SINOMACH-PI(SZ:002046) Jin Rong Jie·2026-01-06 11:33Core Viewpoint - The company, Guojijiangong, is focusing on its core businesses in bearing and superhard materials, with plans for future growth in commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and optical window pieces, which are expected to drive its second growth curve [1][5]. Group 1: Main Business Overview - The company's main business is divided into bearing and superhard materials, with bearings including special bearings (90% market share in aerospace), wind power bearings (rapid growth), and precision machine tool bearings (stable development) [4]. - The superhard materials business, operated by Guojijiangong Diamond, focuses on superhard material tools serving sectors like semiconductors and automotive, facing competition primarily from international companies [4]. Group 2: Future Business Layout - Future business focuses on commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and optical window pieces, which are expected to be the main drivers of the second growth curve [5]. - The company is also providing momentum wheels for satellites and rockets but does not supply other structural components [6]. Group 3: Diamond Heat Sink Business - The diamond heat sink business is in its industrialization infancy, with applications in chip manufacturing expected to grow due to high heat dissipation demands from AI development [9]. - The company began this direction in 2015 using the MPCVD method, which offers high quality and strong compatibility, with revenue from heat sinks and optical windows expected to exceed 10 million yuan by 2025 [2][9]. - Interest from civilian customers in diamond heat sinks has significantly increased in 2025, indicating a market in the brewing stage, with potential growth following successful testing results [9]. Group 4: Cost Reduction Strategies - The company aims for cost reduction through technological advancements and energy savings, with new diamond deposition capacity planned in Hami, Xinjiang, to leverage low electricity prices [10].