机床业务持续推出新品，实验室即将落地。2024年，公司新推出卧式五轴车铣复合加工 中心、卧式车铣复合加工中心、五轴叶片加工中心等产品，面向复杂零件的高精高效加工、 凝聚多工序为一体的复合加工场景，机床客户群体正稳步增长。为保障项目持续稳建的发 展，支撑高端机床装备研制与稳定量产，促进高端机床装备功能、性能迭代提升，公司于 2024年投资建设机床实验室，开展技术攻关、新产品测试、应用与验证等工作，预计2025年 下半年开始投入使用。 盈利预测与估值：公司2025-2027年营收分别为103.86、117.67、130.76亿元，同比增速 分别为17.85%、13.29%、11.13%；归母净利润分别为23.56、27.00、30.38亿元，同比增速分 别为17.13%、14.61%、12.50%。公司2025-2027年业绩对应PE估值分别为20.83、18.17、 16.15，首次覆盖，给予"增持"评级。 风险提示：轮胎客户资本开支不及预期风险；新业务开拓不及预期风险；市场竞争加剧 风险。（中邮证券 刘卓,陈基赟） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 险自担。 中邮证 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 豪迈科技 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 61.34 | | --- | --- | | 总股本/流通股本（亿股）8.00 | / 7.94 | | 总市值/流通市值（亿元）491 | / 487 | | 52 周内最高/最低价 | 63.42 / 34.51 | | 资产负债率(%) | 15.3% | | 市盈率 | 24.24 | | 第一大股东 | 张恭运 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 豪迈科技(002595) 业绩快速增长，机床、硫化机成长空间较大 l 事件描述 公司发布 2024 年年度报 ...

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].

Group 1: Company Overview and Strategy - The company focuses on continuous R&D innovation to enhance product competitiveness and meet customer needs, aiming to increase market share [2] - The CNC machine tools launched in 2022 target the mid-to-high-end market, leveraging nearly 30 years of self-research experience [2] - The electric heating vulcanization machine has shown significant advantages in energy saving and environmental protection compared to traditional steam vulcanization machines [3] Group 2: Business Performance and Projections - Current business orders are robust, with expectations for sustained healthy development and good performance returns to investors [3] - The high-end casting project, with a capacity of 65,000 tons, is primarily for wind power components and is expected to start production around June 2025 [3] - The company anticipates a doubling of overall business output value for the vulcanization machine by 2025, indicating substantial market potential [5] Group 3: Market Demand and Trends - The market demand for wind power components is recovering in 2024 compared to the second half of 2023, while the gas turbine component demand remains strong [4] - The gas turbine market is expected to grow due to rising global electricity demand, with the company currently operating at full capacity [4] - Wind power product prices are volatile, while gas turbine product prices remain relatively stable [4] Group 4: International Expansion and Operations - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, creating a comprehensive global production service system [5] - The company collaborates with numerous domestic and international enterprises for CNC systems and components [5] Group 5: Investor Relations and Future Plans - The company plans to optimize investor return mechanisms based on operational performance and shareholder demands [5] - There are currently no plans to inject related company businesses into the listed company, with any future developments to be disclosed as required [5]

Core Viewpoint - The company, Haomai Technology, has shown strong financial performance in Q1 2025, with significant growth in revenue and net profit, indicating a robust business outlook and potential for further investment opportunities [19]. Group 1: Company Overview - Haomai Technology specializes in the production and sales of radial tire molds, large component casting, and precision machining, as well as machine tool equipment [19]. - The company reported a main revenue of 2.279 billion yuan in Q1 2025, a year-on-year increase of 29.06%, and a net profit of 520 million yuan, up 29.96% year-on-year [19]. Group 2: Business Segments - The tire mold business has seen continuous growth due to the company's competitive advantages, including ongoing R&D, advanced manufacturing technologies, and a strong focus on product quality [3]. - The machine tool business generated approximately 180 million yuan in revenue in Q1 2025, with a positive market performance and a busy production schedule [4]. Group 3: Future Prospects - The company anticipates a significant increase in the overall business value of its electric heating vulcanizing machine, with expectations for substantial market growth in the coming years [11]. - The high-end casting project, primarily focused on wind power components, is expected to gradually release production capacity starting in June 2025 [7]. Group 4: Market Position and Strategy - The company has established a comprehensive global production service system with subsidiaries in various countries, enhancing its international presence [13]. - The electric heating vulcanizing technology is gaining traction both domestically and internationally, indicating a promising development trajectory [11].

Group 1: Company Overview and Financial Performance - The company has a net asset exceeding 1.3 billion yuan and maintains sufficient cash flow, indicating financial stability [2] - In Q1 2025, the company's CNC machine tool products achieved approximately 180 million yuan in revenue, reflecting continuous growth in the machine tool business [3] - The company plans to optimize its investor return mechanism based on operational performance and shareholder demands [5] Group 2: Product Development and Market Position - The company emphasizes continuous innovation in mold manufacturing, utilizing advanced technologies such as laser engraving and 3D printing [3] - The tire mold business has seen consistent revenue growth due to self-research and rapid response to customer needs [3] - The electric heating vulcanization machine has significant advantages over traditional methods, with expectations for substantial market growth in 2025 [4] Group 3: Production Capacity and Future Outlook - The high-end casting project, with a capacity of 65,000 tons, is expected to begin production around June 2025, focusing on wind power components [4] - The global demand for gas turbines is anticipated to rise, with the company currently operating at full capacity [4] - The company has established a comprehensive global production service system with subsidiaries in various countries, including the USA, Thailand, and Hungary [5] Group 4: Market Strategy and Customer Engagement - The company actively engages in investor relations through online collective reception days and specific investor surveys [2] - The CNC machine tool products cater to various industries, including precision molds, automotive, and electronics, with a focus on customized services [5] - Currently, less than 10% of the company's direct exports are to the US market, indicating potential for growth in international sales [5]

Group 1: Business Overview - The main clients for the company's gas turbine business include GE, Mitsubishi, Siemens, Shanghai Electric, Dongfang Electric, and Harbin Electric [1] - The high-end casting project of 65,000 tons is primarily focused on wind power components, with production expected to commence gradually around May or June 2025 [1] - The gas turbine market is projected to see sustained demand growth due to rising global electricity needs, with the company currently operating at full capacity [1] Group 2: Product and Market Insights - The company plans to adjust production capacity between wind power and gas turbine components as needed [1] - In the large component business, offshore wind products currently have a lower market share compared to onshore wind products, with future planning dependent on market demand and policy changes [2] - The electric heating vulcanizing machine has shown significant advantages in energy savings and production environment improvements, with promising future development potential [2] Group 3: Pricing and Profitability - The pricing of vulcanizing machines varies based on customer specifications [2] - The tire mold business employs a systematic pricing mechanism, with gross margins influenced by product type and complexity [2] - The lifespan of tire molds is affected by material, processing technology, and usage methods, with increasing frequency of design updates [2] Group 4: Global Operations and Sales Strategy - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, enhancing its global production service system [3] - The CNC machine tool business includes a range of products and offers personalized customization services, targeting industries such as precision molds, automotive, and electronics [3] - The sales strategy for CNC machine tools will combine direct sales and distribution, with a current focus on direct sales [3] Group 5: Future Development Plans - The company does not currently have plans for mergers or asset injections but will disclose any future arrangements as required [4] - The company anticipates an increase in annual production capacity due to ongoing factory construction and personnel expansion, with actual results dependent on market conditions [4]