豪迈科技（002595）：业绩增速亮眼，员工持股计划激发长期发展活力

Investment Rating - The investment rating for the company is "Accumulate" [4][6]. Core Insights - The company's performance growth is impressive, with a revenue of 8.076 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.88%. The net profit attributable to shareholders reached 1.788 billion yuan, up 26.21% year-on-year, with basic earnings per share of 2.2421 yuan [3][4]. - The company has announced an employee stock ownership plan to enhance governance structure and motivate employees, involving up to 2,100 key employees and a maximum of 1.4412 million shares, accounting for 0.1802% of the total share capital [5]. - The company has shown continuous improvement in expense control, with a period expense ratio of 8.18% for the first three quarters of 2025, down 1.44 percentage points from the same period in 2024. R&D expenses increased to 456 million yuan, a year-on-year growth of 38.57%, with an R&D expense ratio of 5.65% [4]. Financial Summary - For 2025, the company is expected to achieve revenues of 11.054 billion yuan, with a growth rate of 25.4%. The net profit is projected to be 2.463 billion yuan, reflecting a growth rate of 22.5% [9]. - The earnings per share (EPS) for 2025 is estimated at 3.08 yuan, with further increases to 3.75 yuan in 2026 and 4.40 yuan in 2027 [9][6]. - The company’s EBIT is forecasted to be 2.795 billion yuan in 2025, with a growth rate of 25.1% [9].