Core Viewpoint - The company, Chongde Technology, is experiencing a significant increase in orders for nuclear power equipment sliding bearings due to the rising demand in the nuclear power sector [1] Group 1: Company Performance - The company has reported a substantial growth in both the number of orders and product sales for nuclear power bearings [1] - Several nuclear power bearing projects are currently under negotiation, indicating a strong pipeline of potential business [1] - The company has established a dedicated production line for nuclear power bearings, enhancing its capacity and quality assurance capabilities [1]

Group 1 - The core viewpoint of the article is that Chongde Technology (301548) is actively developing its air-floating bearing and precision air-floating spindle products through a combination of independent research and development, international cooperation, and technology introduction [1] Group 2 - The company has established a dedicated research team for air-floating bearings and has completed market demand surveys for these products [1] - The company will disclose any relevant matters in designated media as required [1]

Group 1 - The core viewpoint of the article highlights that Chongde Technology's dynamic pressure oil film sliding bearing products are primarily used in energy generation, industrial drive, petrochemical, and shipping sectors [2] - The company also indicates that dynamic pressure oil film sliding bearings can be applied in nuclear fusion devices, specifically in generator steam turbine units and vacuum pumps [2]

Group 1 - The core viewpoint of the article is that Chongde Technology has not yet applied its products to small modular reactors [2] Group 2 - The company responded to investor inquiries on its interactive platform [2]

截至目前，崇德科技相关产品已应用于AI算力能源及冷却相关的关键设备，如燃气轮机、发电机组、齿轮箱及制冷压缩机 等领域，并已向国内外头部客户批量化供货超100套。 对于市场未来走向，龙畅分析称："AI算力爆发带来的能源装备需求具有'阶梯式持久'特征，未来至少十年内将保持强劲态 势。公司将聚焦AI算力能源增量市场持续升级产品，凭借自身优势承接全球市场份额，预计随着客户产能扩张，未来三年相关 业务营收将实现稳步增长。" 湖南大学电气与通信工程学院黎福海教授在接受记者采访时表示："崇德科技的批量交付具有重要行业意义，其巴氏合金 激光熔覆技术通过产学研协同创新实现产业化突破，为我国高端装备制造业自主可控提供了典型范例，也为全球算力基建稳定 运行提供了可靠的解决方案。" 该批产品将精准配套17.5MW燃气轮机，而这款燃气轮机正是全球能源装备龙头企业为AI算力场景量身打造的关键发电设 备。据悉，未来一年内，公司将完成50余台套产品交付。 当前，AI大模型训练、智算中心运转对电力供应提出"高稳定、高效率"的刚性需求，燃气轮机作为算力发电的核心装备， 其关键零部件性能直接决定算力输出的连续性。全球AI服务器用电量正在迅猛增长， ...

国泰海通证券股份有限公司 关于湖南崇德科技股份有限公司 2025 年度持续督导培训情况报告 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《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》要求，国泰海通证券股份有限公司（以下简称"国 泰海通"）作为湖南崇德科技股份有限公司（以下简称"崇德科技"或"公司"） 首次公开发行股票并在创业板上市的保荐机构，对公司进行了 2025 年度持续督 导培训，报告如下： 一、本次培训的基本情况 （一）保荐人：国泰海通证券股份有限公司 （二）培训时间：2025 年 12 月 22 日 （三）培训方式：现场与线上相结合 （四）培训地点：湘潭市高新区茶园路 9 号崇德科技会议室 （五）培训人员：保荐代表人胡谦 （六）培训对象：公司控股股东及实际控制人、董事、高级管理人员、中层 以上管理人员 本次培训前，国泰海通编制了培训材料，并提前要求崇德科技参与培训的相 关人员了解培训相关内容。 二、本次培训的主要内容 本次培训的主要内容为募集资金新规解读、募集资金核查要点及监管案例分 析，通过演示培训讲义、解读法规条 ...

Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The company focuses on high-end hydrodynamic oil film sliding bearings, with rapid growth in downstream demand from sectors such as wind power, nuclear power, gas turbines, and generators, indicating a potential for sustained performance [2][12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.58, 1.86, and 2.19 yuan respectively, with a target price set at 65.10 yuan based on a 35x price-to-earnings (PE) ratio for 2026 [12][18]. Financial Summary - Total revenue is projected to grow from 523 million yuan in 2023 to 812 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [4][16]. - Net profit attributable to the parent company is expected to increase from 101 million yuan in 2023 to 190 million yuan in 2027, with a CAGR of 17.8% [4][16]. - The company’s return on equity (ROE) is forecasted to rise from 7.1% in 2023 to 10.0% in 2027 [4][16]. Market Position - The company has established a diversified product model centered on hydrodynamic oil film sliding bearings, with a strong technological foundation and a global customer base including major players like GE and Shanghai Electric [12][18]. - The hydrodynamic oil film sliding bearings market in China is projected to grow from 3.23 billion yuan in 2020 to approximately 6.72 billion yuan by 2026, with a compound annual growth rate (CAGR) of over 13% [12][18]. Industry Context - The demand for hydrodynamic oil film sliding bearings is driven by their advantages such as high speed, excellent load-bearing capacity, low friction coefficient, long service life, and strong impact resistance, making them suitable for various high-tech strategic emerging industries [12][18]. - The company’s products are increasingly being adopted in nuclear power and gas turbine applications, indicating a growing market for high-end energy equipment [12][18].

Group 1 - The core viewpoint of the article highlights that Chongde Technology (301548) has accelerated its global expansion following the establishment of its European center, resulting in a significant increase in foreign orders [1] - The company successfully delivered and stabilized the operation of the first batch of 18 sets of bearings, which has led to high recognition from customers [1] - The recent visit from the GE Vernova team for in-depth discussions on technical details and delivery plans underscores the company's technical strength and reliable delivery capabilities in the high-end sliding bearing sector [1]

Group 1 - The core viewpoint of the article is that Chongde Technology (301548.SZ) is actively focusing on the application of its products in aerospace wind tunnel testing and is committed to exploring new industrial applications in the future [1] Group 2 - The company emphasizes its ongoing attention to technological developments within the industry [1] - The company aims to expand its product applications in new industrialization scenarios [1]

Market Strategy - The market is experiencing continuous volume contraction, with the retail sector showing resilience [5][10] - The overall A-share market saw a decline of 1.45%, with the Shanghai Composite Index down 1.11% and the ChiNext Index down 2.10% [9][10] - The retail sector is expected to benefit from government policies aimed at boosting consumption, especially as the year-end shopping season approaches [10][11] Company Tracking - Chongqing Beer (600132.SH) is involved in a lawsuit and is planning to sign a mediation agreement, which may impact its financials positively [38][41] - Miao Ke Lan Duo (600882.SH) announced expected related party transactions for 2026, with a projected decrease in procurement amounts compared to 2025 [33][35] - YH Bio (688575.SH) received two medical device registration certificates, indicating potential growth in its product offerings [36] - Mingyang Smart Energy (601615.SH) won a bid for a significant offshore wind power project valued at 1.834 billion yuan, enhancing its market position in renewable energy [42][44] Industry Dynamics - The Three Gorges Jiangsu Dafeng 800 MW offshore wind power project has achieved full capacity grid connection, marking a significant advancement in China's offshore wind energy capabilities [31][32] - The National Development and Reform Commission emphasized the need to enhance domestic consumption and support various sectors, including e-commerce and health care, to stimulate economic growth [21][22]