研报掘金丨华西证券：维持豪迈科技“增持”评级，看好第四成长曲线双击

Group 1 - The core viewpoint of the report is that Huamai Technology's rubber machinery, particularly its electric heating vulcanizers, is significantly undervalued in terms of its underlying competitive strength, with expectations of performance release starting in 2026, which could drive a "Davis double" for the fourth growth curve [1] - The report highlights that Huamai has maintained a consistent focus on the underlying technical architecture of its equipment over nearly 30 years, which lays a solid foundation for continuous product expansion in the vulcanizer and other machinery sectors [1] - It emphasizes the high compatibility of the processes and customer collaboration between tire molds and vulcanizers, as they are specialized equipment used together, enhancing the potential for product expansion [1] Group 2 - The report maintains a "buy" rating for Huamai, reflecting confidence in its long-term competitive strength in the global electric heating vulcanizer market [1]