公司报告 | 半年报点评 豪美新材（002988） 证券研究报告 收入稳步增长，毛利率同比下滑拖累业绩 毛利率同比下滑，反内卷政策出台铝价阶段性回暖 25H1 公司综合毛利率为 10.7%，同比-1.44pct，Q2 单季度毛利率为 10.71%， 同比-1.56pct。25H1 原材料铝期货结算价均价为 20317 元/吨，同比增加 519 元/吨，涨幅为 2.62%，截至 8 月 25 日，铝期货结算价 20820 元/吨，8 月份以来铝均价同比涨幅为 7.73%。受国内反内卷举措频出，铝价有望受 到阶段性提振，公司毛利率有望恢复。 费用率小幅提升，现金流同比改善 25H1 公司期间费用率为 7.96%，同比+0.01pct，销售、管理、研发、财务 费用率分别为 1.59%、1.66%、3.22%、1.48%，同比-0.19pct、-0.09pct、+0.19pct、 +0.11pct，综合影响下公司净利率为 2.56%，同比-1.38pct，Q2 净利率为 2.64%，同比-1.15pct。25H1 公司经营活动现金流净额为 0.67 亿，同比多 流入 0.82 亿，收、付现比分别为 89%、87%，同 ...

Core Viewpoint - The aluminum leakage issue poses a significant risk in the aluminum manufacturing industry, particularly in high-temperature casting processes, which can lead to explosions and severe production losses [1] Group 1: Company Overview - Guangdong Haomei New Materials Co., Ltd. is a leading aluminum profile manufacturer in China, producing over 270,000 tons of aluminum profiles annually, including automotive lightweight materials, construction aluminum profiles, industrial aluminum profiles, and high-performance system doors and windows [1] - The company faces major risks in its casting workshop, where aluminum leakage is a critical safety concern [1] Group 2: Risk Management Solutions - After a thorough investigation, Ping An Property & Casualty Insurance identified personnel management and equipment monitoring as key safety control measures to mitigate the risk of aluminum leakage and potential explosions [2] - Ping An developed a customized risk reduction solution using AI and IoT technology, which includes real-time monitoring of employee presence and temperature anomalies to prevent unsafe operations [2] Group 3: Impact of Risk Reduction Measures - Since the implementation of the risk reduction solution, there have been 7 risk alerts issued, with an estimated loss reduction of 2.1 million yuan [3] - The insurance risk reduction service is seen as an effective strategy for enhancing safety in the manufacturing sector, which comprises approximately 1.65 million enterprises in Guangdong [3] - Ping An's "Eagle Eye System DRS3.0" has issued over 10.55 billion disaster warning messages in 2024, covering 67.34 million individuals and businesses, thereby improving public safety management [3]