证券日报网讯软控股份（002073）9月19日在互动平台回答投资者提问时表示，公司轮胎模具业务紧跟 轮胎行业国际化步伐，加大国外生产基地的建设和布局，呈现了高品质，高效能，易运维的核心竞争 力，营收利润持续增长，客户遍布全球。未来公司模具业务将围绕轮胎碳足迹，加大相关的研究与开 发，服务于轮胎行业的快速发展，推动可持续发展。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.265 billion yuan for H1 2025, representing a year-on-year increase of 27.25%, and a net profit attributable to shareholders of 1.197 billion yuan, up 24.65% year-on-year, indicating stable growth [4][5] - In Q2 2025, the company achieved a record revenue of 2.986 billion yuan, with a year-on-year growth of 25.9%, and a net profit of 677 million yuan, reflecting a year-on-year increase of 20.87% [5] - The company's gross margin for H1 2025 was 34.48%, a slight decline of 0.74 percentage points compared to H1 2024, primarily due to a decrease in the gross margin of its main product, tire molds [5] - The company has diversified its business across multiple sectors, with the CNC machine tool segment showing significant growth, achieving a revenue increase of 145.08% year-on-year in H1 2025 [5][6] Summary by Sections Financial Performance - The company achieved a revenue of 5.265 billion yuan in H1 2025, with a net profit of 1.197 billion yuan, marking a year-on-year increase of 27.25% and 24.65% respectively [4][5] - The revenue for Q2 2025 reached 2.986 billion yuan, with a net profit of 677 million yuan, reflecting a year-on-year growth of 25.9% and 20.87% respectively [5] Business Segments - Tire molds accounted for 49.91% of total revenue in H1 2025, generating 2.628 billion yuan, with a year-on-year growth of 18.56% [5] - Large component machinery products contributed 36.98% of revenue, achieving 1.947 billion yuan, up 32.94% year-on-year, benefiting from strong demand in the gas turbine and wind power markets [6] - The CNC machine tool segment, a key focus for the company, generated 506 million yuan in revenue, marking a significant year-on-year increase of 145.08% [6] Profitability and Valuation - The company adjusted its revenue forecasts for 2025-2027 to 10.78 billion, 12.44 billion, and 14.20 billion yuan respectively, with net profits projected at 2.44 billion, 2.81 billion, and 3.24 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.2, 16.6, and 14.4 for the years 2025-2027, indicating a favorable valuation given the company's market position and growth prospects [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][4][26] Core Views - The company has shown strong revenue growth of 27.25% year-on-year in the first half of 2025, with total revenue reaching 5.265 billion yuan and a net profit attributable to shareholders of 1.197 billion yuan, reflecting a 24.65% increase [1][4][21] - The company is in a capacity expansion phase, with significant investments in machine tool projects and international expansions in Thailand and Mexico, which are expected to support mid-term growth [3][4] - The company is benefiting from high demand in the wind power sector and the automotive and semiconductor industries, which is expected to drive continued revenue growth [4][3] Financial Performance Summary - In the first half of 2025, the company's revenue from tire molds was 2.628 billion yuan, up 18.56% year-on-year, while large components revenue increased by 32.94% to 1.947 billion yuan, and machine tool revenue surged by 145.08% to 506 million yuan [2][4] - The gross profit margin for the first half of 2025 was 34.48%, slightly down from the previous year, primarily due to changes in product structure and increased labor costs [1][2] - The company has maintained a strong R&D investment, with R&D expenses reaching 285 million yuan, a 43.7% increase year-on-year, indicating a commitment to innovation and capacity enhancement [3][4] Earnings Forecast and Valuation - The company is projected to achieve net profits of 2.358 billion yuan, 2.757 billion yuan, and 3.179 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20, 17, and 15 [4][6][24] - The company has a solid financial position with a projected revenue growth of 20.1% in 2025 and a net profit growth of 17.3% [6][24]

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 Insights - The company reported a revenue of 5.265 billion yuan for the first half of 2025, representing a year-on-year increase of 27.25%, and a net profit of 1.197 billion yuan, up 24.65% [1] - In Q2 alone, the company achieved a revenue of 2.986 billion yuan, a year-on-year growth of 25.90%, with a net profit of 677 million yuan, reflecting a year-on-year increase of 20.87 million yuan [1] - The company’s tire molds demonstrated strong resilience under tariff impacts, with tire equipment revenue reaching 2.737 billion yuan, up 16.17% year-on-year, and large components revenue at 1.947 billion yuan, up 32.94% [1] Business Performance - The company’s growth was driven by three main business segments: tires, components, and CNC machine tools, which contributed to steady growth [1] - CNC machine tools saw significant growth, with revenue of 506 million yuan, marking a year-on-year increase of 145.08% [1] Global Expansion - The company has established subsidiaries in Asia, Europe, and North and South America, creating a comprehensive global production and service system to better serve customers [1] - Strategic partnerships with several Fortune 500 companies have been formed, enhancing customer relationships and earning multiple "Best Supplier" awards, which have improved the company's brand image and industry position [1] Financial Projections - The company is expected to achieve revenues of 10.871 billion yuan, 12.332 billion yuan, and 13.773 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 2.442 billion yuan, 2.783 billion yuan, and 3.131 billion yuan [2] - Corresponding price-to-earnings (PE) ratios are forecasted to be 20.4, 17.9, and 15.9 times for the same years [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company reported a revenue of 5.265 billion yuan for the first half of 2025, representing a year-on-year increase of 27.25%, with a net profit of 1.197 billion yuan, up 24.65% year-on-year [8] - The tire mold business showed strong resilience under tariff impacts, achieving a revenue of 2.737 billion yuan, a year-on-year increase of 16.17%, while large components and CNC machine tools saw revenues of 1.947 billion yuan (up 32.94%) and 506 million yuan (up 145.08%) respectively [8] - The company is enhancing its global presence with subsidiaries in Asia, Europe, and the Americas, establishing a comprehensive global production service system [8] - The company has formed strategic partnerships with several Fortune 500 clients and has received multiple "Best Supplier" awards, enhancing its brand image and industry position [8] - Revenue projections for 2025-2027 are 10.871 billion yuan, 12.332 billion yuan, and 13.773 billion yuan respectively, with corresponding net profits of 2.442 billion yuan, 2.783 billion yuan, and 3.131 billion yuan [8] Financial Performance Summary - For 2023A, the company reported a revenue of 7.166 billion yuan, with a net profit of 1.612 billion yuan, and an EPS of 2.03 yuan [7] - The revenue growth rate is projected to be 7.9% for 2023, 23.0% for 2024, and 23.4% for 2025 [7] - The net profit growth rate is expected to be 34.3% for 2023, 24.8% for 2024, and 21.4% for 2025 [7] - The company’s PE ratio is projected to be 14.7 for 2023, increasing to 20.4 for 2025, and then decreasing to 15.9 by 2027 [7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 72.68 RMB [6]. Core Views - The company reported a revenue of 5.265 billion RMB for H1 2025, representing a year-over-year increase of 27.25%, and a net profit of 1.197 billion RMB, up 24.65% year-over-year [1]. - The demand for tire molds and large components is expected to remain strong, driven by the growth in global automotive ownership and the increasing penetration of electric vehicles [1][2]. - The company's machine tool business saw a significant revenue increase of 145.08% in H1 2025, reaching 506 million RMB, attributed to the introduction of advanced products and market expansion [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a comprehensive gross margin of 34.48%, a slight decrease of 0.33 percentage points year-over-year [2]. - Tire mold revenue was 2.628 billion RMB, an 18.56% increase year-over-year, while large component machinery revenue reached 1.947 billion RMB, up 32.94% [2]. Business Expansion - The company is focusing on the development and promotion of multi-axis composite processing machine tools, with new products launched at the 19th China International Machine Tool Exhibition [3]. - The application of the company's products is expanding across various industries, including electronics, automotive manufacturing, and semiconductors [3]. Financial Management - The overall expense ratio for H1 2025 was 7.39%, down 0.97 percentage points year-over-year, indicating effective cost control [4]. - Operating cash flow was reported at 324 million RMB, a decrease of 5.41% year-over-year [4]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 5.83%, 6.88%, and 5.67% respectively, leading to projected net profits of 2.529 billion RMB, 2.925 billion RMB, and 3.338 billion RMB [4]. - The target price has been raised to 72.68 RMB, reflecting a price-to-earnings ratio of 23 times for 2025, considering the company's leadership in the tire mold sector and growth in high-end machine tools [4].

Core Viewpoint - Haomai Technology held an investor relations event, revealing strong financial performance in the first half of 2025, with significant revenue growth across various business segments [1] Financial Performance - In the first half of 2025, Haomai Technology achieved revenue of 5.265 billion yuan, a year-on-year increase of 27.25% [1] - The net profit attributable to shareholders was 1.197 billion yuan, reflecting a year-on-year growth of 24.65% [1] - Tire mold revenue reached 2.628 billion yuan, up 18.56%, with a gross margin of 40.21%, down 1 percentage point year-on-year [1] - Large component machinery products generated revenue of 1.947 billion yuan, a 32.94% increase, with a gross margin of 24.30%, up 0.22 percentage points [1] - CNC machine tool revenue surged to 506 million yuan, marking a 145.08% increase [1] Business Segment Insights - Tire mold business gross margin decline attributed to changes in product structure and an increase of over 1,000 personnel [1] - Large component machinery products benefited from strong demand in the gas turbine and wind power markets, with full production line operations [1] - The gas turbine components account for approximately 30% and wind power components for about 60% of large component machinery products [1] - CNC machine tool business has seen repeat orders and increased procurement from diverse industries since its market launch in 2022 [1] Construction and Expansion - Ongoing construction projects include expansions in casting, machine tools, and mold businesses, with a 65,000-ton casting expansion project coming online [1] - The machine tool facility's main structure is nearing completion, expected to be ready for assembly by year-end [1] - Sulfur machine business revenue was approximately 110 million yuan, with anticipated growth in the second half of the year despite initial order delays [1] Cost Structure - In 2024, raw material costs accounted for about one-third of tire mold business costs and around 50% for large component machinery products [1] - Key raw materials for tire molds include forged steel and aluminum ingots, while large component machinery relies on pig iron and scrap steel [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 52.65 billion yuan, a year-on-year increase of 27.25% [2] - Net profit attributable to shareholders reached 11.97 billion yuan, with a year-on-year growth of 24.65% [2] - The tire mold business generated operating revenue of 18.56 billion yuan, up 18.56%, with a gross margin of 40.21%, a decrease of 1.00 percentage point [2] Group 2: Business Segment Performance - Large component machinery products achieved operating revenue of 19.47 billion yuan, a year-on-year increase of 32.94%, with a gross margin of 24.30%, up 0.22 percentage points [2] - The CNC machine tool business reported operating revenue of 5.06 billion yuan, a significant year-on-year increase of 145.08% [2][4] Group 3: Operational Insights - The overseas production capacity accounts for approximately 10% of the mold production capacity, with ongoing expansions in Mexico and Thailand [3] - The company has established subsidiaries in multiple countries, enhancing its global production service system [3] Group 4: Future Outlook and Challenges - Future business growth may be influenced by market changes, supply-demand relationships, and policy dynamics [3] - The CNC machine tool business is experiencing rapid growth, with increasing customer orders and a focus on various industries including electronics and automotive [4] Group 5: Research and Development - R&D expenses for the first half of 2025 amounted to 2.84 billion yuan, a 43.73% increase from the previous year, driven by more R&D projects in the machine tool sector [5] Group 6: Tax and Cost Structure - The company maintains a corporate income tax rate of 15% as a high-tech enterprise, unchanged from the previous year [5] - In 2024, raw materials accounted for about one-third of the costs in the tire mold business, while in large component machinery products, the raw material cost share was around 50% [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3][17] Core Views - The company's core business remains highly prosperous, and it is expected to maintain good development throughout 2025 [3] - The target price is set at 72.75 CNY, corresponding to a market value of 582 billion CNY and a PE ratio of 23.33 for 2025 [17] Financial Summary - Total revenue is projected to grow from 7,166 million CNY in 2023 to 11,077 million CNY in 2025, reflecting a growth rate of 25.7% [6][12] - Net profit attributable to the parent company is expected to increase from 1,612 million CNY in 2023 to 2,495 million CNY in 2025, with a growth rate of 24.0% [6][12] - Earnings per share (EPS) is forecasted to rise from 2.02 CNY in 2023 to 3.12 CNY in 2025 [6][12] - The return on equity (ROE) is expected to be 21.4% in 2025 [6] Business Segments - The tire mold business is expected to grow at a rate of 15.0% from 2025 to 2027, with a gross margin of 40.0% [12][14] - Large mechanical components are projected to see a revenue growth rate of 29.75% in 2025, with a gross margin of 25.94% [12][14] - The machine tool business is anticipated to grow at a remarkable rate of 90.0% in 2025, with a gross margin of 27.50% [12][14] - Other businesses are expected to grow at a rate of 50.0% in 2025, with a gross margin of 45.0% [12][14] Market Trends - The demand for gas turbines and wind power is expected to remain strong, with the company benefiting from a favorable market environment [10][12] - The company is actively exploring new fields such as semiconductors and humanoid robots, indicating a strategic expansion into emerging markets [10][12]