Investment Rating - Buy (Maintained) [1] Core Views - The company's profitability remains high, with rapid growth in performance [1] - The company achieved revenue of 6.37 billion yuan in Q1-Q3 2024, a year-on-year increase of 20.1%, and net profit attributable to the parent company of 1.42 billion yuan, a year-on-year increase of 21.2% [1] - In Q3 2024, the company achieved revenue of 2.23 billion yuan, a year-on-year increase of 26.2%, and net profit attributable to the parent company of 460 million yuan, a year-on-year increase of 15.9% [1] Business Segments - Tire mold segment: The company's market share exceeded 30% in 2023, benefiting from the overseas expansion of domestic tire companies and the growing demand for new energy vehicles and high-performance tires [2] - Large parts segment: The high-margin gas turbine business continues to see strong market demand, with full order books and an increasing proportion of revenue. The wind power business is gradually recovering, with optimized product structure and full production capacity [2] - CNC machine tool segment: Since the launch of machine tool products in 2022, industry recognition has continued to improve, with rapid expansion of revenue scale, and the company's third growth curve is gradually being realized [2] - Contract liabilities reached 240 million yuan by the end of the reporting period, a year-on-year increase of 109.7%, indicating strong order support for future development [2] Profitability and R&D - In Q1-Q3 2024, the company's gross margin was 34.9%, a year-on-year increase of 0.9 percentage points, and the net margin was 22.3%, a year-on-year increase of 0.3 percentage points [3] - In Q3 2024, the company's gross margin was 34.4%, a year-on-year decrease of 1.7 percentage points, and the net margin was 20.5%, a year-on-year decrease of 1.8 percentage points [3] - R&D expenses reached 330 million yuan in Q1-Q3 2024, a year-on-year increase of 29.3%, reflecting the company's commitment to enhancing its competitive advantage in R&D-intensive industries such as tire molds and machine tools [3] Financial Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 1.94 billion yuan, 2.20 billion yuan, and 2.46 billion yuan in 2024, 2025, and 2026, respectively, with a compound annual growth rate of 15% over the next three years [3] - The current stock price corresponds to a PE ratio of 20x, 17x, and 15x for 2024, 2025, and 2026, respectively [3] - The company's revenue is expected to grow by 19.32%, 12.19%, and 9.95% in 2024, 2025, and 2026, respectively [4] - The company's net profit attributable to the parent company is expected to grow by 20.10%, 13.70%, and 11.88% in 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's ROE is expected to be 19.05%, 18.38%, and 17.59% in 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be 2.02 yuan, 2.42 yuan, and 2.75 yuan in 2024, 2025, and 2026, respectively [4] - The company's PB ratio is expected to be 4.40x, 3.73x, and 3.17x in 2024, 2025, and 2026, respectively [4]

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 47.38 | | 一年内最高/最低（元） | 51.48/26.27 | | 市净率 | 4.0 | | 息率（分红/股价） | 2.11 | | 流通 A 股市值（百万元） | 37,656 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 11.99 | | 资产负债率 % | 14.97 | | 总股本/流通 A 股（百万） | 800/795 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 王珂 A02305211 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance is generally in line with expectations, with Q3 2024 single-quarter revenue increasing by 26% year-on-year [2] - For the first three quarters of 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 1.417 billion yuan, up 21.23% year-on-year [2] - The growth in revenue is primarily driven by successful market expansion in three major business segments: tire molds, large components, and CNC machine tools [2] - The company's gross margin for the first three quarters of 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, while the gross margin for Q3 2024 was 34.43%, a decrease of 1.68 percentage points year-on-year [3] - The company is expanding its overseas market for tire molds and has opened a new growth curve in the CNC machine tool business [4] Financial Performance Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.001 billion yuan, 2.256 billion yuan, and 2.524 billion yuan respectively, with corresponding dynamic P/E ratios of 19, 17, and 15 times [4] - The total revenue for 2024 is projected to be 8.509 billion yuan, reflecting an 18.75% year-on-year growth [4] - The report indicates that the company's net profit margin for Q3 2024 was 20.52%, down 1.79 percentage points year-on-year, primarily due to increased management and R&D expenses [3]

证券代码：002595 证券简称：豪迈科技 公告编号：2024-035 山东豪迈机械科技股份有限公司 第六届监事会第十一次会议决议的公告 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"）第六届监事会第十一次会议 通知已于2024年10月16日以电子邮件、微信等方式送达各位监事，会议于2024年10月 26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。会议由公司监事会主席唐立星先生主持，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： 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年第三季度 报告》 监事会认为：董事会编制和审核《2024年第三季度报告》的程序符合法律、行政 法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 二、会议以2票同意、0票反对、0票弃权的表决结果审议通过《关于调增2024年度 日常关联交易预 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2024-034 山东豪迈机械科技股份有限公司 第六届董事会第十一次会议决议的公告 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"）第六届董事会第十一次会议 通知已于2024年10月16日以电子邮件、微信等方式送达各位董事，会议于2024年10月 26日在公司会议室以现场结合通讯表决方式召开，会议应出席董事9人，实际出席9人。 全体高管及监事列席了会议。会议由公司董事长单既强先生主持，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。 经与会董事认真讨论，一致通过以下决议： 本议案已经公司董事会审计委员会审议通过。 二、会议以9票同意、0票反对、0票弃权的表决结果审议通过《关于开展外汇套 期保值业务的议案》 经审核，董事会全体成员认为：公司已就开展外汇套期保值业务的行为建立了健 全的组织机构、业务操作流程、审批流程及《外汇套期保值业务管理制度》，在保证 正常生产经营的前提下，公司开展外汇套期保值业务，有利于规避和防范汇率大幅波 动对 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2024-038 山东豪迈机械科技股份有限公司 关于调增2024年度日常关联交易预计额度的公告 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、日常关联交易基本情况 （一）日常关联交易概述 2023 年 12 月 27 日，山东豪迈机械科技股份有限公司（以下简称"公司"）第六届董事 会第五次会议审议通过《关于 2024 年度日常关联交易预计的议案》，预计公司 2024 年度日 常关联交易总金额不超过 179,800.00 万元人民币，该议案已经公司 2024 年第一次临时股东 大会审议通过；2024 年 8 月 15 日，公司第六届董事会第八次会议审议通过《关于调增 2024 年度日常关联交易预计额度的议案》，批准增加 2024 年度日常关联交易额度 3,400 万元。相 关公告刊登于《证券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资 讯网 （http://www.cninfo.com.cn）。 2024 年 10 月 26 日，公司第六届董事会第十一次会议审议通过《关于调增 2024 年度日 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2024-037 山东豪迈机械科技股份有限公司 关于开展外汇套期保值业务的公告 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、误导性陈述或者重大遗漏。 二、外汇套期保值业务概述 1、主要涉及币种及业务品种 公司拟开展的外汇套期保值业务只限于从事与公司生产经营所使用的主要 结算货币相同的币种，主要外币币种有美元、欧元、日元等。公司进行的外汇套 期保值业务包括远期结售汇、外汇掉期、外汇期权等外汇衍生产品业务。 2、拟投入资金及业务期间 根据资产规模及出口业务需求，公司拟自2024年11月1日至2025年10月31日 期间，开展累计金额不超过20亿元人民币或等值外币的外汇套期保值业务，约占 公司2023年度经审计净资产的23.22%。期限内任一时点的交易金额（含前述交易 的收益进行再交易的相关金额）将不超过上述额度。 3、交易对方 山东豪迈机械科技股份有限公司（以下简称"公司"）于2024年10月26日召 开第六届董事会第十一次会议，审议通过《关于开展外汇套期保值业务的议案》， 上述外汇套期保值业务事项在董事会审批权限内，无需提交公司 ...

公司拟开展的外汇套期保值业务只限于从事与公司生产经营所使用的主要 结算货币相同的币种，主要外币币种有美元、欧元、日元等。公司进行的外汇套 期保值业务包括远期结售汇、外汇掉期、外汇期权等外汇衍生产品业务。 三、公司拟开展外汇套期保值业务投入资金及业务期间 根据资产规模及出口业务需求，公司拟自2024年11月1日至2025年10月31日 期间，开展累计金额不超过20亿元人民币或等值外币的外汇套期保值业务，约占 公司2023年度经审计净资产的23.22%。期限内任一时点的交易金额（含前述交易 的收益进行再交易的相关金额）将不超过上述额度。 四、公司拟开展外汇套期保值业务的必要性和可行性 山东豪迈机械科技股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、公司拟开展套期保值业务的背景 公司出口业务主要采用外币结算，当汇率出现较大波动时，汇兑损益将对公 司的经营业绩造成一定影响。鉴于经济环境变化的不确定性，为规避外汇市场风 险，防范汇率大幅波动对公司业绩的影响，公司计划根据具体情况适度进行外汇 套期保值业务操作。所有外汇套期保值业务均以规避和防范汇率风险为目的，不 以投机为目的。 二、公司拟开展外汇套期保值业务 ...

Revenue and Profit - Revenue for the third quarter reached 2.23 billion yuan, a year-on-year increase of 26.24%[2] - Net profit attributable to shareholders of the listed company was 456.85 million yuan, up 15.93% year-on-year[2] - Total operating income for the current period reached 6,365,106,563.43 yuan, a significant increase from the previous period's 5,301,881,242.79 yuan[13] - Net profit attributable to the parent company's shareholders was 1,416,978,365.08 yuan, up from 1,168,796,112.82 yuan in the previous period[14] - Total comprehensive income attributable to the parent company was RMB 1.40 billion, an increase of 21.2% from the previous period's RMB 1.16 billion[15] - Basic earnings per share increased to RMB 1.7845 from RMB 1.4714 in the previous period[15] Assets and Liabilities - Total assets as of the end of the reporting period were 11.29 billion yuan, an increase of 13.86% compared to the end of the previous year[2] - Total assets increased to 11,287,219,973.09 yuan from 9,913,603,329.40 yuan[11] - Total liabilities rose to 1,689,405,649.54 yuan from 1,294,832,336.94 yuan[12] - Fixed assets grew to 2,246,302,517.79 yuan from 2,121,573,678.55 yuan[11] - Long-term equity investments decreased to 133,511,671.33 yuan from 138,852,412.92 yuan[11] - Total equity attributable to the parent company's shareholders rose to 9,590,574,830.81 yuan from 8,612,993,968.39 yuan[12] Cash Flow - Operating cash flow for the first three quarters was 586.38 million yuan, a decrease of 48.37% year-on-year[2] - Net cash flow from operating activities decreased by 48.37% to 586,380,375.22 RMB due to higher payments for goods and employee salaries[8] - Net cash flow from investing activities increased by 157.48% to 302,811,961.45 RMB due to more matured structured deposits[8] - Net cash flow from financing activities decreased by 24.18% to -402,894,808.73 RMB due to higher dividend distributions[8] - Net cash flow from operating activities was RMB 586.38 million, a decrease of 48.4% compared to the previous period's RMB 1.14 billion[17] - Net cash flow from investing activities was RMB 302.81 million, a significant improvement from the previous period's negative RMB 526.81 million[17] - Net cash flow from financing activities was negative RMB 402.89 million, compared to negative RMB 324.45 million in the previous period[17] - Cash received from sales of goods and services was RMB 5.15 billion, an increase of 11.6% from the previous period's RMB 4.61 billion[16] - Cash paid for goods and services increased by 34.7% to RMB 2.43 billion from RMB 1.80 billion in the previous period[16] - Cash paid to employees increased by 29.5% to RMB 1.72 billion from RMB 1.33 billion in the previous period[17] - Cash received from investments was RMB 2.58 billion, a significant increase of 128.1% from the previous period's RMB 1.13 billion[17] - Cash and cash equivalents at the end of the period were RMB 1.57 billion, an increase of 73.8% from the previous period's RMB 905.15 million[17] Inventory and Receivables - Inventory increased by 37.61% to 2.30 billion yuan due to higher raw material reserves and semi-finished products in production[5] - Accounts receivable financing rose by 57.33% to 418.06 million yuan, driven by an increase in bank acceptance bills[5] - Accounts receivable increased to 2,525,474,191.09 RMB from 2,138,014,871.78 RMB at the beginning of the period[10] Expenses and Costs - Management expenses increased by 33.57% to 179,709,423.15 RMB due to higher employee compensation[7] - Financial expenses surged by 320.58% to 19,882,295.41 RMB primarily due to increased exchange losses from currency fluctuations[7] - Other income rose by 707.64% to 47,841,245.66 RMB due to tax benefits from advanced manufacturing VAT deductions[7] - Operating costs for the current period amounted to 4,814,345,447.51 yuan, compared to 4,002,030,087.37 yuan in the previous period[14] - R&D expenses increased to 329,109,660.19 yuan from 254,503,439.08 yuan in the previous period[14] Shareholders and Equity - The company's total number of ordinary shareholders at the end of the reporting period was 14,484[9] - Zhang Gongyun holds 30.21% of the company's shares, making him the largest shareholder[9] - The company's monetary funds increased to 1,589,338,245.89 RMB from 1,084,480,822.55 RMB at the beginning of the period[10] Contract Liabilities and Prepayments - Contract liabilities surged by 109.68% to 235.56 million yuan, reflecting an increase in advance payments from customers[6] - Prepayments grew by 43.41% to 142.42 million yuan, mainly due to higher prepaid material costs[5] - Contract liabilities increased to 235,563,400.61 yuan from 112,346,298.16 yuan[11] Loans and Deferred Income - Long-term loans increased by 59.92% to 66.82 million yuan, primarily for expansion projects in Thailand[6] - Deferred income rose by 136.03% to 80.47 million yuan, largely due to increased government subsidies[6]

山东豪迈机械科技股份有限公司 证券代码：002595 证券简称：豪迈科技 公告编号：2024-033 关于对外提供委托贷款的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1. 委托贷款对象：高密市高兴水利建设工程有限公司（以下简称"高兴水利"） 2. 委托贷款金额：2.00亿元人民币 3. 委托贷款期限：不超过1年 4. 贷款及还款计划：本次委托贷款一笔发放，到期日为2025年9月24日。 5. 委托贷款利率：贷款年利率为8.30% 6. 担保方：高密华荣实业发展有限公司 7. 履行的审议程序：经山东豪迈机械科技股份有限公司（以下简称"公司"）2024年10月23 日召开的第六届董事会第十次会议和第六届监事会第十次会议分别审议通过。 二、委托贷款对象基本情况 （七）经营范围：一般项目：水利相关咨询服务；水利情报收集服务；水土流失防治服务； 土地整治服务；灌溉服务；工程管理服务；非常规水源利用技术研发；水资源管理；建筑工程 用机械销售；工程和技术研究和试验发展；机械设备租赁；机械设备销售；中草药种植；中草 药收购；食用农产品初加工；化肥 ...