20241103-财通证券-豪迈科技-002595.SZ-业绩符合预期_看好机床业务未来发展潜力_4页_447kb

Hormess Technology Co., Ltd. (Stock Code: 002595) - Industry-Specific Equipment - Company Review - November 3, 2024

Key Points:

1. Profitability on Track & Future Outlook: Hormess's 4Q24 performance exceeded expectations, driven by tire industry expansion and the high demand for gas turbines. The company anticipates sustained growth, particularly in CNC machine tools.

2. Technical Accumulation & Market Position: Hormess possesses deep expertise in tire mold manufacturing— mastering spark erosion, engraving, and precision aluminum die casting, alongside adopting laser engraving and 3D printing advancements. The company integrates casting and machining techniques in large parts manufacturing, leveraging high customer stickiness.

3. Investment & Rating: Maintained a "Hold" recommendation. Projected significant growth over 2025, with fiscal-year figures suggesting a path-breaking trajectory for CNC machine-focused initiatives.

Risks:
Market competition, weaker-than-expected downstream demand, fluctuations in raw material costs, and currency instability are monitoring concerns.