通用设备：密封市场广阔，高端橡塑密封件国产替代进行时

Investment Rating - The industry is rated as "In line with the market" due to high entry barriers for high-end rubber and plastic sealing products and relatively moderate competition, indicating significant room for domestic sealing companies to increase their market share [2][86]. Core Insights - Several leading companies in niche segments have emerged within the industry, achieving significant breakthroughs in core technologies, gradually breaking long-standing monopolies and injecting new momentum into the development of China's sealing industry [2][86]. - Major sealing companies are actively enhancing their market influence through continuous efforts in supply chain expansion and mergers and acquisitions, with the potential to become platform enterprises [2][86]. - Recommended companies to watch include: Zhongmi Holdings, Zhongding Shares, and Weiman Sealing [2][86]. Market Overview - The global sealing market exceeds $80 billion, with China accounting for nearly 30% of this market [4][20]. - The automotive sealing market in China is projected to exceed 25 billion yuan and is expected to continue expanding [6][45]. - The high-end door and window sealing strips market has an annual growth rate exceeding 20%, indicating substantial material upgrade potential [32][72]. Company Analysis - Zhongmi Holdings is a leader in the mechanical sealing sector and is the only domestic company with performance in nuclear main pump mechanical sealing applications. The company is actively pursuing mergers to enhance its business landscape [86]. - Zhongding Shares is a leading domestic non-tire rubber product company, consistently ranking first in market share within the industry [86]. - Weiman Sealing specializes in hydraulic and pneumatic sealing products, covering all necessary sealing products for hydraulic systems, with a market share of approximately 9% in the engineering machinery pre-installation market [86]. Material Cost Insights - The cost of raw materials for rubber and plastic sealing products is relatively high, constituting over 50% of the main business costs for major sealing companies. The price of raw materials significantly impacts the companies' gross margins [63][64].