豪迈科技20250318

Summary of Conference Call for Haomai Technology Company Overview - Company: Haomai Technology - Date: March 18, 2025 Key Points Financial Performance - In 2024, the company achieved revenue of 8.8 billion yuan, a year-on-year increase of 23% [3] - Net profit attributable to shareholders was 2 billion yuan, up 25% year-on-year [3] - Overall gross margin and net margin remained stable [3] Business Segments - Tire Molds: Revenue reached 4.65 billion yuan, a 23% increase, with a gross margin of 40%, down 3 percentage points due to changes in customer structure and new employee skill levels [3] - Large Component Machinery: Revenue was 3.33 billion yuan, a 20% increase, with a gross margin of 25.7%, up 2.7 percentage points, benefiting from lower raw material prices and reduced average personnel [3] - CNC Machine Tools: Significant growth with external sales of 400 million yuan, a 29% increase, and self-use sales of 190 million yuan, totaling nearly 50% growth [3][4] - Vulcanizing Machines: Revenue of 260 million yuan, an increase of 100 million yuan year-on-year, with overall growth of about 60% in the machine tool sector [4] Market Outlook - The company expects continued growth in tire mold revenue from 2025 to 2027, with gross margins stabilizing [3] - Anticipated doubling of vulcanizing machine orders in 2025, with last year's sales at 260 million yuan, of which over 100 million yuan was from electric heating vulcanizing machines [3][23] - The company established a rubber machinery subsidiary to capitalize on the electric heating vulcanizing machine market, which has shown significant energy-saving advantages and European patents [9] Production Capacity and Expansion - New casting capacity primarily for wind power equipment, with interchangeable gas cylinder bodies and wind power equipment, though limited by processing equipment [11] - A new factory in Gaoming is expected to be operational by May-June 2025, significantly enhancing capacity [6][7] - The company does not plan large-scale expansion in molds but will optimize efficiency to meet order demands [13] Employee and Operational Strategy - The total number of employees increased by over 2,000 in 2024, with significant additions in tire molds and large components [28] - The company plans to increase personnel in 2025, particularly in the tire mold and large component departments, while the machine tool department may see less growth [29] Risk Management and Pricing - Pricing agreements with downstream customers are often subject to market fluctuations, with some customers locking in prices at the beginning of the year [20] - The company anticipates stable pricing for gas turbine components, with limited room for price increases due to the niche market [22] Industry Trends - The wind power and gas turbine sectors are expected to grow in tandem, with wind power components being easier to expand due to smaller part sizes [16] - The acceptance of electric heating vulcanizing machines is growing, particularly in Europe, driven by government support for green energy [27] Future Projections - The company projects a significant increase in production capacity from the new 65,000-ton expansion project, expected to be operational between late 2025 and May 2026 [30] - Long-term revenue planning for the rubber machinery business is projected to reach 1 billion yuan [31] Conclusion - Haomai Technology is positioned for growth across its various business segments, with strategic expansions and a focus on efficiency and innovation in production processes. The company is optimistic about market trends and its ability to adapt to changing customer needs and industry dynamics.