Core Viewpoint - The stock price of Haomai Technology reached a historical high due to the improving sentiment in the gas turbine industry and the company's strong fundamentals [1] Industry Policy and Environment - The construction boom of AI data centers in the U.S. has led to a surge in electricity demand, making gas turbines a key power solution. As of January 2026, the installed natural gas power generation capacity under construction in the U.S. exceeded 29 GW, more than doubling within a year, with planned capacity reaching 159 GW [2] - Supply chain bottlenecks are evident, with GE Vernova reporting an approximately 80% increase in gas turbine contracts for 2025, and Siemens Energy expecting to sell nearly 200 units in the U.S. that year, with delivery times extending from 3.5 years to 5 years [2] - Haomai Technology, as a core supplier to giants like GE and Siemens, benefits directly from this supply-demand gap, with full order books supporting performance [2] Performance and Operating Conditions - In the first three quarters of 2025, the company reported revenue of 8.076 billion yuan, a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% [3] - The third quarter net profit was 592 million yuan, reflecting a year-on-year growth of 29.49% [3] - The business structure has been optimized, with the tire mold business benefiting from the recovery of Chinese tire companies' overseas factories, and the CNC machine tool business seeing a 145% year-on-year revenue increase in the first half of 2025 [3] - The gross margin for the first three quarters was 33.99%, and the net margin was 22.15%, with the expense ratio decreasing by 1.44 percentage points to 8.18% [3] Financial and Technical Aspects - On February 12, the net inflow of main funds was 321,400 yuan, with the stock price rising 16.87% over the past five days [4] - Institutional investors are optimistic, with Guotou Securities giving a "Buy-A" rating on February 10 and a target price of 95.84 yuan. Four institutions have issued buy ratings in the past 90 days, with an average target price of 97.0 yuan [4] - The machinery equipment sector saw a net inflow of 6.904 billion yuan on the same day, with an industry increase of 1.45%, amplifying individual stock gains [4] Company Fundamentals - The management team is stable, with founder Zhang Gongyun frequently increasing his holdings, and core executives having long tenures, fostering a culture of innovation that enhances per capita revenue [5] - The current price-to-earnings ratio is 33.09 times, which, while higher than the specialized equipment industry average of 29.59 times, is lower than the company's historical level of 37.47 times, with performance growth supporting the valuation [5]

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].

Group 1 - The core viewpoint of the article highlights that Haomai Technology has a systematic pricing mechanism for its tire mold business, which considers various factors such as product specifications, processing difficulty, complexity, and order cycle [2] - The gross margin level is primarily related to the type and complexity of the products offered by the company [2]

证券日报网1月28日讯 ，豪迈科技（002595）在接受调研者提问时表示，2024年度，公司轮胎模具业务 成本中原材料占比约三分之一，比例相对不高，轮胎模具的原材料主要为锻钢、铝锭等。 ...

证券日报网1月28日讯，豪迈科技（002595）在接受调研者提问时表示，轮胎模具的更换，部分是因为 使用达到寿命期限，部分是因为花纹的更新换代。模具的寿命与材质、加工技术、使用方法等多种因素 有关，目前花纹更新换代的频率相对也越来越高。 ...

证券日报网1月28日讯，豪迈科技（002595）在接受调研者提问时表示，2025年上半年，轮胎模具业务 毛利率40.21%，同比降低1.00个百分点，主要受产品结构变化、人员数量增加等因素的叠加影响，其中 人员同比增加1000多人。 ...

Group 1: Tire Mold Business - The tire mold business has a systematic pricing mechanism that considers specifications, processing difficulty, complexity, and order cycle, with a gross margin of 40.21% in H1 2025, down by 1.00 percentage point year-on-year due to product structure changes and an increase of over 1,000 personnel [1] - The overseas production capacity for tire molds accounts for approximately 10%, with subsidiaries established in countries including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia [1] - The lifespan of tire molds is influenced by usage and design updates, with increasing frequency of pattern updates [2] - Raw materials constitute about one-third of the cost in the tire mold business, primarily consisting of forged steel and aluminum ingots [4] Group 2: Wind Power and Gas Turbine Business - The company can adjust production capacity between wind power and gas turbines, particularly in casting and precision machining [2] - The large component machinery products are currently operating at full capacity, with significant growth in both wind power and gas turbine components in H1 2025 [2] - Major clients for the gas turbine business include GE, Mitsubishi, Siemens, Shanghai Electric, Dongfang Electric, and Harbin Electric [2] - A new 65,000-ton casting expansion project has been initiated, with an additional 70,000-ton casting capacity planned, subject to market conditions and order changes [2] Group 3: CNC Machine Tool Business - Since launching in 2022, the CNC machine tool products have seen repeat orders, with a revenue of approximately 800 million yuan from January to September 2025 [3] - The CNC machine tool business includes self-produced components such as machine beds and functional parts like cradle turntables [3] - The product range includes vertical five-axis machining centers, precision machining centers, ultra-hard tool five-axis laser machining centers, and horizontal five-axis machining centers, serving industries like electronics, automotive, precision molds, and semiconductors [3] Group 4: General Observations - The company is actively enhancing its global production service system to better respond to market demands and provide localized services [1] - Future business growth may be influenced by market changes, supply-demand relationships, and policy dynamics [2]

Group 1 - The core viewpoint of the article is that Haomai Technology has provided insights into the cost structure of its tire mold business and other mechanical products, highlighting the proportion of raw materials in their overall costs [2] Group 2 - In 2024, the proportion of raw materials in the tire mold business is approximately one-third, which is relatively low compared to other segments [2] - The raw material cost proportion is significantly higher in large component machinery products and machine tools, with raw materials accounting for about 50% of the cost in large component machinery [2] - The main raw materials for tire molds include forged steel and aluminum ingots, while large component machinery products primarily use pig iron and scrap steel [2]

Core Viewpoint - Haomai Technology is actively expanding its international production capacity in the tire mold business, with a focus on enhancing overseas operations and maintaining strong order volumes in its large component machinery products [1][2]. Group 1: Company Performance - Haomai Technology's stock price is reported at 84.64 yuan, reflecting an increase of 2.32 yuan or 2.82% from the previous trading day, with a total market capitalization of 67.712 billion yuan [1]. - The company has achieved approximately 800 million yuan in revenue from its CNC machine tool products from January to September 2025, indicating a rise in customer orders and purchasing volume [2]. - As of September 30, 2025, Haomai Technology has 18,120 shareholders, an increase of 1,629 from the previous count, with an average holding value of 3.7369 million yuan per shareholder [2]. Group 2: Industry Position - The rolling price-to-earnings ratio for the specialized equipment industry averages 92.72 times, with a median of 64.25 times, while Haomai Technology's P/E ratio stands at 28.42 times, ranking 28th in the industry [1]. - The company has established subsidiaries in various countries, including the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, with overseas production capacity accounting for approximately 10% of its mold production [1]. Group 3: Business Operations - The company is experiencing full order volumes in its large component machinery products, with production lines operating at full capacity, and has seen good growth in its wind power and gas turbine component businesses in the first half of 2025 [1]. - The company has initiated the use of its 65,000-ton casting expansion project and has newly registered 70,000 tons of casting capacity, with raw materials constituting about 50% of the cost in large component machinery products [1].

Group 1: Tire Mold Business - The company has established its own mold factory to prioritize testing and production of new tire patterns [1] - The lifespan of tire molds varies based on material, processing technology, and usage, with increasing frequency of pattern updates [1] - Overseas production capacity accounts for approximately 10% of the company's total mold capacity, with facilities in countries like the USA, Thailand, and Hungary [1] Group 2: Large Component Machinery Products - The company has a full order book for large component machinery products, with production lines operating at full capacity [2] - In the first half of 2025, both wind power and gas turbine component businesses experienced significant growth [2] - The company is expanding its casting capacity with a new project of 65,000 tons and an additional 70,000 tons planned, contingent on market conditions [2] Group 3: CNC Machine Tool Business - The CNC machine tool business generated approximately 800 million RMB in revenue from January to September 2025 [3] - The self-produced components in the CNC machine tool business mainly include machine beds and functional parts [3] - The company has seen repeat orders from customers for its CNC products, which include various advanced machining centers [2] Group 4: Cost Structure and Material Usage - In 2024, raw materials accounted for about one-third of the costs in the tire mold business, while in large component machinery products, this figure is around 50% [4] - The primary raw materials for tire molds include forged steel and aluminum ingots, while large component machinery products mainly use pig iron and scrap steel [4] Group 5: Financial and Strategic Considerations - The company plans to optimize its investor return mechanism based on operational performance and shareholder expectations [3] - There are currently no plans to inject related company businesses into the listed company, but any future developments will be disclosed as required [3] - The company engages in foreign exchange hedging to mitigate risks associated with currency fluctuations, primarily involving USD, EUR, and JPY [4]