诚通证券：首次覆盖豪迈科技给予增持评级

Core Viewpoint - The report on Haomai Technology (002595) highlights its diversified business lines, including tire molds, gas turbines, and machine tools, which are expected to drive growth and solidify its market position, with an initial recommendation of "Buy" [1] Company Overview - Haomai Technology is a global leader in tire molds, actively expanding into precision manufacturing with three main business segments: tire molds, large mechanical components, and CNC machine tools [2] - The company is projected to achieve a revenue of 8.813 billion yuan in 2024, representing a year-over-year increase of 22.99%, and a net profit of 2.011 billion yuan, up 24.77%, both reaching historical highs [2] - From 2019 to 2024, the compound annual growth rates (CAGR) for revenue and net profit are expected to be 14.97% and 18.44%, respectively [2] - The gross margin is forecasted at 34.30% and net margin at 22.85% for 2024, indicating a continued recovery in profitability [2] Tire Mold Business - The tire mold segment is the core business of Haomai Technology, contributing stable cash flow with a projected revenue of 4.65 billion yuan in 2024, accounting for over 50% of total revenue [3] - The company holds a global market share of approximately 34.41% in the tire mold sector, showcasing its leading position [3] - The business benefits from strong customer loyalty and is expected to continue growing due to the accelerated tire replacement cycle driven by the electric vehicle market [3] Large Component Business - The gas turbine segment is a key growth area, projected to account for about 30% of the large component business in 2024 [4] - Haomai Technology has become a core supplier of gas turbine cylinder bodies for GE, benefiting from the expansion of overseas gas and electricity markets and the rising demand for data centers driven by AI [4] - The wind power casting segment is expected to contribute significantly, with around 60% of the large component revenue in 2024, supported by a favorable long-term trend in the wind power industry [4] CNC Machine Tool Business - The CNC machine tool segment is emerging as a third growth engine, with projected revenue of 399 million yuan in 2024 [5] - The company focuses on high-end products such as five-axis machining centers, leveraging its advantages in process feedback and rapid iteration [5] - The business is currently in a phase of validation and scaling, with potential for significant future contributions to overall performance [5] Profit Forecast, Valuation, and Rating - Revenue forecasts for Haomai Technology are projected to reach 10.187 billion yuan in 2025, 11.653 billion yuan in 2026, and 13.294 billion yuan in 2027, with year-over-year growth rates of 15.58%, 14.39%, and 14.08% respectively [6] - Net profit is expected to be 2.321 billion yuan in 2025, 2.686 billion yuan in 2026, and 3.097 billion yuan in 2027, with corresponding growth rates of 15.39%, 15.71%, and 15.32% [6] - The initial coverage rating for the stock is "Recommended" [6]