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]

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][8] - 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][12] - The company’s current stock price corresponds to a PE ratio of 19.5 for 2025, 17.0 for 2026, and 14.9 for 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's performance in 2024 is in line with expectations, with revenue growth of 22.99% year-on-year, reaching 88.13 billion yuan, and net profit attributable to shareholders of 20.11 billion yuan, up 24.77% year-on-year [2][4] - All three major business segments (tire molds, large component machinery, and CNC machine tools) have shown significant growth, contributing to the overall revenue increase [2][4] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] Revenue and Profitability - In 2024, the tire mold business generated revenue of 46.51 billion yuan, up 22.73% year-on-year; large component machinery products achieved 33.32 billion yuan, up 20.31%; and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - The gross profit margin for 2024 is 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin increased by 0.36 percentage points to 22.85% [3] - The company received 103 million yuan in government subsidies, which positively impacted the net profit margin [3] Financial Forecasts - The report projects revenue for 2025 to reach 104.04 billion yuan, with a net profit of 23.35 billion yuan, and for 2026, revenue is expected to be 122.92 billion yuan with a net profit of 27.63 billion yuan [4][11] - The estimated earnings per share (EPS) for 2024 is 2.51 yuan, with projections of 2.92 yuan for 2025 and 3.45 yuan for 2026 [4][11] Market Position and Growth Drivers - The company is benefiting from the growth in the global gas turbine market and the recovery of the wind power industry, which is expected to continue driving performance [4] - The CNC machine tool segment is developing a third growth curve with new five-axis products and a planned machine tool laboratory for technology development [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with revenue growth of 22.99% year-on-year, reaching 88.13 billion yuan, and net profit attributable to shareholders of 20.11 billion yuan, up 24.77% year-on-year [2] - All three major business segments (tire molds, large component machinery, and CNC machine tools) have shown significant growth, contributing to the overall revenue increase [2] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] - The CNC machine tool segment is expected to open a third growth curve with new product launches and investments in a machine tool laboratory [4] - Profitability has slightly improved, with a net profit margin of 22.85%, despite a small decline in gross margin to 34.30% [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 88.13 billion yuan, a year-on-year increase of 22.99%, and a net profit of 20.11 billion yuan, up 24.77% [2] - The revenue from the tire mold business was 46.51 billion yuan, up 22.73%, while large component machinery generated 33.32 billion yuan, up 20.31%, and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - For Q4 2024, the company reported revenue of 24.48 billion yuan, a 31.35% increase year-on-year, and a net profit of 5.94 billion yuan, up 34.10% [2] Profitability and Cost Management - The gross margin for 2024 was 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin improved by 0.36 percentage points [3] - The increase in management and R&D expenses was noted, attributed to a rise in personnel and salary costs, as well as increased investment in R&D [3] Business Expansion and Growth Drivers - The tire mold business is expanding internationally, with new factories enhancing service capabilities [4] - The large component machinery segment benefits from a growing gas turbine market and recovering wind power orders [4] - The CNC machine tool segment is focusing on high-precision products and has plans for a new laboratory to support product development [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised for 2025 and 2026 to 23.35 billion yuan and 27.63 billion yuan, respectively, with an expected net profit of 31.90 billion yuan in 2027 [4] - The current stock price corresponds to dynamic P/E ratios of 18, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]

Financial Performance - In 2024, the company achieved operating revenue of 8.813 billion CNY, a year-on-year increase of 22.99% [2] - The net profit attributable to shareholders was 2.011 billion CNY, up 24.77% year-on-year [2] - The gross margin for tire mold business was 39.59%, a decrease of 3.10 percentage points compared to the previous year [2] - Revenue from large component machinery products reached 3.332 billion CNY, with a gross margin of 25.67%, an increase of 2.66 percentage points [2] Business Segments - Tire mold business saw a revenue increase of 46.51% year-on-year, with strong domestic sales growth [2] - CNC machine tool sales generated 399 million CNY, reflecting a 29.30% year-on-year growth [3] - The company’s high-end casting project is expected to start production in May or June 2025, focusing on wind power and gas turbine components [6] Workforce and Personnel - As of December 31, 2024, the total number of employees was 14,804, an increase of 2,275 from the previous year [4] - The tire mold business accounted for over 9,000 employees, while large component machinery and machine tool divisions had approximately 3,000 and 1,700 employees, respectively [4] - Personnel increases are anticipated in 2025, particularly in the tire mold and large component machinery sectors [4] Market Outlook - The demand for gas turbines is expected to remain strong due to rising global electricity needs [6] - The wind power component market is recovering, with both wind and gas turbine businesses projected to grow in 2024 [7] - The company’s electric heating vulcanizing machine is expected to see significant growth, with a projected doubling of overall business output by 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified for the next six months [1]. Core Views - The company has achieved rapid growth in performance, with three main business segments continuing to perform well [1][7]. - The tire mold business has seen significant revenue growth, driven by domestic tire companies expanding overseas and increasing demand for new energy vehicles and high-performance tires [7][8]. - The gas turbine market is experiencing strong demand, with global orders for gas turbines exceeding 50GW in 2024, reflecting a 15% year-on-year increase [7]. - The CNC machine tool business is expanding rapidly, with a projected revenue growth of 60% in 2025 [8]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 88.1 billion yuan, a year-on-year increase of 23.0%, and a net profit attributable to the parent company of 20.1 billion yuan, up 24.8% year-on-year [7]. - The fourth quarter of 2024 saw revenue of 24.5 billion yuan, a 31.3% year-on-year increase, and a net profit of 5.9 billion yuan, up 34.1% year-on-year [7]. Business Segments - Tire Mold Business: Revenue reached 46.5 billion yuan in 2024, growing 22.7% year-on-year, benefiting from the international expansion of domestic tire manufacturers [7][8]. - Large Component Machinery Products: Revenue of 33.3 billion yuan in 2024, a 20.3% increase, with strong demand in the gas turbine and wind power sectors [7]. - CNC Machine Tools: Revenue of 4.0 billion yuan in 2024, a 29.3% increase, with significant growth potential due to low domestic market penetration [7][8]. Profitability and Forecast - The company maintains strong profitability with a gross margin of 34.3% in 2024 and a net margin of 22.8% [7]. - Forecasts for net profit from 2025 to 2027 are 23.3 billion yuan, 26.4 billion yuan, and 29.3 billion yuan, respectively, with a compound annual growth rate of 13% [10][11].

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 豪迈科技（002595）机械设备 目标价：——元（6 个月） 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 相对指数表现 -12% 1% 14% 28% 41% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 豪迈科技 沪深300 买入 （维持） 当前价：53.42 元 业绩实现快速增长，三大业务持续向好 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8813.37 | 10339 ...