证券研究报告/公司深度 研究报告 豪迈科技（002595.SZ）： 重视电加热硫化机预期差，看好第四成长曲线双击 【华西机械团队】 | 评级： | 增持 | | --- | --- | | 上次评级： | 增持 | | 目标价格： | | | 最新收盘价： | 97.49 | 分析师：黄瑞连 SAC NO：S1120524030001 邮箱：huangrl@hx168.com.cn | 股票代码： | 002595 | | --- | --- | | 52 周最高价/最低价： | 99.50/48.14 | | 总市值(亿) | 780 | | 自由流通市值(亿) | 775 | | 自由流通股数(百万) | 795 | 2026年2月27日 请仔细阅读在本报告尾部的重要法律声明 投资要点 橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争力，预期差较大，2026年有望开始进入业绩释放阶段， 拉动第四成长 曲线戴维斯双击。作为全市场第一篇电加热硫化机报告，本篇报告主要回答以下三个问题： 1 1、第一性原理出发，如何看待电加热硫化机产业趋势？轮胎性能的关键核心在于原材料配方设计&硫化工艺的协同 ...

中新网青岛2月27日电 题："上合工匠"造"重器"：让中国橡胶装备站上世界新高度 "没有现成的技术参考，完全是'摸着石头过河'。"回忆起当年的攻关历程，牟棕亮感慨万千。由于国外 技术封锁严密，为了获取第一手试验数据，他曾连续三天三夜坚守在车间，累了就在地上铺张纸壳打个 盹，醒了便立刻投入到数据监测与调试中。功夫不负有心人，2021年，重达数吨的国产大寸级工程子午 胎在他们手中成功试制，一举填补了国内相关领域的空白，打破了国外企业的技术垄断。 从越南到泰国，再到哈萨克斯坦，过去三年他的春节足迹遍布国内外客户现场。这种常态化的坚守，背 后是软控公司海外订单占比持续超过50%、产品覆盖全球150多个国家的业务格局，也是中国橡胶装备 从依赖进口到走向世界之巅的缩影。而牟棕亮，正是这一历程的关键亲历者和推动者。 牟棕亮站 在一台轮胎成型机旁核查着最后的数据。受访者供图 今年46岁的牟棕亮，已在橡胶机械行业深耕25年。从斜交胎成型机到子午胎成型机，从生产调试到新型 产品研发，他在日复一日地钻研中，积累下旁人难以企及的经验。"干一行就得钻一行，我们多一分精 细，中国橡胶装备就多一分底气。" 时间回溯到2018年，重达数吨的 ...

Group 1 - The company, Sinochem Equipment (600579), focuses its main business on chemical equipment and rubber machinery [1] - The company and its subsidiaries do not produce PEEK polymerization kettles [1]

Core Viewpoint - The controlling shareholder Yuan Zhongxue of Ruankong Co., Ltd. has released 115 million shares from pledge, which represents 79.14% of his holdings and 11.23% of the total share capital, with the release date set for January 21, 2026 [1] Group 1 - Yuan Zhongxue has re-pledged the same 115 million shares to Qingdao Rural Commercial Bank Lichang Branch, with a pledge period until December 31, 2028, for purposes of external investment and debt repayment [1] - As of the disclosure date, Yuan Zhongxue and his concerted actors have a total pledge of 115 million shares, which accounts for 79.14% of his holdings and 11.23% of the total share capital, indicating no risk of forced liquidation [1]

Core Viewpoint - The company plans to issue shares to acquire 100% equity of Yiyang Rubber Machinery and 100% equity of Bluestar North Chemical Machinery, with a transaction price of 1.202 billion yuan, constituting a major asset restructuring [1] Group 1: Transaction Details - The company intends to raise matching funds by issuing shares to no more than 35 qualified specific investors [1] - The total transaction price for the acquisitions is set at 1.202 billion yuan [1] Group 2: Strategic Implications - Upon completion of the transaction, the company's professional capabilities, brand management, marketing strength, specialized service talent, and strategic customer resources in the rubber machinery and chemical equipment industries will be enhanced [1] - The market scale in the company's main business areas will further increase, improving the product matrix and business layout [1] - The transaction is expected to help the company consolidate its industry position and enhance core competitiveness, leading to an overall improvement in profitability, sustainable operational capacity, and risk resilience [1]

Core Viewpoint - The company plans to issue shares to acquire 100% equity of Yiyang Rubber Machinery and 100% equity of Bluestar North Chemical Machinery, with a transaction price of 1,201.7968 million yuan, excluding the fundraising amount [1] Group 1: Strategic Enhancements - The completion of this transaction will strengthen the company's professional capabilities, brand management, marketing strength, professional service talent pool, and strategic customer resources in the rubber machinery and chemical equipment industries [1] - The market scale in the company's main business areas will further increase, enhancing the product matrix and business layout [1] Group 2: Competitive Positioning - The acquisition is expected to facilitate the expansion and supplementation of strategic customer resources, helping the company consolidate its industry position [1] - The overall improvement in business scope and operational efficiency will enhance profitability, sustainable operational capacity, and resilience against risks and cycles [1]

Group 1 - The core viewpoint of the article is that Sinochem Equipment (600579) has a comprehensive coverage of the core processes in the rubber product manufacturing sector through its rubber machinery business segment [1] Group 2 - The rubber machinery business includes four key processes: mixing, semi-finished product preparation, molding, and vulcanization [1]

Group 1 - The company has been deeply engaged in the rubber industry for 25 years, focusing on domestic substitution of imports and expanding from a single product to providing 80% of the full production line equipment [1] - The rubber machinery industry has significant growth potential with the development of the domestic and international tire industry [1] - The company will continue to focus on market, research and development, quality, growth, and organization to achieve high-quality development based on its strategies of digitalization, platformization, and internationalization [1] Group 2 - As of December 10, the number of shareholders in the company was 63,476 [1]

Core Insights - Baoding Juheyuan Rubber Machinery Co., Ltd. has been established with a registered capital of 100,000 RMB and is represented by Zheng Hao [1] Company Overview - The company operates in various sectors including machinery equipment sales, rubber product sales, and material handling equipment sales [1] - It also engages in the sales of industrial textile products, mining machinery, hardware products, and various electrical and mechanical components [1] - The company provides installation services for general machinery and labor services (excluding labor dispatch) [1] Business Scope - The business scope includes internet sales (excluding items requiring permits), sales of mechanical parts and components, and repair services for electrical equipment [1] - Additionally, it covers sales of construction materials, light construction materials, and building decoration materials [1] - The company is involved in the sales of cables, bearings, gears, and other metal products [1]

Group 1 - In the first half of 2025, the Chinese plastic and rubber machinery industry saw performance growth among 952 large-scale enterprises, with some companies achieving both revenue and profit increases [1] - Zhejiang Huaye Plastic Machinery Co., Ltd. reported a revenue of 478 million yuan, a year-on-year increase of 10.56%, and a net profit of 48.56 million yuan, up 10.24%, indicating stable profitability in its main business [1] - The company’s total assets reached 1.854 billion yuan, a 22.03% increase year-on-year, with cash reserves of 478 million yuan, accounting for 25.79% of total assets, providing a solid foundation for future capacity expansion and R&D investment [1] Group 2 - The company has established a strong market position with nearly 30 years of industry experience, collaborating with leading domestic manufacturers and successfully entering the supply chains of international companies [2] - Government policies supporting the manufacturing sector, particularly in smart and green manufacturing, are driving demand in the downstream plastic machinery industry, leading to a recovery in industry prosperity [2] - Zhejiang Huaye aims to leverage its long-term partnerships with major manufacturers and its technological expertise to respond quickly to market demands and create substantial returns for investors [2]