金融界消息 截至2025年7月30日收盘，艾迪精密（603638）报收于18.28元，下跌1.08%，换手率0.6%， 成交量4.95万手，成交金额9081.74万元。 通过天眼查大数据分析，烟台艾迪精密机械股份有限公司共对外投资了10家企业，参与招投标项目87 次，知识产权方面有商标信息42条，专利信息381条，此外企业还拥有行政许可42个。 来源：金融界 资金流向方面，今日主力资金净流出1129.84万元，占比成交额12.44%。其中，超大单净流出644.12万 元、占成交额7.09%，大单净流出485.72万元、占成交额5.35%，中单净流出流入349.62万元、占成交额 3.85%，小单净流入780.22万元、占成交额8.59%。 艾迪精密最新一期业绩显示，截至2025一季报，公司营业总收入7.70亿元、同比增长21.88%，归属净利 润1.02亿元，同比增长15.62%，扣非净利润8702.54万元，同比增长8.81%，流动比率1.831、速动比率 1.246、资产负债率46.40%。 天眼查商业履历信息显示，烟台艾迪精密机械股份有限公司，成立于2003年，位于烟台市，是一家以从 事汽车制造业为主的 ...

Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]

Summary of Eddie Precision's Conference Call Company Overview - Eddie Precision specializes in high-end hydraulic components (main pumps, main valves, travel motors, swing motors) primarily used in excavators, accounting for over 50% of the company's overall business [2][5][6]. Industry Insights - The excavator market experienced a growth rate of approximately 16% in the first half of 2025, while Eddie Precision's high-end hydraulic components grew by 30%-40%, attributed to increased market share among OEMs and enhanced core competitiveness [2][5][6]. - The hydraulic breaker, Eddie Precision's second-largest business segment, constitutes about 35% of the company's operations. Its growth was limited in the first half of 2025 due to low operating rates of large excavators in China, but overseas exports performed well [2][7]. Key Products and Performance - **Travel Motors**: This is Eddie Precision's leading product, with the company being the only domestic supplier to OEMs, resulting in a continuous increase in market share [2][6]. - **Hydraulic Breakers**: These are widely used in mining, municipal engineering, and hydropower projects. The demand for hydraulic breakers is significant, especially in complex geological environments [3][5]. - **Overall Growth**: Hydraulic components saw an overall growth of 30%-40% in the first half of 2025, driven by domestic substitution of imports and increased market share among OEMs [2][6]. Financial Performance - The gross profit margin for hydraulic components and hydraulic breakers was stable at around 30%-32% [12][13]. - The company has faced pressure to reduce prices from OEMs, but has managed to maintain profitability through automation and process improvements [13]. International Expansion - Eddie Precision's overseas sales account for approximately 20%-25%, with major markets including the USA, Russia, the Middle East, India, and Southeast Asia. Caterpillar in the USA is the largest customer, accounting for over 20% of sales [14][15]. - A new factory in Thailand is expected to start production in September or October 2025, aiming to increase overseas sales to 50% within the next three to five years [14]. New Business Ventures - Eddie Precision is incubating new industries, including industrial robots and RV reducers, which previously incurred annual losses of about 50 million yuan but are now showing improvement [8][10]. - The company aims for each new venture to achieve over 100 million yuan in sales and break even [8][9]. - The new products are expected to have a broad customer base across various manufacturing sectors, relying on both distribution and direct sales [17]. Challenges and Future Outlook - The company anticipates continued strong growth in the hydraulic components sector, with expectations of maintaining robust performance in the next couple of years [2][6]. - The focus on automation and process improvements is expected to enhance overall profitability as the company scales up its operations and diversifies its product offerings [13][16].

Core Viewpoint - The article highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, which is China's largest investment in hydropower to date, with a total investment of 1.2 trillion RMB and an installed capacity of 60-81 million kilowatts, equivalent to three Three Gorges dams [1]. Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project officially started construction on July 19, with a total investment of 1.2 trillion RMB [1]. - The project will consist of five dams and aims to create a "cascade power station" [1]. Group 2: Construction Challenges - The construction of large-scale hydropower projects, especially under complex geological conditions in high-altitude areas, will face significant challenges such as rock fragmentation, mountain excavation, and tunnel drilling [3]. - There is a continuous and clear demand for reliable and efficient construction machinery in the rock processing phase [3]. Group 3: Company Positioning - Aidi Precision is positioned as a leader in China's hydraulic breaker industry, showcasing significant advantages in rock processing [4]. - The design features of Aidi's tunnel-specific breakers allow for greater flexibility and efficiency in confined spaces [6][7]. Group 4: Product Innovations - Aidi's underwater breakers include automatic sensing functions to prevent air strikes and are equipped with a professional air supply system to ensure operational safety [10]. - The Aidi super-large breaker has a design life of up to 10,000 hours and is particularly suitable for mining operations, effectively utilizing excavator energy while protecting the hydraulic system [13]. Group 5: Industry Outlook - The article suggests a potential recovery in the engineering machinery industry, with improved operating rates and a significant increase in exports [15][18]. - The industry is expected to benefit from a warming domestic demand and a shift towards new energy solutions in engineering machinery and commercial vehicles [19].

Core Viewpoint - The hydraulic motor industry in China is experiencing structural changes, characterized by differentiated import growth and simultaneous increases in export volume and value, reflecting the demand for high-precision and high-reliability products driven by domestic industrial upgrades [1][11]. Industry Overview - Hydraulic motors are key components in hydraulic systems, converting hydraulic pressure into mechanical energy, widely used in various industrial applications such as construction machinery, shipbuilding, and mining [2]. Industry Development History - The hydraulic motor industry in China has evolved through three main stages: the initial phase from 1952 to 1978, the rapid development phase from 1979 to 2000, and the mature and transformative phase from 2000 to present, with significant advancements in technology and production capabilities [4][5]. Industry Status - In the first five months of 2025, China imported 104,400 hydraulic motors, a year-on-year increase of 2.09%, with an import value of 629 million yuan, up 11.84%. Exports reached 929,900 units, growing 12.76%, with an export value of 810 million yuan, up 9.20% [1][11]. - The demand for high-end hydraulic motors is particularly strong in sectors like construction machinery electrification and industrial automation, with local companies making technological breakthroughs in high-end markets [1][11]. Industry Supply Chain - The upstream of the hydraulic motor industry includes raw materials such as steel, castings, and hydraulic oil, while the downstream applications span across various industrial sectors, with construction machinery being the largest application area [7]. Key Enterprises' Performance - The competitive landscape of the hydraulic motor industry features international giants dominating the high-end market, while domestic companies like Hengli Hydraulic and Aidi Precision are gaining market share through cost-effective strategies [15][19]. Industry Development Trends - The industry is undergoing a transformation towards high-end and intelligent products, with advancements in materials and electronic control technologies enhancing performance [21]. - Green manufacturing is becoming a standard, driven by environmental regulations and energy efficiency standards, pushing companies to adopt energy-saving technologies [22][23]. - The globalization of the hydraulic motor industry is shifting from an export-oriented approach to localized development, with companies establishing production bases in countries along the Belt and Road Initiative [24].

| 证 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-027 | | --- | --- | --- | --- | | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 关于部分募集资金投资项目结项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●本次拟结项募集资金投资项目：艾崎精密高端液压件项目。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准烟台艾迪精密机械股份有限公司公 开发行可转换公司债券的批复》（证监许可〔2022〕496 号）核准，烟台艾迪 精密机械股份有限公司（以下简称"公司"）获准公开发行可转换公司债券人 民币 100,000 万元，扣除不包含可抵扣增值税进项税额的承销及保荐费用、会 计师费用、律师费用、资信评级费、信息披露及发行手续费等费用合计人民币 1,598.69 万元，实际募集资金净额为人民币 98,401.31 万元。 本次募集资金到账时间为 2022 年 4 月 21 日，本次募集资金到位 ...

证券代码：603638 证券简称：艾迪精密 证 公告编号：2025-026 转债代码：113644 转债简称：艾迪转债 烟台艾迪精密机械股份有限公司 关于 2025 年第二季度可转换公司债券转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ●未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的可转债金额为 一、可转债发行上市概况 经中国证券监督管理委员会证监许可2022496 号文核准，烟台艾迪精密 机械股份有限公司（以下简称"公司"）于 2022 年 4 月 15 日公开发行了 1,000 万张可转换公司债券，每张面值 100 元，发行总额 100,000 万元，期限 6 年。 经上海证券交易所自律监管决定书2022123 号文同意，公司本次发行的 债券简称"艾迪转债"，债券代码"113644"。 公司发行的"艾迪转债"自 2022 年 11 月 18 日至 2028 年 4 月 14 日可转换 为本公司股份，可转债的初始转股价格为 23.96 元/股。2022 年 6 月 8 日因 ...

重要内容提示： 关于 2025 年第二季度可转换公司债券转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-026 | 证 | | --- | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | | 烟台艾迪精密机械股份有限公司 二、可转债本次转股情况 "艾迪转债"转股期间为 2022 年 11 月 18 日至 2028 年 4 月 14 日。 ●转股情况：截至 2025 年 6 月 30 日，累计共有 56,000 元"艾迪转债"转 换为公司股票或回售，其中累计转股金额为 54,000 元，累计回售金额为 2,000 元。截至 2025 年 6 月 30 日，累计因转股形成的股份数量为 2,173 股，占"艾 迪转债"转股前公司已发行股份总额的 0.0003%。 ●本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日，共有人民 币 3,000 元"艾迪 ...

Core Viewpoint - The credit rating agency has maintained a stable credit rating outlook for Yantai Aidi Precision Machinery Co., Ltd, reflecting the company's strong market position and customer base in the hydraulic component sector, despite some concerns regarding inventory and accounts receivable growth [3][5][7]. Financial Performance - In 2024, the company achieved a revenue of 2.725 billion yuan, representing a year-on-year growth of 21.90%, and a net profit of 344 million yuan, up 23.50% [5][6]. - The company's hydraulic component business saw a revenue increase of 1.344 billion yuan, with a growth rate of 22.53% [5][6]. - The operating cash flow improved to 155 million yuan, indicating better cash management [4][22]. Inventory and Accounts Receivable - The company experienced a significant increase in inventory, with the stock of hydraulic hammers rising by 53.39% to 2,261 units, which raises concerns about working capital utilization [6][20]. - Accounts receivable growth outpaced revenue growth, necessitating attention to its impact on working capital [6][20]. Production Capacity and Utilization - The production capacity utilization rate for hydraulic hammers was only 54.75%, indicating underutilization and potential profitability risks if market demand does not meet expectations [6][20]. - The hydraulic components' production capacity utilization improved to 84.36%, reflecting a positive trend in production efficiency [19][21]. Market Position and Customer Base - The company maintains a strong customer base among leading machinery manufacturers, which provides a degree of revenue stability [5][22]. - The top five customers accounted for 47.99% of sales revenue, indicating a concentrated customer base within the cyclical construction machinery industry [22]. Investment and Expansion Plans - The company has postponed some investment projects, including the construction of high-pressure pumps and valves, which may affect future production capabilities [8][20]. - New projects in Thailand aim to enhance production capacity and market competitiveness, with a focus on hydraulic hammers and high-end hydraulic components [20][22]. Industry Outlook - The engineering machinery industry is showing signs of recovery, with excavator sales increasing by 3.13% in 2024, and a strong growth forecast for 2025 [14][15]. - Government policies aimed at stabilizing the real estate market and increasing infrastructure investment are expected to benefit the engineering machinery sector [15][16].

Group 1 - The core viewpoint of the announcement is that the credit rating for Yantai Eddie Precision Machinery Co., Ltd. and its convertible bonds remains stable at "AA-" [1][2] - The previous credit rating was "AA-" with a stable outlook, and the current rating has not changed [2] - The credit rating agency, Zhongzheng Pengyuan, conducted a comprehensive analysis of the company's operating conditions and related industries before issuing the report [2] Group 2 - The tracking credit rating report was issued on June 20, 2025, and is available on the Shanghai Stock Exchange website [2] - The company issued convertible bonds on April 15, 2022, and the bond code is 113644 [1] - The board of directors of the company guarantees the accuracy and completeness of the announcement [1]