Haomai Technology Net Earnings Hit 1.6 Billion Yuan, Tire Mold Production and Sales at Full Capacity

Recently, Haomai Technology released its 2026 Q3 report: revenue for the first three quarters was 9.27 billion yuan, a year-on-year increase of 14.78%; net profit attributable to parent company was 1.612 billion yuan, a year-on-year decrease of 9.84%. Among them, Q3 revenue was 3.254 billion yuan, up 15.74%, net profit attributable to parent company was 479 million yuan, down 19.05%. "Revenue growth without profit growth" became the most prominent tag.

Exchange Rates and Costs Squeeze Profits

There are two key words for the profit decline: exchange rates and costs. Finance costs for the first three quarters changed from -70.48 million yuan to 150 million yuan, a year-on-year change of 312.57%, mainly affected by increased exchange losses; operating cost growth rate was higher than revenue, Q3 single quarter gross margin was 26.85%, down 6.21 percentage points year-on-year. For equipment manufacturing enterprises with a high proportion of overseas business, exchange rate fluctuations are changing from a "financial minor item" to a "major profit item".

Tire Molds Fully Produced and Sold, Capacity Expansion Building Strength

The other side of profit pressure is full orders. Contract liabilities increased to 439 million yuan, up 31.18% compared to the beginning of the period; construction in progress was 679 million yuan, up 35.79% compared to the beginning of the period; R&D expenses were 516 million yuan, up about 13% year-on-year.

As a leader in tire molds, the company's main business is operating at full capacity. The Kuiwen Mold Project total investment is about 1.097 billion yuan, which will add new high-performance radial tire mold capacity of 25,000 sets/year, expected to be put into production successively by the end of 2026. Against the backdrop of full tire mold orders, new capacity is expected to break delivery bottlenecks and accelerate performance release.

Electric Heating Vulcanizing Machines Win Continuous Large Orders

The company recently successively won bids for the Wanli Tire Electric Heating Vulcanizing Machine Renovation Project and the Malaysia Base New Machine Project, with a total amount exceeding 38 million yuan, accelerating the realization of the second growth curve.

Overall, this Q3 report presents a picture of "scale increasing, orders not weak, expansion continuing, but exchange rates and costs squeeze profits in the short term". Securities firms expect the company's net profit attributable to parent company to be 2.59/3.25/4.10 billion yuan respectively for 2026-2028. Risks such as slowing tire mold demand and exchange rate fluctuations need to be monitored.