豪迈科技股价创新高，受益于燃气轮机行业景气度提升

Core Viewpoint - The stock price of Haomai Technology reached a historical high due to the improving sentiment in the gas turbine industry and the company's strong fundamentals [1] Industry Policy and Environment - The construction boom of AI data centers in the U.S. has led to a surge in electricity demand, making gas turbines a key power solution. As of January 2026, the installed natural gas power generation capacity under construction in the U.S. exceeded 29 GW, more than doubling within a year, with planned capacity reaching 159 GW [2] - Supply chain bottlenecks are evident, with GE Vernova reporting an approximately 80% increase in gas turbine contracts for 2025, and Siemens Energy expecting to sell nearly 200 units in the U.S. that year, with delivery times extending from 3.5 years to 5 years [2] - Haomai Technology, as a core supplier to giants like GE and Siemens, benefits directly from this supply-demand gap, with full order books supporting performance [2] Performance and Operating Conditions - In the first three quarters of 2025, the company reported revenue of 8.076 billion yuan, a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% [3] - The third quarter net profit was 592 million yuan, reflecting a year-on-year growth of 29.49% [3] - The business structure has been optimized, with the tire mold business benefiting from the recovery of Chinese tire companies' overseas factories, and the CNC machine tool business seeing a 145% year-on-year revenue increase in the first half of 2025 [3] - The gross margin for the first three quarters was 33.99%, and the net margin was 22.15%, with the expense ratio decreasing by 1.44 percentage points to 8.18% [3] Financial and Technical Aspects - On February 12, the net inflow of main funds was 321,400 yuan, with the stock price rising 16.87% over the past five days [4] - Institutional investors are optimistic, with Guotou Securities giving a "Buy-A" rating on February 10 and a target price of 95.84 yuan. Four institutions have issued buy ratings in the past 90 days, with an average target price of 97.0 yuan [4] - The machinery equipment sector saw a net inflow of 6.904 billion yuan on the same day, with an industry increase of 1.45%, amplifying individual stock gains [4] Company Fundamentals - The management team is stable, with founder Zhang Gongyun frequently increasing his holdings, and core executives having long tenures, fostering a culture of innovation that enhances per capita revenue [5] - The current price-to-earnings ratio is 33.09 times, which, while higher than the specialized equipment industry average of 29.59 times, is lower than the company's historical level of 37.47 times, with performance growth supporting the valuation [5]