Core Viewpoint - Huachen Equipment, a leading domestic high-end grinding equipment manufacturer, focuses on the R&D, production, and sales of fully automatic CNC roller grinding machines, showcasing strong technical barriers in ultra-precision grinding technology [1] Business Performance - In Q3 2025, Huachen Equipment achieved operating revenue of 354 million yuan, ranking 16th in the industry, with the top competitor, Qinchuan Machine Tool, at 3.121 billion yuan [2] - The net profit for the same period was 43.3 million yuan, ranking 11th in the industry, with the leading company, Haitian Precision, at 338 million yuan [2] Financial Ratios - As of Q3 2025, Huachen Equipment's debt-to-asset ratio was 25.71%, lower than the industry average of 45.02%, indicating strong solvency [3] - The gross profit margin was 30.90%, higher than the industry average of 27.38%, reflecting good profitability [3] Executive Compensation - The chairman, Cao Yuzhong, received a salary of 1.68 million yuan in 2024, a slight decrease from 1.6875 million yuan in 2023 [4] - The general manager, Xu Shaojun, had a salary of 799,700 yuan in 2024, a minor increase from 799,300 yuan in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.52% to 24,900 [5] - The average number of circulating A-shares held per shareholder decreased by 7.85% to 6,039.45 [5] Revenue Growth - Huachen Equipment reported a year-on-year revenue increase of 21% for Q1-Q3 2025, with Q3 revenue growing by 27% [6] - The company maintains revenue forecasts of 637 million, 888 million, and 1.174 billion yuan for 2025 to 2027, with respective growth rates of 43%, 39%, and 32% [6] Business Highlights - The company is expanding into the screw processing equipment sector and has signed a contract to provide 100 grinding machines [7] - Huachen Equipment is also entering the semiconductor precision grinding market, planning a joint venture with Changguang Dachi [7]

[Table_Tag] [Table_Summary] 投资要点 ◼ 营收稳健增长，研发投入增加使利润短期承压 2025 年前三季度公司实现营业收入 3.54 亿元，同比+20.96%，主 要系公司稳步推进相关设备的生产、交付及验收工作；实现归母净利润 0.43 亿元，同比-25.40%；实现扣非归母净利润 0.25 亿元，同比-25.52%， 主要系公司加大研发投入，且报告期内计提的坏账准备增加。 证券研究报告·公司点评报告·通用设备 华辰装备（300809） 2025 年三季报点评：营收稳健增长，利润端 受研发加码短期承压 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 479.16 | 445.99 | 520.82 | 696.83 | 984.08 | | 同比（%） | 42.48 | (6.92) | 16.78 | 33.80 | 41.22 | | 归母净利润（百万元） | 117.75 | 6 ...

Group 1 - Huachen Equipment (300809.SZ) released its Q3 2025 report on October 28, 2025, indicating that six institutional investors disclosed holdings in Huachen Equipment A-shares, totaling 13.1581 million shares, which represents 5.19% of the total share capital [1] - The institutional investors include Hainan Xintang Trading Partnership, Industrial Bank Co., Ltd. - Huaxia CSI Robot ETF, Bank of Communications Co., Ltd. - Yongying Semiconductor Industry Select Mixed Fund, Guotai Junan Securities Co., Ltd. - Tianhong CSI Robot ETF, and others [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.04 percentage points [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, including Huaxia CSI Robot ETF and Tianhong CSI Robot ETF, with an increase ratio of 0.35% [2] - Three new public funds disclosed their holdings this quarter, including Yongying Semiconductor Industry Select Mixed Fund, West China Event-Driven Stock A, and West China Era Power Mixed Fund A [2] - A total of 82 public funds did not disclose their holdings compared to the previous quarter, including Jin Xin Steady Strategy Mixed A, Qianhai Kaiyuan Jiaxin Mixed A, and others [2]

Core Insights - Huachen Equipment (300809.SZ) reported a revenue of 354 million yuan for the first three quarters of 2025, representing a year-on-year growth of 20.96% [1] - The net profit attributable to shareholders of the listed company was 43.31 million yuan, a decrease of 25.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 24.72 million yuan, down 25.52% year-on-year [1] - The basic earnings per share stood at 0.17 yuan [1]

（编辑 任世碧） 证券日报网讯 10月27日晚间，华辰装备发布2025年第三季度报告称，2025年第三季度公司实现营业收 入86，668，050.55元，同比增长26.89%；归属于上市公司股东的净利润为9，196，512.59元，同比下 降11.60%。 ...

Group 1 - The core viewpoint of the article is that Huachen Equipment (300809.SZ) reported its third-quarter results, showing a significant increase in revenue but a decline in net profit [1] Group 2 - For the first three quarters, the company achieved an operating income of 354 million yuan, representing a year-on-year growth of 20.96% [1] - The net profit attributable to shareholders of the listed company was 43.31 million yuan, reflecting a year-on-year decrease of 25.4% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 24.72 million yuan, which is a year-on-year decline of 25.52% [1]

Core Insights - Huachen Equipment reported a revenue of 354 million yuan for the first three quarters of 2025, representing a year-on-year increase of 20.96%. However, the net profit attributable to shareholders decreased by 25.40% to 43.31 million yuan [1] - The company's gross profit margin for the first three quarters was 30.90%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 12.23%, a decrease of 7.79 percentage points compared to the same period last year [2] Financial Performance - Basic earnings per share for the reporting period were 0.17 yuan, with a weighted average return on equity of 2.66% [2] - The price-to-earnings ratio (TTM) is approximately 201.92 times, the price-to-book ratio (LF) is about 6.00 times, and the price-to-sales ratio (TTM) is around 20.00 times [2] - In Q3 2025, the gross profit margin was 28.77%, showing a year-on-year increase of 0.08 percentage points but a quarter-on-quarter decrease of 0.34 percentage points. The net profit margin for Q3 was 10.60%, down 4.43 percentage points year-on-year but up 3.16 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the reporting period were 73.24 million yuan, an increase of 22.37 million yuan year-on-year, with an expense ratio of 20.68%, up 3.31 percentage points from the previous year [2] - Breakdown of expenses shows that selling expenses increased by 3.47%, management expenses rose by 28.38%, R&D expenses surged by 46.62%, and financial expenses grew by 71.33% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 24,900, a decrease of 1,962 (7.30%) from the end of the previous half-year. The average market value of shares held per shareholder increased by 23.08% from 354,300 yuan to 436,100 yuan [2] Company Overview - Huachen Precision Equipment (Kunshan) Co., Ltd. is located in Kunshan, Jiangsu Province, and was established on September 4, 2007. It was listed on December 4, 2019. The company specializes in the R&D, production, and sales of fully automatic CNC roller grinding machines [3] - The main business revenue composition includes 86.59% from fully automatic CNC roller grinding machines, 13.01% from maintenance and renovation services, and 0.40% from other sources [3] - The company belongs to the machinery equipment sector, specifically general equipment and machine tools, and is associated with concepts such as new industrialization, industrial mother machines, robotics, small-cap stocks, and specialized innovation [3]

华辰精密装备（昆山）股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为规范华辰精密装备（昆山）股份有限公司（以下简称"公司"）对 外提供财务资助行为，防范财务风险，完善公司治理与内控管理，提高公司信息 披露质量，确保公司经营稳健，根据《中华人民共和国证券法》《深圳证券交易 所创业板股票上市规则》（以下简称"《创业板股票上市规则》"）《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关法律法规、 规章和规范性文件以及《华辰精密装备（昆山）股份有限公司章程》（以下简称 "《公司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 本制度所称对外提供财务资助，是指公司及全资子公司和控股子公 司有偿或者无偿对外提供资金、委托贷款等行为，但下列情况除外： （一）公司以对外提供借款、贷款等融资业务为其主营业务； （二）资助对象为公司合并报表范围内且持股比例超过 50%的控股子公司， 且该控股子公司其他股东中不包含公司的控股股东、实际控制人及其关联人。 公司向与关联人共同投资形成的控股子公司提供财务资助，参照本制度执行。 第五条 公司及控股子公司财务资助期限及计息方式制定如下 ...

华辰精密装备（昆山）股份有限公司 总经理工作细则 第一章 总 则 第一条 为提高华辰精密装备（昆山）股份有限公司（以下简称"公司"）管理 效率和管理水平，根据《中华人民共和国公司法》及《华辰精密装备（昆山）股份 有限公司章程》（以下简称"《公司章程》"），以及其他有关法律法规和规范性文 件的规定，结合公司实际情况，特制订本细则。 第二条 本细则对公司总经理及其他高级管理人员的职责权限与议事规则作出 规定。 第三条 公司设总经理一名，由董事会聘任或解聘。董事可受聘兼任总经理或者其 他高级管理人员。 第四条 公司高级管理人员包括总经理、副总经理、财务总监、董事会秘书。 公司高级管理人员由董事会聘任与解聘。 第五条 公司总经理除应按照《公司章程》的规定行使职权外，还应按照本细 则的规定行使管理职权，承担管理责任。 第六条 公司应和总经理签订聘任合同，明确双方的权利义务关系。 第七条 公司总经理每届任期三年，可以连聘连任。高级管理人员任免应履行 法定的程序。任何组织和个人不得干预高级管理人员的正常选聘程序。 第二章 总经理任职资格 第八条 总经理任职，应当具备下列条件： （一）具有较丰富的经济理论知识、管理知识及实践 ...

华辰精密装备（昆山）股份有限公司 控股子公司管理办法 第一章 总则 第一条 为了规范华辰精密装备（昆山）股份有限公司（以下简称"公司"或"母 公司"）控股子公司经营管理行为，促进子公司健康发展，提高子公司的经营积 极性和创造性，依照《中华人民共和国公司法》等法律法规、规章、制度及《华 辰精密装备（昆山）股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本办法。 第二条 本办法所称控股子公司是指公司合并报表范围内的子公司，即持有 其50%以上股份，或者能够决定其董事会半数以上成员组成，或者通过协议或其 他安排能够实际控制的公司。 公司依据对子公司资产控制和公司规范运作要求，行使对子公司的重大事项 管理的权利，同时，负有对子公司指导、监督和相关服务的义务。 子公司在公司总体方针目标框架下，独立经营和自主管理，合法有效地运作 企业法人财产。同时，应当执行母公司对子公司的各项制度规定。 公司的分公司以及具有重大影响的参股公司的内控制度应当比照本办法执 行。 第二章 人事管理 第三条 公司通过子公司股东（会）行使股东权利制定子公司章程，并通过 委派或推荐董事、监事、经理人员及财务负责人等方式实现对各子公司的治 ...