买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,166 | 8,813 | 11,103 | 13,512 | 16,141 | | 同比（%） | 7.88 | 22.99 | 25.97 | 21.70 | 19.46 | | 归母净利润（百万元） | 1,612 | 2,011 | 2,513 | 3,048 | 3,634 | | 同比（%） | 34.33 | 24.77 | 24.95 | 21.28 | 19.22 | | EPS-最新摊薄（元/股） | 2.02 | 2.51 | 3.14 | 3.81 | 4.54 | | P/E（现价&最新摊薄） | 30.92 | 24.78 | 19.83 | 16.35 | 13.72 | 证券研究报告·公司点评报告·专用设备 豪迈科技（002595） 2025 半年报点评：业绩稳健增长，大型零部 件/数控机床业务进展顺利 [Table_Tag] [ ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated rapid growth in its performance, 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 that have all shown significant growth, with revenue from molds, large component machinery, CNC machine tools, and others increasing by 22.73%, 20.31%, 29.30%, and 44.78% respectively [5]. - The company is expanding its global production capacity, with new factories in Thailand and Mexico enhancing its service capabilities [6]. Company Overview - Latest closing price: 61.34 yuan - Total shares: 800 million, circulating shares: 794 million - Total market capitalization: 49.1 billion yuan, circulating market capitalization: 48.7 billion yuan - 52-week high/low: 63.42/34.51 yuan - Debt-to-asset ratio: 15.3% - Price-to-earnings ratio: 24.24 [3]. Financial Performance - In Q1 2025, the company achieved revenue of 2.279 billion yuan, a year-on-year increase of 29.06%, and a net profit of 520 million yuan, up 29.96% [4]. - The company expects revenues for 2025-2027 to be 10.386 billion, 11.767 billion, and 13.076 billion yuan, with corresponding growth rates of 17.85%, 13.29%, and 11.13% [10][12]. - The projected net profits for the same period are 2.356 billion, 2.700 billion, and 3.038 billion yuan, with growth rates of 17.13%, 14.61%, and 12.50% [10][12]. Future Outlook - The company is set to launch new products in the machine tool sector, including horizontal five-axis machining centers, which are expected to attract a growing customer base [7]. - A new high-end casting project is anticipated to boost revenue from large component machinery, with production expected to commence by mid-2025 [6].

Investment Rating - The report maintains a "Buy" rating for companies involved in brain-computer interface technology, indicating strong potential for growth and investment opportunities [5][6]. Core Insights - The invasive technology breakthroughs are expected to enhance consumer and medical rehabilitation market awareness of brain-computer interface technology, with significant advancements anticipated in 2025 [5]. - Non-invasive brain-computer interface products are likely to accelerate commercialization, presenting further investment opportunities [5]. - The report suggests focusing on companies that are leading in the brain-computer interface technology space, such as Sihuan Pharmaceutical, Yanshan Technology, Sanbo Brain Science, Chengyitong, Innovation Medical, and Dineike [5][6]. Summary by Sections Macro Strategy - The ZEW investor expectations index in Germany surged to its highest level in two years, reaching 51.6, significantly above market expectations [25]. - The report highlights the expansion of fiscal spending in Germany amidst legislative discussions aimed at overcoming the debt brake mechanism [25]. Fixed Income - The current yield spread for high-yield Chinese dollar city investment bonds is 313 basis points, while investment-grade bonds stand at 86 basis points, both at historically low levels [26][30]. - High-yield bonds are seen as having more room for spread compression compared to investment-grade bonds, making them attractive in a low-interest-rate environment [26][30]. Industry Analysis - The report emphasizes the importance of the environmental equipment manufacturing industry, with a focus on promoting high-quality development and the transition towards green, low-carbon, and circular economies [8]. - Companies like Weiming Environmental and Wangneng Environment are highlighted for their strategic initiatives and confidence in future growth [8].