Core Viewpoint - Chongde Technology shows strong performance growth driven by its focus on sliding bearing core business and advancements in high-performance bearing technology [1] Group 1: Business Performance - The company’s self-developed hydrodynamic oil film sliding bearing products are widely used in high-end fields such as energy generation, industrial drive, petrochemicals, and shipping, with market shares projected at 24.30%, 55.10%, 10.24%, and 6.06% respectively by the first half of 2025 [1] - The overall performance remains robust with a strong profit growth momentum, supported by increased orders in high-end energy sectors such as nuclear power, wind power, gas turbines, and petrochemicals [1] Group 2: Technological Advancements - The company has achieved several key breakthroughs in high-performance bearing technology, making substantial progress in hydrodynamic oil film sliding bearings, new material applications, and new bearing product lines [1] - The acquisition of German company Levicron enhances the company’s technological layout and drives its international strategy, boosting global competitiveness [1] Group 3: Market Strategy - The company is responding to the power demands of data centers by supplying bearings to Dongfang Electric, indicating a strategic alignment with market needs [1]

Group 1: Company Overview - The main products and services include dynamic pressure oil film sliding bearings, wind power sliding bearings, high-speed permanent magnet motor products, and industrial transmission services, focusing on energy generation, industrial drive, petrochemicals, and shipping sectors [2] - The company’s sliding bearing products are widely used in major equipment and high-precision devices such as heavy gas turbines, large steam turbines, wind power equipment, efficient compressors, high-speed motors, pumps, and gearboxes [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 518 million CNY and a net profit attributable to shareholders of 115 million CNY, with a non-recurring net profit of 96.02 million CNY [2] - For the first three quarters of 2025, the company reported a revenue of 445 million CNY and a net profit attributable to shareholders of 102 million CNY, with a non-recurring net profit of 89.32 million CNY [2] Group 3: Clientele - International clients include Siemens AG, GE, ABB, Atlas Copco, Ingersoll Rand, KSB AG, Sulzer, Flender, Andritz AG, HHI, TECO, Alstom, EBARA, and LEROY SOMER [3] - Domestic clients include China CNR, Shanghai Electric, Dongfang Electric, China Shipbuilding Industry Corporation, Sinopec, Wolong Electric, Nanyang Explosion Protection, Hangzhou Turbine, NGC, Yancheng Energy, and Gree [3] Group 4: Product Development - The company has mastered the application of PEEK new materials in sliding bearings, which offer advantages such as high temperature resistance, excellent mechanical properties, self-lubrication, chemical corrosion resistance, flame retardancy, peel resistance, radiation resistance, and stable insulation [4] - The developed PEEK bearings can replace bearings made from other metal materials, demonstrating good wear resistance, mechanical performance, and high-temperature resistance [4] Group 5: Nuclear Power Sector - The company has focused on nuclear power sliding bearings for years, driving domestic substitution through continuous innovation, and has developed a complete solution for high-reliability sliding bearing design, manufacturing, testing, monitoring, and evaluation for nuclear power applications [5] - Recent years have seen a significant increase in nuclear power equipment orders, with the company achieving record high orders for nuclear power bearings [5] - To strengthen its technical capabilities and market position in the nuclear sector, the company has established a dedicated production line for main pump bearings, enhancing capacity and quality assurance [5] Group 6: Capacity Utilization - The company has steadily improved capacity utilization through optimization and improvements in production equipment, processes, and logistics [6] - Lower-technical content rough processing operations are outsourced, and with the gradual commissioning of fundraising projects, capacity is expected to increase significantly to meet business growth demands [6]

Core Insights - The company focuses on the research, design, production, and sales of hydrodynamic oil film sliding bearings, with strong performance growth in recent periods [1][2][5] Revenue and Profitability - In Q3 2025, the company achieved operating revenue of 162 million yuan, a year-on-year increase of 48.04%, and a net profit attributable to shareholders of 36 million yuan, up 60.87% [2] - For the first three quarters of 2025, operating revenue, net profit, and net profit after deducting non-recurring gains and losses were 445 million yuan, 102 million yuan, and 89 million yuan, respectively, representing year-on-year growth of 20.25%, 19.68%, and 24.44% [2] - The gross margin and net margin for the first three quarters were 37.22% and 22.97%, showing slight declines of 0.95 percentage points and 0.06 percentage points year-on-year [2] Product and Market Development - The company’s self-developed hydrodynamic oil film sliding bearings are widely used in high-end fields such as energy generation, industrial drive, petrochemicals, and shipping, with significant order increases in nuclear power, wind power, gas turbines, and petrochemical sectors [1][5] - The company’s overseas revenue reached 44 million yuan in the first half of 2025, accounting for 15.37% of total revenue, with a year-on-year growth of 14.58% [4] Strategic Acquisitions - The company completed the acquisition of 100% of German Levicron GmbH for 8.5 million euros, enhancing its technological capabilities and international competitiveness [3] - Levicron GmbH's core products include ultra-precision CNC machine tool spindle systems, which will help the company establish a no-oil lubrication bearing technology system and access the European high-end manufacturing market [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 585 million yuan, 665 million yuan, and 816 million yuan, respectively, with corresponding EPS of 1.54 yuan, 1.86 yuan, and 2.14 yuan [5] - The current stock price corresponds to PE ratios of 35.5, 29.5, and 25.6 for the years 2025, 2026, and 2027 [5]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company focuses on the research, design, production, and sales of hydrodynamic oil film sliding bearings, with strong performance growth observed [4]. - In the first half of 2025, the company's revenue structure showed that sliding bearing components, total sliding bearings, and related products generated revenues of 0.95 billion, 0.81 billion, and 0.47 billion yuan, respectively, with year-on-year growth rates of +7.73%, +1.12%, and -3.09% [4]. - The company has made significant technological breakthroughs in high-performance bearing technology, particularly in hydrodynamic oil film sliding bearings and new material applications [4]. - The acquisition of German Levicron GmbH for 8.5 million euros enhances the company's technological layout and international competitiveness [5][7]. - The company has secured contracts for gas turbine bearings, including a project worth approximately 9.8 million yuan with Dongfang Electric [8]. Revenue and Profitability - In Q3 2025, the company achieved a revenue of 1.62 billion yuan, representing a year-on-year increase of 48.04%, with a net profit of 0.36 billion yuan, up 60.87% [5]. - For the first three quarters of 2025, the company reported revenues of 4.45 billion yuan, a year-on-year increase of 20.25%, and a net profit of 1.02 billion yuan, up 19.68% [5]. - The gross margin and net margin for the first three quarters were 37.22% and 22.97%, respectively [5]. Future Projections - The company forecasts revenues of 5.85 billion, 6.65 billion, and 8.16 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.54, 1.86, and 2.14 yuan [9][11]. - The projected PE ratios for the years 2025, 2026, and 2027 are 35.5, 29.5, and 25.6, respectively [9].

证券代码：301548 证券简称：崇德科技 公告编号：2025-063 湖南崇德科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 重要提示 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： 现场会议召开时间：2025 年 11 月 14 日 14:30 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 14 日 9:15—9:25，9:30—11:30，13:00—15:00；通过深圳证券交易所互联网投票系统 （http://wltp.cninfo.com.cn）进行网络投票的时间为 2025 年 11 月 14 日 9:15 至 15:00 期间的任意时间。 3、现场会议召开地点：湖南省湘潭市高新区茶园路 9 号公司会议室。 4、会议召开方式：采取现场投票与网络投票相结合的方式。 5、会议召集人：公司董事会 6、会议主持人：董事长 周少华先生 7、会议召开的合法性、合规性：本次股东会召开符合《中 ...

湖南启元律师事务所 关于湖南崇德科技股份有限公司 2025年第四次临时股东会的 法律意见书 致：湖南崇德科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南崇德科技股份有限公司（以 下简称"公司"）的委托，指派律师出席了公司 2025 年第四次临时股东会（以下 简称"本次股东会"），对本次股东会的召集和召开程序、出席会议人员及召集人 的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律意 见。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》等我国现行法律、 法规、规范性文件以及《湖南崇德科技股份有限公司章程》（以下简称"《公司章 程》"）的有关规定出具本法律意见书。 为出具本法律意见书，本所及本所指派律师声明如下： （一）本所根据本法律意见书出具日以前已经发生或者存在的事实，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证 本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 （二）本 ...

Core Viewpoint - Chongde Technology is a key player in the domestic nuclear power and gas turbine bearing supply market, with products widely used in operational and under-construction nuclear power plants [2] Group 1: Company Overview - The company provides products for both nuclear power and gas turbine applications, specifically focusing on main pump bearings for nuclear power [2] - Chongde Technology has established itself as a core supplier of main pump bearings for nuclear power plants in China, with its products used in various large rotating equipment [2] Group 2: Product Applications - The company's products are utilized in a range of equipment including main pumps, electric auxiliary water pumps, and various types of turbines and generators [2] - In the gas turbine sector, Chongde Technology has successfully supplied bearings to major domestic manufacturers such as Shanghai Electric and Dongfang Electric, achieving independent design and manufacturing of gas turbine sliding bearings [2]

Core Insights - Chongde Technology's dynamic pressure oil film sliding bearing products are primarily used in energy generation, industrial drives, petrochemicals, and shipping sectors [2] - The application of these bearings in nuclear fusion devices includes turbine systems and vacuum pumps, although nuclear fusion technology is still in the research and development phase, with commercial progress being uncertain [2] - The company will continue to monitor industry technological advancements and actively expand product applications in new industrial scenarios [2]

Group 1 - The company, Chongde Technology, announced on November 11 that its fundraising projects include the construction of a high-efficiency production line for 30,000 sets of high-precision sliding bearings, a research and development center, the industrialization of high-speed permanent magnet motors and generators, and the supplementation of working capital [2][3] - All fundraising projects are progressing normally, and specific details can be found in the company's designated media reports on the status of the raised funds [2]

Core Viewpoint - Chongde Technology (301548) has successfully established itself as a supplier of sliding bearings for gas turbines, covering a range from small to large gas turbines, and has begun supplying to leading global gas turbine manufacturers [1] Group 1 - The company has successfully supplied gas turbine bearings to major domestic manufacturers such as Shanghai Electric (601727), Dongfang Electric (600875), and Harbin Turbine [1] - Chongde Technology has achieved independent design and manufacturing of gas turbine sliding bearings [1] - The company is now supplying products to top global gas turbine manufacturers, indicating a significant expansion in its market reach [1]