编号：2026-001 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 ☑ 电话会议 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 中金机械 鲁烁、海富通 陈华鑫 | | 会议时间 | 2026 年 3 月 3 日 10:00 | | 会议地点 | 线上通讯 | | 上市公司接待人员姓名 | 董事会秘书：金丹君 | | | 证券事务代表：林盈池 | | | 1、请问公司核心业务和产品矩阵是什么？ | | | 答：公司聚焦"动力+冷热"全流体板块布局，形成活 | | | 塞机、螺杆机、离心机、暖通空调四大核心产品矩阵， | | | 重点发展磁悬浮系列产品（磁悬浮鼓风机、磁悬浮压 | | | 缩机、磁悬浮真空泵、磁悬浮冷水机组等），覆盖工业、 | | 投资者关系活动主要内容 | 商业、民用等多个领域应用。 | | 介绍 | 2、2026 年公司整体战略规划是什么？ | | | 答：2026 年，公司将持续以 "磁悬浮 +" 技术平台 | | ...

从活塞式压缩机起家，2016年启动磁悬浮离心机研发，技术能力强大。 压缩机应用领域广泛，涵盖大工业、养殖等，常态毛利率25%左右。 26年规模效应扩张，净利率将触底向上，主业明确进入反转通道。 一次侧制冷需要与二次侧保持足够温差，冷水机组需求强劲。 鑫磊股份:一次侧液冷新贵，乘东风加速成长 核心部件是压缩机，其 鑫磊股份:一次侧液冷新贵，乘东风加速成长 从活塞式压缩机起家，2016年启动磁悬浮离心机研发，技术能力强大。 压缩机应用领域广泛，涵盖大工业、养殖等，常态毛利率25%左右。 核心部件是压缩机，其中磁悬浮技术大势所趋，其能效比传统螺杆机高50%，满足大功率数据中心需要。 公司与国际冷水机组巨头特灵对接合作1年以上，目前已经有小批量交付。 与竞对丹佛斯相比能效高20-30%，价格或低30%，产品竞争力显著。 产能积极筹备中，下游需求支撑未来起量。 股价思考 1、假设2030年全球数据中心150gw，液冷渗透率70%，对应105gw。 26年规模效应扩张，净利率将触底向上，主业明确进入反转通道。 一次侧制冷需要与二次侧保持足够温差，冷水机组需求强劲。 3、1mw冷水机组价值量330万元，从而形成1800亿市 ...

投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 1、 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 预计主业稳健增长，为公司提供坚实的估值底座（对应40亿市值）。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 2、新贵崛起：卡位一次侧液冷核心，绑定国际巨头 AI驱动数据中心功耗激增，液冷大势所趋。 1、主业反转：压缩机龙头技术外溢，盈利触底向上 公司起家于活塞式压缩机，早在2016年便前瞻布局磁悬浮离心机技术，技术储备雄厚。 一次侧制冷需维持大温差，对冷水 ...

智通财经APP讯，磁谷科技(688448.SH)披露2025年度业绩快报，公司2025年度实现营业总收入3.68亿 元，同比下降23.05%;实现归属于母公司所有者的净利润998.46万元，同比下降80.61%。 报告期内，受市场环境及行业竞争加剧等因素影响，磁悬浮鼓风机、真空泵销售下降，导致公司营业收 入及主营业务毛利率较去年同期有所下降。报告期内，为保持竞争优势，公司在产品及技术研发、新产 品的市场开拓等方面持续保持投入，研发及销售费用较去年同期有所增长。同时，公司加强人才团队建 设，人员费用有所增长。 ...

Core Viewpoint - CRRC Zhuzhou Electric has achieved a significant breakthrough in high-end equipment manufacturing with the successful operation of its self-developed 300kW 8 kg-level magnetic levitation centrifugal air compressor, which has demonstrated a 31% energy-saving rate and can save over 700,000 yuan in electricity costs annually [1][3]. Group 1: Product Development and Technology - The successful operation of the air compressor marks an important achievement in transferring world-leading high-speed rail core technology to the industrial drive sector [3]. - The company has developed a series of products from blowers to air compressors, covering both medium-low pressure and high-pressure applications, based on the core technology accumulated from this project [3]. - The 8 kg-level magnetic levitation centrifugal air compressor utilizes revolutionary contactless magnetic levitation bearing technology, providing 100% oil-free compressed air, which is essential for high-end industries such as precision electronics, semiconductors, biopharmaceuticals, and food and beverage [3][4]. Group 2: Market Potential and Competitive Advantage - The 8 kg-level air compressor significantly improves upon traditional piston and screw-type compressors, which are known for high energy consumption, maintenance costs, noise, and oil contamination [3]. - Compared to traditional models, the new compressor offers a 10%-30% energy-saving rate, a 60% reduction in maintenance costs, and advantages such as high speed, long lifespan, high reliability, low noise, and intelligent control [3][4]. - The market for air compressors in China is expected to be vast, with magnetic levitation air compressors projected to replace over 50% of traditional screw compressors in the mid-to-high-end market within the next 5-10 years, potentially reducing carbon emissions by hundreds of millions of tons [4].

Core Insights - Magnetic levitation technology is recognized as a "new quality productivity" by the state and serves as an important technical support for achieving the "dual carbon" goals [2][10][25] - The market size of China's magnetic levitation wind turbine industry is projected to be approximately 611 million yuan in 2024, representing a year-on-year growth of 6.45% [10][25] - The mature applications of magnetic levitation wind turbines are primarily concentrated in distributed small-scale power scenarios, such as off-grid streetlights, power supply in mountainous areas, and energy-saving in certain buildings [2][10][25] Industry Overview - Magnetic levitation wind turbines utilize magnetic levitation technology to suspend the rotor in space, allowing it to operate without mechanical friction and generate electricity by cutting magnetic lines under wind propulsion [2][17] - This technology integrates achievements from multiple disciplines, including magnetic levitation, motor engineering, power machinery, and aerodynamics, featuring advantages such as micro-wind startup, stable operation, low noise, and long lifespan [2][17] - Magnetic levitation wind turbines are mainly categorized into horizontal axis and vertical axis types based on the direction of the main shaft [2][17] Industry Supply Chain - The upstream of the magnetic levitation wind turbine industry supply chain includes high-performance permanent magnetic materials, special steel, composite materials, CNC systems, inverters, carbon fiber, and sensors [4][19] - The midstream involves the production and manufacturing of magnetic levitation wind turbines, while the downstream is primarily applied in the wind power generation sector [4][19] Market Trends - The price of neodymium iron boron, the strongest permanent magnetic material, is expected to reach 214.5 yuan per kilogram by the end of 2025, marking a year-on-year increase of 28.06% [6][21] - The rising price of this key raw material poses significant cost challenges for emerging industries represented by magnetic levitation wind turbines, as both core systems heavily rely on high-performance neodymium iron boron [6][21] - With the batch development of deep-sea wind power projects and the full launch of the second phase of the "Shagehuang" large wind power base, China's wind power industry is accelerating towards large-scale development [8][23] - In 2024, the average capacity of newly added wind turbine units in China is expected to be approximately 6046 kW, reflecting a year-on-year growth of 8.10% [8][23] Related Companies - Listed companies in the magnetic levitation wind turbine sector include Maglev Technology (688448) and Zhongke Electric (300035) [2][17] - Other related companies include China Northern Rare Earth Group High-Tech Co., Ltd., Jiangxi Jinli Permanent Magnet Technology Co., Ltd., Ningbo Yunsheng Co., Ltd., and several others [2][17]

磁悬浮风力发电机是利用磁悬浮技术将发电机转子悬浮在空间中，使其在无机械摩擦的状态下运行，从而在风力推动下旋转并切割磁力线产生电能的装置。 该技术融合了磁悬浮、电机工程、动力机械、空气动力学等多学科成果，具有微风启动、运行平稳、噪音低、寿命长等特点。按主轴方向分类，磁悬浮风力 发电机主要分为水平轴磁悬浮风力发电机和垂直轴磁悬浮风力发电机两大类。 内容概况：磁悬浮技术作为国家认可的"新质生产力"，是实现"双碳"目标的重要技术支撑。2024年，中国磁悬浮风力发电机行业市场规模约为6.11亿元，同 比增长6.45%。目前，磁悬浮风力发电机的成熟应用主要集中在分布式小微功率场景，如离网路灯、山区供电和部分建筑节能领域，其优势在于微风启动、 低噪音和维护简便。以索力德为代表的创新企业，通过"磁悬浮多柱多层"等原创技术，在垂直轴兆瓦级风机上实现了突破，展示了向更大功率应用拓展的可 能性。 相关上市企业：磁谷科技（688448）、中科电气（300035） 相关企业：中国北方稀土（集团）高科技股份有限公司、江西金力永磁科技股份有限公司、宁波韵升股份有限公司、中信泰富特钢集团股份有限公司、方大 特钢科技股份有限公司、中国复合材料 ...

内容概况：磁悬浮技术作为国家认可的"新质生产力"，是实现"双碳"目标的重要技术支撑。2024年，中 国磁悬浮风力发电机行业市场规模约为6.11亿元，同比增长6.45%。目前，磁悬浮风力发电机的成熟应 用主要集中在分布式小微功率场景，如离网路灯、山区供电和部分建筑节能领域，其优势在于微风启 动、低噪音和维护简便。以索力德为代表的创新企业，通过"磁悬浮多柱多层"等原创技术，在垂直轴兆 瓦级风机上实现了突破，展示了向更大功率应用拓展的可能性。 相关上市企业：磁谷科技（688448）、中科电气（300035） 相关企业：中国北方稀土（集团）高科技股份有限公司、江西金力永磁科技股份有限公司、宁波韵升股 份有限公司、中信泰富特钢集团股份有限公司、方大特钢科技股份有限公司、中国复合材料集团有限公 司、中复神鹰碳纤维股份有限公司、武汉华中数控股份有限公司、深圳市汇川技术股份有限公司、阳光 电源股份有限公司、新疆金风科技股份有限公司、明阳智慧能源集团股份公司 关键词：磁悬浮风力发电机、磁悬浮风力发电机市场规模、磁悬浮风力发电机行业现状、磁悬浮风力发 电机发展趋势 一、行业概述 磁悬浮风力发电机是利用磁悬浮技术将发电机转子悬浮在 ...

Group 1 - The core viewpoint of the news is that Maglev Technology Co., Ltd. has seen a stock price increase of 5.07%, reaching 58.19 yuan per share, with a total market capitalization of 4.169 billion yuan [1] - The company, established on September 22, 2006, specializes in the research, production, and sales of magnetic suspension fluid machinery, magnetic bearings, high-speed motors, and high-speed drives [1] - The revenue composition of the company includes 84.85% from magnetic suspension air products, 10.75% from other sources, 4.32% from special magnetic media products, and 0.09% from contract energy management [1] Group 2 - From the perspective of the top ten circulating shareholders, the Agricultural Bank of China Asset Management's fund, specifically the Agricultural Bank of China New Energy Mixed A (002190), has entered the top ten shareholders with 1.1115 million shares, accounting for 2.32% of circulating shares [2] - The fund has a total scale of 7.902 billion yuan, with a year-to-date return of 3.87% and a one-year return of 36.91% [2] - The fund managers, Zuo Tengfei and Xing Junliang, have achieved best returns of 57.29% and 61.83% respectively during their tenures [2]

Core Viewpoint - Maglev Technology Co., Ltd. has experienced a decline in stock price and financial performance, with significant changes in shareholder structure and financing activities [1][2][3] Group 1: Financial Performance - As of September 30, 2025, Maglev Technology reported a revenue of 239 million yuan, a year-on-year decrease of 6.76% [2] - The net profit attributable to the parent company was 8.93 million yuan, reflecting a significant year-on-year decline of 56.18% [2] - Cumulative cash distribution since the A-share listing amounts to 53.52 million yuan [3] Group 2: Shareholder Structure - The number of shareholders increased to 6,192, representing an 11.27% rise compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 10.13% to 7,747 shares [2] - New institutional shareholders include Agricultural Bank of China New Energy Mixed A, holding 1.11 million shares, and Huaxia Leading Stock, holding 729,000 shares [3] Group 3: Financing Activities - On January 26, 2025, the company experienced a financing buy-in of 20.92 million yuan, with a net buy of 4.65 million yuan [1] - The total financing balance reached 212 million yuan, accounting for 8.45% of the circulating market value, indicating a high level compared to the past year [1] - The company had a short selling activity with 1,000 shares sold, amounting to 52,200 yuan, and a short selling balance of 21,400 yuan [1]