相对收益 -7.0 24.2 44.6 绝对收益 16.8 35.7 53.4 注：相对收益与沪深 300 相比 证券研究报告 2024 年 10 月 19 日 湘财证券研究所 公司研究 豪迈科技（002595）首次覆盖 全球轮胎模具龙头，机床业务发展迅速 公司评级：增持（首次覆盖） 近十二个月公司表现 -40% -20% 0% 20% 40% 60% 23/10 23/12 24/02 24/04 24/06 24/08 豪迈科技 沪深300 % 1 个月 3 个月 12 个月 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 豪迈科技：全球轮胎模具行业龙头 1995 年，公司前身山东高密豪迈机械有限公司成立。1996 年，公司 成功研制出国内第一台轮胎模具专用电火花机床。2007 年，公司开始试 生产巨胎硫化机并于年末成功生产出第一台样机。2009 年，公司建设高 档精密铸造中心。2011 年，公司在深交所正式上市。2013 年，设立全 ...

编号：20241018 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 | | | | | | | 其他 | （电话会） | | | | | | 1. 特定对象调研 | | | | | | | 容光投资 卢安平 | 杨岳松 | 蔡一穹 | ...

证券代码：002595 证券简称：豪迈科技 公告编号：2024-029 山东豪迈机械科技股份有限公司 2024年半年度权益分派实施公告 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。 特别提示： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所上市公司自 律监管指引第 9 号—回购股份》（以下简称"《监管指引第 9 号》"）等相关规定，山东豪迈机 械科技股份有限公司（以下简称"公司"）通过回购专用证券账户（以下简称"回购专户"）持有 的公司股份不享有参与本次权益分派的权利，公司以现有总股本 800,000,000 股扣除公司回购 专用证券账户持有的公司股份 1,441,200 股后的股本，即 798,558,800 股为基数，向全体股东每 10 股派发现金红利 3.75 元（含税），现金分红总额为 299,459,550 元，不派送红股，不使用公 积金转增股本。 本次分配方案未以总股本为基数，实施存在差异化安排，按公司总股本（含回购专户已回 购股份）折算的每 10 股现金红利=现金分红总额÷总股本（含回购专户已回购股份） ×10=29 ...

编号：20241010 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 | | | | | 其他 | （电话会） | | | 参与单位名称 | 1. | 特定对象调研：中信证券 | 刘意 谭力搏 | | 及人员姓名 | 2. | 电话会：宏利基金 | 刘晓晨 张岩 丁申 | | 时间 | 2024 年 10 | 月 9 日 | | | 地点 | | 豪迈科技公司接待室 | | | 上市公司 | 证券事务代表 | 赵倩倩 | | | 接 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company is a leading player in the global tire mold industry, with three main business segments showing diversified growth [1] - The company has established a strong competitive advantage through long-term strategic partnerships and is focusing on expanding its market presence in high-end CNC machine tools [2] - The company has a stable shareholding structure, with significant employee stock ownership plans to incentivize core personnel [21][22] Summary by Sections Company Overview - The company, founded in 1995 and listed in 2011, primarily engages in the production and sales of radial tire molds, large component machinery products, and CNC equipment [1][10] - The company has expanded its global market presence since 2014, establishing subsidiaries in the US, Thailand, and Europe [10] Tire Mold Segment - The global tire mold market is expected to grow from $1.5 billion in 2023 to $1.74 billion by 2030, with a CAGR of 2.1% [29] - The company holds approximately 52% of the global tire mold market share, benefiting from the increasing demand for tires driven by the automotive industry and technological advancements [29][30] - In 2023, the tire mold business generated revenue of 3.79 billion yuan, with a year-on-year growth of 15.76% and a gross margin of 43.06% [44][45] Large Component Products - The large component products primarily serve the gas turbine and wind power industries, with a stable competitive landscape [3][49] - The revenue from large component products was 2.77 billion yuan in 2023, with a gross margin of 23.41% [55] - The gas turbine market is projected to grow to $28.3 billion by 2026, with a CAGR of 4.2% [47] CNC Machine Tools - The CNC machine tool market in China is expected to reach approximately 409 billion yuan in 2023, with significant growth potential in high-end segments [60] - The company has seen rapid growth in its CNC machine tool business, achieving revenue of 3.08 billion yuan in 2023, a year-on-year increase of 111.76% [73] - The company plans to launch new products in 2024, including five-axis machining centers, to further expand its market coverage [71][72] Financial Forecast and Valuation - The company is projected to achieve revenues of 82.8 billion yuan in 2024, 94.9 billion yuan in 2025, and 108.6 billion yuan in 2026, with corresponding net profits of 19.79 billion yuan, 22.83 billion yuan, and 26.34 billion yuan [3][78] - The estimated PE ratios for 2024, 2025, and 2026 are 17.5, 15.2, and 13.2, respectively [3][81] - The company is positioned favorably within its industry, with a clear three-tier layout across tire molds, large components, and CNC machine tools, allowing for sustained market expansion [3][81]

编号：20240927 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 | | | | | | 其他 | （电话会 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company is a global leader in tire mold manufacturing, with a stable shareholding structure and a commitment to high dividends, reflecting long-term value [3][18]. - The tire mold market is estimated to exceed 10 billion, with the company holding a market share of approximately 33.97% in 2023, significantly outperforming competitors [4][29]. - The company is expanding its business into large components for wind power and gas turbines, with a focus on the growth of the gas turbine sector [5][32]. - The machine tool business is progressing steadily, with a notable increase in revenue from CNC machine tools [6]. Summary by Sections Company Overview - The company, originally established as Shandong Gaomi Haomai Machinery Co., Ltd. in 1995, has evolved into a global leader in tire molds, with a stable shareholding structure and a commitment to high dividends [14][18]. Industry Background - The tire mold industry has a market size exceeding 10 billion, with the company being a key player. The demand for tire molds is driven by the automotive industry, particularly the growing electric vehicle segment [22][26]. - The industry is characterized by high customer and technical barriers, with the company leveraging advanced manufacturing technologies to maintain its competitive edge [25]. Financial Analysis - The company has demonstrated strong financial performance, with projected revenues of 82.93 billion, 94.45 billion, and 107.36 billion for 2024-2026, respectively [7][9]. - The net profit attributable to the parent company is expected to reach 19.05 billion, 21.83 billion, and 24.87 billion during the same period [7]. Profit Forecast - The report forecasts a steady growth trajectory for the company, with an expected EPS of 2.38, 2.73, and 3.11 for 2024-2026 [7]. Valuation - The company is positioned in the mid-to-high-end market segment of the tire mold industry, with a strong focus on R&D and international expansion [29][31].

编号：20240923 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 | | | | | | | 其他 （电话会） | | | | | | | 1. 电话会 | | | | | | | 长江证券 曹小敏 杨文建 | | 国君资管 | 李煜 | 摩根士 ...

Investment Rating - The report assigns a "Buy" rating to Haomai Technology (002595) for the first time [6][8] Core Views - Haomai Technology is a global leader in tire molds and a rising star in high-end CNC machine tools, with three main business segments: tire molds, large mechanical parts, and CNC machine tools [2] - The company has demonstrated growth beyond economic cycles, with revenue and net profit CAGR of 22% and 20% respectively from 2007 to 2023 [2] - The tire mold business is the core profit driver, contributing 53% of revenue and 66% of gross profit in 2023 [2] - The CNC machine tool business is expected to be a new growth driver, with revenue increasing 112% YoY to 308 million yuan in 2023 [4] Business Segments Tire Mold Business - Global market leader with 30% market share in 2023, serving 66 of the world's top 75 tire companies [3] - The global tire mold market size was 12.8 billion yuan in 2023, expected to grow at a CAGR of 0.8% from 2023 to 2030 [3] - Revenue from tire molds reached 3.79 billion yuan in 2023, with a gross margin of 43.1% [3] Large Mechanical Parts Business - Main products include gas turbine and wind power components, with major clients such as GE, Siemens, and Mitsubishi Heavy Industries [3] - Revenue from this segment was 2.77 billion yuan in 2023, accounting for 39% of total revenue [3] - Gross margin improved to 23.4% in 2023 due to product structure optimization and cost reduction [3] CNC Machine Tool Business - The global machine tool consumption reached 625.9 billion yuan in 2023, with China accounting for 29% [4] - Haomai's CNC machine tool revenue grew 112% YoY to 308 million yuan in 2023 [4] - The domestic high-end five-axis CNC machine tool market size was 11.2 billion yuan in 2023, with low localization rate providing growth opportunities [4] Financial Forecast - Revenue is expected to grow at a CAGR of 11% from 2024 to 2026, reaching 10.22 billion yuan in 2026 [4][8] - Net profit is projected to grow at a CAGR of 14%, reaching 2.42 billion yuan in 2026 [4][8] - The PE ratio is forecasted to decline from 18x in 2024 to 14x in 2026 [4][8] Industry Analysis Tire Industry - The global tire market size was 190 billion USD in 2023, expected to grow at a CAGR of 2% to 218.9 billion USD by 2030 [33] - Replacement demand accounts for over 70% of total tire demand [34] - The top three global tire companies (Michelin, Bridgestone, Goodyear) hold a combined market share of 37% [36] Machine Tool Industry - China is the world's largest machine tool consumer, accounting for 29% of global consumption in 2023 [58] - The localization rate of high-end CNC machine tools in China is only 6%, indicating significant room for import substitution [61] - The domestic five-axis CNC machine tool market size was 11.2 billion yuan in 2023 [63]

证券代码：002595 证券简称：豪迈科技 公告编号：2024-028 山东豪迈机械科技股份有限公司 关于对外提供委托贷款的公告 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。 重要内容提示： 1. 委托贷款对象：高密市高兴水利建设工程有限公司（以下简称"高兴水利"） 1 2. 委托贷款金额：不超过2.00亿元人民币 3. 委托贷款期限：不超过1年 4. 贷款及还款计划：本次委托贷款一笔发放，到期日为2025年8月14日。 5. 委托贷款利率：贷款年利率为8.30% 6. 担保方：高密华荣实业发展有限公司 金进行委托贷款，是在保证流动性和资金安全的前提下进行的，不影响公司日常资金正常周转 需要，不影响公司主营业务的正常发展。同时有利于提高公司自有资金的使用效率，增加公司 效益。 二、委托贷款对象基本情况 （七）经营范围：一般项目：水利相关咨询服务；水利情报收集服务；水土流失防治服务； 土地整治服务；灌溉服务；工程管理服务；非常规水源利用技术研发；水资源管理；建筑工程 用机械销售；工程和技术研究和试验发展；机械设备租赁；机械设备销售；中草药种植；中草 药收购； ...