豪迈科技（002595）：2022半年报点评：业绩稳健增长，大型零部件、数控机床业务进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 5.265 billion yuan in H1 2025, representing a year-on-year increase of 27.25%, and a net profit attributable to shareholders of 1.197 billion yuan, up 24.65% year-on-year [2] - The core businesses are steadily developing, with significant growth in the CNC machine tool segment, which saw a revenue increase of 145.08% year-on-year [2][4] - The company is expanding its international presence in the tire mold business, with new factories in Thailand and Mexico enhancing its global service capabilities [4] Revenue and Profitability - The company's gross margin for H1 2025 was 34.48%, a decrease of 0.73 percentage points year-on-year, while the net profit margin was 22.73%, an increase of 0.51 percentage points year-on-year [3] - The tire mold business had a gross margin of 40.21%, down 1.00 percentage points, while the large component machinery products had a gross margin of 24.30%, up 0.22 percentage points [3] Business Segments - The tire mold business generated revenue of 2.628 billion yuan in H1 2025, with external sales growing faster than domestic sales [2] - The large component machinery products segment achieved revenue of 1.947 billion yuan, with full order books and production lines operating at full capacity [2] - The CNC machine tool business's revenue reached 506 million yuan, benefiting from brand operations and market expansion [2][4] Financial Forecasts - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.513 billion yuan, 3.048 billion yuan, and 3.634 billion yuan respectively, with corresponding dynamic P/E ratios of 20, 16, and 14 times [4]