Core Viewpoint - The company, Haomai Technology, has shown strong financial performance in Q1 2025, with significant growth in revenue and net profit, indicating a robust business outlook and potential for further investment opportunities [19]. Group 1: Company Overview - Haomai Technology specializes in the production and sales of radial tire molds, large component casting, and precision machining, as well as machine tool equipment [19]. - The company reported a main revenue of 2.279 billion yuan in Q1 2025, a year-on-year increase of 29.06%, and a net profit of 520 million yuan, up 29.96% year-on-year [19]. Group 2: Business Segments - The tire mold business has seen continuous growth due to the company's competitive advantages, including ongoing R&D, advanced manufacturing technologies, and a strong focus on product quality [3]. - The machine tool business generated approximately 180 million yuan in revenue in Q1 2025, with a positive market performance and a busy production schedule [4]. Group 3: Future Prospects - The company anticipates a significant increase in the overall business value of its electric heating vulcanizing machine, with expectations for substantial market growth in the coming years [11]. - The high-end casting project, primarily focused on wind power components, is expected to gradually release production capacity starting in June 2025 [7]. Group 4: Market Position and Strategy - The company has established a comprehensive global production service system with subsidiaries in various countries, enhancing its international presence [13]. - The electric heating vulcanizing technology is gaining traction both domestically and internationally, indicating a promising development trajectory [11].

Group 1: Company Overview and Financial Performance - The company has a net asset exceeding 1.3 billion yuan and maintains sufficient cash flow, indicating financial stability [2] - In Q1 2025, the company's CNC machine tool products achieved approximately 180 million yuan in revenue, reflecting continuous growth in the machine tool business [3] - The company plans to optimize its investor return mechanism based on operational performance and shareholder demands [5] Group 2: Product Development and Market Position - The company emphasizes continuous innovation in mold manufacturing, utilizing advanced technologies such as laser engraving and 3D printing [3] - The tire mold business has seen consistent revenue growth due to self-research and rapid response to customer needs [3] - The electric heating vulcanization machine has significant advantages over traditional methods, with expectations for substantial market growth in 2025 [4] Group 3: Production Capacity and Future Outlook - The high-end casting project, with a capacity of 65,000 tons, is expected to begin production around June 2025, focusing on wind power components [4] - The global demand for gas turbines is anticipated to rise, with the company currently operating at full capacity [4] - The company has established a comprehensive global production service system with subsidiaries in various countries, including the USA, Thailand, and Hungary [5] Group 4: Market Strategy and Customer Engagement - The company actively engages in investor relations through online collective reception days and specific investor surveys [2] - The CNC machine tool products cater to various industries, including precision molds, automotive, and electronics, with a focus on customized services [5] - Currently, less than 10% of the company's direct exports are to the US market, indicating potential for growth in international sales [5]

证券代码：002595 证券简称：豪迈科技 公告编号：2025-015 山东豪迈机械科技股份有限公司 特此公告。 山东豪迈机械科技股份有限公司 董事会 二〇二五年五月十二日 关于参加2025年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东豪迈机械科技股份有限公司（以下简称"公司"） 将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的"2025年山东 辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）； 或关注微信公众号（名称：全景财经）；或下载全景路演APP,参与本次互动交流。活动时间为 2025年5月15日（周四）15:00-16:30。届时公司高管将在线就公司2024年度业绩、公司治理、发 展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 1 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported Q1 2025 earnings that exceeded expectations, driven by strong performance in its three main business segments: tire molds, large components, and CNC machine tools [2][3] - The company is experiencing robust growth in revenue and profit, with Q1 2025 revenue reaching 2.279 billion yuan, a year-on-year increase of 29% [3] - The company is expected to continue its growth trajectory, with revised revenue and profit forecasts for 2025-2027 reflecting increases of 26%, 22%, and 18% respectively [6] Summary by Sections Revenue Performance - In Q1 2025, the company achieved operating revenue of 2.279 billion yuan, surpassing market expectations [3] - The tire mold segment is benefiting from strong domestic demand and increasing exports [5] - The large components segment is seeing sustained demand for gas turbine components, while the CNC machine tools segment continues to perform well [5] Profitability - The company's net profit attributable to shareholders for Q1 2025 was 520 million yuan, a year-on-year increase of 30% [4] - The sales net profit margin for Q1 2025 was 22.80%, reflecting a slight increase from the previous year [4] - The gross profit margin for Q1 2025 was 33.81%, slightly down from the previous year due to changes in product mix and rising personnel costs [4] Growth Drivers - The company is entering a new growth phase with its tire molds, large components, and CNC machine tools segments showing strong performance [5] - The establishment of a subsidiary focused on electric heating vulcanization machines is expected to significantly boost revenue in the long term [5] - The workforce has expanded significantly, with a total of 14,800 employees by the end of 2024, indicating a strong commitment to growth [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported Q1 2025 earnings that exceeded expectations, driven by strong performance in its three main business segments: tire molds, large components, and CNC machine tools [2][3] - The company is experiencing robust growth in revenue and profit, with Q1 2025 revenue reaching 2.279 billion yuan, a year-on-year increase of 29% [3] - The company is expected to continue its growth trajectory, with revised revenue and profit forecasts for 2025-2027 reflecting strong market demand and operational efficiency [6] Summary by Sections Revenue Performance - In Q1 2025, the company achieved operating revenue of 2.279 billion yuan, up 29% year-on-year, surpassing market expectations [3] - The tire mold segment is benefiting from strong domestic demand and increasing exports, while large components and CNC machine tools are also showing solid growth [3][5] Profitability - The company's net profit attributable to shareholders for Q1 2025 was 520 million yuan, a 30% increase year-on-year, again exceeding market expectations [4] - The sales net profit margin for Q1 2025 was 22.80%, reflecting a slight increase compared to the previous year [4] Business Growth Drivers - The tire mold business is seeing increased competitiveness among domestic tire manufacturers, leading to higher domestic and international demand [5] - The large components segment is benefiting from sustained demand for gas turbines and a recovery in wind power installations [5] - The CNC machine tool segment has entered a growth phase following its official external sales in 2022 [5] Financial Forecasts - Revenue forecasts for 2025-2027 have been raised to 11.083 billion, 13.507 billion, and 15.927 billion yuan, respectively, reflecting year-on-year growth rates of 26%, 22%, and 18% [6] - Net profit forecasts for the same period have also been adjusted upwards to 2.494 billion, 3.046 billion, and 3.620 billion yuan, with corresponding year-on-year growth rates of 24%, 22%, and 19% [6]

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]

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]