豪迈科技（002595）：业绩快速增长，机床、硫化机成长空间较大

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth in its performance, 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 that have all shown significant growth, with revenue from molds, large component machinery, CNC machine tools, and others increasing by 22.73%, 20.31%, 29.30%, and 44.78% respectively [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico enhancing its service capabilities [6]. Company Overview - Latest closing price: 61.34 yuan - Total shares: 800 million, circulating shares: 794 million - Total market capitalization: 49.1 billion yuan, circulating market capitalization: 48.7 billion yuan - 52-week high/low: 63.42/34.51 yuan - Debt-to-asset ratio: 15.3% - Price-to-earnings ratio: 24.24 [3]. Financial Performance - In Q1 2025, the company achieved revenue of 2.279 billion yuan, a year-on-year increase of 29.06%, and a net profit of 520 million yuan, up 29.96% [4]. - The company expects revenues for 2025-2027 to be 10.386 billion, 11.767 billion, and 13.076 billion yuan, with corresponding growth rates of 17.85%, 13.29%, and 11.13% [10][12]. - The projected net profits for the same period are 2.356 billion, 2.700 billion, and 3.038 billion yuan, with growth rates of 17.13%, 14.61%, and 12.50% [10][12]. Future Outlook - The company is set to launch new products in the machine tool sector, including horizontal five-axis machining centers, which are expected to attract a growing customer base [7]. - A new high-end casting project is anticipated to boost revenue from large component machinery, with production expected to commence by mid-2025 [6].