Overview of Public FOF Funds in Q1 2025 - As of Q1 2025, a total of 512 FOF products have been established in the market, with a total scale of 1510.79 billion yuan, representing a 13.47% increase compared to Q4 2024 [1][6][8] - The FOFs are categorized into three types based on the proportion of equity assets: debt-type FOFs (766.59 billion yuan), balanced FOFs (326.02 billion yuan), and equity-type FOFs (418.18 billion yuan) [1][7][8] - The median returns for Q1 2025 are 0.44% for debt-type FOFs, 1.57% for balanced FOFs, and 2.64% for equity-type FOFs [1][16] FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q1 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Huaxia Innovation Frontier [2][26] - The largest positions in terms of scale are held in Huaxia Innovation Frontier, Dachen Gaoxin A, and E Fund Information Industry Select C [2][27] - In the bond fund category, the most held funds by FOFs are Guangfa Pure Bond A, E Fund Anyue Ultra-Short Bond A, and Fuguo Pure Bond AB [2][33] Changes in Fund Allocations Compared to Q4 2024 - The most net increased active equity funds by FOFs are Fuguo Stable Growth A, Jingshun Longcheng Quality Evergreen A, and Bosera Smart Quantitative Multi-Factor A [3][39] - The largest net increase in scale is also seen in Fuguo Stable Growth A, followed by E Fund Strategic Emerging Industries C and E Fund Medical Biology C [3][39] FOF Stock Investment Situation - As of Q1 2025, 142 FOFs have directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [5] - The top three stocks held by FOFs are Ningde Times, Zijin Mining, and Luxshare Precision [5] Performance of Different FOF Categories - The median returns for different FOF categories in Q1 2025 are as follows: debt-type FOFs at 0.44%, balanced FOFs at 1.57%, and equity-type FOFs at 2.64% [16] - The top-performing debt-type FOFs in Q1 2025 are Zhongtai Tianze Stable 6-Month Holding A, Xingsheng Global Anyue Stable Pension One-Year Holding A, and Huaxia Stable Pension One-Year A [18] - The top-performing balanced FOFs are Changxin Yinian Balanced Pension (FOF) A, ICBC Pension 2040 A, and Ping An Pension Target Date 2050 Three-Year Holding [20] - The top-performing equity-type FOFs are Bohai Huijin Preferred Progress 6-Month Holding A, ICBC Smart Progress One-Year A, and ICBC Pension 2050 A [22] FOF Configuration by Fund Managers - The top three active equity fund managers with the most FOF configurations are Liu Xu, Fan Yan, and Xu Yan [4] - The top three "fixed income +" fund managers are Hu Jian, Wang Xiaocheng, and Zhang Kaidi [4] FOF Configuration of Various Fund Types - The most held bond funds by FOFs are Guangfa Pure Bond A, E Fund Anyue Ultra-Short Bond A, and Fuguo Pure Bond AB [33][34] - The most held "fixed income +" funds are E Fund Suifeng Tianli A, Anxin Target Return A, and Huatai Bosheng Zunhe A [35][36]

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]

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]