Core Viewpoint - The company maintains a positive outlook for its core business, expecting good development throughout 2025, and has a "Buy" rating [1]. Investment Highlights - The company is rated "Buy" due to strong performance in its main business areas, with an upward revision of EPS for 2025-2027 to 3.12, 3.83, and 4.47 yuan respectively. The target market value is set at 58.2 billion yuan, corresponding to a target price of 72.75 yuan, which reflects a PE ratio of 23.33 for 2025 [2]. - In the first half of 2025, the company achieved revenue and net profit attributable to shareholders of 5.27 billion and 1.20 billion yuan, respectively, representing year-on-year growth of 27.3% and 24.7%. The gross margin and net profit margin were 34.5% and 22.7%, with slight declines of 0.7 and 0.5 percentage points year-on-year [2]. Industry Demand and Product Development - Demand for gas turbines and wind power remains strong, with full orders and production. The company's large component machinery products are expected to benefit from a favorable market for gas turbines and wind power. The global gas turbine market is projected to grow steadily over the next five years, driven by flexibility, environmental benefits, and economic efficiency [3]. - The domestic price of land-based wind turbines has rebounded, and the industry is expected to benefit from the conclusion of the "14th Five-Year Plan" and the release of postponed European offshore projects. The offshore wind sector is anticipated to grow by 300% year-on-year in 2026 as the "15th Five-Year Plan" commences [3]. - The company continues to innovate in machine tools, targeting emerging fields such as semiconductors and humanoid robots. New products launched in the first half of 2025 include advanced laser micro-machining machines and composite machining centers, which have made breakthroughs in various industries. The company is also collaborating with partners to develop solutions for new industries [3].

Core Viewpoint - The report from Zhongyou Securities highlights the rapid growth of Haomai Technology (002595), with significant potential in machine tools and vulcanizing machines [1] Financial Performance - In 2024, the company achieved revenue of 8.813 billion yuan, a year-on-year increase of 22.99% - The net profit attributable to shareholders was 2.011 billion yuan, up 24.77% year-on-year - The net profit excluding non-recurring items was 1.887 billion yuan, reflecting a 20.50% increase year-on-year - For Q1 2025, revenue reached 2.279 billion yuan, a 29.06% year-on-year growth - The net profit attributable to shareholders for Q1 2025 was 520 million yuan, increasing by 29.96% year-on-year - The net profit excluding non-recurring items for Q1 2025 was 501 million yuan, up 33.68% year-on-year [2] Business Segments - All three major business segments experienced rapid growth, with revenue from molds, large component machinery, CNC machine tools, and others being 4.651 billion, 3.332 billion, 399 million, and 431 million yuan respectively - Year-on-year growth rates for these segments were 22.73%, 20.31%, 29.30%, and 44.78% respectively - The gross margin for 2024 was 34.30%, a slight decrease of 0.35 percentage points year-on-year, with the mold gross margin decreasing by 3.1 percentage points to 39.59% and the large component machinery gross margin increasing by 2.66 percentage points to 25.67% - The expense ratio for 2024 increased by 0.28 percentage points to 8.7%, with the sales expense ratio decreasing by 0.38 percentage points to 0.92% [3] Global Expansion and New Products - The tire mold business is driving global capacity construction, with the Thailand factory expansion completed in October 2023 and the Mexico factory set to begin operations in April 2024 - The new electric heating vulcanizing machine, which offers significant advantages in energy saving and environmental protection, has begun small-scale applications with clients, resulting in a total bid amount of 135 million yuan [4] - A new high-end casting project is expected to boost revenue from large component machinery, with a capacity of 65,000 tons primarily for wind power components, set to begin production around June 2025 [4] Product Development - In 2024, the company launched new products including horizontal five-axis turning-milling composite machining centers and five-axis blade machining centers, targeting high-precision processing of complex parts - A machine tool laboratory is being established to support the development and stable production of high-end machine tools, expected to be operational in the second half of 2025 [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 10.386 billion, 11.767 billion, and 13.076 billion yuan, with year-on-year growth rates of 17.85%, 13.29%, and 11.13% respectively - Net profit forecasts for the same period are 2.356 billion, 2.700 billion, and 3.038 billion yuan, with year-on-year growth rates of 17.13%, 14.61%, and 12.50% respectively - The corresponding PE valuations for 2025-2027 are 20.83, 18.17, and 16.15, with an initial coverage rating of "Accumulate" [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth, with 2024 revenue reaching 8.813 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% [4][10]. - The company operates three main business segments, all contributing to its growth: molds, large component machinery products, and CNC machine tools, with respective revenue growth rates of 22.73%, 20.31%, and 29.30% [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico, and has introduced energy-efficient electric heating vulcanizing machines, which have begun to see initial market applications [6]. Company Overview - The latest closing price of the company's stock is 61.34 yuan, with a total market capitalization of 49.1 billion yuan [3]. - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 24.24 [3]. Financial Performance - In Q1 2025, the company reported revenue of 2.279 billion yuan, a 29.06% increase year-on-year, and a net profit of 520 million yuan, up 29.96% [4]. - The company forecasts revenues of 10.386 billion yuan, 11.767 billion yuan, and 13.076 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.356 billion yuan, 2.700 billion yuan, and 3.038 billion yuan [10][12]. Future Projections - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 17.85%, 13.29%, and 11.13% for the years 2025 to 2027 [10]. - The introduction of new products in the machine tool segment and the establishment of a machine tool laboratory are anticipated to support ongoing innovation and market expansion [7].