2月21日，湖南崇德科技（301548）股份有限公司(以下简称"崇德科技")在官方平台发布消息称，公司 与哈尔滨电气动力装备有限公司(以下简称"哈电动装")联合研发的华龙一号巴基斯坦恰希玛C-5项目主 泵双向推力轴承首台套，已于近日顺利完成全部厂内验收流程，正式启运发往项目现场。作为华龙一号 全球内陆首堆海外落地的核心部件，此次交付标志着我国在高端核电轴承领域实现了从"跟跑"到"并 跑"的重大跨越，也彰显了这家湖南本土的国家级专精特新"小巨人"企业在核电轴承国产化、全球化布 局中的硬核技术实力。 针对此次产品交付的产业价值与战略意义，湖南大学电气与信息工程学院黎福海教授在接受《证券日 报》记者采访时表示："崇德科技作为国家级专精特新'小巨人'企业，此次完成华龙一号海外项目主泵 轴承的成功交付，既是我国高端装备核心部件国产化替代的标志性成果，更是中小企业聚焦主业、深耕 细分领域、突破'卡脖子'技术的典型示范。" "对于湖南高端制造产业而言，这一成果也充分彰显了湖南专精特新企业在国家重大技术装备攻关中的 重要作用。"黎福海教授表示，"以崇德科技为代表的湖南本土'小巨人'企业，正在高端装备核心配套领 域持续实现技术 ...

Group 1 - The company has a significant event regarding a major shareholder and board member, Wu Xingming, who plans to reduce his holdings by up to 870,000 shares, representing 1.0000% of the total share capital, due to personal financial needs [2] - The company held its 16th meeting of the second board of directors on February 9, 2026, to discuss a proposal for the shareholders' meeting to authorize the board to handle matters related to equity incentives, which may involve further procedures for shareholder approval [3] - The company's production lines are currently operating at full capacity, and with the gradual commissioning of fundraising projects, production capacity is expected to increase significantly; additionally, the company has established long-term partnerships with leading international firms such as Siemens, GE, and ABB, leading to a continuous rise in the proportion of international business revenue [4]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 105.59 CNY, corresponding to a 50x PE for 2026 [6]. Core Insights - The company is a leader in the domestic replacement of dynamic pressure oil film sliding bearings, with a strong focus on both domestic and international markets. The financial structure has been continuously optimized, with significant improvements in profitability and a reduction in debt levels post-IPO [1][4]. - The dynamic pressure oil film sliding bearing market is expected to grow significantly, driven by high demand in nuclear power, gas turbines, and wind energy sectors. The company is well-positioned to capture market share due to its competitive advantages and the conservative strategies of foreign competitors [2][3]. Summary by Sections 1. Company Overview - Founded in 2003, the company has established itself as a leader in the domestic replacement of high-end sliding bearings, achieving significant breakthroughs in key sectors such as nuclear power and marine applications. The company has developed over 200 specialized sliding bearing products [13]. - The core team is stable, with the founder holding a significant stake in the company, which enhances operational vitality. The team includes experienced professionals with extensive industry backgrounds [18][19]. 2. Market Potential - The global market for dynamic pressure oil film sliding bearings is projected to reach approximately 3.62 billion USD by 2026, with the Chinese market expected to be around 6.72 billion CNY. The growth is supported by trends in industrial drive, energy generation, and the increasing size of machinery [2][37]. - The company benefits from a favorable competitive landscape, as foreign competitors are adopting conservative growth strategies, providing more opportunities for domestic players [2][3]. 3. Business Development - The company is focusing on innovation and collaboration with foreign experts to enhance its product offerings. The shift towards international markets is evident, with an increasing proportion of revenue and improved gross margins from overseas clients [3][4]. - New business segments, including gas turbine bearings and PEEK bearings, are expected to contribute to revenue growth, with projections indicating continued market share expansion [3][4]. 4. Financial Forecast - Revenue is expected to grow from 6.19 billion CNY in 2025 to 9.00 billion CNY in 2027, with net profits projected to increase from 1.35 billion CNY to 2.30 billion CNY during the same period. The company maintains a strong net profit margin and return on equity [5][4]. - The financial structure has improved significantly post-IPO, with a reduction in the debt-to-asset ratio to 14.0% in 2024, and all interest-bearing debts have been repaid [35].

Core Viewpoint - The company, Chongde Technology (301548.SZ), is operating normally with sufficient orders and is optimizing production based on order conditions [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 445 million yuan and a net profit attributable to shareholders of 102 million yuan, with a net profit excluding non-recurring items of approximately 89.33 million yuan [1] Production Capacity and Operations - The company's production lines are currently operating at full capacity, with a steady increase in capacity utilization through optimization of production equipment, processes, and logistics [1] - The company is outsourcing lower-technical processing operations to improve efficiency [1] - With the gradual commissioning of the company's fundraising projects, production capacity is expected to increase significantly, supporting business growth [1]

Group 1 - The core viewpoint of the article highlights that Chongde Technology (301548.SZ) has established long-term partnerships with several leading international companies, including Siemens, GE, ABB, Ingersoll Rand, and Atlas [1] - The revenue from international business is continuously increasing, indicating a growing influence of the brand in the international sliding bearing sector [1]

Group 1 - The company, Chongde Technology, has established long-term partnerships with several leading international firms, including Siemens, GE, ABB, Ingersoll Rand, and Atlas [2] - The revenue from international business is continuously increasing, indicating a growing influence in the international sliding bearing market [2]

Core Viewpoint - The company aims to focus on "internationalization, new quality, and branding" strategies to enhance its main business in sliding bearings and expand into high-end markets and emerging industries while exploring new technology applications for high-quality development [2] Group 1 - The company will continue to deepen its main business in sliding bearings [2] - The company plans to expand into high-end markets and emerging industries [2] - The company intends to strategically explore new technology frontiers for industrial layout [2]

Group 1 - The core viewpoint of the article highlights that Chongde Technology identifies its main competitors as leading international sliding bearing companies, including RENK AG, Waukesha, Miba, Kingsbury, and Michell [2]

Core Insights - The company has successfully supplied gas turbine bearings to major domestic manufacturers such as Dongfang Electric, Shanghai Electric, and China Rebirth, indicating a strong foothold in the domestic market [2] - The company has achieved independent design and manufacturing of gas turbine sliding bearings, showcasing its technological capabilities [2] - Collaborations with leading global gas turbine manufacturers have commenced, suggesting potential for international expansion and partnerships [2]

Core Viewpoint - The company, Chongde Technology, reports normal production operations with sufficient orders and a reasonable production schedule based on order conditions [2] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 445 million yuan and a net profit attributable to the parent company of 102 million yuan, with a net profit excluding non-recurring items of approximately 89.33 million yuan [2] Production Capacity and Operations - The company's production lines are currently operating at full capacity, with steady improvements in capacity utilization through optimization of production equipment, processes, and logistics [2] - The company is outsourcing lower-technical processing operations to enhance efficiency [2] - With the gradual commissioning of the company's fundraising projects, production capacity is expected to increase significantly, supporting business growth [2]