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 ...

请仔细阅读在本报告尾部的重要法律声明 投资要点 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 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 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 华西证券研报指出，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。展望未来，看好 豪迈在全球电加热硫化机市场保持长期强竞争力。底层逻辑来看：1）数控机床&硫化机底层技术架构 相通：豪迈过去近30年始终坚持设备底层架构技术打磨，为其在硫化机等机械设备领域持续拓品打下基 础。2）轮胎模具&硫化机工艺、客户高度协同：轮胎模具和硫化机作为搭配使用的专用设备及其零部 件，二者工艺Know-How高度兼容，客户完全协同。基于公司持续拓品扩张的潜力，维持"增持"评级。 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, with a 6-month target price of 95.84 CNY, compared to the current stock price of 86.31 CNY [6]. Core Insights - The company, Haomai Technology, is a leader in the tire mold industry and has diversified into large castings, CNC machine tools, and electric heating vulcanizers, benefiting from the synergy between casting and machining [1][17]. - The company has achieved a compound annual growth rate (CAGR) of 21.0% in revenue and 18.3% in net profit from 2008 to 2024, demonstrating resilience across economic cycles [1][38]. - The company is expected to maintain strong growth in its tire mold business due to the increasing capital expenditures of domestic tire manufacturers and the expansion of overseas production [2]. - The large component machinery segment is poised to benefit from the favorable market conditions in gas turbines and wind power, with significant capacity expansions planned [3]. - The CNC machine tool business is focusing on high-end five-axis machines, showing rapid growth with a projected revenue increase of 145.1% in the first half of 2025 [4]. Summary by Sections Company Overview - Haomai Technology started in the tire mold industry and has expanded into castings, CNC machine tools, and electric heating vulcanizers, establishing a long-term growth trajectory [17]. - The company has a global market share of over 30% in tire molds as of 2025, supported by strong R&D capabilities and cost advantages [2][17]. Tire Molds - The tire mold segment is a critical low-value consumable in the tire industry, with high demand for supplier know-how and brand reputation [2]. - The company has seen high growth in its tire mold business due to the rapid iteration of tire products and increased capital spending by tire manufacturers [2]. Large Component Machinery - The large component machinery business focuses on castings for wind power and gas turbines, benefiting from strong demand in North America and planned capacity expansions [3]. - The company is set to increase its casting capacity significantly, with new projects underway [3]. CNC Machine Tools - The company is concentrating on high-end five-axis machine tools, with a comprehensive product line that includes vertical and horizontal machining centers [4]. - The CNC machine tool segment is experiencing rapid growth, with revenues expected to reach 5.1 billion CNY in the first half of 2025, marking a 145.1% year-on-year increase [4]. Vulcanizers - The electric heating vulcanizer segment is expected to grow significantly, driven by the increasing demand for efficient and environmentally friendly tire production methods [11]. - The global market for vulcanizers is projected to grow from 1.238 billion USD in 2024 to 1.629 billion USD by 2031 [11]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 110.1 billion CNY, 135.4 billion CNY, and 161.4 billion CNY from 2025 to 2027, with corresponding net profits of 24.6 billion CNY, 30.7 billion CNY, and 35.3 billion CNY [12]. - The report anticipates a continuous improvement in market share and profitability across all business segments [12].

Macro and Strategy Research - The US durable goods orders showed a negative growth for the second consecutive month, while core capital goods orders turned positive, indicating stable investment demand from enterprises [2] - The European Central Bank (ECB) officials have differing views on inflation trends, suggesting a pause in rate cuts in September, with potential for easing later in the year due to economic uncertainties [3] - Domestic industrial enterprises' revenue growth continues to decline, but profit margins are improving, supported by previous "anti-involution" policies [3] Fixed Income Research - The bond market experienced a slight recovery before weakening again, with investor confidence remaining low [4] - The central bank's net injection of 167.6 billion yuan in the open market indicates a mixed performance in funding prices, with a divergence between cross-month and non-cross-month funding rates [5] - The supply pressure in the primary market for government bonds is expected to decrease in the remaining months of the year [6] Company Research: Haomai Technology (002595) - The company reported a revenue of 5.265 billion yuan for H1 2025, a year-on-year increase of 27.25%, and a net profit of 1.197 billion yuan, up 24.65% [8] - The company's core businesses are performing well, with significant growth in the CNC machine tool segment, which saw a revenue increase of 145.08% [9] - The new electric heating vulcanization machine has shown significant advantages and has received orders totaling 135 million yuan [10] Company Research: China Aluminum (601600) - The company achieved a revenue of 116.392 billion yuan in H1 2025, a 5.12% increase year-on-year, with a net profit of 7.071 billion yuan, up 0.81% [12] - Production of alumina and primary aluminum increased, with alumina production reaching 8.6 million tons, a 4.88% increase [14] - The company has improved its resource self-sufficiency rate and has accelerated the production of key projects [14]

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 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 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].