模具、零部件、机床业务三轮驱动，稳步增长 豪迈科技(002595) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 59.94 | | 流通股本(亿股) | 7.95 | | 每股净资产(元) | 13.90 | | 总股本(亿股) | 8.00 | 最近 12 月市场表现 -3% 10% 22% 35% 48% 61% 豪迈科技 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 相关报告 1. 《产能产品全力运行，三大业务实现稳步 增长》 2025-03-19 2. 《业绩符合预期，看好机床业务未来发展 潜力》 2024-11-03 3. 《产品结构优化，公司盈利能力持续提 高》 2024-08-19 证券研究报告 专用设备 / 公司点评 / 2025.09.01 核心观点 | 盈利预测 | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown strong performance in its mining and hydropower businesses, with significant growth in these sectors. The acquisition of Wuxin Heavy Industry marks its entry into the port machinery sector, which is expected to enhance its market position [3][5] - Despite a decline in overall revenue and net profit in the first half of 2025, the company is optimistic about future profitability due to increased investment in R&D and growth in the mining and hydropower markets. The projected net profits for 2025-2027 are 115 million, 141 million, and 175 million respectively, with corresponding EPS of 1.28, 1.57, and 1.95 [3][4] Financial Performance Summary - In H1 2025, total revenue was 384 million, a year-on-year decrease of 5.19%, while net profit attributable to the parent company was 51 million, down 26.87% [3] - The mining sector revenue increased by 182.62% to 45.82 million, and the hydropower sector revenue grew by 72.61% to 31.54 million. The after-market services also saw a revenue increase of 19.57% [4] - The company has been awarded 43 patents in H1 2025, including 9 invention patents and 32 utility model patents, indicating a strong focus on innovation [4] Acquisition and Market Expansion - The company plans to acquire 100% of Wuxin Heavy Industry and Xiongzhong Technology through a combination of cash and stock, with a total transaction value of 2.65 billion. This acquisition is aimed at expanding into the port machinery and road and bridge construction sectors [5] - The acquisition is expected to enhance the company's capabilities in developing and selling intelligent equipment for port logistics, as well as providing specialized equipment and system solutions for transportation infrastructure [5] Financial Projections - The projected financials for the company indicate a recovery in revenue, with estimates of 861 million for 2025, 962 million for 2026, and 1.083 billion for 2027, reflecting a growth rate of 7.8%, 11.7%, and 12.6% respectively [6][9] - The projected net profit for 2025 is 115 million, with a year-on-year growth of 9.9%, and further growth expected in subsequent years [6][10]

Core Viewpoint - The recovery of the PMI manufacturing index in August, along with improvements in production, new orders, and prices, indicates the initial effects of policies aimed at expanding domestic demand and countering excessive competition. The stock market's recovery is boosting economic confidence, which may lead to a rebound in consumer spending. Future policies to expand domestic demand are expected to strengthen the positive economic trend, especially in the service consumption sector as the impact of durable goods policies diminishes [1][7]. Group 1: Economic Resilience - The production index in August rose to 50.8%, while the new orders index was at 49.5%, indicating a strong resilience in the economy despite a widening supply-demand gap of 1.3 percentage points [2]. - The increase in production is attributed to stable domestic demand and a recovering stock market, alongside exporters rushing to ship goods due to new tax regulations [2]. Group 2: Price Index Trends - The PMI output price index and raw material purchase price index increased by 0.8 percentage points and 1.8 percentage points to 49.1% and 53.3%, respectively, marking three consecutive months of price increases [3]. - The rise in prices is linked to the initial success of measures to curb excessive competition, with 11 out of 16 industries showing price increases [3]. Group 3: Inventory and Procurement Dynamics - The finished goods inventory index fell by 0.6 percentage points to 46.8%, while raw material inventory and procurement levels rose, indicating a shift towards passive inventory reduction [4]. - Companies are adjusting procurement levels in response to new orders, maintaining low inventory levels as demand and exports increase [4]. Group 4: Performance of Enterprises - Large enterprises saw a significant increase in their index to 50.8%, while small enterprises slightly rose to 46.6%, and medium enterprises fell to 48.9% [5]. - The service sector, particularly transportation and entertainment, benefited from summer consumption, with business activity indices for rail and air transport exceeding 55% [6]. Group 5: Future Outlook - The PMI manufacturing index remains in contraction for five consecutive months, highlighting ongoing economic pressures, particularly for small and medium enterprises [7]. - Continued policy support is necessary to sustain economic recovery, especially in demand, with upcoming measures to stimulate service consumption and digital economy initiatives [7].

国家统计局 8 月 31 日发布数据：2025 年 8 月份，制造业采购经理指数（PMI）为 49.4%，比上月上升 0.1 个百分点，制造业景气水平有所改善。建筑业商务活动指 数为 49.1%（前值 50.6%）；服务业商务活动指数为 50.5%（前值 50.0%）。 一、 供需双涨展现经济韧性。8 月生产指数 50.8%（前值 50.5%）。新订单指数 49.5%（前值 49.4%），新出口订单 47.2%（前值 47.1%）。供需两端共同上升， 体现经济仍然保持较强韧性。不过供需缺口拉大到 1.3pct，生产还是大于需求。8 月生产指数在反内卷和生产淡季的情况下超预期上行或来自两个方面，一方面，内 需的稳定和股市上行为经济带来信心修复。另一方面，出口商"抢出货"也进一步 拉高了生产强度。7 月 7 日国家税务总局发布了一篇关于优化企业所得税预缴纳税 申报有关事项的公告，从 10 月 1 日开始，代理出口货物的企业在预缴申报时，必 须同步报送实际委托出口方的基础信息和出口金额情况，出口政策进一步规范化， 打击"买单出口"（没有出口资质的企业用别人的出口身份发货），因此出口商或 存在"抢出货"的行为。高频数 ...

Core Viewpoint - The company, Ju Yi Technology, has shown significant growth in its financial performance for the first half of 2025, with notable increases in revenue and net profit, while also undergoing structural changes in its governance and financial strategies [4][5][6]. Financial Performance - For the first half of 2025, Ju Yi Technology reported a main revenue of 1.899 billion yuan, an increase of 25.99% year-on-year [4] - The net profit attributable to shareholders reached 39.79 million yuan, up 69.48% year-on-year [4] - The net profit after deducting non-recurring gains and losses was 24.51 million yuan, a substantial increase of 429.74% year-on-year [4] - In Q2 2025, the main revenue was 939 million yuan, reflecting a year-on-year growth of 42.45% [4] - The net profit attributable to shareholders for Q2 was 13.31 million yuan, a remarkable increase of 716.05% year-on-year [4] - The asset-liability ratio stood at 70.61%, with a gross profit margin of 15.52% [4] - R&D investment accounted for 7.14% of operating revenue [4] Shareholder Changes - As of June 30, 2025, the number of shareholders increased to 6,707, marking an 11.25% rise since March 31, 2025 [3] - The average number of shares held per shareholder decreased from 22,800 shares to 20,500 shares, with an average holding value of 557,200 yuan [3] Corporate Announcements - The board approved the 2025 semi-annual report and related proposals, including the reappointment of the accounting firm and the initiation of foreign exchange hedging activities [5] - The company plans to cancel the supervisory board, transferring its responsibilities to the audit committee of the board [5] - A foreign exchange hedging business is proposed, with a transaction amount not exceeding 100 million USD [5] - The company intends to increase its investment in Anhui Jianghuai Heavy Engineering Machinery Co., Ltd. by 53.9 million yuan, maintaining a 49% ownership stake [5] - The company will repurchase and cancel 98,000 restricted shares at a price of 18.31 yuan per share, reducing the total share capital [5] - The company has terminated the "General Industrial Intelligent Equipment Industrialization Construction Project" and will redirect remaining funds to the "New Energy Vehicle New Generation Electric Drive System Industrialization Project" [5][6]

据证券之星公开数据整理，近期卓然股份（688121）发布2025年中报。截至本报告期末，公司营业总收 入9.66亿元，同比下降28.92%，归母净利润-21.9万元，同比下降100.62%。按单季度数据看，第二季度 营业总收入7.97亿元，同比下降39.0%，第二季度归母净利润810.81万元，同比下降89.29%。本报告期 卓然股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2639.12%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率22.3%，同比增12.54%，净利率0.74%， 同比减68.36%，销售费用、管理费用、财务费用总计1.07亿元，三费占营收比11.12%，同比增17.4%， 每股净资产10.88元，同比增0.51%，每股经营性现金流-1.11元，同比减362.71%，每股收益0.0元，同比 减100.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 13.59亿 | 9.66亿 | -28.92% | | 归母净利润（元） | 3549.45万 | -21.9 ...

据证券之星公开数据整理，近期艾迪精密（603638）发布2025年中报。截至本报告期末，公司营业总收 入15.69亿元，同比上升13.15%，归母净利润2.07亿元，同比上升5.34%。按单季度数据看，第二季度营 业总收入7.98亿元，同比上升5.84%，第二季度归母净利润1.05亿元，同比下降3.04%。本报告期艾迪精 密公司应收账款体量较大，当期应收账款占最新年报归母净利润比达305.43%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率27.52%，同比减2.64%，净利率13.24%，同比减 6.57%，销售费用、管理费用、财务费用总计1.2亿元，三费占营收比7.65%，同比增5.14%，每股净资产 4.11元，同比增7.96%，每股经营性现金流0.28元，同比增61.32%，每股收益0.25元，同比增4.17% | 艾迪精密 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 13.86亿 | 15.69 ST | 13.15% | | 归母净利润(元) | 1.96Z ...

财务报表中对有大幅变动的财务项目的原因说明如下： 应收款项融资变动幅度为178.69%,原因:本期收到的票据未背书转让部分增加。 据证券之星公开数据整理，近期兰石重装（603169）发布2025年中报。截至本报告期末，公司营业总收 入28.32亿元，同比上升13.63%，归母净利润5432.92万元，同比下降21.91%。按单季度数据看，第二季 度营业总收入14.2亿元，同比下降9.28%，第二季度归母净利润3978.35万元，同比上升9.11%。本报告 期兰石重装公司应收账款体量较大，当期应收账款占最新年报归母净利润比达795.16%。 本次财报公布的各项数据指标表现一般。其中，毛利率12.48%，同比减4.82%，净利率1.74%，同比减 36.74%，销售费用、管理费用、财务费用总计1.96亿元，三费占营收比6.93%，同比减15.46%，每股净 资产2.57元，同比增4.43%，每股经营性现金流-0.06元，同比减189.0%，每股收益0.04元，同比减 21.95% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入 ...

Group 1 - The company reported a total operating revenue of 499 million yuan for the first half of 2025, representing a year-on-year decline of 16.49% [1] - The net profit attributable to shareholders of the parent company was 57.76 million yuan, down 15.62% year-on-year [1] - The basic earnings per share were 0.53 yuan [1]

| | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数 (股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -10.16% | 19727 -11286 | -36.39% | 7.88万 | 1.37万 | | 2025-03-31 | -17.21% | 31013 10054 | 47.97% | 5.58万 | 8720.58 | | 2024-12-31 | -0.13% | 6560Z -1441 | -6.43% | 9.97万 | 1.29万 | | 2024-09-30 | 20.19% | 22400 -1542 | -6.44% | 9.35万 | 1.21万 | 证券之星消息，近日*ST星农披露，截至2025年6月30日公司股东户数为1.97万户，较3月31日减少1.13 万户，减幅为36.39%。户均持股数量由上期的8721.0股增加至1.37万股，户均持股市值为7.88万元。 在专用设备行业个股中，*ST星农股东户数低于行业平均水平，截至6月30日，专用设备行业 ...