃权的表决结果审议通过《关于开展外汇套 期保值业务的议案》 经审核，董事会全体成员认为：公司已就开展外汇套期保值业务的行为建立了健 全的组织机构、业务操作流程、审批流程及《外汇套期保值业务管理制度》，在保证 正常生产经营的前提下，公司开展外汇套期保值业务，有利于规避和防范汇率大幅波 动对 ...

Revenue and Profit - Revenue for the third quarter reached 2.23 billion yuan, a year-on-year increase of 26.24%[2] - Net profit attributable to shareholders of the listed company was 456.85 million yuan, up 15.93% year-on-year[2] - Total operating income for the current period reached 6,365,106,563.43 yuan, a significant increase from the previous period's 5,301,881,242.79 yuan[13] - Net profit attributable to the parent company's shareholders was 1,416,978,365.08 yuan, up from 1,168,796,112.82 yuan in the previous period[14] - Total comprehensive income attributable to the parent company was RMB 1.40 billion, an increase of 21.2% from the previous period's RMB 1.16 billion[15] - Basic earnings per share increased to RMB 1.7845 from RMB 1.4714 in the previous period[15] Assets and Liabilities - Total assets as of the end of the reporting period were 11.29 billion yuan, an increase of 13.86% compared to the end of the previous year[2] - Total assets increased to 11,287,219,973.09 yuan from 9,913,603,329.40 yuan[11] - Total liabilities rose to 1,689,405,649.54 yuan from 1,294,832,336.94 yuan[12] - Fixed assets grew to 2,246,302,517.79 yuan from 2,121,573,678.55 yuan[11] - Long-term equity investments decreased to 133,511,671.33 yuan from 138,852,412.92 yuan[11] - Total equity attributable to the parent company's shareholders rose to 9,590,574,830.81 yuan from 8,612,993,968.39 yuan[12] Cash Flow - Operating cash flow for the first three quarters was 586.38 million yuan, a decrease of 48.37% year-on-year[2] - Net cash flow from operating activities decreased by 48.37% to 586,380,375.22 RMB due to higher payments for goods and employee salaries[8] - Net cash flow from investing activities increased by 157.48% to 302,811,961.45 RMB due to more matured structured deposits[8] - Net cash flow from financing activities decreased by 24.18% to -402,894,808.73 RMB due to higher dividend distributions[8] - Net cash flow from operating activities was RMB 586.38 million, a decrease of 48.4% compared to the previous period's RMB 1.14 billion[17] - Net cash flow from investing activities was RMB 302.81 million, a significant improvement from the previous period's negative RMB 526.81 million[17] - Net cash flow from financing activities was negative RMB 402.89 million, compared to negative RMB 324.45 million in the previous period[17] - Cash received from sales of goods and services was RMB 5.15 billion, an increase of 11.6% from the previous period's RMB 4.61 billion[16] - Cash paid for goods and services increased by 34.7% to RMB 2.43 billion from RMB 1.80 billion in the previous period[16] - Cash paid to employees increased by 29.5% to RMB 1.72 billion from RMB 1.33 billion in the previous period[17] - Cash received from investments was RMB 2.58 billion, a significant increase of 128.1% from the previous period's RMB 1.13 billion[17] - Cash and cash equivalents at the end of the period were RMB 1.57 billion, an increase of 73.8% from the previous period's RMB 905.15 million[17] Inventory and Receivables - Inventory increased by 37.61% to 2.30 billion yuan due to higher raw material reserves and semi-finished products in production[5] - Accounts receivable financing rose by 57.33% to 418.06 million yuan, driven by an increase in bank acceptance bills[5] - Accounts receivable increased to 2,525,474,191.09 RMB from 2,138,014,871.78 RMB at the beginning of the period[10] Expenses and Costs - Management expenses increased by 33.57% to 179,709,423.15 RMB due to higher employee compensation[7] - Financial expenses surged by 320.58% to 19,882,295.41 RMB primarily due to increased exchange losses from currency fluctuations[7] - Other income rose by 707.64% to 47,841,245.66 RMB due to tax benefits from advanced manufacturing VAT deductions[7] - Operating costs for the current period amounted to 4,814,345,447.51 yuan, compared to 4,002,030,087.37 yuan in the previous period[14] - R&D expenses increased to 329,109,660.19 yuan from 254,503,439.08 yuan in the previous period[14] Shareholders and Equity - The company's total number of ordinary shareholders at the end of the reporting period was 14,484[9] - Zhang Gongyun holds 30.21% of the company's shares, making him the largest shareholder[9] - The company's monetary funds increased to 1,589,338,245.89 RMB from 1,084,480,822.55 RMB at the beginning of the period[10] Contract Liabilities and Prepayments - Contract liabilities surged by 109.68% to 235.56 million yuan, reflecting an increase in advance payments from customers[6] - Prepayments grew by 43.41% to 142.42 million yuan, mainly due to higher prepaid material costs[5] - Contract liabilities increased to 235,563,400.61 yuan from 112,346,298.16 yuan[11] Loans and Deferred Income - Long-term loans increased by 59.92% to 66.82 million yuan, primarily for expansion projects in Thailand[6] - Deferred income rose by 136.03% to 80.47 million yuan, largely due to increased government subsidies[6]