证券研究报告 | 公司深度报告 2025 年 08 月 26 日 联德股份（605060.SH） 精密铸件隐形冠军，内举外拓奠基成长之路 中游制造/机械 联德股份是压缩机铸件细分龙头、工程机械铸件领先企业。公司凭借"铸造+ 机加工"一体化的生产模式以及定制化的服务能力，深度绑定优质全球龙头客 户，业绩增长较快、盈利能力突出。公司的发展是产能持续扩张、客户不断开 拓的过程，未来随着新扩产能落地、新拓客户放量，我们认为公司业绩在短期 波动后有望迎来困境反转、重归上行通道，并且盈利能力有向历史高位修复的 趋势。首次覆盖，基于"强烈推荐"评级。 ❑ 深耕二十余载，成就行业领先。公司成立于 2001 年，2021 年于上交所上市， 成立之初即聚焦高精度机械零部件以及精密型腔模产品展业，由创始人、实 控人孙袁亲自带队研发，经历二十余年潜心发展，打造了以压缩机、工程机 械为核心的零部件产品谱系。2025 年上半年，公司实现营业总收入、归母净 利润 5.87、1.09 亿元，同比增长 1.5%、11.7%，业绩在经历短期调整后有望 进入新一轮增长阶段。 ❑ 核心竞争力：绑定全球龙头客户，高盈利是不变底色。 ①铸造、机加工一体 ...

Core Insights - The global economic recovery is uneven, with financial markets experiencing volatility due to inflation, interest rate policy adjustments, and geopolitical factors [1] - The common goal for asset management institutions and clients is to seek stability while pursuing progress [1] - There is a growing focus on capturing growth opportunities through diversified asset allocation while managing risks [1] Industry Trends - China's capital market reforms and opening up present new opportunities for the asset management industry [1] - There is an increasing demand for allocation in equity assets, bonds, alternative investments such as REITs, private equity, commodities, and cross-border assets [1] - Private banks and wealth management institutions are accelerating their transformation to meet the diverse needs of high-net-worth clients through digital tools and customized services [1]

Core Viewpoint - The high-purity silicon project by Nanfang Company is a key investment project in Qinghai Province, aimed at supporting the development of the clean energy industry and local economic growth [2]. Group 1: Project Overview - The high-purity silicon project is a significant investment initiative in Qinghai Province, expected to bolster the clean energy sector and local economic development [2]. - The project includes the construction of 114 new power poles and an additional power load of 200,000 kilowatts, with the main transformer successfully tested on July 15, entering the next production phase [2]. Group 2: Company Support and Services - Nanfang Company emphasizes the need for continuous and stable operation of its high-purity silicon production line, highlighting the critical reliability of power supply [2]. - Qinghai Haixi Power Supply Company has introduced customized services to optimize the business environment, including proactive engagement during project planning and providing tailored solutions throughout the construction and operational phases [3]. - The company employs a "segmented digital acceptance" mechanism to ensure timely responses to the energy needs of enterprises, with a dual-responsibility system for major projects to provide precise energy analysis [3].

Group 1: Company Strengths - The company has over 30 years of experience in the grain machinery bulk material transportation sector, offering a comprehensive range of products including bucket elevators, belt conveyors, scraper conveyors, and spiral conveyors [4] - It serves over 6,000 clients, including major players in the grain transportation machinery industry and large-scale end-users like COFCO and Yihai Kerry [5] - The company emphasizes continuous innovation and improvement in product structure, material formulation, and production processes, leading to enhanced product durability and reliability [5] Group 2: Investor Relations and Financial Performance - The company plans to distribute a total of 144 million CNY in cash dividends from 2022 to 2024, reflecting its commitment to returning value to investors while maintaining stable growth [6] - Cash flow management is strong, ensuring the feasibility of cash dividends as a key method of investor return [6] Group 3: Future Growth Strategies - The company aims to expand its product offerings and enhance its service model by leveraging existing customer relationships to gather demand for new product development [7] - It plans to establish a wholly-owned subsidiary in Canada to penetrate the North American market, capitalizing on the increasing demand driven by agricultural modernization [7]

Core Viewpoint - The launch of the "Enterprise Service Supermarket" and "Suzhou Private Entrepreneurs' Home" aims to enhance the business environment in Suzhou by providing comprehensive, customized services for enterprises throughout their lifecycle [1][2] Group 1: Service Platform Development - The "Enterprise Service Supermarket" integrates online and offline services, focusing on a one-stop market-oriented service resource hub based on enterprise needs [2] - The online platform is built on the "One Enterprise, One Service" portal, while the offline component is located in the municipal data bureau's service hall, providing professional consultation and demand collection [2] - The service system includes nine specialized modules such as financial services, legal services, artificial intelligence, and human resources, with 204 quality suppliers and 319 service products available [2] Group 2: Community and Networking Initiatives - The "Suzhou Private Entrepreneurs' Home" aims to create a comprehensive service platform that integrates party building, policy promotion, cultural exchange, and industry chain connections [2] - The "Suzhou Entrepreneurs' Day" series of activities will run from July to the end of August, featuring 45 events across four categories, including public courses and enterprise exchanges [2]

Core Insights - Graduation season drives significant sales in various consumer sectors, particularly in digital products, apparel, and outdoor equipment [3][4] - Digital products, especially photography and videography equipment, see over 200% year-on-year sales growth during graduation season [3] - Customized apparel, such as T-shirts, experiences a nearly 150% increase in sales, highlighting the demand for personalized products among consumers [3] - Outdoor equipment sales also perform well, as graduates seek essential gear for travel and gatherings, indicating a strong market for outdoor products [3] Consumer Trends - Young consumers prioritize practicality and durability in their purchases, reflecting a shift towards long-term value rather than impulsive buying [4] - The graduation season consumption trend indicates a sustained and forward-looking approach to spending among young individuals, emphasizing quality and utility [4]

Core Insights - The robot rental market is experiencing a decline in demand after a peak during the May Day holiday, with rental prices dropping significantly [1][4][6] - Early adopters in the market, such as Li Xiangyu and Yu Ge, initially profited from high rental prices but are now facing challenges as competition increases and consumer interest wanes [2][3][4] - The future of the robot rental industry is expected to shift towards service capabilities and customized solutions rather than pure rental models [3][10][11] Market Trends - The peak rental price for robots reached 40,000 yuan per day, but has since dropped to around 10,000 yuan, with some areas seeing prices as low as 5,000 yuan [3][4] - The number of participants in the robot rental market has stabilized, with some exiting the industry as the initial excitement fades [5][6] - The increase in available robots for rent has contributed to the decline in rental prices [4][6] Business Model Evolution - The rental market is transitioning from a simple rental model to one that emphasizes customized services based on client needs [7][10] - Companies are beginning to focus on developing unique solutions, such as robots that can perform specific tasks or speak local dialects, to differentiate themselves in a competitive landscape [8][12] - The concept of a "robot 4S shop" is emerging, where companies aim to provide comprehensive lifecycle management for robots, indicating a shift towards more sustainable business practices [10][11] Future Outlook - The human-robot interaction market is projected to grow significantly, with estimates suggesting it could reach 154 billion USD by 2035 [4] - Despite the current downturn, industry experts believe that the demand for customized robot services will continue to rise, as companies seek to integrate robots into their branding and marketing strategies [11][12] - The need for technical expertise in developing customized solutions is becoming increasingly important, prompting companies to hire skilled personnel [9][12]

Core Viewpoint - The company has successfully exported 895 electric buses to Chile, with the first batch of 300 buses officially dispatched, highlighting its achievements in the overseas market [2]. Group 1: Export and Market Performance - The company has exported buses to over 100 countries and regions, with overseas sales accounting for more than 50% of total sales in the past three years [2]. - The company experienced a year-on-year export growth of 63.5% last year [5]. Group 2: Product Customization and Design - The company emphasizes product customization based on customer needs, optimizing vehicle design for different climate conditions and road situations [2]. - In Singapore, the company tailored buses with features like three doors and low-floor design to enhance passenger accessibility and reduce energy consumption [2]. - In Portugal, the company focuses on economic, safety, comfort, and operational convenience in bus design, incorporating European cultural elements and reducing maintenance costs through modular body design [3]. Group 3: Technological Innovation and R&D - The company invests in R&D to enhance technology levels, including the development of an integrated vehicle control system and energy-saving technologies [4]. - The company collaborates with Tsinghua University on national research projects, achieving breakthroughs in key technologies for electric buses and applying for 43 patents [4]. Group 4: Environmental Sustainability - The company has developed buses that use natural gas, achieving a reduction in carbon emissions by 20% to 30% compared to fuel buses, and a 99% reduction in sulfur emissions [3].

行业格局：成熟但竞争激烈，专业化需求持续增强 欧 洲 是 全 球 最 成 熟 的 市 场 调 研 区 域 之 一 ， 聚 集 了 GfK 、 Ipsos 、 Kantar 、 Statista 、 Euromonitor等一批国际知名研究机构。与此同时，也存在大量印度背景的咨询公司在英国 设立挂名办公室，参与欧洲市场竞争。在报告需求方面，制药、机械、新能源和B2B制造等 产业成为调研关注重点，尤其在技术革新与政策变化频繁的背景下，对数据与趋势的实时掌 握需求尤为迫切。 在市场竞争日益激烈、客户需求不断演进的背景下，QYResearch（恒州博智）发布最新 公司动态，深入剖析欧洲市场调查报告行业的发展现状与趋势，以便更好服务全球客户， 提供更具前瞻性与实用性的研究解决方案。 QYResearch（恒州博智）将继续深耕欧洲市场，发挥我们在行业洞察、跨国研究与合规 运营方面的优势，为客户在多变环境中提供清晰路径与可行建议。 精准回应客户痛点，QYResearch（恒州博智）打造更有价值的研究服务体系 在与欧洲客户长期合作中， QYResearch（恒州博智）深刻理解当前企业在获取市场调 研服务时所面临的共性难题：通 ...

Core Insights - MHmarkets focuses on niche markets to provide customized services, enhancing customer satisfaction and loyalty [3][4][5] - The company employs both quantitative and qualitative analysis methods for in-depth customer needs assessment [4][12] - By leveraging technology and innovation, MHmarkets captures market opportunities and predicts consumer demand changes [6][25][26] Market Segmentation Strategy - The market segmentation strategy allows MHmarkets to accurately identify and meet the unique needs of different customer groups [7][14] - This strategy enhances the company's competitive advantage and market position [7][17] Customized Service Advantages - Customized services enable MHmarkets to better understand and fulfill specific customer needs, thereby increasing satisfaction and loyalty [8][17] - The core value of customized services lies in the ability to provide personalized care and attention to clients [9][21] Customer Needs Analysis - Identifying unique customer needs is crucial for delivering customized services, requiring a deep understanding of client expectations [11][12] - Customer needs analysis methods include surveys and interviews to gather insights for building detailed customer profiles [12][13] Financial Industry Applications - In the financial sector, market segmentation helps identify different customer preferences, allowing for more precise and effective service offerings [14][16] - Successful case studies in the financial industry demonstrate how banks and investment firms have launched customized products for various customer demographics [16] Future Trends in Market Segmentation - Future developments in market segmentation will focus on technological innovations that create new opportunities [24][25] - Predicting changes in consumer demand will be essential for strategy formulation, requiring extensive data collection and analysis [26] Industry Impact of MHmarkets - MHmarkets has established a significant industry presence through its innovative and customized service models, leading to increased customer satisfaction [27][29] - The company's market coverage is expanding, enhancing brand influence and attracting new clients [28][30] Conclusion - By emphasizing niche market strategies, MHmarkets has successfully improved customer satisfaction and loyalty, strengthening its competitive position [32] - The company remains committed to understanding customer needs and providing tailored solutions to maintain its industry leadership in a changing market [32]