Core Viewpoint - The financial performance of LianDe Co., Ltd. shows positive growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 587 million, a year-on-year increase of 1.53% - Net profit attributable to shareholders was 109 million, up 11.66% year-on-year - In Q2 2025, total revenue was 312 million, reflecting an 8.24% increase year-on-year - Q2 net profit was approximately 62.96 million, a significant rise of 37.19% year-on-year - Gross margin improved to 36.84%, up 4.73% year-on-year, while net margin increased to 18.71%, up 10.35% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 42.96 million, accounting for 7.32% of revenue, a decrease of 4.86% year-on-year - Earnings per share (EPS) increased to 0.46, a rise of 12.2% year-on-year - Operating cash flow per share was 0.52, reflecting a 27.01% increase year-on-year [1]. Asset and Liability Changes - Trading financial assets increased by 88.63% due to the purchase of financial products measured at fair value - Prepayments rose by 49.29% due to increased advance payments for materials - Other current assets decreased by 30.59% due to a reduction in input VAT [2]. - Contract liabilities surged by 87.65% as a result of increased advance payments from customers [2]. Investment and Returns - The company's return on invested capital (ROIC) was 6.94%, indicating average capital returns - Historical data shows a median ROIC of 16.31% since the company went public, suggesting strong investment returns over time [4]. Debt and Cash Flow - The company maintains a healthy cash position, indicating strong debt repayment capabilities [5]. - Net cash flow from investing activities decreased by 52.09% due to reduced cash inflows from maturing bank wealth management products [4]. Market Position and Future Outlook - LianDe Co., Ltd. is recognized as a national-level specialized "little giant" enterprise, holding a competitive position in the air compressor and refrigeration compressor parts sector [9]. - The company plans to expand into high-end markets, focusing on compressor parts and high-end energy equipment, while also exploring opportunities in North America, Europe, and Asia [10]. Fund Management - The largest fund holding LianDe Co., Ltd. is the Nuoan Pioneer Mixed A fund, with a scale of 3.84 billion and a recent net value increase of 1.81% [8]. - The fund manager, Yang Gu, is noted for his strong stock selection capabilities, particularly in value and growth stocks [6].

证券之星消息，8月22日通用设备板块较上一交易日上涨1.0%，三川智慧领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300066 | 三川智慧 | 8.44 | 20.06% | 203.17万 | | 16.48亿 | | 301377 | 鼎泰高科 | 68.06 | 19.99% | 13.00万 | | 8.39亿 | | 605688 | 同惠电子 | 31.98 | 15.87% | 16.46万 | | 5.24亿 | | 301125 | 腾亚精工 | 22.27 | 13.68% | 15.41万 | | 3.27亿 | | 688577 | 新海德曼 | 94.71 | 13.62% | 6.20万 | | 5.71亿 | | 002871 | 伟隆股份 | 18.43 | 10.03% | 31.15万 | | 5.49亿 ...

Core Viewpoint - Linde Co., a leading company in the compressor casting segment, is expanding its business boundaries from traditional industrial scenarios to digital infrastructure, particularly in the AI computing power industry, which is driving a significant performance turnaround for the company [1][2]. Financial Performance - In Q2 2025, Linde Co. achieved operating revenue of 312 million yuan, a year-on-year increase of 8.24%, and a net profit attributable to shareholders of 62.96 million yuan, up 37.20% year-on-year and 36.39% quarter-on-quarter [2]. - The company's management expenses decreased by 9.29% year-on-year, reflecting ongoing improvements in internal governance and operational efficiency, while R&D expenses increased by 11.35%, enhancing competitiveness in core areas [2]. - The asset-liability ratio stands at 18.30%, with a net cash flow from operating activities of 124 million yuan, indicating strong short-term solvency [2]. Market Position and Opportunities - Linde Co. is positioned as a leader in providing components for AI computing power applications, particularly in data center temperature control systems, which are critical for stable computing power output [3]. - The company’s core products are well-aligned with two major compressor tracks: air compressors and refrigeration compressors, with the latter being essential for data center cooling systems [3]. - The global AI computing power market is projected to grow significantly, with estimates reaching 25.9 billion USD in 2025, representing a 36.2% year-on-year increase [4]. International Expansion - Linde Co. is accelerating its overseas order expansion, which has become a key driver of overall revenue growth in the first half of the year [6]. - The company has made significant progress in establishing its factory in Mexico and has achieved a customer satisfaction rate of over 98% [6]. - The marketing network in Japan is taking shape, and preparations for a marketing organization in Europe are underway, enhancing the company's global footprint [6]. Future Outlook - The demand for global AI computing power is expected to gradually increase, and with the unexpected advancement of Linde Co.'s expansion in North America, Japan, and Europe, the company is poised for a significant performance breakthrough in the second half of the year [7].

证券研究报告：机械设备|公司点评报告 发布时间：2025-08-22 股票投资评级 买入 |维持 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -5% 7% 19% 31% 43% 55% 67% 79% 91% 103% 115% 联德股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.26 | | --- | --- | | 总股本/流通股本（亿股）2.41 | / 2.41 | | 总市值/流通市值（亿元）61 | / 61 | | 52 周内最高/最低价 | 26.50 / 11.66 | | 资产负债率(%) | 18.3% | | 市盈率 | 32.38 | | 第一大股东 | 杭州联德控股有限公司 | Q2 业绩超预期，数据中心有望带动需求上行 l 事件描述 公司发布 2025 年中报，2025H1 实现营收 5.87 亿元，同增 1.53%；实现归母净利润 1.09 亿元，同增 11.66%；实现扣非归母净利 润 1.07 亿元，同增 10.40%。 l 事件点评 单 Q2 归母净利润增速 3 ...

Group 1 - The Shanghai Composite Index is at 3783.05 points, above the five-day moving average, with a change of 0.32% [1] - The total trading volume of A-shares today is 1,080.3 billion yuan [1] - A total of 276 A-shares have prices that have surpassed the five-day moving average, with notable stocks including San Chuan Wisdom, Ping Gao Co., and Tong Hui Electronics, showing divergence rates of 13.32%, 13.23%, and 9.93% respectively [1] Group 2 - The top three stocks with the highest divergence rates from the five-day moving average are: - San Chuan Wisdom (300066) with a price increase of 20.06% and a divergence rate of 13.32% [2] - Ping Gao Co. (688227) with a price increase of 19.99% and a divergence rate of 13.23% [2] - Tong Hui Electronics (833509) with a price increase of 16.85% and a divergence rate of 9.93% [2] - Other notable stocks include Ding Tai Gao Ke (301377) with a divergence rate of 8.41% and An Fu Technology (603031) with a divergence rate of 7.32% [2]

公司摊薄每股收益为0.46元，较去年同报告期摊薄每股收益增加0.05元，同比较去年同期上涨12.20%。 公司最新总资产周转率为0.20次。最新存货周转率为1.54次。 公司股东户数为1.11万户，前十大股东持股数量为1.76亿股，占总股本比例为73.23%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | T | 杭州联德控股有限公司 | 33.6 | | 2 | Allied Machinery International Limited | 27.5 | | ന | 方 | 2.64 | | ব | 中国工商银行股份有限公司-诺安先锋混合型证券投资基金 | 2.50 | | 5 | 湖州旭腾企业管理合伙企业(有限合伙) | 1.26 | | 6 | 杭州佳扬投资合伙企业(有限合伙) | 1.21 | | 7 | 湖州朔谊企业管理合伙企业(有限合伙) | 1.15 | | 8 | 招商银行股份有限公司-宝盈成长精选混合型证券投资基金 | 1.14 | | g | 中国工商银行-宝盈泛沿海区域增长混合型证券投资基金 | 1.10 | | 10 | 湖 ...

Core Viewpoint - LianDe Co., Ltd. reported a slight decline in stock price while showing stable financial performance in its recent half-year report, indicating resilience in its operations despite market fluctuations [1] Financial Performance - For the first half of 2025, LianDe Co., Ltd. achieved operating revenue of 587 million yuan, representing a year-on-year growth of 1.53% [1] - The net profit attributable to shareholders was 109 million yuan, reflecting an increase of 11.66% year-on-year [1] - The net cash flow from operating activities grew by 26.70% year-on-year, indicating robust operational health [1] Stock Market Activity - As of August 21, 2025, LianDe's stock price was 25.26 yuan, down by 0.74 yuan or 2.85% from the previous trading day [1] - The stock opened at 25.71 yuan, reached a high of 26.32 yuan, and a low of 25.20 yuan during the trading session [1] - On the same day, the net inflow of main funds was 4.44 million yuan, accounting for 0.07% of the circulating market value, while the cumulative net outflow over the past five days was 22.84 million yuan, representing 0.38% of the circulating market value [1] Industry Overview - LianDe Co., Ltd. operates in the general equipment industry, focusing on the research, design, production, and sales of high-precision mechanical components and precision cavity mold products [1] - The company's business spans multiple sectors, including wind energy and data centers, highlighting its diversified market presence [1]

证券代码：605060 证券简称：联德股份 公告编号：2025-032 杭州联德精密机械股份有限公司 杭州联德精密机械股份有限公司（以下简称"公司"）第三届董事会第十三 次会议于 2025 年 8 月 21 日（星期四）在公司二楼会议室以现场的方式召开。会 议通知已于 2025 年 8 月 16 日通过书面的方式送达各位董事。本次会议应出席董 事 8 人，实际出席董事 8 人。 会议由董事长孙袁主持，高级管理人员列席了本次会议。会议召开符合有 关法律、法规、规章和《公司章程》的规定。经各位董事认真审议，会议形成了 如下决议： 二、董事会会议审议情况 第三届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《联 德股份 2025 年半年度报告》及《联德股份 2025 年半年度报告摘要》。 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项 报告》 表决结果：8 票同意，0 票反对， ...

Core Insights - The company reported a revenue of 586,536,973.13 yuan for the first half of 2025, reflecting a year-on-year growth of 1.53% [2] - The net profit attributable to shareholders of the listed company was 109,118,425.67 yuan, showing a year-on-year increase of 11.66% [2] Financial Performance - Revenue for the first half of 2025: 586.54 million yuan, up 1.53% year-on-year [2] - Net profit for the first half of 2025: 109.12 million yuan, up 11.66% year-on-year [2]

（文章来源：证券日报） 证券日报网讯 8月21日晚间，联德股份发布公告称，公司第三届董事会第十三次会议审议通过了《关于 2025年半年度报告及摘要的议案》等多项议案。 ...