（文章来源：证券日报） 证券日报网讯 2月12日，艾迪精密在互动平台回答投资者提问时表示，公司硬质合金业务专注于中高端 市场，针对细分领域的定制化研发能力强，在钢件刀具领域达到国内领先水平，尤其适用于轴承行业的 轴承钢连续/断续加工场景，可替代日本进口刀具，帮助客户提效降本。2025年公司刀具产能达700万 片，2026年产能有望突破2000万片。碳化钨粉是公司硬质合金刀具的主要原材料，钨价高位运行为行业 内刀具产品涨价提供了有力支撑，当前刀具行业进入国产替代加速期，市场份额将向具备更强成本传导 能力和技术优势的企业集中。公司刀具事业部常备2-3个月原材料库存，并可通过经销商传导及引导终 端客户备货，实现部分成本转嫁。 ...

Investment Rating - The report rates the machinery equipment industry as "Overweight" [1] Core Insights - The machinery equipment sector is experiencing significant growth driven by increased demand for efficient cooling solutions in data centers and AI infrastructure [3][22] - Major companies like Trane Technologies and Johnson Controls are reporting strong order growth, indicating a robust market environment [9][15] - Google's substantial capital expenditure plans for 2026 highlight the increasing investment in AI and cloud infrastructure, which is expected to further boost demand for related equipment [21] Summary by Sections 1. Trane Technologies Financial Review - Trane Technologies reported Q4 2025 revenue of $5.1 billion, a 6% year-over-year increase, with adjusted EPS of $2.86, up 10% [9] - The company saw a 24% increase in new orders, with a record backlog of $7.8 billion, indicating strong future revenue potential [10] - The commercial HVAC business is a key growth driver, with orders up over 35% in Q4 2025 [10] 2. Johnson Controls Performance - Johnson Controls achieved Q1 2026 revenue of $5.8 billion, a 7% increase year-over-year, with a 39% rise in self-owned business orders [15] - The company has raised its adjusted EPS guidance for FY 2026 to approximately $4.70, reflecting a 25% year-over-year growth [15] - The introduction of new products like the YORK YDAM chiller is aimed at enhancing data center cooling solutions [20] 3. Google's Cloud Business - Alphabet reported Q4 2025 revenue of $113.8 billion, an 18% increase, with cloud revenue growing 48% due to AI infrastructure demand [21] - The company plans to invest $175 to $185 billion in capital expenditures for 2026, nearly doubling its previous year's investment [21] 4. Investment Recommendations - The report suggests that the growth in data centers will create opportunities for Chinese cooling equipment manufacturers, such as Ice Wheel Environment and Linde Co., to capitalize on the demand for cooling solutions [22] - Companies like Invek, which provide comprehensive liquid cooling solutions, are also highlighted as potential beneficiaries of this trend [22] 5. Caterpillar Financial Review - Caterpillar reported 2025 revenue of $67.6 billion, a 4% increase, with Q4 revenue reaching a record $19.1 billion [28] - The power and energy segment saw a 23% increase in sales, driven by demand from data centers [29] - The construction machinery segment also grew, but profit margins were pressured by rising costs [29]

Group 1 - The company expects to achieve operating revenue between 3,140 million and 3,260 million yuan in 2025, representing an increase of 41.51 million to 53.51 million yuan compared to the previous year, with a year-on-year growth of 15.24% to 19.64% [1] - The net profit attributable to the parent company is projected to be between 379 million and 395 million yuan, an increase of 34.87 million to 50.87 million yuan compared to the previous year, reflecting a year-on-year growth of 10.13% to 14.78% [1] - The previous year's operating revenue was 2,724.86 million yuan, and the net profit attributable to the parent company was 344.13 million yuan [1] Group 2 - The engineering machinery industry shows signs of recovery, with previous low performance improving significantly [2] - The competitiveness of core products, particularly high-end hydraulic components, has increased, with a growing proportion of domestic substitutes for imports [2] - The brand influence of products such as hard alloy tools is becoming more prominent, leading to increased sales [2] - The company's overseas layout is gradually improving, maintaining a focus on the global market [2]

报告期内，工程机械行业触底复苏信号充分显现，前期行业低迷态势得到持续改善。核心产品高端液压 件竞争力进一步提升，国产替代进口的比例持续增长;硬质合金刀具等产品的品牌影响力逐渐显现，销 售规模加大。公司海外布局逐渐完善，坚持做好全球市场。 智通财经APP讯，艾迪精密(603638.SH)发布公告，公司预计2025年度实现营业收入31.4亿元到32.6亿 元，同比增加15.24%到19.64%。归属于母公司所有者的净利润3.79亿元到3.95亿元，同比增加10.13%到 14.78%。 ...

报告期内，工程机械行业触底复苏信号充分显现，前期行业低迷态势得到持续改善。核心产品高端液压 件竞争力进一步提升，国产替代进口的比例持续增长;硬质合金刀具等产品的品牌影响力逐渐显现，销 售规模加大。公司海外布局逐渐完善，坚持做好全球市场。 艾迪精密（603638）(603638.SH)发布公告，公司预计2025年度实现营业收入31.4亿元到32.6亿元，同比 增加15.24%到19.64%。归属于母公司所有者的净利润3.79亿元到3.95亿元，同比增加10.13%到14.78%。 ...

格隆汇2月10日丨艾迪精密(603638.SH)公布，经财务部门初步测算，预计2025年度实现营业收入31.4亿 元到32.6亿元，同比增加15.24%到19.64%。归属于母公司所有者的净利润3.79亿元到3.95亿元，同比增 加10.13%到14.78%。 报告期内，工程机械行业触底复苏信号充分显现，前期行业低迷态势得到持续改善。核心产品高端液压 件竞争力进一步提升，国产替代进口的比例持续增长；硬质合金刀具等产品的品牌影响力逐渐显现，销 售规模加大。公司海外布局逐渐完善，坚持做好全球市场。 ...

艾迪精密2月10日公告，经财务部门初步测算，预计2025年度实现营业收入31.4亿元到32.6亿元，同比增 加15.24%到19.64%；归属于母公司所有者的净利润3.79亿元到3.95亿元，同比增加10.13%到14.78%。报 告期内，工程机械行业触底复苏信号充分显现，前期行业低迷态势得到持续改善。核心产品高端液压件 竞争力进一步提升，国产替代进口的比例持续增长；硬质合金刀具等产品的品牌影响力逐渐显现，销售 规模加大。公司海外布局逐渐完善，坚持做好全球市场。 ...

转债代码：113644 转债简称：艾迪转债 证券代码：603638 证券简称：艾迪精密 公告编号：2026-006 烟台艾迪精密机械股份有限公司 归属于母公司所有者的净利润 37,900.00 万元到 39,500.00 万元，与上年 同期（法定披露数据）相比，将增加 3,486.53 万元到 5,086.53 万元，同比增 加 10.13%到 14.78% 本次业绩情况未经注册会计师审计。 二、上年同期业绩情况 2024 年度实现营业收入为 272,486.02 万元，归属于母公司所有者的净利 润为 34,413.47 万元。 三、本期业绩变化的主要原因 关于 2025 年经营业绩情况的公告 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： ● 本公告所载烟台艾迪精密机械股份有限公司（以下简称"公司"）2025 年年度主要财务数据为公司初步核算数据，未经会计师事务所审计，具体数据 以公司 2025 年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025 年经营业绩情况 经财务部门初步测算，预计 ...

Core Viewpoint - The company aims to significantly increase its tool production capacity, projecting a rise to 7 million pieces by 2025 and potentially exceeding 20 million pieces by 2026 [2] Group 1: Production Capacity - The company plans to reach a production capacity of 7 million tool pieces by 2025 [2] - By 2026, the production capacity is expected to surpass 20 million pieces [2] Group 2: Sales Strategy - The sales strategy combines a dealer channel with direct sales to major clients, enhancing market presence [2] - The dealer system is continuously improving as product recognition and market acceptance grow [2] Group 3: Raw Material Management - The tool division maintains a raw material inventory of 2-3 months to mitigate the impact of price increases [2] - The company can pass on some costs to end customers through dealers, helping to manage raw material price fluctuations [2]

Core Viewpoint - The company anticipates significant revenue growth in its hydraulic components division, outpacing industry growth rates by 2025, with a focus on domestic production and market share expansion [2] Group 1: Revenue Growth and Production - The company projects that its hydraulic components division will achieve a revenue growth rate that significantly exceeds the industry average by 2025 [2] - Current domestic motor production capacity is approximately 350,000 units per year [2] - The Thai hydraulic components factory is expected to commence operations in May 2026 [2] Group 2: Strategic Directions - The company will concentrate on three main development directions: promoting domestic substitution of core products, increasing market share among major manufacturers, and expanding into non-excavation applications [2] - The company aims to deepen market penetration in agricultural machinery, road machinery, and aerospace sectors [2] - The successful collaboration with a well-known U.S. client is expected to drive high growth in overseas revenue [2] Group 3: Joint Ventures and Future Prospects - The joint venture with Kawasaki Heavy Industries, named Aizaki Precision, is anticipated to become a significant growth driver for the company's performance [2] - The operating performance of this joint venture is expected to achieve rapid growth by 2026 [2]