紫金矿业、徐工机械“入股送订单”，海安集团毛利率远超同行

Core Viewpoint - Hai'an Group (001233.SZ) is in the process of an IPO on the Shenzhen Stock Exchange, with subscription starting on November 14. The company has experienced rapid growth in the past three years, primarily in the engineering machinery tire sector [3]. Group 1: Business Overview - Hai'an Group specializes in the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management. The company has successfully broken the domestic market monopoly held by three international brands, promoting the localization of all-steel giant tires [5][6]. - The company has seen significant sales growth from major clients such as Zijin Mining (601899.SH) and XCMG Machinery (000425.SZ), which became two of its top five customers in 2024 [4][6]. Group 2: Financial Performance - The gross profit margin of Hai'an Group reached 48% in 2024, significantly higher than the industry average of less than 20%. This margin is attributed to the increased proportion of high-value-added products [13][14]. - In the first half of 2025, the company reported a slight revenue increase of 0.83% to approximately 1.08 billion, while net profit grew by 12.1% to about 340 million. However, cash flow from operating activities saw a significant decline of nearly 53% [15][16]. Group 3: Market Dynamics - Approximately 44% of Hai'an Group's revenue comes from Russia, with exports accounting for about 75% of total revenue. The company has capitalized on the exit of major international tire brands from the Russian market following the Ukraine conflict, leading to rapid growth in sales [11][12]. - The company plans to invest nearly 3 billion in expanding production capacity and upgrading automation for all-steel giant engineering radial tires [10].