豪迈科技（002595）：2025年一季报点评：业绩持续快速增长，业务布局多点开花

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company continues to experience rapid growth, with Q1 2025 revenue increasing by 29.1% year-on-year, reaching 2.279 billion yuan, and net profit attributable to shareholders rising by 30.0% to 520 million yuan [2] - The gross margin slightly decreased to 33.8%, down 1.7 percentage points year-on-year, primarily due to an increase in domestic sales of tire molds and changes in accounting policies [3] - The company is effectively managing expenses, with a decrease in the expense ratio to 7.78%, down 2.19 percentage points year-on-year, indicating improved operational efficiency [3] Business Development - The tire mold business is expanding internationally, with the Thai factory completed and operational since October 2023, and the Mexican factory set to begin production in April 2024 [4] - The large component machinery segment is benefiting from a growing global gas turbine market and a recovering wind power industry, leading to a strong order backlog [4] - The CNC machine tool business is introducing new five-axis products and is set to open a machine tool laboratory in 2025 to enhance product testing and development [4] - The electric heating vulcanization machine has been successfully developed, with significant orders already secured, indicating potential for a new growth curve [4] Financial Forecasts - The report revises the net profit forecasts for 2025-2027 to 2.455 billion yuan (previously 2.335 billion), 2.989 billion yuan (previously 2.763 billion), and 3.546 billion yuan (previously 3.190 billion), respectively [5] - The current stock price corresponds to dynamic P/E ratios of 19, 15, and 13 for the years 2025, 2026, and 2027, respectively [5]