Investment Rating - The investment rating for the company is "Buy" with an upgraded outlook [2][28]. Core Views - The company reported a revenue of 2.66 billion yuan for 2024, a year-on-year decrease of 4.5%, while the net profit attributable to shareholders increased by 8.1% to 280 million yuan [7][8]. - The company aims for a revenue target of 3.27 billion yuan in 2025, representing a growth of 23.12% compared to 2024 [13]. - The fourth quarter of 2024 showed a significant recovery with a revenue of 852 million yuan, a year-on-year increase of 15.06%, and a net profit of 75 million yuan, up 321.43% [8]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 35.27%, an increase of 2.41 percentage points year-on-year, while the net profit margin rose to 10.92%, up 1.21 percentage points [8]. - The operating cash flow for 2024 was 254 million yuan, a decrease of 30.3% year-on-year [7]. Business Segments - The bearing segment achieved a revenue of 1.28 billion yuan, a year-on-year increase of 23.71%, accounting for 48.31% of total revenue [11]. - The special and precision bearing revenue was 1.06 billion yuan, growing by 46.46% [11]. - The machine tool segment generated 576 million yuan, with a growth of 19.88% [11]. Market Outlook - The company is expected to benefit from the growing demand in the defense and wind power sectors, as well as the increasing penetration of superhard material products in the machine tool industry [10][12]. - The company is optimistic about maintaining growth in its core segments, including bearings and superhard materials, in 2025 [13].

Investment Rating - The investment rating for the company is "Buy" with an upgraded outlook [2][28]. Core Insights - The company reported a revenue of 2.66 billion yuan for 2024, a year-on-year decrease of 4.5%, while the net profit attributable to shareholders increased by 8.1% to 280 million yuan [7][8]. - The company aims for a revenue target of 3.27 billion yuan in 2025, representing a growth of 23.12% compared to 2024 [13]. - The core business segments, particularly special and precision bearings, and machine tools, are experiencing rapid growth, contributing to improved profitability [8][10]. Financial Performance Summary - The company's gross margin for 2024 was 35.27%, an increase of 2.41 percentage points year-on-year, while the net profit margin rose to 10.92%, up by 1.21 percentage points [8][9]. - The revenue from the bearing segment reached 1.28 billion yuan, a year-on-year increase of 23.71%, with special and precision bearings accounting for 1.06 billion yuan, up 46.46% [11]. - The machine tool segment generated 576 million yuan in revenue, a growth of 19.88%, while the trading and engineering services segment saw a decline of 47.65% [11]. Business Segment Analysis - The special and precision bearings segment is benefiting from increased demand in defense and wind power sectors, with a significant growth trajectory expected [10][12]. - The machine tools segment is also seeing a steady increase in demand for superhard materials, indicating a positive market outlook [10][12]. - The company is focusing on enhancing its operational quality and technological innovation to sustain growth in its core business areas [13]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 3.20 billion yuan, 3.79 billion yuan, and 4.46 billion yuan respectively, with corresponding net profits of 367 million yuan, 461 million yuan, and 560 million yuan [14][15]. - The expected growth rates for revenue and net profit indicate a strong recovery and upward trend in the company's financial performance [15].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

摘要 • 国机精工 2024 年营收同比增长 8.11%，扣非净利润增长 25%。轴承业务收 入 10.6 亿元，其中军工轴承增长 19%，但毛利率受降价影响下降；精密机 床轴承增长约 60%，毛利率稳定；大型特大型轴承增长 83%，风电轴承贡献 主要增量，增速达 167%。 • 郑州三磨所超硬材料模具业务营收 5.8 亿元，毛利率 58%，半导体行业贡 献 3.4 亿，同比增长 36%；汽车制造及其他领域贡献 2.4 亿，同比增长约 4%。新材料板块中，复合成型材料营收 1.36 亿，同比增长 12%；绿钻石营 收与上年持平，NPVD 法合成金刚石散热片和光学元件片营收略有增长。 • 六面顶压机业务营收大幅下降，贸易业务主动压缩。军工轴承业务长期增 长空间大，但面临下游降价压力。预计 2025 年政府补助将回归至 7,000 万 元左右的正常水平。 • 金刚石功能材料在半导体热沉领域应用前景广阔，但成本是主要挑战。下 游客户对金刚石散热应用测试增多，为未来增长奠定基础。公司在 CVD 法 和 HP 法两种培育金刚石技术路线上均有布局，并已推出培育钻石品牌"黛 诺"拓展消费市场。 • 公司通过技术优势立足高端 ...

北京海润天睿律师事务所 关于国机精工集团股份有限公司 2025 年第二次临时股东大会的 法 律 意 见 书 一、本次股东大会的召集、召开程序 1、经本所律师核查，公司董事会根据公司第八届董事会第七次会议决议，于 2025 年 3 月 26 日在《证券时报》《中国证券报》《上海证券报》《证券日报》及深圳证券交易所 致：国机精工集团股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法 （2023 年修订）》（以下简称"《公司法》"）及中国证券监督管理委员会颁布的《上市公司 股东大会规则（2022 年修订）》（以下简称"《规则》"）、《律师事务所从事证券法律业务 管理办法》（以下简称"《管理办法》"）、《律师事务所证券法律业务执业规则（试行）》 （以下简称"《执业规则》"）等法律、法规、规范性文件及《国机精工集团股份有限公司章 程》（以下简称"《公司章程》"）的规定，北京海润天睿律师事务所（以下简称"海润天睿" 或"本所"）接受国机精工集团股份有限公司（以下简称"公司"）委托，作为公司召开 2025 年第二次临时股东大会（以下简称"本次股东大会"）的特聘专项法律顾问出具本法律 ...

证券代码：002046 证券简称：国机精工 公告编号： 2025-029 国机精工集团股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间： 现场会议召开时间为：2025年4月14日 15:20 网络投票时间为： 7、出席情况： 参加本次股东大会现场会议投票和网络投票的具有表决权的股 东及股东代理人共493人，代表有表决权股份总数为270,536,119股， 占公司总股份的50.4480%。 出席本次股东大会现场会议投票的具有表决权的股东及股东代 理人共1人，代表有表决权股份总数为267,030,813股，占公司总股份 的49.7944%。 通过网络投票的股东492人，代表股份3,505,306股，占上市公司 总股份的0.6536％。 （1）深圳证券交易所交易系统投票时间为：2025年4月14日的交 易时间，即9:15-9:25，9:30-11:30和13:00-15:00。 （ ...

2025年4月12日，国机精工(002046.SZ)发布2024年年度报告。截至2025年4月11日，共有51个机构投资 者披露持有国机精工A股股份，合计持股量达3.06亿股，占国机精工总股本的57.83%。其中，前十大机 构投资者包括中国机械工业集团有限公司、中国建设银行股份有限公司-广发科技创新混合型证券投资 基金、中国银行股份有限公司-广发中小盘精选混合型证券投资基金、银华基金-中国人寿保险股份有限 公司-万能A-银华基金国寿股份成长股票型组合万能A可供出售单一资产管理计划、中国工商银行股份 有限公司-广发科技动力股票型证券投资基金、香港中央结算有限公司、中国银行股份有限公司-招商产 业精选股票型证券投资基金、北京嘉华宝通咨询有限公司、成都龙凤飞私募基金管理有限公司-龙凤飞 尺度长期价值1号私募证券投资基金、招商瑞利灵活配置混合(LOF)A，前十大机构投资者合计持股比例 达56.36%。相较于上一季度，前十大机构持股比例合计下跌了0.28个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.26%。 公募基金方面本期较上一季度持股减少的公募基金共 ...

Core Insights - The company reported a revenue of 2.658 billion yuan and a net profit of 280 million yuan for the year 2024, marking an 8.11% year-on-year increase in net profit [1] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares to all shareholders [1] Business Performance - The high-end manufacturing and new materials sectors have shown significant results, with bearing business revenue reaching 1.284 billion yuan, a year-on-year increase of 23.71% [1] - The company has achieved a 90% market share in special bearings for satellites and has successfully launched a 26MW wind power main shaft bearing, breaking foreign monopolies [1] - The abrasives and tools business generated 976 million yuan in revenue, maintaining its leading position in the industry [2] - The synthetic diamond business has entered the consumer jewelry market, leveraging MPCVD technology for mass production [2] Financial Metrics - The company's weighted average return on equity reached 8.31%, an increase of 0.17 percentage points year-on-year [3] - The net cash flow from operating activities was 254 million yuan, indicating stable financial health [3] - The debt-to-asset ratio decreased to 44.2%, reflecting improved solvency [3] Future Outlook - The company plans to expand production capacity, enhance technology, and integrate the supply chain to consolidate its advantages [3] - The domestic market for cultivated diamonds is expected to reach 36.8 billion yuan by 2025, with a compound annual growth rate exceeding 20% [3] - The company aims to transition from a traditional bearing manufacturer to a leader in "hard technology" by deepening collaborations with leading semiconductor and renewable energy companies [3]

Group 1 - YN Holdings reported a revenue of approximately 12.155 billion yuan for 2024, a year-on-year increase of 1.43%, but still incurred a net loss of approximately 121 million yuan, an improvement from a loss of about 554 million yuan in 2023 [1] - The company generated a net cash flow from operating activities of approximately 2.369 billion yuan, a significant year-on-year increase of 214.51% [1] - YN Holdings operates in various sectors including thermal power generation, renewable energy, pumped storage, coal trading logistics, and comprehensive energy services [1] Group 2 - Guoji Precision reported a revenue of 2.658 billion yuan for 2024, a year-on-year decrease of 4.53%, primarily due to a strategic adjustment in trade business, leading to a 47.65% drop in trade revenue [2] - The company achieved a net profit of 280 million yuan, reflecting a year-on-year growth of 8.11% [2] - Guoji Precision's main business includes bearing, abrasive tools, and supply chain services [2] Group 3 - Siwei Liekong reported a revenue of 1.515 billion yuan for 2024, a year-on-year increase of 28.38%, with a net profit of 548 million yuan, up 33.08% [3] - The company's net profit after deducting non-recurring items was approximately 549 million yuan, a year-on-year increase of 35.02% [3] - Siwei Liekong focuses on information transmission, software, and IT services, primarily serving the national railway safety sector [3] Group 4 - XJ Electric reported a revenue of 17.089 billion yuan for 2024, a slight year-on-year increase of 0.17%, with a net profit of 1.117 billion yuan, up 11.09% [4] - The company invested 880 million yuan in R&D, a year-on-year increase of 10.84%, but its net cash flow from operating activities decreased by 52.74% to 1.299 billion yuan [4] - XJ Electric focuses on ultra-high voltage, smart grid, renewable energy, electric vehicle charging, rail transit, and industrial intelligence [4] Group 5 - Pinggao Electric reported a revenue of 12.402 billion yuan for 2024, a year-on-year increase of 11.96%, with a net profit of 1.023 billion yuan, up 25.43% [5] - The company generated a net cash flow from operating activities of 3.008 billion yuan, a year-on-year increase of 20.14% [5] - Pinggao Electric's business encompasses the R&D, design, manufacturing, and sales of power transmission and distribution equipment and core components [5] Group 6 - Linzhou Heavy Machinery reported a total revenue of approximately 1.684 billion yuan for 2024, a year-on-year decrease of 8.38%, with a net profit of approximately 95.344 million yuan, down 18.47% [6] - The company's comprehensive gross margin was 28.31%, an increase of 0.02 percentage points from the previous year [6] - The coal machinery and comprehensive service segment generated approximately 1.644 billion yuan in revenue, a year-on-year decline of 7.30% [6]

国机精工集团股份有限公司 容诚专字[2025]361Z0095 号 非经营性资金占用及其他关联资金 往来情况专项说明 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于国机精工集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]361Z0095 号 国机精工集团股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了国机精工集团股份有 限公司（以下简称国机精工公司）2024 年 12 月 31 日的合并及母公司资产负债 表，2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公 司所有者权益变动表以及财务报表附注，并于 2025 年 4 月 10 日出具了容诚审 字[2025]361Z0107 号的无保留意见审计报告。 根 ...