国机精工集团股份有限公司投资者关系活动记录表 编号：2026—002 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | | | | □现场参观 电话会议 ☑ | | | □其他 | | 参与单位名称 | | | | 大和证券：罗畅、刘伟健、叶文瀚 | | 及人员姓名 | | | 时间 | 2026 年 01 月 07 日 | | 地点 | 董事会秘书办公室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 一、公司情况介绍 | | | （一）公司概况 | | | 1.基本情况及战略定位 | | | 国机精工的历史，可追溯至 1958 年成立的洛阳轴承研究所和郑 | | | 州磨料磨具磨削研究所，2005 年在深交所上市。公司秉承国机集团"引 | | | 领机械工业发展，推动人类社会进步"的发展理念，践行"精工致远， | | | 利器善事"的企业使命与产业抱负，聚焦精密制造领域，以科技创新 | | | 驱动产业发展，提供满足国家战略需 ...

国机精工 20260106 摘要 国际精工军工轴承业务市场份额高达 90%，年收入 4-5 亿元，毛利率 45%-50%；风电轴承预计 2025 年收入达 8 亿元，但毛利率较低，为 20%-25%；精密机床轴承收入约 1 亿元，毛利率约 30%。 国际金刚石公司超硬材料业务核心为超轻材料模具，年收入 6-7 亿元， 毛利率约 60%，主要应用于半导体领域（占比 60%-70%），其余应用 于汽车、光伏等行业。 公司积极布局商业航天领域，提供卫星和火箭轴承，预计单个商业卫星 轴承价值量 10-20 万元，火箭轴承价值量 70-80 万元，毛利率 40%以 上，主要客户为国内知名火箭公司。 人形机器人方面，公司主攻交叉滚子轴承，主要客户为蓝黛科技，但尚 未与本体公司深度合作，业务体量较小，仅几百万元。交叉滚子轴承毛 利率约 30%。 公司正开发金刚石功能化应用，包括散热片、窗口片和声学膜，主要应 用于国防领域，尚未实现大规模民用收入，但下游客户测试反馈积极， 预计功能化应用年收入超千万元。 Q&A 请介绍一下国际精工在 2025 年的主要业务情况。 国际精工的主要业务包括轴承和超硬材料两大部分。轴承业务由洛阳轴 ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.296 billion yuan, an increase of 490 million yuan, representing a year-on-year growth of 27% [2] - The total gross profit reached 797 million yuan, up by 130 million yuan, with a year-on-year increase of 20% [2] - Net profit was 245 million yuan, an increase of 32.65 million yuan, reflecting a year-on-year growth of 15.4% [2] - The attributable net profit to shareholders was 206 million yuan, showing slight growth compared to the same period last year, impacted by a reduction in equity from 100% to 67% in the superhard materials business [2] Strategic Planning - The company aims to enhance its bearing products to support China's commercial aerospace development and expand into high-value products like cross-roller bearings for humanoid robots [2][3] - In the superhard materials sector, the focus is on advancing diamond functional applications, optimizing diamond-copper composite materials, and breaking through large-size optical-grade diamond production [2][3] Diamond Heat Dissipation Business - The diamond industry is divided into structural and functional applications, with functional applications including heat sinks and optical window pieces [3] - The diamond heat dissipation sector is expected to see growth due to high heat dissipation demands driven by AI, transitioning diamond from an optional to a necessary material [3] - The company began generating revenue from heat dissipation and optical windows in 2023, with expectations to exceed 10 million yuan in 2025, primarily in non-civilian sectors [3] MPCVD Product Development - The development plan for MPCVD products includes three phases: 1. Cultivating diamond rough products (mature stage) 2. Developing diamond heat sinks, optical window pieces, and acoustic membranes (starting phase) 3. Long-term planning for semiconductor materials to replace silicon [3] - Cost reduction strategies include utilizing low-cost electricity in the Xinjiang Hami industrial park and advancing technology across the entire supply chain [3]

Core Viewpoint - Guojijinggong (stock code: 002046.SZ) has become the most attractive listed company in Henan in the second half of this year, receiving a total of 24 institutional research visits and attracting 208 institutions in the past six months, indicating strong investor interest [2][12]. Group 1: Institutional Interest - The company has hosted an average of four institutional research visits per month since June 20, with 24 research reports announced [2][12]. - In a single day, the company received 23 institutions on October 30, and conducted two research sessions on September 11, showcasing high engagement from investors [3][13]. - The company is seen as a technology-driven and innovative enterprise, operating in the bearing and abrasive tools industry, with products used in key sectors such as aerospace, military, electronics, and renewable energy [3][13]. Group 2: Product Focus - Institutions are particularly interested in the company's product innovations, especially in functional applications of diamond products and specific types of bearings such as wind power, aerospace, and robotics [3][13]. - The diamond product line includes diamond tools, composite diamond materials, and functional applications, with a focus on high-quality production methods like MPCVD [4][15]. - The company has begun generating revenue from diamond functional applications in 2023, with expectations to exceed 10 million yuan by 2025 [5][15]. Group 3: Business Growth and Performance - The wind power bearing segment has seen significant growth, with an increase of over 200% this year, driven by the demand for large-scale products [6][16]. - The company has successfully developed key technologies in wind power bearings, including the first domestically produced 8MW and 18MW products, and the world's first 26MW main shaft bearing [6][16]. - In the first three quarters of this year, the company achieved revenue of 2.296 billion yuan, a year-on-year increase of 27.17%, and a net profit of 206 million yuan, marking a 0.79% increase [8][18]. Group 4: Future Outlook - The company aims to enhance its bearing products for commercial aerospace and expand into high-value products for humanoid robots, indicating a strategic focus on emerging markets [7][17]. - The diamond functional applications, commercial aerospace bearings, and humanoid robot bearings are expected to become significant growth drivers in the next 3-5 years [7][17]. - Foreign investment interest is also notable, with significant share purchases by foreign institutions, indicating confidence in the company's future prospects [10][20].

国机精工 20251124 公司设定了复合增长 10%的收入目标，特种轴承和通用材料模具是利润 核心支撑，风电轴承被视为第二增长曲线，预计 2025 年达到 8 亿元， 并计划在"十五五"末达到 15 亿元。 风电轴承产能已满产，正在扩产，预计 2026 年四季度完成，国内市场 国产化率有提升空间，但军品业务存在降价压力，半导体模具国产替代 仍需技术突破。 成为少数股东损益。 金刚石散热片在民用领域客户测试进展如何？未来规划产能节奏是怎样的？ 金刚石散热片目前在民用领域仍处于下游客户测试阶段，预计测试结果将在 2026 年公布。在军工领域已有少部分应用，预计 2025 年金刚石功能化应用 （包括散热和光学窗口片）销售额将超过 1,000 万元，主要集中在军工领域。 关于产能规划，到 2025 年底，公司 MPCVD 设备数量将达到 500 多台，到 2026 年底计划增加至 700 多台。目前 400 台设备放置在新疆密，其余 300 多台在洛阳，但未来计划将洛阳的设备也集中到新疆密，以利用当地较低电价。 公司已谈妥 600 亩地用于此布局。 摘要 公司前三季度营收同比增长 6%，风电轴承收入大幅增长 214 ...

Group 1: Diamond Heat Dissipation Business - The company began its diamond heat dissipation business in 2015, focusing on the MPCVD method for producing heat sinks and optical window pieces, with initial revenue starting in 2023 from non-civilian applications [2][3] - The company currently has no plans to invest in the hot wire method for diamond production but will monitor advancements in this area [2][3] - MPCVD method offers high quality and strong compatibility with various product lines, including optical window pieces [2][3] Group 2: Cost Reduction Strategies - The company aims to reduce costs through innovations across the entire supply chain, including seed plates, equipment, deposition processes, and processing stages [2][3] Group 3: Future Development Plans - The company holds a 67% stake in the National Machine Diamond Company, which operates the superhard materials business, with future plans for "one center and three industrial parks" layout [3] - The superhard materials grinding tools business is projected to generate approximately 580 million yuan in revenue in 2024, with significant growth in semiconductor applications [3] Group 4: Sales Channels and Market Position - Cultivated diamond rough is primarily sold through distributors, with the company also operating its own retail brand "Daino" with three stores in Shanghai [3] - The company holds over 90% market share in domestic aerospace bearings, with products used in rocket fuel turbine pump bearings and satellite components [3]

Group 1: Diamond Heat Dissipation Business - The company began its diamond functionalization applications in 2015, focusing on the MPCVD method to produce heat sinks and optical window pieces, with revenue starting in 2023 primarily from non-civilian sectors [2] - Expected sales revenue from diamond functional applications is projected to exceed 10 million yuan this year, all from non-civilian fields [2] Group 2: Superhard Materials Tools Business - Revenue from the superhard tools business is approximately 580 million yuan in 2024, with applications in semiconductor and non-semiconductor sectors [3] - Products for the semiconductor sector have seen significant growth in recent years [3] Group 3: Semiconductor Sector Growth - The semiconductor business has shown a positive growth trend, focusing on enhancing product performance to increase market share in the packaging testing segment [3] Group 4: Cultivated Diamond Market - The price of cultivated diamonds has stabilized this year, with rough diamonds primarily sold through distributors and the company’s own retail brand "Daino" operating three stores in Shanghai [3] Group 5: Robotics and Aerospace Bearings - The company has included robotic bearings in its "14th Five-Year Plan," focusing on high-value products such as crossed roller bearings and thin-walled bearings [3] - The commercial aerospace sector is viewed as a "second growth curve," with private rocket companies primarily being clients [3]

Group 1: Diamond Heat Dissipation Business - The company began its diamond functionalization application layout in 2015, focusing on MPCVD technology to produce heat sinks and optical window pieces, with revenue starting in 2023 primarily from non-civilian sectors [2] - The expected sales revenue from diamond heat dissipation products is projected to exceed 10 million yuan this year, all from non-civilian applications [2] Group 2: Wind Power Bearing Business - The wind power bearing business has seen strong growth this year, driven by downstream demand, with local production of yaw and pitch bearings already achieved [2] - The domestic market share for wind turbine main shaft bearings and gearbox bearings is gradually increasing as domestic replacements are being promoted [2] Group 3: Precision Machine Tool Bearings - The company aims to enter the top tier of the domestic market for precision machine tool bearings, which are currently dominated by foreign brands [3] - The focus for the next two to three years will be on R&D to enhance product performance before expanding into high-end markets [3] Group 4: Robotics Bearings - Robotics bearings have been included in the company's "14th Five-Year Plan," with a future focus on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings [3]

Core Viewpoint - The company, Guojijinggong, is focusing on expanding its business in the fields of bearings for commercial aerospace, humanoid robot bearings, and the functional applications of diamonds in heat dissipation and optics [1] Group 1 - The company has identified commercial aerospace bearings as a key area for future business development [1] - Humanoid robot bearings are also highlighted as a significant focus for the company's growth strategy [1] - The functional applications of diamonds in heat dissipation and optics represent another important direction for the company's future endeavors [1]

Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [1] - Special bearings and superhard material tools are the primary sources of profit, with wind power bearings being the fastest-growing segment [1] Group 2: Bearing Business - The bearing business includes special bearings, wind power bearings, and precision machine tool bearings [2] - Special bearings are used in aerospace, military, and nuclear industries, with a leading domestic technology level [2] - Wind power bearings have achieved significant milestones, including the development of the first domestic 8 MW and 18 MW series main shaft bearings [2] - Precision machine tool bearings have shown stable development, primarily consisting of main shaft bearings and ball screw bearings [2] Group 3: Abrasive Tools Business - The abrasive tools segment includes superhard material tools, composite superhard materials, and diamond functional application products [2] - Superhard material tools have a strong market competitive advantage, serving sectors like semiconductors and automotive [2] - Composite superhard materials focus on specialized fields such as oil and gas drilling [2] - Diamond functional application products are expected to open new market spaces, with the first phase of single crystal diamond products already commercialized [2] Group 4: Financial Performance - The revenue from superhard tools is projected to be around 580 million yuan in 2024, with significant growth in the semiconductor sector [3] - Sales from diamond functional applications are expected to exceed 10 million yuan this year, primarily from non-civilian sectors [3] Group 5: Market Position and Future Plans - The company holds over 90% market share in domestic aerospace bearings, with products used in critical aerospace applications [3] - The domestic substitution of wind power bearings is progressing, with increasing market share year by year [3]