证券研究报告：机械设备|公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 豪迈科技 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 61.34 | | --- | --- | | 总股本/流通股本（亿股）8.00 | / 7.94 | | 总市值/流通市值（亿元）491 | / 487 | | 52 周内最高/最低价 | 63.42 / 34.51 | | 资产负债率(%) | 15.3% | | 市盈率 | 24.24 | | 第一大股东 | 张恭运 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 豪迈科技(002595) 业绩快速增长，机床、硫化机成长空间较大 l 事件描述 公司发布 2024 年年度报 ...

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《微盘股容易被忽略的"看空成本" ——微盘股指数周报 2025025》 - 2025.05.26 《证监会修改《重组办法》，深化并购 重组改革——微盘股指数周报 20250518》 - 2025.05.19 《微盘股会涨到什么时候——微盘股 指数周报 20250511》 - 2025.05.12 《4 月完美收官，5 月看好高波成长— —微盘股指数周报 20250504》 - 2025.05.06 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《基本面与量价共振，如遇回调即是 买点——微盘股指数周报 20250420》 - 2025.04.21 《"完美买点"触发，后市积极看涨— —微盘股指数周报 20250413》 - 2025.04.14 《高波风格再起，警惕后续风险 —— 微盘股指数周报 20250309》 - 2025.03.10 《4 月是否还会有"最后一跌"？ — —微 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments, all contributing to its growth: molds, large component machinery products, and CNC machine tools, with respective revenue growth rates of 22.73%, 20.31%, and 29.30% [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico, and has introduced energy-efficient electric heating vulcanizing machines, which have begun to see initial market applications [6]. Company Overview - The latest closing price of the company's stock is 61.34 yuan, with a total market capitalization of 49.1 billion yuan [3]. - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 24.24 [3]. Financial Performance - In Q1 2025, the company reported revenue of 2.279 billion yuan, a 29.06% increase year-on-year, and a net profit of 520 million yuan, up 29.96% [4]. - The company forecasts revenues of 10.386 billion yuan, 11.767 billion yuan, and 13.076 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.356 billion yuan, 2.700 billion yuan, and 3.038 billion yuan [10][12]. Future Projections - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 17.85%, 13.29%, and 11.13% for the years 2025 to 2027 [10]. - The introduction of new products in the machine tool segment and the establishment of a machine tool laboratory are anticipated to support ongoing innovation and market expansion [7].

证券研究报告：机械设备|公司点评报告 发布时间：2025-06-03 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 绿田机械 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.26 | | --- | --- | | 总股本/流通股本（亿股）1.72 | / 1.72 | | 总市值/流通市值（亿元）33 | / 33 | | 52 周内最高/最低价 | 20.85 / 11.76 | | 资产负债率(%) | 38.0% | | 市盈率 | 17.83 | | 第一大股东 | 罗昌国 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 绿田机械(605259) 通机、高压清洗机双轮驱动，营收正迅速放量 l ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company has demonstrated rapid growth in performance, with 2024 revenue reaching 6.238 billion yuan, a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% [5]. - The company has seen significant contributions from valves and parts, with exports accounting for over 60% of total sales [6]. - The gross profit margin has improved significantly, reaching 38.10% in 2024, an increase of 6.70 percentage points year-on-year [6]. - The company is expanding its product offerings in high-end markets and has made progress in developing several new products [7]. - The company is also diversifying its operations and gradually establishing overseas factories to enhance competitiveness in international markets [7]. Financial Performance - For 2025, the company is projected to achieve revenues of 7.347 billion yuan, with a year-on-year growth rate of 17.79%, and a net profit of 1.415 billion yuan, reflecting a growth rate of 22.41% [8][10]. - The earnings per share (EPS) for 2025 is estimated at 1.84 yuan, with a price-to-earnings (P/E) ratio of 17.10 [10][11]. - The company’s financial metrics indicate a healthy growth trajectory, with expected revenues and net profits increasing steadily through 2027 [10][11].

证券研究报告：机械设备|公司点评报告 发布时间：2025-06-03 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 22.60 | | --- | --- | | 总股本/流通股本（亿股）1.65 | / 1.65 | | 总市值/流通市值（亿元）37 | / 37 | | 周内最高/最低价 52 | 26.16 / 16.45 | | 资产负债率(%) | 41.7% | | 市盈率 | 14.68 | | 第一大股东 | 韩元平 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 大元泵业(603757) 热泵行业企稳向上，液冷温控领域带来新增长点 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 19.09 亿元，同增 1.57%；实现归母净利润 2.55 亿元，同减 10.55%； 实现扣非归母净利润 2.08 亿元，同减 24.99% ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company has demonstrated rapid growth in performance, with 2024 revenue reaching 6.238 billion yuan, a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% [5]. - The company is expanding its product offerings in high-end markets, with significant advancements in various product lines and a focus on international sales, which now account for over 60% of total sales [6][7]. - The gross profit margin has improved significantly, reaching 38.10% in 2024, an increase of 6.70 percentage points year-on-year, indicating effective cost control [6]. Financial Performance - In Q1 2025, the company reported revenue of 1.556 billion yuan, a 14.44% increase year-on-year, and a net profit of 263 million yuan, up 33.52% [5]. - The company expects revenues for 2025-2027 to be 7.347 billion, 8.297 billion, and 9.289 billion yuan, respectively, with year-on-year growth rates of 17.79%, 12.93%, and 11.95% [8][10]. - The projected net profit for the same period is 1.415 billion, 1.617 billion, and 1.834 billion yuan, with growth rates of 22.41%, 14.34%, and 13.42% [8][10]. Product and Market Development - The company is actively expanding into downstream application fields, including nuclear power, oil and gas equipment, and wind energy, while also developing new products and enhancing its technological capabilities [7]. - The company is establishing overseas factories to strengthen its competitive position in international markets, leveraging sales networks in the Americas, Europe, and Southeast Asia [7].

股票投资评级 增持 |首次覆盖 证券研究报告：机械设备|公司点评报告 发布时间：2025-06-03 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 绿田机械 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.26 | | --- | --- | | 总股本/流通股本（亿股）1.72 | / 1.72 | | 总市值/流通市值（亿元）33 | / 33 | | 52 周内最高/最低价 | 20.85 / 11.76 | | 资产负债率(%) | 38.0% | | 市盈率 | 17.83 | | 第一大股东 | 罗昌国 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 绿田机械(605259) 通机、高压清洗机双轮驱动，营收正迅速放量 l ...

证券研究报告：机械设备|公司点评报告 公司基本情况 | 最新收盘价（元） | 22.60 | | --- | --- | | 总股本/流通股本（亿股）1.65 | / 1.65 | | 总市值/流通市值（亿元）37 | / 37 | | 周内最高/最低价 52 | 26.16 / 16.45 | | 资产负债率(%) | 41.7% | | 市盈率 | 14.68 | | 第一大股东 | 韩元平 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 大元泵业(603757) 发布时间：2025-06-03 股票投资评级 资料来源：聚源，中邮证券研究所 热泵行业企稳向上，液冷温控领域带来新增长点 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 19.09 亿元，同增 1.57%；实现归母净利润 2.55 亿元，同减 10.55%； 实现扣非归母净利润 2.08 亿元，同减 24.99% ...

证券研究报告：有色金属|行业周报 发布时间：2025-06-03 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4668.39 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《黄金上行开始，持续关注黄金股投 资机会》 - 2025.05.26 有色金属行业报告 （2025.05.26- ...