证券代码：605060 证券简称：联德股份 公告编号：2026-003 关于公司股票交易异常波动公告 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法律责任。 重要内容提示： 杭州联德精密机械股份有限公司（以下简称"公司"或"本公司"）股 票于 2026 年 2 月 24 日、2 月 25 日、2 月 26 日连续三个交易日内日收盘价格涨 幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动情形。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，不存 在应披露而未披露的重大信息。 自2026年1月5日至2026年2月26日期间，公司股票价格涨幅为97.51%， 通用设备行业指数涨幅为 12.99%，公司股票价格短期上涨幅度较大，已偏离同 期上证指数和通用设备行业指数。公司敬请广大投资者注意二级市场交易风险， 理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2026 年 2 月 24 日、2 月 25 日、2 月 26 日连续三个交易日内收 盘价格涨幅偏离值累计超过 20% ...

持续看好【联德股份】受益于天然气发动机新趋势，弹性最大标的 自我们2月4日提示【联德股份】重大变化后，股价涨幅46%，我们预计当前位置仍有50%以上弹性空间。 （2）卡特近期财报显示，发电业务带动卡特的积压订单同比+71%至512e美元的历史新高。 此外卡特新业务天然气发动机与AmericanElectricPowerCorporation达成2GW订单，印证海外缺电导致柴发改燃机、燃 气内燃机趋势确定。 北美缺电方向现由燃机外溢至天然气发动机方向：天然气发动机（包括中速机、高速机）的优势为：建设周期远 短于燃气轮机、核电，燃料成本大幅优于柴油，同时价值量和毛利率显著高于传统柴发，正在从调峰与备用电 源，快速转向数据中心和工业负荷的主电源，我们预计天然气发动机行业将迎来5–10年级别的高景气窗口。 联德最核心两个大客户为江森自控和卡特比勒，收入占比均超20%。 （1）近期江森自控财报超预期，映射标的为国内核心供应商联德股份。 （2）卡特近期财报显示，发电业务带动卡特的积压订单同比+71%至512e美 持续看好【联德股份】受益于天然气发动机新趋势，弹性最大标的 自我们2月4日提示【联德股份】重大变化后，股价涨幅 ...

国海证券研报指出， 联德股份传统主业根基稳固，制冷+发电成长加速。全球 工程机械行业拐点将 至。Off-HighwayResearch预测2025-2027年全球 建筑设备销量逐年递增，且中国市场有明显上升趋势， 公司工程机械版块业务有望提升。AI 算力时代催生"冷"与"电"双轮驱动，打开全新成长空间。公司已 成功切入卡特彼勒等全球知名能源设备企业供应链，其能源设备业务将显著受益于AIDC扩张带来的增 量市场。公司传统主业根基稳固，制冷+发电成长加速，首次覆盖，给予"买入"评级。 ...

格隆汇2月24日｜国海证券研报指出，联德股份传统主业根基稳固，制冷+发电成长加速。全球工程机 械行业拐点将至。Off-HighwayResearch预测2025-2027年全球建筑设备销量逐年递增，且中国市场有明 显上升趋势，公司工程机械版块业务有望提升。AI算力时代催生"冷"与"电"双轮驱动，打开全新成长空 间。公司已成功切入卡特彼勒等全球知名能源设备企业供应链，其能源设备业务将显著受益于AIDC扩 张带来的增量市场。公司传统主业根基稳固，制冷+发电成长加速，首次覆盖，给予"买入"评级。 ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能 【天风电新】再call北美AI缺电：相关标的再梳理 【天风电新】再call北美AI缺电：相关标的再梳理 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 #公司近期已开始接到燃气发动机相关订单、逐步上量。 预计公司26-27年净利润3.8、7亿净利润，当前估值37、20X。 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能力的【潍柴动力】、【动力新科】我们预 计将不仅受益北美柴发出海加速，燃气发动机26H2开始均有望贡献增量利润。 当前两家公司27年PE均在15X左右，并存在出货量及利润上修空间 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Company and Industry Summary Industry: North American Gas Turbine Market Key Points - **Market Progress**: The North American gas turbine market is experiencing positive developments, particularly with the Caterpillar 3500 series engines. The expected market volume for this year is 2,000 units, with a unit value of $150,000, leading to a casting market space of $3 billion. Assuming a 35% market share for the company, this translates to $8 billion in revenue and a profit increment of $2 billion [1][1][1] - **Cooling Technology Trends**: There is a shift towards increased use of mechanical cooling in gas turbines, despite previous suggestions from NV to utilize natural cooling methods. This trend is expected to continue long-term, with NV not enforcing strict requirements on cooling methods [1][1][1] Company: 联德股份 (Lian De Co.) Key Points - **Client Acquisition**: The company is actively onboarding new clients, including international giants like Caterpillar, and continues to introduce related new products [2][2][2] - **Production Capacity**: The commissioning of the company's facility in Mexico is anticipated to enhance its ability to fulfill overseas orders [3][3][3] - **Subsidiary Performance**: The performance of the company's subsidiaries is improving, which is expected to release profit elasticity [4][4][4] - **Profit Visibility**: The gas turbine and diesel generation segments are closely tied to major client Caterpillar, with profit visibility projected to reach $5 billion. The estimated performance for 2025 is between $2.2 billion and $2.5 billion. By 2026, with improved performance from domestic subsidiaries and the commissioning of the Mexican plant, capacity is expected to reach approximately 90,000 tons, corresponding to $18 billion in revenue and around $3.7 billion in net profit. The company anticipates breaking through 110,000 tons next year, with profits exceeding $5 billion, and full capacity could yield profits of $10 billion, leading to a market valuation exceeding $200 billion [5][5][5]

格隆汇2月12日｜联德股份今日涨5.52%，成交额10.34亿元，换手率7.20%，盘后龙虎榜数据显示，沪股 通专用席位买入4873.87万元并卖出7422.06万元，3家机构专用席位净买入1.30亿元，有1家机构专用席 位净卖出8149.58万元。 ...

联德股份涨5.6%，报61.25元/股，股价再创新高，总市值突破147.36亿元，成交额达5.22亿元。（AI生 成） ...