豪迈科技（002595）：25H1总营收+27%，机床营收+145%

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 72.68 RMB [6]. Core Views - The company reported a revenue of 5.265 billion RMB for H1 2025, representing a year-over-year increase of 27.25%, and a net profit of 1.197 billion RMB, up 24.65% year-over-year [1]. - The demand for tire molds and large components is expected to remain strong, driven by the growth in global automotive ownership and the increasing penetration of electric vehicles [1][2]. - The company's machine tool business saw a significant revenue increase of 145.08% in H1 2025, reaching 506 million RMB, attributed to the introduction of advanced products and market expansion [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a comprehensive gross margin of 34.48%, a slight decrease of 0.33 percentage points year-over-year [2]. - Tire mold revenue was 2.628 billion RMB, an 18.56% increase year-over-year, while large component machinery revenue reached 1.947 billion RMB, up 32.94% [2]. Business Expansion - The company is focusing on the development and promotion of multi-axis composite processing machine tools, with new products launched at the 19th China International Machine Tool Exhibition [3]. - The application of the company's products is expanding across various industries, including electronics, automotive manufacturing, and semiconductors [3]. Financial Management - The overall expense ratio for H1 2025 was 7.39%, down 0.97 percentage points year-over-year, indicating effective cost control [4]. - Operating cash flow was reported at 324 million RMB, a decrease of 5.41% year-over-year [4]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 5.83%, 6.88%, and 5.67% respectively, leading to projected net profits of 2.529 billion RMB, 2.925 billion RMB, and 3.338 billion RMB [4]. - The target price has been raised to 72.68 RMB, reflecting a price-to-earnings ratio of 23 times for 2025, considering the company's leadership in the tire mold sector and growth in high-end machine tools [4].