Investment Rating - The report assigns a "Buy-A" rating to the company, with a 6-month target price of 95.84 CNY, compared to the current stock price of 86.31 CNY [6]. Core Insights - The company, Haomai Technology, is a leader in the tire mold industry and has diversified into large castings, CNC machine tools, and electric heating vulcanizers, benefiting from the synergy between casting and machining [1][17]. - The company has achieved a compound annual growth rate (CAGR) of 21.0% in revenue and 18.3% in net profit from 2008 to 2024, demonstrating resilience across economic cycles [1][38]. - The company is expected to maintain strong growth in its tire mold business due to the increasing capital expenditures of domestic tire manufacturers and the expansion of overseas production [2]. - The large component machinery segment is poised to benefit from the favorable market conditions in gas turbines and wind power, with significant capacity expansions planned [3]. - The CNC machine tool business is focusing on high-end five-axis machines, showing rapid growth with a projected revenue increase of 145.1% in the first half of 2025 [4]. Summary by Sections Company Overview - Haomai Technology started in the tire mold industry and has expanded into castings, CNC machine tools, and electric heating vulcanizers, establishing a long-term growth trajectory [17]. - The company has a global market share of over 30% in tire molds as of 2025, supported by strong R&D capabilities and cost advantages [2][17]. Tire Molds - The tire mold segment is a critical low-value consumable in the tire industry, with high demand for supplier know-how and brand reputation [2]. - The company has seen high growth in its tire mold business due to the rapid iteration of tire products and increased capital spending by tire manufacturers [2]. Large Component Machinery - The large component machinery business focuses on castings for wind power and gas turbines, benefiting from strong demand in North America and planned capacity expansions [3]. - The company is set to increase its casting capacity significantly, with new projects underway [3]. CNC Machine Tools - The company is concentrating on high-end five-axis machine tools, with a comprehensive product line that includes vertical and horizontal machining centers [4]. - The CNC machine tool segment is experiencing rapid growth, with revenues expected to reach 5.1 billion CNY in the first half of 2025, marking a 145.1% year-on-year increase [4]. Vulcanizers - The electric heating vulcanizer segment is expected to grow significantly, driven by the increasing demand for efficient and environmentally friendly tire production methods [11]. - The global market for vulcanizers is projected to grow from 1.238 billion USD in 2024 to 1.629 billion USD by 2031 [11]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 110.1 billion CNY, 135.4 billion CNY, and 161.4 billion CNY from 2025 to 2027, with corresponding net profits of 24.6 billion CNY, 30.7 billion CNY, and 35.3 billion CNY [12]. - The report anticipates a continuous improvement in market share and profitability across all business segments [12].

证券日报网讯12月11日，博杰股份（002975）在互动平台回答投资者提问时表示，公司在持续为海外大 客户合作过程中，就客户反馈其新型产品部分零部件存在供应链无法匹配、供需不对等的痛点，公司基 于自身技术能力与客户就其需求共同探讨、研究并输出解决方案，以满足客户需求。公司具备机加工方 面的能力，公司董事长在精密加工领域有比较深的渊源，另外公司也会积极整合供应链资源实现零部件 供应商的目标。 ...