公 公司点评 司 研 三大业务携手并进，公司核心竞争力持续提升 究 分析师： 宁前羽 SAC NO： S1150522070001 2026 年 04 月 01 日 机械设备-------其他专用设备 事件： 证券分析师 022-23839174 宁前羽 ningqy@bhzq.com 2026 年 3 月 31 日，公司公告 2025 年年度报告，2025 年公司实现营业收入 110.78 亿元，同比增长 25.70%；实现归母净利润 23.93 亿元，同比增长 18.99%，基本每股收益 3.00 元/股。 点评： 经营业绩实现快速增长，业绩增速符合预期 研评究级助：理 增持 上次评级： 增持 最新收盘价： 79.18 究 报 报点评 （002595）2025 年中报点评 2025.03.25 三大业务携手并进，数控机床业务增速亮眼 告 相关研究报告 业绩增速亮眼，员工持股计划 激发长期发展活力——豪迈 科技（002595）2025 年三季 2025.10.27 业绩增速表现亮眼，三大业务 持 续 发 力 — — 豪 迈 科 技 分业务来看，2025 年公司轮胎模具业务订单量充足，实现营业收入 55.09 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported Q3 2025 revenue of 28.11 billion yuan, a year-on-year increase of 26.21%, and a net profit of 5.92 billion yuan, up 29.49% year-on-year, exceeding market expectations [5][9] - The tire mold sector benefits from the growing global automotive ownership and the increasing penetration of new energy vehicles, providing stable demand for the tire industry and consequently the tire mold industry [9] - The CNC machine tool business saw significant growth, with revenue of 5.06 billion yuan in the first half of the year, a year-on-year increase of 145.08% [9] - The company has launched a new employee stock ownership plan to enhance employee motivation, with participation expected from up to 2,100 employees at a price of 30 yuan per share [9] - The profit forecast for 2025-2027 has been raised, with expected net profits of 24.50 billion, 28.28 billion, and 31.99 billion yuan respectively, corresponding to PE ratios of 19X, 16X, and 15X [9] Financial Data and Earnings Forecast - For Q1-3 2025, the company achieved total revenue of 80.76 billion yuan, a year-on-year increase of 26.89%, and a net profit of 17.88 billion yuan, up 26.21% year-on-year [5][7] - The projected total revenue for 2025 is 111.09 billion yuan, with a year-on-year growth rate of 26.0% [7] - The expected earnings per share for 2025 is 3.06 yuan, with a projected gross margin of 34.6% [7]

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].