豪迈科技：2024年年报点评：收入同比增长23%，三大板块业务齐头并进-20250326

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company achieved a revenue of 8.813 billion yuan in 2024, representing a year-on-year growth of 22.99%, with a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year [1][3][11] - The three main business segments, tire molds, large component machinery products, and machine tools, all showed strong performance, with significant growth in the fourth quarter [1][2] - The company is a global leader in tire mold production, with a continuous increase in market share and a positive outlook for the large component and machine tool segments due to ongoing demand [3][4] Revenue and Profitability - Revenue from the tire equipment, large component machinery, and CNC machine tool segments was 4.917 billion, 3.332 billion, and 399 million yuan respectively, with year-on-year growth rates of 24.39%, 20.31%, and 29.30% [2] - The gross margin for 2024 was 34.30%, with a slight decrease attributed to changes in product mix and increased personnel costs in the tire equipment segment [1][3] - The net profit margin for 2024 was 22.85%, reflecting stable profitability despite slight fluctuations in gross margin [1][3] Financial Forecasts - The company has adjusted its profit forecasts, expecting net profits of 2.358 billion, 2.757 billion, and 3.179 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 17, and 15 [3][4] - The projected revenue growth rates for the next few years are 20.1% for 2025, 18.5% for 2026, and 16.7% for 2027 [4][3] Market Position and Strategy - The company is expanding its international production capacity, with a new factory in Mexico set to open in April 2024, which is expected to enhance its competitive position [2] - A new wholly-owned subsidiary has been established to focus on the production of electric heating vulcanizing machines, which are anticipated to have significant energy-saving advantages over traditional methods [2][3]