Group 1: Company Overview and Business Segments - The company is engaged in high-end casting with a 65,000-ton project focused on wind power components, machine tool parts, and gas turbine components, expected to commence production around May or June 2025 [1] - The gas turbine market is anticipated to grow due to rising global electricity demand, with the company currently operating at full capacity [1] - The turbine business primarily serves domestic clients, including major companies like Dongfang Electric and Shanghai Electric [1] Group 2: Market Trends and Financial Performance - In 2024, the market demand for wind power components is expected to recover compared to the second half of 2023, while gas turbine components will continue to see strong demand [2] - The revenue from wind power and gas turbine businesses is projected to grow, maintaining their market share with gas turbines accounting for approximately 30% and wind power for about 60% of large component machinery products [2] Group 3: Product Development and Innovations - The electric heating vulcanizing machine has shown significant advantages in energy saving and production environment improvement, with expected business value to double by 2025 [2] - The tire mold business achieved a revenue of 4.651 billion yuan in 2024, marking a year-on-year growth of 22.73%, with domestic sales outpacing exports [3] Group 4: Global Expansion and Client Base - The company has established a global production service system with subsidiaries in the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia [3] - Currently, less than 10% of the company's exports are directed to the US market [4] Group 5: Innovation and Corporate Culture - The company promotes a culture of innovation, encouraging improvements and tolerating failures, which is reflected in its unique innovation system across various operational areas [4] - Future dividend considerations will align with the company's operational performance, strategic development, and shareholder expectations [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 72.95, compared to the last closing price of 56.99 [1][5]. Core Insights - The company has shown continuous growth in revenue and profit, with all three major business segments performing well. In 2024, the company achieved a total revenue of 8.813 billion, representing a year-on-year increase of 22.99%, and a net profit of 2.011 billion, up 24.77% year-on-year [3][4][5]. Revenue Breakdown - The revenue growth is driven by three main business segments: 1. Tire mold business generated 4.651 billion in revenue, up 22.73% year-on-year, with domestic sales growth outpacing exports [4]. 2. Large component machinery products achieved 3.332 billion in revenue, a 20.31% increase, benefiting from strong demand in the gas turbine market and a recovery in wind power orders [4]. 3. CNC machine tools generated 399 million in revenue, marking a 29.30% increase, with applications across various industries including automotive and electronics [4]. Profitability and Cost Management - The company's profitability remains stable, with a gross margin of 34.30% and a net margin of 22.85% in 2024. The gross margin slightly decreased due to changes in product mix and increased personnel costs [5]. - The company effectively managed its expenses, with sales, management, R&D, and financial expense ratios showing controlled changes [5]. Financial Forecast - The company is projected to achieve revenues of 10.354 billion, 11.750 billion, and 13.306 billion for the years 2025, 2026, and 2027, respectively. Net profits are expected to be 2.335 billion, 2.675 billion, and 3.062 billion for the same years [7][5].

Group 1: Business Overview - The main clients for the company's gas turbine business include GE, Mitsubishi, Siemens, Shanghai Electric, Dongfang Electric, and Harbin Electric [1] - The high-end casting project of 65,000 tons is primarily focused on wind power components, with production expected to commence gradually around May or June 2025 [1] - The gas turbine market is projected to see sustained demand growth due to rising global electricity needs, with the company currently operating at full capacity [1] Group 2: Product and Market Insights - The company plans to adjust production capacity between wind power and gas turbine components as needed [1] - In the large component business, offshore wind products currently have a lower market share compared to onshore wind products, with future planning dependent on market demand and policy changes [2] - The electric heating vulcanizing machine has shown significant advantages in energy savings and production environment improvements, with promising future development potential [2] Group 3: Pricing and Profitability - The pricing of vulcanizing machines varies based on customer specifications [2] - The tire mold business employs a systematic pricing mechanism, with gross margins influenced by product type and complexity [2] - The lifespan of tire molds is affected by material, processing technology, and usage methods, with increasing frequency of design updates [2] Group 4: Global Operations and Sales Strategy - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, enhancing its global production service system [3] - The CNC machine tool business includes a range of products and offers personalized customization services, targeting industries such as precision molds, automotive, and electronics [3] - The sales strategy for CNC machine tools will combine direct sales and distribution, with a current focus on direct sales [3] Group 5: Future Development Plans - The company does not currently have plans for mergers or asset injections but will disclose any future arrangements as required [4] - The company anticipates an increase in annual production capacity due to ongoing factory construction and personnel expansion, with actual results dependent on market conditions [4]

Core Insights - The company reported a strong performance in its 2024 annual report, with revenue and net profit exceeding expectations, indicating robust growth across its business segments [1][2][3] Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 8.81 billion yuan, a year-on-year increase of 23.0% [1] - The net profit attributable to shareholders was around 2.01 billion yuan, up 24.8% year-on-year, while the net profit after deducting non-recurring items was about 1.89 billion yuan, reflecting a 20.5% increase [1] - The operating cash flow decreased by 29.0% to approximately 1.14 billion yuan [1] - The basic earnings per share rose to 2.53 yuan, a 24.6% increase, and the weighted average return on equity (ROE) was approximately 21.4%, up 1.2 percentage points year-on-year [1] Group 2: Business Segments - The tire mold business grew by 22.7% to 4.65 billion yuan, driven by the recovery of the global economy and the expansion of the electric vehicle market in China [2] - The large component products business saw a revenue increase of 20.3% to 3.33 billion yuan, supported by rising global electricity demand and the growth of gas turbine orders, which increased by 15% to 50 GW [3] - The machine tool business experienced significant growth, with external sales revenue reaching approximately 400 million yuan, a 29.3% increase, and total output value nearing 590 million yuan, up about 47.0% [4] Group 3: Profitability and Financial Health - The company's gross margin slightly decreased by 0.35 percentage points to 34.30%, while the net profit margin increased by 0.36 percentage points to 22.85% [5] - Contract liabilities reached approximately 200 million yuan, a year-on-year increase of 77.7%, indicating strong business activity [5] - Inventory grew by 48.2% to 2.48 billion yuan, reflecting increased production and sales [5] Group 4: Future Outlook - The company anticipates continued growth in its mold business due to the expansion of domestic tire manufacturers and increasing market share [6] - The large component products business is expected to benefit from the rapid growth of gas turbines and wind power installations [6] - The machine tool business is projected to maintain high growth rates following its establishment in 2022 [6]

Core Viewpoint - The report on Haomai Technology (002595) highlights its diversified business lines, including tire molds, gas turbines, and machine tools, which are expected to drive growth and solidify its market position, with an initial recommendation of "Buy" [1] Company Overview - Haomai Technology is a global leader in tire molds, actively expanding into precision manufacturing with three main business segments: tire molds, large mechanical components, and CNC machine tools [2] - The company is projected to achieve a revenue of 8.813 billion yuan in 2024, representing a year-over-year increase of 22.99%, and a net profit of 2.011 billion yuan, up 24.77%, both reaching historical highs [2] - From 2019 to 2024, the compound annual growth rates (CAGR) for revenue and net profit are expected to be 14.97% and 18.44%, respectively [2] - The gross margin is forecasted at 34.30% and net margin at 22.85% for 2024, indicating a continued recovery in profitability [2] Tire Mold Business - The tire mold segment is the core business of Haomai Technology, contributing stable cash flow with a projected revenue of 4.65 billion yuan in 2024, accounting for over 50% of total revenue [3] - The company holds a global market share of approximately 34.41% in the tire mold sector, showcasing its leading position [3] - The business benefits from strong customer loyalty and is expected to continue growing due to the accelerated tire replacement cycle driven by the electric vehicle market [3] Large Component Business - The gas turbine segment is a key growth area, projected to account for about 30% of the large component business in 2024 [4] - Haomai Technology has become a core supplier of gas turbine cylinder bodies for GE, benefiting from the expansion of overseas gas and electricity markets and the rising demand for data centers driven by AI [4] - The wind power casting segment is expected to contribute significantly, with around 60% of the large component revenue in 2024, supported by a favorable long-term trend in the wind power industry [4] CNC Machine Tool Business - The CNC machine tool segment is emerging as a third growth engine, with projected revenue of 399 million yuan in 2024 [5] - The company focuses on high-end products such as five-axis machining centers, leveraging its advantages in process feedback and rapid iteration [5] - The business is currently in a phase of validation and scaling, with potential for significant future contributions to overall performance [5] Profit Forecast, Valuation, and Rating - Revenue forecasts for Haomai Technology are projected to reach 10.187 billion yuan in 2025, 11.653 billion yuan in 2026, and 13.294 billion yuan in 2027, with year-over-year growth rates of 15.58%, 14.39%, and 14.08% respectively [6] - Net profit is expected to be 2.321 billion yuan in 2025, 2.686 billion yuan in 2026, and 3.097 billion yuan in 2027, with corresponding growth rates of 15.39%, 15.71%, and 15.32% [6] - The initial coverage rating for the stock is "Recommended" [6]

Group 1: Financial Performance - In 2024, the tire mold business achieved revenue of 4.651 billion CNY, a year-on-year increase of 22.73%, with a gross margin of 39.59%, down by 3.10 percentage points [2] - The large component machinery products generated revenue of 3.332 billion CNY in 2024, reflecting a growth of 20.31% [2] - The machine tool business reported revenue of 399 million CNY, marking a significant increase of 29.30% year-on-year [3] Group 2: Business Operations - The company’s high-end casting project, with a capacity of 65,000 tons, is expected to commence production around May or June 2025, focusing on wind power components and machine tool parts [3] - The company has established a global production service system with subsidiaries in the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, enhancing its risk resistance and service capabilities [4][5] Group 3: Product Development and Market Strategy - The electric heating vulcanizing machine has shown significant advantages over traditional methods and is expected to have good development potential both domestically and internationally [4] - The company employs a systematic pricing mechanism for tire molds, considering various factors such as specifications, processing difficulty, and order cycles [4] - The machine tool business plans to adopt a combination of direct sales and distribution channels, with a current focus on direct sales [5] Group 4: Future Outlook - The global demand for gas turbines is expected to remain strong in the coming years, with the company currently operating at full capacity [3] - There are no current plans for mergers or asset injections, but any future arrangements will be disclosed as per regulations [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company achieved a revenue of 8.813 billion yuan in 2024, representing a year-on-year growth of 22.99%, with a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year [1][3][11] - The three main business segments, tire molds, large component machinery products, and machine tools, all showed strong performance, with significant growth in the fourth quarter [1][2] - The company is a global leader in tire mold production, with a continuous increase in market share and a positive outlook for the large component and machine tool segments due to ongoing demand [3][4] Revenue and Profitability - Revenue from the tire equipment, large component machinery, and CNC machine tool segments was 4.917 billion, 3.332 billion, and 399 million yuan respectively, with year-on-year growth rates of 24.39%, 20.31%, and 29.30% [2] - The gross margin for 2024 was 34.30%, with a slight decrease attributed to changes in product mix and increased personnel costs in the tire equipment segment [1][3] - The net profit margin for 2024 was 22.85%, reflecting stable profitability despite slight fluctuations in gross margin [1][3] Financial Forecasts - The company has adjusted its profit forecasts, expecting net profits of 2.358 billion, 2.757 billion, and 3.179 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 17, and 15 [3][4] - The projected revenue growth rates for the next few years are 20.1% for 2025, 18.5% for 2026, and 16.7% for 2027 [4][3] Market Position and Strategy - The company is expanding its international production capacity, with a new factory in Mexico set to open in April 2024, which is expected to enhance its competitive position [2] - A new wholly-owned subsidiary has been established to focus on the production of electric heating vulcanizing machines, which are anticipated to have significant energy-saving advantages over traditional methods [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company achieved a revenue of 8.813 billion yuan in 2024, representing a year-on-year growth of 22.99%, with a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year [1][3][11] - The three main business segments, tire molds, large component machinery products, and machine tools, all showed strong performance, contributing to the overall growth [1][2][3] - The company has established a wholly-owned subsidiary focused on the production of electric heating vulcanizing machines, which are expected to have significant development potential [2][3] Revenue and Profitability - The revenue for the tire equipment, large component machinery, and CNC machine tool segments were 4.917 billion, 3.332 billion, and 399 million yuan respectively, with year-on-year growth rates of 24.39%, 20.31%, and 29.30% [2] - The gross margin for 2024 was 34.30%, with a slight decrease of 0.35 percentage points year-on-year, while the net profit margin was 22.85%, an increase of 0.36 percentage points [1][3] Financial Forecasts - The company is projected to achieve net profits of 2.358 billion, 2.757 billion, and 3.179 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 17, and 15 [3][4] - The expected revenue growth rates for the next few years are 20.1% in 2025, 18.5% in 2026, and 16.7% in 2027 [4][15] Market Position - The company is recognized as a global leader in tire mold production, with a continuously increasing market share in this segment [3][4] - The demand for large components is benefiting from trends in artificial intelligence, while the machine tool business is maintaining a high growth rate [3][4]

Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [7][14]. Core Insights - The company reported a revenue of 8.81 billion RMB for 2024, a year-on-year increase of 23%, and a net profit of 2.01 billion RMB, up 24.8% year-on-year, exceeding expectations [4]. - In Q4 2024, the company achieved a revenue of 2.45 billion RMB, reflecting a year-on-year growth of 31.4%, with a net profit of 590 million RMB, up 34.1% year-on-year, indicating a significant acceleration in profit growth [4]. - The tire mold industry is experiencing sustained demand due to the growth of the automotive tire sector, particularly from domestic tire companies increasing their global competitiveness [5]. - The company’s revenue from molds reached 4.65 billion RMB in 2024, a 23% increase year-on-year, with a gross margin of 39.6% [5]. - The gas turbine market is also showing strong demand, with global orders exceeding 50 GW, a 15% increase year-on-year, and the wind power sector seeing a 25% increase in new installations [6]. Financial Forecast - The company is expected to achieve revenues of 10.38 billion RMB, 11.56 billion RMB, and 12.74 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.33 billion RMB, 2.60 billion RMB, and 2.94 billion RMB [9][14]. - The projected PE ratios for the years 2025, 2026, and 2027 are 19.4, 17.4, and 15.4 respectively [7][14]. - The company’s gross margin is expected to remain stable around 34% over the forecast period [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][5] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.5 for 2025, 17 for 2026, and 14.9 for 2027 [8]