Group 1: Financial Performance - In 2025, the company achieved a revenue of 110.78 billion CNY, representing a year-on-year growth of 25.70% [2] - The net profit attributable to shareholders was 23.93 billion CNY, with a year-on-year increase of 18.99% [2] - The tire mold business generated a revenue of 55.09 billion CNY, up 18.44% year-on-year, with a gross margin of 39.98%, an increase of 0.39 percentage points [2] Group 2: Business Segments - Large component machinery products achieved a revenue of 39.64 billion CNY, reflecting a year-on-year growth of 18.97% [4] - The CNC machine tool business saw a significant revenue increase of 142.59%, reaching 9.68 billion CNY [2][5] - The sulfur machine business generated over 400 million CNY in revenue, with higher sales in the second half of the year compared to the first half [4] Group 3: Cost and Expenses - Management, sales, and R&D expenses remained stable as a percentage of revenue compared to Q4 2024, while R&D expenses increased due to the development phase of the machine tool business [3] - Financial expenses were influenced by exchange rate fluctuations [3] Group 4: Inventory and Production - The tire mold business operates on an order-based production model, resulting in inventory growth aligned with business expansion [3] - The CNC machine tool segment maintains some inventory for regular products due to long production cycles [3] Group 5: Market Dynamics - Domestic customer demand for tire molds has increased, with the ratio of domestic to foreign customers nearing 1:1 by the end of 2025 [3] - The wind power market has experienced price volatility, with prices adjusting according to market conditions [3] Group 6: Future Outlook - The company plans significant capital expenditures in 2025, including a 65,000-ton casting expansion project and capacity enhancements in Thailand and Mexico [3] - The development of the sulfur machine business in 2026 is expected to be positive, contingent on market demand and order fluctuations [4]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company achieved rapid growth in operating performance, with a revenue of 11.078 billion yuan in 2025, representing a year-on-year increase of 25.70%. The net profit attributable to shareholders was 2.393 billion yuan, up 18.99%, with basic earnings per share of 3.00 yuan [2][3] - The company’s three main business segments are performing well, with significant growth in the CNC machine tool business, which saw a revenue increase of 142.59% to 968 million yuan [8][7] - The company’s gross profit margin and net profit margin for 2025 were 33.56% and 21.62%, respectively, showing a slight decrease compared to the previous year [6] Financial Summary - In 2025, the company reported a revenue of 11,078 million yuan, with a growth rate of 25.7%. The projected revenues for 2026, 2027, and 2028 are 13,446 million yuan, 15,926 million yuan, and 18,889 million yuan, respectively [12] - The net profit for 2025 was 2,393 million yuan, with a growth rate of 19.0%. The expected net profits for the following years are 2,929 million yuan, 3,551 million yuan, and 4,284 million yuan [12] - The average return on equity (ROE) for 2025 was 21.85%, slightly up from the previous year [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Insights - The company is a global leader in tire molds, demonstrating growth that surpasses economic cycles. It has expanded its business from tire molds to large component manufacturing and CNC machine tools, with projected revenue contributions of 53%, 38%, and 5% respectively by 2024. The company has shown a compound annual growth rate (CAGR) of 22% in revenue and 20% in net profit from 2007 to 2024, indicating robust growth potential [1][2] - The tire mold business benefits from a stable growth base and significant market demand, with a projected global market size of approximately 13 billion yuan by 2025. The company has established stable partnerships with 66 out of the top 75 tire companies globally, achieving a market share of over 30% in 2023 [2][3] - The company plans to invest in a tire mold production base in Egypt, responding to the increasing demand from Chinese tire manufacturers expanding into Africa. This strategic move is expected to enhance the company's market position [3] - The large component business focuses on gas turbine and wind power components, with strong ties to leading global and domestic companies. The demand for gas turbine components is expected to grow significantly, with orders extending to 2029-2030 [4] Summary by Sections Tire Mold Business - The company is recognized as a global leader in tire molds, leveraging advanced manufacturing technologies and a strong customer base. The market for tire molds is expected to grow steadily due to increasing automotive ownership and tire replacement needs [2] Large Component Business - The company has established deep connections with major players in the gas turbine and wind power sectors, ensuring a steady demand for its products. The production capacity for large components is currently tight, indicating a favorable market outlook [4] CNC Machine Tool Business - The company has developed its CNC machine tool technology over nearly three decades, achieving domestic leadership in product performance. The CNC machine tool segment has seen rapid growth since its external sales began in 2022, with a revenue increase of 145% year-on-year in the first half of 2025 [7] Financial Projections - Revenue is projected to reach 112 billion yuan in 2025, with a CAGR of 19% from 2025 to 2027. Net profit is expected to grow to 25 billion yuan by 2025, with a CAGR of 22% during the same period [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Insights - The company is a global leader in tire molds, demonstrating growth that surpasses economic cycles. It has expanded its business from tire molds to large component manufacturing and CNC machine tools, with projected revenue contributions of 53%, 38%, and 5% respectively by 2024. The company has shown a compound annual growth rate (CAGR) of 22% in revenue and 20% in net profit from 2007 to 2024, indicating robust growth potential [1][2] - The tire mold business benefits from a stable growth foundation and a strong competitive moat, with a global market size expected to reach approximately 13 billion yuan by 2025. The company has established stable partnerships with 66 out of the top 75 tire companies worldwide, achieving a market share of over 30% in 2023 [2] - The company plans to invest in a tire mold production base in Egypt, responding to the increasing demand from Chinese tire manufacturers expanding into Africa. This strategic move is expected to enhance the company's market position in the region [3] - The large component business focuses on gas turbine and wind power components, with strong ties to leading global and domestic companies. The demand for gas turbine components is projected to grow significantly, with orders extending to 2029-2030, indicating a favorable market outlook [4] Financial Summary - The company forecasts revenues of 88.13 billion yuan in 2024, 112.47 billion yuan in 2025, 139.19 billion yuan in 2026, and 160.32 billion yuan in 2027, reflecting year-on-year growth rates of 23%, 28%, 24%, and 15% respectively. Net profit is expected to reach 20.11 billion yuan in 2024, 25.06 billion yuan in 2025, 31 billion yuan in 2026, and 37.51 billion yuan in 2027, with corresponding growth rates of 25%, 25%, 24%, and 21% [9][10]

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]

Group 1 - The core viewpoint of the article is that Haomai Technology (002595) has indicated that in the fiscal year 2024, the cost of its tire mold business will have raw materials accounting for approximately one-third of the total costs, which is relatively low [1] - The main raw materials for tire molds are forged steel and aluminum ingots [1]

Group 1 - The company, Haomai Technology, indicated that the replacement of tire molds is partly due to reaching the end of their lifespan and partly due to updates in tread patterns [1] - The lifespan of molds is influenced by various factors including material, processing technology, and usage methods [1] - The frequency of tread pattern updates is increasing [1]

Group 1 - The core viewpoint of the article is that Haomai Technology (002595) reported a decrease in the gross profit margin of its tire mold business to 40.21% in the first half of 2025, down by 1.00 percentage point year-on-year, primarily due to changes in product structure and an increase in personnel [1] Group 2 - The company indicated that the increase in personnel was significant, with more than 1,000 additional employees compared to the previous year [1]