证券研究报告 2024 年 10 月 31 日 湘财证券研究所 相关研究： 1.《20241019湘财证券-豪迈科技 002595.SZ-全球轮胎模具龙头， 机床业务发展迅速》 % 1 个月 3 个月 12 个月 相对收益 5.5 18.7 36.8 绝对收益 10.5 34.1 45.3 注：相对收益与沪深 300 相比 公司研究 豪迈科技（002595）事件点评 公司三季度业绩快速增长，合同负债创新高 核心要点： ❑ 公司发布 2024 年三季报，业绩保持快速增长 2024 年 10 月 28 日，公司发布 2024 年第三季度报告。2024 年前三季 度，公司营业总收入约 63.6 亿元，同比增长 20.0%；归母净利润约 14.2 亿 元，同比增长 21.2%；扣非后归母净利润约 13.5 亿元，同比增长 18.3%； 经营活动现金净流量约 5.9 亿元，同比减少 48.4%；基本每股收益 1.78 元， 同比增长 21.3%；加权平均 ROE 约 15.4%，同比上升 0.4 个百分点。2024 年第三季度，公司营业收入 22.3 亿元，同比增长 26.2%；归母净利润 4.6 亿元，同比增长 15 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue growth driven by the tire industry expansion and a strong engine market [4] - The company's machine tool business is expected to grow rapidly due to its long-standing casting and machining technology, as well as strong customer loyalty [4][5] - The projected revenue for 2024-2026 is 84.95 billion, 95.21 billion, and 106.92 billion yuan respectively, with corresponding net profits of 19.47 billion, 22.05 billion, and 24.85 billion yuan [5] Financial Summary - Revenue (in million yuan): - 2022A: 6642 - 2023A: 7166 - 2024E: 8495 - 2025E: 9521 - 2026E: 10692 - Revenue growth rate (%): - 2022A: 10.55 - 2023A: 7.88 - 2024E: 18.54 - 2025E: 12.08 - 2026E: 12.30 - Net profit (in million yuan): - 2022A: 1200 - 2023A: 1612 - 2024E: 1947 - 2025E: 2205 - 2026E: 2485 - Net profit growth rate (%): - 2022A: 13.95 - 2023A: 34.33 - 2024E: 20.81 - 2025E: 13.23 - 2026E: 12.68 - EPS (yuan): - 2022A: 1.51 - 2023A: 2.03 - 2024E: 2.43 - 2025E: 2.76 - 2026E: 3.11 - PE: - 2022A: 15.38 - 2023A: 14.66 - 2024E: 19.36 - 2025E: 17.10 - 2026E: 15.17 - ROE (%): - 2022A: 16.36 - 2023A: 18.72 - 2024E: 19.03 - 2025E: 18.73 - 2026E: 18.39 - PB: - 2022A: 2.52 - 2023A: 2.77 - 2024E: 3.68 - 2025E: 3.20 - 2026E: 2.79 [2][4][5]

证券研究报告 | 2024年11月01日 豪迈科技（002595.SZ） 优于大市 三季报点评：收入同比增长 26%，轮胎模具业务持续向好 三季度业绩实现较快增长。2024 年前三季度实现收入 63.65 亿元，同比 增长 20.05%，归母净利润 14.17 亿元，同比增长 21.23%，扣非归母净 利润 13.48 亿元，同比增长 18.33%，收入及业绩同比实现较快增长，主 要系模具业务增长较快，同时受业务结构优化、原材料价格降低等因素 影响，其中单三季度收入 22.27 亿元（+26.24%），归母净利润 4.57 亿 元（+15.93%），扣非归母净利润 4.39 亿元（+14.58%），前三季度业 绩增速不及收入增速主要系管理、研发、财务费用支出有所提升。 盈利能力略有提升。2024 年前三季度毛利率/净利率分别为 34.94%/22.2 9%，同比变动+0.92/+0.26pct，第三季度毛利率/净利率分别为 34.43% /20.52%，同比变动-1.68/-1.79pct，其中净利率较毛利率下滑更多， 主要系费用支出较多，其中销售/管理/研发/财务费用约 1.31%/2.82%/ 5.17% ...

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 ...

编号：20241031 证券代码：002595 证券简称：豪迈科技 山东豪迈机械科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|------------------------------------------------------------|--------------------|------------------------------------|----------------|----------------|---------|----------------------------------------------------------------------| | | | | | | | | | | | 特定对象调研 | □ | 分析师会议 | | | | | | | □ 媒体采访 | □ | 业绩说明会 | | | | | | 投资者关系 | □ 新闻发布会 | □ | 路演活动 | | | | | | 活动类别 | □ 现场参观 | | | | | ...

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]

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 47.38 | | 一年内最高/最低（元） | 51.48/26.27 | | 市净率 | 4.0 | | 息率（分红/股价） | 2.11 | | 流通 A 股市值（百万元） | 37,656 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 11.99 | | 资产负债率 % | 14.97 | | 总股本/流通 A 股（百万） | 800/795 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 王珂 A02305211 ...

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 ...