Core Viewpoint - The announcement from Linde Co., Ltd. indicates a significant reduction in shareholding by major stakeholders, which may impact the company's control dynamics and investor sentiment [2] Shareholding Changes - Linde Co., Ltd. received a notification regarding a reduction in shareholding by several management partnerships, including Huzhou Xuteng and Huzhou Jiahong, from November 5 to November 20, 2025 [2] - A total of 949,500 shares were sold through centralized bidding, accounting for 0.39% of the company's total shares, and an additional 1,352,800 shares were sold via block trading, representing 0.56% of the total shares [2] - The combined shareholding of the actual controller and its concerted parties decreased from 65.96% to 64.99%, marking a change that touches the 5% threshold [2]

Core Viewpoint - The company is a leading player in the global commercial air conditioning compressor casting market and is strategically entering the AIDC cooling and power supply sectors, leveraging long-term partnerships with major global clients [1][4]. Group 1: Business Overview - The company has a strong foothold in the commercial air conditioning compressor casting and engineering machinery casting sectors, with over 10 years of collaboration with top clients like Johnson Controls, Ingersoll Rand, and Caterpillar [1]. - The company is expected to benefit from a compound annual growth rate (CAGR) of 12.7% in revenue and 13.3% in net profit attributable to shareholders from 2016 to 2024, indicating a robust growth trend [1]. Group 2: AIDC Market Potential - The AIDC sector is experiencing significant investment from global tech giants, with the cooling segment projected to exceed 10 billion USD in the U.S. by 2028 [2]. - The power supply segment is also expanding due to aging electrical infrastructure in the U.S., with gas turbines and diesel generators likely becoming mainstream solutions [2]. Group 3: Competitive Advantages - The company's integrated "casting + machining" capabilities provide a competitive edge, allowing for high product value and superior profitability compared to peers [3]. - The dual-core production layout in Deqing and Mexico positions the company to capture domestic and international orders while ensuring supply chain security for North American clients [3]. Group 4: Future Growth and Valuation - The company is expected to see net profits of 220 million, 300 million, and 410 million CNY from 2025 to 2027, with corresponding price-to-earnings ratios of 38, 28, and 20 times [3]. - The company has initiated a stock incentive plan to align the interests of key personnel, further strengthening its operational capabilities [3].

Core Viewpoint - LianDe Co., Ltd. (605060.SH) reported a reduction in shareholding by its actual controller and related parties, with a total decrease of 5% in shareholding ratio [1] Shareholding Changes - From November 5 to November 20, 2025, Huzhou Xuteng, Huzhou Jiahong, Huzhou Shuoyi, and Huzhou Xunjia reduced their holdings by 949,500 shares through centralized bidding, accounting for 0.39% of the total shares [1] - Additionally, 1,352,800 shares were reduced through block trading, representing 0.56% of the total shares [1] - The combined shareholding ratio of the actual controller and its concerted parties decreased from 65.96% to 64.99%, reaching the 5% threshold for equity changes [1]

Core Viewpoint - The company, LianDe Co., Ltd. (605060.SH), reported a significant reduction in shareholding by its actual controller and related parties, with a total decrease of 5% in shareholding ratio [1] Shareholding Changes - From November 5 to November 20, 2025, Huzhou Xuteng, Huzhou Jiahong, Huzhou Shuoyi, and Huzhou Xunjia collectively reduced their holdings by 949,500 shares through centralized bidding, accounting for 0.39% of the total shares [1] - Additionally, they reduced their holdings by 1,352,800 shares through block trading, representing 0.56% of the total shares [1] - The combined shareholding ratio of the actual controller and its concerted parties decreased from 65.96% to 64.99%, marking a significant change in equity [1]

信息披露义务人姓名/名称：湖州佳宏企业管理合伙企业(有限合伙) 通讯地址： 浙江省湖州市德清县新市镇环北路 283 号 1 号楼 3 楼 邮政编码：313200 信息披露义务人姓名/名称：湖州朔谊企业管理合伙企业（有限合伙） 通讯地址：浙江省湖州市德清县新市镇环北路 283 号 1 号楼 4 楼 405 室 邮政编码：313200 信息披露义务人姓名/名称：湖州迅嘉企业管理合伙企业（有限合伙） 通讯地址：浙江省湖州市德清县新市镇环北路 283 号 1 号楼 3 楼 307 室 邮政编码：313200 信息披露义务人姓名/名称：杭州联德控股有限公司 通讯地址：杭州市西湖区北山街道桃花弄 8 号 1342 室 邮政编码：310000 杭州联德精密机械股份有限公司 简式权益变动报告书 上市公司名称：杭州联德精密机械股份有限公司 股票上市地点：上海证券交易所 股票简称：联德股份 股票代码：605060 信息披露义务人姓名/名称：湖州旭腾企业管理合伙企业（有限合伙） 通讯地址： 浙江省湖州市德清县新市镇环北路 283 号 1 号楼 5 楼 502 室 邮政编码：313200 信息披露义务人姓名/名称：Allied Ma ...

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 ...