Core Viewpoint - The penetration rate of magnetic levitation compressors is expected to increase, benefiting Hanzhong Precision Machinery's products due to rising demand for cooling systems in data centers driven by AI computing power growth [1] Group 1: Magnetic Levitation Compressors - The collaboration between NVIDIA and OpenAI includes a significant investment of up to $100 billion (approximately 711.5 billion RMB) for building large data centers, which will drive the demand for upgraded cooling systems [1] - Traditional cooling technologies face energy consumption bottlenecks, making magnetic levitation compressors a key technology for energy-saving retrofits in data centers [1] - Hanzhong Precision Machinery offers a total of 9 models in the RTM series of magnetic levitation refrigeration compressors suitable for data center applications, indicating potential for substantial benefits in the future [1] Group 2: Vacuum Pumps and Industry Outlook - Currently, the company's vacuum pumps are primarily used in the photovoltaic industry, specifically in crystal pulling and battery cell segments [1] - As capital expenditures in the photovoltaic and semiconductor industries are expected to recover, the company is likely to benefit significantly from this trend [1] - The report maintains a "strongly recommended" rating for the company, reflecting positive expectations for its future performance [1]

2025 年 9 月 26 日 强烈推荐/维持 汉钟精机 公司报告 事件：9 月 22 日英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划， 以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。 汉钟精机（002158.SZ）：业绩短期 承压，有望迎来拐点 公 司 研 究 磁悬浮压缩机渗透率有望提升，公司磁悬浮压缩机产品有望受益。9 月 22 日 英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划，以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。数据中心的算力 提升和规模扩张将带动制冷系统升级需求，随着 AI 算力需求激增，传统冷却 技术面临能耗瓶颈，磁悬浮压缩机的节能优势使其成为数据中心节能改造的关 键技术，契合带来的算力增长需求，渗透率有望提升。根据公司机构调研信息， 公司磁悬浮制冷压缩机有 RTM 系列共计 9 个型号，可以用于数据中心使用， 未来有望充分受益。 半导体真空泵有望随我国总体集成电路产业发展缩小与国际领先企业差距。公 司设计研发了 PMF、IPM 和 IPH 三个系列的真空泵用于半导体行业 ...

9月25日，汉钟精机跌5.1%，截至发稿，报25.67元/股，成交5.81亿元，换手率4.11%，总市值137.26亿 元。汉钟精机股价已经连续4天下跌，区间累计跌幅5.88%。 资料显示，上海汉钟精机股份有限公司位于上海市金山区枫泾工业开发区亭枫公路8289号，成立日期 1998年1月7日，上市日期2007年8月17日，公司主营业务涉及从事螺杆式压缩机应用技术的研制开发、 生产销售及售后服务。主营业务收入构成为：压缩机(组)72.36%，真空产品18.57%，零件及维修 7.88%，铸件产品1.19%。 从汉钟精机十大流通股东角度 数据显示，南方基金旗下1只基金位居汉钟精机十大流通股东。南方中证1000ETF（512100）二季度增 持36.88万股，持有股数196.3万股，占流通股的比例为0.37%。根据测算，今日浮亏损失约270.89万元。 连续4天下跌期间浮亏损失331.75万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益27.85%，同 类排名1954/4220；近一年收益63.96%，同类排名1325/3820；成立以来收益13.14 ...

9月23日，汉钟精机跌5.02%，截至发稿，报26.70元/股，成交7.77亿元，换手率5.26%，总市值142.77亿 元。 截至发稿，崔蕾累计任职时间6年322天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 137.06%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，上海汉钟精机股份有限公司位于上海市金山区枫泾工业开发区亭枫公路8289号，成立日期 1998年1月7日，上市日期2007年8月17日，公司主营业务涉及从事螺杆式压缩机应用技术的研制开发、 生产销售及售后服务。主营业务收入构成为：压缩机(组)72.36%，真空产品18.57%，零件及维修 7.88%，铸件产品1.19%。 责任编辑：小浪快报 从汉钟精机十大流通股东角度 数据显示，南方基金旗下1只基金位居汉钟精机十大流通股东。南方中证1000ETF（512100）二季度增 持36.88万股，持有股数196.3万股，占流通股的比例为0.37%。 ...

Core Viewpoint - The company has begun small-scale supply of its vacuum products to certain domestic chip manufacturers, indicating a positive step towards market acceptance and potential growth in the semiconductor sector [1] Group 1: Company Developments - The company’s vacuum products have received recognition from some domestic chip manufacturers, leading to the initiation of small-batch supply [1] - The supply covers both the expansion of new production lines and the replacement of old vacuum pumps [1] - The company is conducting testing and verification in collaboration with new clients and new processes [1] Group 2: Market Potential - Currently, the usage of the company’s vacuum products in the semiconductor field is limited, contributing minimally to overall performance [1] - However, with the acceleration of domestic semiconductor industry development and market expansion, the future growth prospects for these products are very promising [1] - The vacuum products are expected to become a new driving force for the company's performance growth [1]

Group 1 - The recent investor research activity by Shanghai Hanzhong Precision Machinery Co., Ltd. involved 18 institutions, including Bosera Fund, providing insights into the company's operations [1] - The company reported a revenue of 1.489 billion yuan for the first half of 2025, a year-on-year decrease of 18.86%, and a net profit of 257 million yuan, down 42.90% [1] - Basic earnings per share were 0.4813 yuan, reflecting a decline of 42.90%, with a weighted average return on equity of 5.99%, down 5.63% year-on-year [1] Group 2 - The company's main business focuses on two core segments: compressors and vacuum pumps, with compressors further divided into refrigeration and air compression products [1] - In the refrigeration segment, the company offers a diverse product matrix, including commercial central air conditioning compressors and refrigeration compressors, with growth noted in compressors used for data center cooling [2] - In the air compression sector, the company is expanding its offerings in oil-free compressors, which have significant potential in industries requiring high air quality, such as food and biomedicine [2] Group 3 - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with gradual expansion into lithium battery and pharmaceutical sectors [2] - The company has begun small-scale supply to domestic chip manufacturers, indicating potential growth as the semiconductor industry in China accelerates [2]

Group 1: Financial Performance - In the first half of 2025, the company reported a revenue of 1.489 billion yuan, a year-on-year decrease of 18.86% [2] - The net profit for the same period was 257 million yuan, down 42.90% compared to the previous year [2] - Basic earnings per share were 0.4813 yuan, reflecting a decline of 42.90% year-on-year [2] - The weighted average return on net assets was 5.99%, a decrease of 5.63% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - The performance of screw and magnetic levitation centrifugal compressors used in data centers has shown growth in the first half of the year [2][3] - Taiwan's Dongyuan is a key partner, providing compressors that meet market demands [3] Air Compression Products - Air compressors serve as core equipment in various industries, including engineering machinery, pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding into oil-free air compressor markets, focusing on applications in food, biomedicine, and electronics due to high air quality requirements [3] Vacuum Products - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers, with potential for growth as the semiconductor industry expands [3] Group 3: Investor Relations Activity - The investor relations activity took place from September 15 to September 19, 2025, at the company premises [2] - Participants included various investment firms and asset management companies, indicating strong interest from the investment community [2] - The company confirmed that no undisclosed significant information was shared during the activity [3]

Summary of Hanbell Precise Machinery Conference Call Company Overview - Hanbell Precise Machinery is a leading supplier of refrigeration compressors, holding approximately 50% market share in the domestic third-party screw compressor market and about 15% in centrifugal compressors [2][12]. Key Industry Insights - The global market for IDC (Internet Data Center) refrigeration compressors is estimated to reach approximately 10 billion RMB by 2025 [2][19]. - IDC demand is expected to drive growth in Hanbell's compressor business, with a projected revenue contribution of 1.19 million RMB in 2025, accounting for 4% of total revenue [2][20]. Core Points and Arguments 1. **Rating Upgrade**: The rating for Hanbell has been upgraded from Neutral to Buy, with a target price raised from 17.80 RMB to 34.80 RMB based on SOTP (Sum of the Parts) valuation method [1][4][53]. 2. **Earnings Recovery**: The company is expected to see a recovery in earnings driven by IDC compressor demand starting in 2026, with projected EPS CAGR of 17% from 2025 to 2029 [1][9][10]. 3. **Revenue Structure Shift**: The revenue contribution from IDC compressors is anticipated to increase from 4% in 2025 to 21% by 2029, indicating a structural shift in revenue sources [3][35]. 4. **Solar Business Impact**: The solar business is expected to decline significantly, with revenue projected to stabilize around 16% of total revenue by 2025 [10][35]. 5. **Market Positioning**: Hanbell's market share in the IDC compressor segment is expected to grow from 1% in 2025 to 10% by 2029, driven by tight HVAC industry capacity and potential partnerships with IDC solution providers [2][20][31]. Financial Projections - **Revenue Estimates**: Projected revenues for Hanbell are as follows (in million RMB): - 2025: 3,168 - 2026: 3,462 - 2027: 3,929 - 2028: 4,489 - 2029: 5,243 [5]. - **Profitability Metrics**: Expected net profit margins are projected to improve, with a forecasted net profit of 1,139 million RMB by 2029 [5][55]. Risks and Catalysts - **Catalysts**: Expansion of IDC market clients and acquisition of new orders are seen as key growth drivers [1][4]. - **Downside Risks**: Potential deterioration in the solar business and delays in IDC business progress could pose risks to the company's performance [1][4]. Additional Important Insights - **Strategic Partnerships**: Hanbell is positioned to benefit from strategic collaborations, such as the partnership with Hon Hai and TECO, which aims to capture broader infrastructure opportunities in the data center sector [29][30]. - **Market Dynamics**: The IDC market is expected to grow significantly, with a projected CAGR of 10-15% in installed capacity, further stimulating demand for refrigeration compressors [19][20]. Conclusion Hanbell Precise Machinery is poised for significant growth in the IDC compressor market, with a favorable shift in revenue structure and strategic partnerships enhancing its market position. The company's rating upgrade reflects confidence in its recovery and growth potential, despite risks associated with its solar business.

Market Overview - On September 18, the general equipment sector declined by 0.27%, with Ruina Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the general equipment sector included: - Ruiqi Co., Ltd. (300126) with a closing price of 10.07, up 20.02% [1] - World (688028) at 47.60, up 13.79% [1] - Dayuan Quan Industry (603757) at 54.77, up 10.00% [1] - Conversely, Ruina Intelligent (301129) saw a significant decline of 6.16%, closing at 30.00 [2] - Other notable decliners included: - Coffee and Charcoal (688577) down 6.13% [2] - Hongsheng Co., Ltd. (603090) down 5.90% [2] Capital Flow - The general equipment sector experienced a net outflow of 1.395 billion yuan from institutional investors, while retail investors saw a net inflow of 2.65 billion yuan [2][3] - Specific stock capital flows indicated: - Chuanrun Co., Ltd. (002272) had a net inflow of 929 million yuan from institutional investors [3] - Dayuan Pump Industry (603757) saw a net inflow of 476 million yuan [3] - Ruina Intelligent (301129) faced a net outflow of 210 million yuan from institutional investors [3]

Market Overview - The Shanghai Composite Index is at 3894.62 points, above the five-day moving average, with an increase of 0.47% [1] - The total trading volume of A-shares is 12,225.01 billion yuan [1] Stocks Performance - A total of 591 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Dezhong Automobile: 22.13% deviation, with a price increase of 30.00% [1] - Xingye Technology: 8.27% deviation, with a price increase of 10.01% [1] - Hanzhong Precision: 8.11% deviation, with a price increase of 9.99% [1] - Other stocks with smaller deviation rates include Tongrentang, China Satellite, and Hengyu Environmental Protection, which have just crossed the five-day moving average [1] Detailed Stock Data - The report includes a detailed table of stocks that broke the five-day moving average on September 18, with their respective trading performance, turnover rates, and deviation rates [1][2]