Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified for the next six months [1]. Core Views - The company has achieved rapid growth in performance, with three main business segments continuing to perform well [1][7]. - The tire mold business has seen significant revenue growth, driven by domestic tire companies expanding overseas and increasing demand for new energy vehicles and high-performance tires [7][8]. - The gas turbine market is experiencing strong demand, with global orders for gas turbines exceeding 50GW in 2024, reflecting a 15% year-on-year increase [7]. - The CNC machine tool business is expanding rapidly, with a projected revenue growth of 60% in 2025 [8]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 88.1 billion yuan, a year-on-year increase of 23.0%, and a net profit attributable to the parent company of 20.1 billion yuan, up 24.8% year-on-year [7]. - The fourth quarter of 2024 saw revenue of 24.5 billion yuan, a 31.3% year-on-year increase, and a net profit of 5.9 billion yuan, up 34.1% year-on-year [7]. Business Segments - Tire Mold Business: Revenue reached 46.5 billion yuan in 2024, growing 22.7% year-on-year, benefiting from the international expansion of domestic tire manufacturers [7][8]. - Large Component Machinery Products: Revenue of 33.3 billion yuan in 2024, a 20.3% increase, with strong demand in the gas turbine and wind power sectors [7]. - CNC Machine Tools: Revenue of 4.0 billion yuan in 2024, a 29.3% increase, with significant growth potential due to low domestic market penetration [7][8]. Profitability and Forecast - The company maintains strong profitability with a gross margin of 34.3% in 2024 and a net margin of 22.8% [7]. - Forecasts for net profit from 2025 to 2027 are 23.3 billion yuan, 26.4 billion yuan, and 29.3 billion yuan, respectively, with a compound annual growth rate of 13% [10][11].

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 豪迈科技（002595）机械设备 目标价：——元（6 个月） 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 相对指数表现 -12% 1% 14% 28% 41% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 豪迈科技 沪深300 买入 （维持） 当前价：53.42 元 业绩实现快速增长，三大业务持续向好 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8813.37 | 10339 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-over-year growth of 22.99%, and a net profit of 2.011 billion yuan, up 24.77% year-over-year. The Q4 revenue was 2.448 billion yuan, showing a year-over-year increase of 31.35% and a quarter-over-quarter increase of 9.91% [5][7] - The report highlights the company's strong performance in the tire mold business, which generated 4.651 billion yuan in revenue, a year-over-year increase of 22.73%, despite a slight decline in gross margin due to increased domestic sales and rising personnel costs [7] - The large component business achieved revenue of 3.332 billion yuan, up 20.31% year-over-year, driven by growth in gas turbine and wind power sectors, with a gross margin increase attributed to improved production efficiency and lower raw material costs [7] - The machine tool business saw a revenue increase of 29.30% year-over-year, with new product launches contributing to significant growth [7] - The earnings forecast for 2025-2027 has been raised, with expected net profits of 2.333 billion yuan in 2025, 2.694 billion yuan in 2026, and 3.064 billion yuan in 2027, reflecting the company's strong market position and growth potential [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 7.166 billion yuan, 2024: 8.813 billion yuan, 2025E: 10.109 billion yuan, 2026E: 11.378 billion yuan, 2027E: 12.655 billion yuan [7][8] - Net profit projections are: 2023: 1.612 billion yuan, 2024: 2.011 billion yuan, 2025E: 2.333 billion yuan, 2026E: 2.694 billion yuan, 2027E: 3.064 billion yuan [8] - The company maintains a healthy financial position with a debt-to-asset ratio of 15.34% and a price-to-earnings ratio forecasted to decrease from 27 in 2023 to 14 in 2027 [2][7]

证券研究报告 豪迈科技 (002595 CH) 三大业务齐头并进，期待再创佳绩 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 18 日│中国内地 | 专用设备 | 豪迈科技发布年报，2024 年实现营收 88.13 亿元（yoy+22.99%），归母净 利 20.11 亿元（yoy+24.77%），扣非净利 18.87 亿元（yoy+20.50%）。其中 Q4 实现营收 24.48 亿元（yoy+31.35%，qoq+9.91%），归母净利 5.94 亿 元（yoy+34.10%，qoq+30.12%）。公司 2024 全年业绩高于我们此前预期 （营收 80.22 亿，归母净利 18.19 亿），公司轮胎模具、大型零部件机械产 品、数控机床三大业务板块齐头并进，在行业需求扩张以及机床持续放量下 公司盈利能力有望持续提升，因此上调 25-26 年业绩预期，维持"增持"。 公司核心业务增长亮眼，盈利能力较为稳健 2024 年公司营收同比增长 22.99%，公司 2024 年毛利率 34.30%，同比 +0.04pct；分产品看，202 ...

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.

Core Viewpoint - The company announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 4 yuan per share, totaling approximately 319 million yuan, which represents 15.88% of its net profit, marking the 15th cash distribution since its listing [1] Company Summary - The company reported a revenue of 8.813 billion yuan for 2024, reflecting a year-on-year growth of 22.99% [1] - The net profit for the year reached 2.011 billion yuan, with a year-on-year increase of 24.77% [1] - Basic earnings per share were reported at 2.5302 yuan, and the weighted average return on equity was 21.44% [1] - Over the past five days, the net inflow of main funds amounted to 10.7224 million yuan [1] Industry Summary - Within the machinery equipment sector, five companies have announced their 2024 cash distribution plans, with the company leading in total cash distribution at 319 million yuan [1] - The second and third highest cash distributions in the sector were reported by CITIC Heavy Industries and Bosheng Co., with distributions of 131 million yuan and 105 million yuan, respectively [1]

证券代码：002595 证券简称：豪迈科技 公告编号：2025-003 山东豪迈机械科技股份有限公司 第六届监事会第十三次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 山东豪迈机械科技股份有限公司（以下简称"公司"）第六届监事会第十三次会议通知已于 2025年3月4日以电子邮件、微信等方式送达各位监事，会议于2025年3月15日在公司会议室以 现场结合通讯表决方式召开，会议应出席监事3人，实际出席监事3人。会议由唐立星先生主持， 本次会议的召集、召开符合《公司法》及《公司章程》的有关规定，会议合法有效。 经与会监事认真讨论，一致通过以下决议： 议案内容详见刊登于《中国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资 讯网（www.cninfo.com.cn）的《关于2024年度利润分配预案的公告》。 一、会议以3票同意、0票反对、0票弃权的表决结果，审议通过《2024年度监事会工作报 告》 《2024年度监事会工作报告》全文刊登于巨潮资讯网（www.cninfo.com.cn），本报告尚需 提交2024年年度股东大会审议。 二、会议以 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2025-005 山东豪迈机械科技股份有限公司 关于2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、审议程序 山东豪迈机械科技股份有限公司（以下简称"公司"）于 2025 年 3 月 15 日召开第 六届董事会第十三次会议、第六届监事会第十三次会议，审议通过《2024 年度利润分配 预案》。该议案尚需提交公司 2024 年年度股东大会审议。 二、2024 年度利润分配预案基本情况 1、经信永中和会计师事务所（特殊普通合伙）审计，公司 2024 年度归属于上市公 司股东的净利润 2,011,422,999.24 元，母公司净利润 2,009,808,594.20 元。公司法定盈余 公积累计额已达到注册资本的 50%，按照《公司章程》等相关规定，可不再提取，本期 实际计提 0.00 元。截至 2024 年 12 月 31 日，公司合并报表未分配利润为 8,154,281,575.14 元，母公司报表未分配利润为 8,002,566,589.16 元。按照合并报表、母公司报表中 ...

Financial Performance - The company's operating revenue for 2024 reached ¥8,813,372,089.39, representing a 22.99% increase compared to ¥7,165,808,678.09 in 2023[16] - Net profit attributable to shareholders for 2024 was ¥2,011,422,999.24, up 24.77% from ¥1,612,088,152.00 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥1,886,618,876.58, reflecting a 20.50% increase from ¥1,565,612,592.47 in 2023[16] - The company's total assets increased by 17.80% to ¥11,678,333,832.19 at the end of 2024, compared to ¥9,913,603,329.40 at the end of 2023[16] - The net assets attributable to shareholders rose by 14.70% to ¥9,879,142,889.71 at the end of 2024, up from ¥8,612,993,968.39 in 2023[16] - Basic earnings per share for 2024 were ¥2.5302, a 24.61% increase from ¥2.0305 in 2023[16] - The weighted average return on equity for 2024 was 21.44%, compared to 20.22% in the previous year, marking a 1.22% increase[16] - The net cash flow from operating activities decreased by 29.01% to ¥1,139,332,503.40 in 2024, down from ¥1,604,903,342.76 in 2023[16] Market Trends and Industry Outlook - The global gas turbine market is projected to grow by 15% in 2024, with total orders expected to exceed 50 GW, indicating a robust demand for energy-related products[25] - The wind power sector is anticipated to add 136 GW of new capacity globally in 2024, representing a 25% year-on-year increase, which will positively impact the company's market position[27] - The domestic wind power industry in China is expected to see new orders reach 180 GW in 2024, a significant 83% increase compared to the previous year, highlighting strong market growth[27] - The machine tool industry is projected to see a 25% increase in investment by 2027, reflecting government support for equipment upgrades and modernization[28] Product and Technology Development - The company launched new technologies and products, including energy-efficient molds and electric heating vulcanizing machines, contributing to sustainable development goals[33] - The company is positioned to benefit from the rapid development of sectors such as new energy vehicles and artificial intelligence, which are driving demand for high-performance machine tools[31] - The company has established long-term strategic partnerships with major global firms such as GE, Mitsubishi, and Siemens, enhancing its market position[35] - The company has a comprehensive service system that provides one-stop solutions from raw casting to finished products in the large component machinery sector[35] Research and Development - The company holds over 340 invention patents, emphasizing its commitment to research and development innovation[37] - Research and development expenses increased by 30.19% to ¥463,136,103.80 compared to the previous year[54] - The number of R&D personnel increased to 1,521 in 2024, a rise of 16.64% from 1,304 in 2023[57] - R&D expenditure reached ¥467,033,883.09 in 2024, reflecting a growth of 30.03% compared to ¥359,164,738.25 in 2023[57] Corporate Governance and Management - The company has a well-defined corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board[101] - The company has established a governance structure that complies with relevant laws and regulations, ensuring no significant discrepancies with regulatory requirements[95] - The company has a dedicated team of senior management who are not involved in other competing businesses, ensuring focused leadership[98] - The company emphasizes high-quality information disclosure and aims to enhance investor satisfaction through good performance and governance practices[92] Environmental and Social Responsibility - The company adheres to various environmental protection policies and standards, promoting energy conservation and green development[159] - The company has established a comprehensive environmental management system and has received ISO14001 and ISO50001 certifications, promoting green manufacturing and energy conservation[181] - The company actively participates in social welfare initiatives, adhering to the philosophy of "sharing development results" and promoting collaborative innovation within the industry[182] - The company has been recognized as a national-level green factory and a national clean production demonstration enterprise, leading the industry in green manufacturing standards[181] Risks and Challenges - The company faces risks including economic environment risk, exchange rate fluctuation risk, market competition risk, and raw material price fluctuation risk[3] - The company is exposed to foreign exchange risks due to its high export sales revenue, which could affect profitability; it plans to engage in hedging activities to manage this risk[85] - The company is addressing raw material price volatility risks by upgrading equipment and improving management to control production costs[88] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥4.00 per 10 shares (including tax) to all shareholders based on a total share capital of 798,558,800 shares[3] - The company distributed a cash dividend of 6.25 CNY per 10 shares for the 2023 annual profit distribution, totaling 499,099,250 CNY[141] - The total cash dividend for the year 2024 is projected to be 618,883,070.00 CNY, with no share buybacks planned[145] Financial Audits and Compliance - The company has retained the accounting firm Xinyong Zhonghe for the 2024 audit, with a total remuneration of 600,000 RMB, including 500,000 RMB for annual audit services and 100,000 RMB for internal control audit services[192] - The internal control audit report issued a standard unqualified opinion, confirming effective internal control over financial reporting as of December 31, 2024[155] - The company has not faced any administrative penalties related to environmental issues during the reporting period[174]

| 信永中和会计师事务所 | 北京市东城区朝阳门北大街 | 联系电话: | +86(010)6554 2288 | | --- | --- | --- | --- | | | 8号富华大厦A座9层 | telephone: | +86(010)6554 2288 | | | 9/F, Block A, Fu Hua Mansion, | | | | ShineWing | No.8, Chaoyangmen Beidaj ie, Dongcheng District, Beij ing, | 传真: | +86(010)6554 7190 | | certified public accountants | 100027, P.R.China | facsimile: | +86(010)6554 7190 | 关于山东豪迈机械科技股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025JNAA3B0042 山东豪迈机械科技股份有限公司 山东豪迈机械科技股份有限公司全体股东： XYZH/2025JNAA3B0042 山东豪迈机械科技股份有限公司 本专项说明仅供豪迈科技公司 ...