豪迈科技：重视电加热硫化机预期差，看好第四成长曲线双击-20260301

Investment Rating - The investment rating for the company is "Buy" [2] - The previous rating was also "Buy" [2] Core Insights - The report emphasizes the undervaluation of the electric heating vulcanization machine's competitive edge, predicting a significant performance release phase starting in 2026, which could drive a dual growth curve for the company [5] - The global electric heating vulcanization machine market is at a low penetration rate, with a potential for non-linear growth driven by both technological upgrades and new capacity [33] - The company has established a strong competitive position in the global electric heating vulcanization machine market, having begun research in 2017 and successfully implemented its technology overseas [54] Summary by Relevant Sections Industry Trends - The electric heating vulcanization machine represents a disruptive technology in the vulcanization process, offering higher energy efficiency and improved temperature control compared to traditional steam heating methods [21][18] - The demand for electric heating technology is driven by the need for energy conservation and environmental compliance in tire manufacturing, particularly under stringent global carbon reduction policies [36][39] Market Potential - The report estimates that the global market for electric heating vulcanization machine upgrades could reach approximately 863 to 1,001 billion yuan, with a steady annual demand of about 108 to 125 billion yuan [44] - The anticipated growth in the electric heating vulcanization machine market is supported by both retrofitting existing production lines and new production capacity being established [33][34] Competitive Position - The company has a significant technological lead in the electric heating vulcanization machine sector, having secured multiple patents in Europe since 2024, which strengthens its competitive moat [54][56] - The strategic establishment of a wholly-owned subsidiary to enhance production capacity for vulcanization machines indicates the company's commitment to expanding its market presence [5][54]