证券代码：605060 证券简称：联德股份 公告编号：2025-043 杭州联德精密机械股份有限公司 关于控股股东之一致行动人权益变动触及 5%刻度的 提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 65.96% | | | | 权益变动后合计比例 | 64.99% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | 杭 州 德 | 联 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 控 股 限 | 有 | 8,086.32 | 33.61% | 8,086.32 | ...

Core Points - The company announced a share reduction plan involving four entities, which will collectively reduce their holdings by 0.39% and 0.56% of the total shares [1] - The actual controller and its concerted parties will see their combined shareholding decrease from 65.96% to 64.99%, marking a change that touches the 5% threshold for equity changes [1] - This equity change is part of a planned reduction and does not trigger a mandatory bid, nor does it affect the control of the company or its operations, with the reduction plan still ongoing [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company is a leading player in precision casting, benefiting from the dual drivers of AI computing power in cooling and power supply sectors. It has established long-term partnerships with global giants and is poised for significant growth due to expanding demand in the AIDC (Artificial Intelligence Data Center) market [8][14]. Summary by Sections 1. Company Overview - The company is recognized as a global leader in commercial air conditioning compressor castings and a prominent player in engineering machinery castings, with strong ties to major clients like Johnson Controls and Caterpillar [8][14]. - The company has a high degree of customer binding, with over 10 years of collaboration with top-tier clients, which enhances its competitive edge [14][21]. 2. Financial Performance - The company has shown a stable growth trend, with a CAGR of 12.7% in revenue and 13.3% in net profit from 2016 to 2024. However, a decline was noted in 2024 due to reduced demand in the commercial air conditioning sector [23][24]. - The revenue forecast for 2023A is 1,211 million yuan, with a projected increase to 2,164 million yuan by 2027E, reflecting a growth rate of 33.80% [1]. 3. Business Segments - The primary revenue source is from compressor components, accounting for over 60% of total revenue, with a gross margin of 38% in 2024. Engineering machinery components are also growing, with their revenue share increasing from 2% in 2016 to 31% in 2024 [25][26]. - The company is expanding its footprint in the AIDC sector, particularly in cooling and power supply, which is expected to drive future growth [8][36]. 4. Market Opportunities - The AIDC market is projected to grow significantly, with the U.S. AIDC cooling component market expected to exceed 10 billion yuan by 2028. The company is well-positioned to capitalize on this trend [8][37]. - The engineering machinery sector is anticipated to recover starting in 2025, benefiting the company due to its strong relationship with Caterpillar [8][36]. 5. Competitive Advantages - The company's integrated "casting + machining" capabilities provide a competitive edge, allowing for high product customization and superior profit margins compared to peers [8][36]. - The company has initiated a stock incentive plan to align the interests of key personnel with the company's long-term growth objectives [8][36].

Group 1 - The global gas turbine market is experiencing a historic surge, with major players like GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries seeing accelerated orders and tight production capacity [1] - Siemens Energy's unfulfilled order backlog reached a record high of €138 billion for FY2025, with approximately 60% of new gas turbine orders in the first half coming from data centers [1] - GE Vernova added 20.2 GW of new gas turbine orders last year, a year-on-year increase of 112.6%, with current backlog extending to 2028 [1] - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within the next two years [1] Group 2 - The demand surge is driven by the escalating power supply-demand imbalance in North America, particularly due to the rapid expansion of AI data centers [2] - In 2023, U.S. data centers consumed 176 TWh of electricity, accounting for 4.4% of total power demand, with projections indicating consumption could rise to 325 TWh-580 TWh by 2028, increasing its share to 6.7%-12% [2] - North American cloud providers are expected to have a total capital expenditure of $362 billion this year, a year-on-year increase of 58.5%, maintaining a high growth rate of around 30% through 2026 [1][2] Group 3 - The aging power grid in North America and the retirement of many old coal and gas projects create a short-term challenge in alleviating the power supply-demand imbalance [2] - Gas-fired power generation is seen as the optimal solution to address this imbalance, with gas turbines offering high thermal efficiency, quick start-up, short construction periods, stable power output, low costs, and relatively clean energy [2] - The construction cost of gas power plants in the U.S. has surged by approximately 50% over the past three years, reflecting growing demand and tight supply of gas turbines [2] Group 4 - The high industry growth is also reflected in the Chinese capital market, with significant stock price increases for gas turbine-related companies [5] - Companies like Yingliu Technology and Weichai Power have seen substantial stock price gains, indicating a deep integration of the Chinese supply chain with international giants [5] - Key domestic suppliers are expected to benefit from the opportunity to enter the global supply chain, particularly in high-value components like turbine blades and core parts [5] Group 5 - Hydrogen combustion is emerging as a development trend in the gas turbine industry, with the potential to reduce carbon emissions and mitigate natural gas price volatility [6] - Collaborations between gas turbine manufacturers and Chinese power companies are underway to explore hydrogen combustion technologies [6] - The increasing penetration of renewable energy and the anticipated arrival of the green hydrogen era may drive demand for hydrogen-blended gas turbines, enhancing their role in China's power supply [6]

杭州联德精密机械股份有限公司 关于举办 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 证券代码：605060 证券简称：联德股份 公告编号：2025-042 三、参加人员 董事长 孙袁，董事会秘书 潘连彬，财务总监 杨晓玉，独立董事 朱铁军（如 遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 一、说明会类型 杭州联德精密机械股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《联德股份 2025 年第三 季度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等 会议召开时间：2025 年 11 月 19 日（星期三）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 19 日 前 访 问 网 址 https://eseb.cn/1sVavRfl ...

Market Overview - The general equipment sector increased by 0.52% on November 11, with Rongyi Precision leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Performers - Rongyi Precision (Code: 920223) closed at 26.04, up 20.17% with a trading volume of 189,900 shares and a transaction value of 454 million [1] - Magu Technology (Code: 688448) closed at 44.88, up 20.00% with a trading volume of 120,300 shares and a transaction value of 505 million [1] - Sifangda (Code: 300179) closed at 18.61, up 19.99% with a trading volume of 838,600 shares and a transaction value of 1.48 billion [1] - Other notable gainers include World (Code: 688028) up 17.95% and Boying Special Welding (Code: 301468) up 17.03% [1] Underperformers - Dingtai High-Tech (Code: 301377) closed at 107.02, down 7.15% with a trading volume of 148,900 shares and a transaction value of 1.61 billion [2] - Lande Co. (Code: 605060) closed at 39.69, down 6.61% with a trading volume of 109,300 shares and a transaction value of 442 million [2] - Xue Ren Group (Code: 002639) closed at 14.10, down 6.00% with a trading volume of 2,539,400 shares and a transaction value of 3.63 billion [2] Capital Flow - The general equipment sector saw a net inflow of 124 million from institutional investors, while retail investors contributed a net inflow of 106 million [2][3] - Speculative funds experienced a net outflow of 230 million [2][3] Individual Stock Capital Flow - Sifangda had a net inflow of 301 million from institutional investors, but a net outflow of 191 million from speculative funds [3] - Huanghe Xuanfeng saw a net inflow of 281 million from institutional investors, with a net outflow of 134 million from speculative funds [3] - Longhua Technology had a net inflow of 173 million from institutional investors, while experiencing a net outflow of 123 million from speculative funds [3]

Summary of Key Points from Conference Call Records Industry Overview - The North American power supply is facing shortages primarily due to an aging electrical grid and increased power demand driven by the rapid growth of data centers since the launch of ChatGPT 4.0 in November 2022. This has led to a significant rise in energy requirements, particularly for continuous power supply in data centers [2][4]. Key Companies and Their Performance Caterpillar - Caterpillar reported optimistic performance with a third-quarter revenue exceeding expectations, driven by an 18% growth in its energy and transportation segment, and a 26% increase in North America. The company plans to expand its gas turbine and diesel engine production capacity by 2.5 times and 2 times, respectively, by 2030, indicating sustained demand in North America [5]. Longyuan Donggu - Longyuan Donggu, a supplier of engine components, is expected to benefit from strong heavy truck sales and expansion into passenger vehicle markets. The company anticipates a compound annual growth rate (CAGR) exceeding 30% over the next 3-5 years, with an attractive valuation [2][23]. Caterpillar's Supplier - Linde - Linde, a key supplier for Caterpillar, is projected to achieve revenues of 250 million yuan in 2025, with a compound annual growth rate of over 30% expected as it capitalizes on new orders related to gas turbines and diesel engines [6][7]. KOTAI - KOTAI is the only OEM capable of exporting diesel generators to Europe and North America. The company has secured 70 orders in North America and expects to deliver around 500 units by 2026, significantly enhancing its profitability due to high margins in the European market [8][9][10]. Yinglian Co. - Yinglian Co., a leading supplier of gas turbine blades, is positioned to benefit from the tight demand in the North American market, presenting long-term investment value despite its current valuation not being fully recognized [14]. Jerry Holdings - Jerry Holdings has established a systematic presence in the North American power generation sector, generating revenue from gas turbine projects. The company expects sales of $70 million to $80 million in 2025 and aims to expand its leasing scale in North America [16][21]. Market Dynamics - The gas industry has entered a price increase cycle since 2021, primarily due to reduced turbine blade casting capacity during the pandemic, which has not yet recovered. This has led to delivery issues for aircraft engines, benefiting companies like Yingliu, which supplies components for GE's LEAP series engines [12][13]. Future Growth Potential - Jerry Holdings is expected to see significant growth in its gas turbine business, with projections of over 50% CAGR in the next 3-4 years. The company’s new orders have reached a historical high, and it is well-positioned for future expansion in both domestic and international markets [19][22]. Conclusion - The North American energy sector is experiencing a shift due to increased demand from data centers, leading to growth opportunities for companies involved in gas turbines and diesel engines. Key players like Caterpillar, KOTAI, and Jerry Holdings are well-positioned to capitalize on these trends, with strong growth forecasts and strategic expansions planned for the coming years [1][2][5][19].

Market Overview - The general equipment sector increased by 0.11% on November 10, with World leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Gainers - World (688028) closed at 71.13, up 9.80% with a trading volume of 149,700 shares and a turnover of 1.043 billion [1] - Lande (605060) closed at 42.50, up 8.47% with a trading volume of 142,000 shares and a turnover of 570 million [1] - Snowman Group (002639) closed at 15.00, up 7.45% with a trading volume of 3.3082 million shares and a turnover of 4.818 billion [1] Top Losers - Tongfei (300990) closed at 77.80, down 8.54% with a trading volume of 64,600 shares and a turnover of 513 million [2] - Chunhui Intelligent Control (300943) closed at 21.04, down 7.92% with a trading volume of 296,000 shares and a turnover of 644 million [2] - Baose (300402) closed at 25.06, down 6.32% with a trading volume of 431,000 shares and a turnover of 1.093 billion [2] Capital Flow - The general equipment sector experienced a net outflow of 1.48 billion from institutional investors, while retail investors saw a net inflow of 1.455 billion [2] - The top individual stock capital flows showed varying trends, with Snowman Group receiving a net inflow of 294.79 million from institutional investors [3] - Lande (605060) had a net inflow of 43.41 million from institutional investors, while experiencing outflows from retail investors [3]

Group 1 - The core viewpoint of the news is that Linde Co., Ltd. experienced a 5% increase in stock price, reaching 41.14 CNY per share, with a trading volume of 439 million CNY and a turnover rate of 4.61%, resulting in a total market capitalization of 9.898 billion CNY [1] - Linde Co., Ltd. is located in Hangzhou Economic and Technological Development Zone, established on February 12, 2001, and listed on March 1, 2021. The company specializes in the research, design, production, and sales of high-precision mechanical components and precision cavity molds, providing a one-stop service from casting to precision machining [1] - The main business revenue composition of Linde Co., Ltd. includes compressor components at 54.59%, engineering machinery components at 35.21%, and others at 10.21% [1] Group 2 - Among the top ten circulating shareholders of Linde Co., Ltd., a fund under Dongzheng Asset Management has entered the list, specifically the Oriental Red Hong Kong-Shenzhen Mixed Fund (002803), which acquired 2.232 million shares, accounting for 0.93% of the circulating shares. The estimated floating profit today is approximately 4.3747 million CNY [2] - The Oriental Red Hong Kong-Shenzhen Mixed Fund (002803) was established on July 11, 2016, with a latest scale of 2.477 billion CNY. Year-to-date returns are 46.14%, ranking 1356 out of 8219 in its category; the one-year return is 32.06%, ranking 1960 out of 8125; and since inception, the return is 129% [2]

Core Insights - The gas turbine sector is experiencing significant growth, driven by substantial orders and a favorable market environment, with companies like Triangular Defense and Weichai Power seeing stock surges [1][3] - The global energy crisis is propelling gas turbines into a central role in the energy landscape due to their quick startup, high efficiency, and low carbon emissions [2][3] Market Dynamics - Demand for gas turbines is surging, particularly in North America, where new orders increased by 187% year-on-year in Q1 2025, with major manufacturers like GE and Siemens facing order backlogs extending to 2028 [3][6] - The price of heavy-duty gas turbines has risen by 15%-20% compared to 2023, with lead times extending from 18 months to as long as 5-7 years for some components [3][6] Domestic Industry Advancements - Chinese manufacturers are rapidly catching up in gas turbine technology, with significant advancements in the domestic production of high-temperature components and the successful ignition of hydrogen turbines [4][5] - Companies like Aero Engine Corporation of China and others are securing substantial contracts with international giants, marking a shift from reliance on imports to actively competing in the global market [6] Future Trends - The push for carbon neutrality is making hydrogen gas turbines a focal point of competition, with projections indicating a market size exceeding 50 billion yuan by 2030 [7] - The average thermal efficiency of gas turbines is currently over 45%, with goals to reach 50% in the future, which will further drive demand [7] Investment Opportunities - Key investment areas include core components, complete turbine manufacturers, and services related to low-carbon technologies, with companies like Yingliu and Dongfang Electric positioned favorably [8] - The gas turbine market is expected to exceed 300 billion yuan by 2030, with companies holding core technologies and strong international ties likely to see significant performance growth [9]