发现报告整理制作 fxbaogao.com 国机精工机构调研报告 调研日期: 2026-03-06 目录 一、调研基本情况 二、调研接待对象 三、主要调研内容 国机精工股份有限公司成立于2013年，股票代码002046。公司隶属于世界500强中国机械工业集团有限公司（国机集团），是国机集团精工业务的拓 展平台、精工人才的聚合平台和精工品牌的承载平台。公司核心企业有三家，分别是成立于1958年的洛阳轴承研究所有限公司、成立于1958年的郑州 磨料磨具磨削研究所有限公司以及成立于1981年的中国机械工业国际合作有限公司。此外，公司还托管白鸽磨料磨具有限公司和成都工具研究所有限 公司两家企业。国机精工是一家多元化、国际化的科技型、创新型企业，业务聚焦精密制造领域，具有雄厚的实力，居国内领先地位。业务涉及航 空航天、汽车与轨道交通、能源环保、船舶兵器、机床工具、石油化工、电子、冶金、建筑等国民经济重要产业，市场遍布全球80多个国家和地区。 公司秉承"合力同行,创新共赢"核心价值观，践行"客户价值创造者、股东价值提升者、员工价值实现者、创新发展引领者"价值取向，实施"一 体四驱"、"六个转型"发展战略，推进"内涵性增长 ...

国机精工集团股份有限公司投资者关系活动记录表 | | □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 | | | | | 朴和投资 | | 李庆芳 | | | 钎镱私募基金管理有限公司 | | 马遥 | | | 中银三星人寿 | | 石晴川 | | | 华福商社 | | 李昊臻 | | | 长盛基金 | | YiDai | | | 诚盛投资 | | 吴畏 | | | 玖鹏资产 | | 郭鹏飞 | | | 三井住友德思资管 | | 孙伟 | | | 汇泉基金 | | Ashley | | | 嘉实基金 | | 翟放 | | | 南方基金 | | 吕思奇 | | | 健顺投资 | | 何荣珩 | | | 和谐汇一 | | 余一鸣 | | | 建信基金 | | 王誉锦 | | | 广发基金 | | 吴远怡 | | 参与单位名称 | 中银资管 | | 李倩倩 | | | 兴业 | ...

轴承领域着力提升航天轴承的产能和智能化转型，满足配套商业 航天重点主机需求，全面开展技术迭代、提升系统工程助力。 二、交流环节 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—007 | | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □电话会议 | | | □其他 | | | | 天风证券：王奕红、曾庆亮、文灿曦 深圳博普资产：雍国铁 | | | | 玺营资产：廖江彤、张婧姝 | | | 参与单位名称 | 国盛证券：彭元立 | | | | 开源证券：蒋雨凯 | | | 及人员姓名 | 华福证券：邓娴仪 | | | | 天治基金：陈付佳 | | | | 中金公司：张琮翎 | | | | 广发基金：白家乐 | | | 时间 | 2026 年 3 月 5 日 | | | 地点 | 国机精工下属企业郑州磨料磨具磨削研究所 | | | 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 ...

格隆汇2月2日丨国机精工(002046.SZ)在投资者互动平台表示，公司金刚石项目正在稳步推进，在金刚 石功能化应用方向上，2025年实现营收超过1000万元。 ...

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved significant technological advancements, with over 2,400 research outcomes and 1,076 national and industry standards established [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, driven primarily by the growth in wind power bearing business [3][4] - Gross profit reached CNY 797 million, up 20% year-on-year, while net profit was CNY 245 million, reflecting a 15.4% increase [3][4] Business Highlights Bearing Business - The special bearing segment is a key driver of profit growth, with a market share of over 90% in the aerospace sector [4][9] - The wind power bearing business has shown strong growth, with the successful development of high-capacity bearings [4][9] Abrasives Business - The superhard materials segment continues to grow, with significant contributions from semiconductor applications [5][9] - The company has achieved breakthroughs in diamond functional applications, which are expected to be a new source of profit [5][9] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robotics [8][9] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] Governance and Investor Relations - Guoji Precision emphasizes transparency in governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9][10] - The company has been recognized as a model enterprise for reform and innovation by the State-owned Assets Supervision and Administration Commission for four consecutive years [6][9]

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since its inception [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, with core products like special and precision bearings and superhard materials contributing to over 50% growth [3][4] - Gross profit reached CNY 797 million, a 20% increase year-on-year, while net profit was CNY 245 million, up 15.4% [3][4] Business Highlights Bearing Business - The special bearing segment is a key driver of profit growth, with a 90% supply rate for key products in aerospace applications [4] - The wind power bearing business has seen significant growth, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings [4] Abrasives Business - The superhard materials segment continues to grow, with the company being a pioneer in the industry since 1963 [5] - The company has developed high-efficiency processing tools for the semiconductor industry, addressing critical material needs [5] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robot bearings [8] - Guoji Precision plans to maintain a dividend payout ratio of no less than 40%, with a target to rank in the top 70% of listed companies by dividend payout rate by 2024 [8][9] Governance and Investor Relations - The company emphasizes transparency in governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9] - It actively engages with investors through various channels to enhance understanding of its core value drivers and competitive advantages [9]

Core Viewpoint - The diamond industry is currently divided into two main applications: structured applications and functional applications, with functional applications gaining attention due to the high heat dissipation demands driven by artificial intelligence [2] Industry Summary - The functional applications of diamonds include heat sinks and optical window pieces, with potential future applications in chip manufacturing, although it is still in the early stages of industrialization [2] - The demand for diamonds is expected to shift from being an optional material to a necessary one due to the advancements in artificial intelligence [2] Company Summary - The company has been focusing on the functional application of diamonds since 2015, choosing the MPCVD method for its high-quality diamond production and strong compatibility with various product lines [2] - The company began generating revenue from heat sinks and optical windows in 2023, with expectations to exceed 10 million yuan by 2025, primarily in non-civilian sectors [2] - Civilian applications are currently in the testing phase by leading domestic manufacturers, with test results anticipated by 2026 if progress continues smoothly [2]

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has a strong technological innovation capability, with over 2,400 research achievements and 1,076 national and industry standards established since its inception [3] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 2.296 billion, a year-on-year increase of 27%, primarily driven by the growth in wind power bearing business [3][4] - Gross profit totaled CNY 797 million, a 20% increase year-on-year, while net profit reached CNY 245 million, up 15.4% from the previous year [3][4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, contributing significantly to profit, with a 90% supply rate for key products in aerospace applications [4] - The wind power bearing business has been a major growth driver, with successful development of high-capacity products [4] Abrasives Business - The superhard materials segment continues to grow, with significant advancements in technology and market position, including the development of high-efficiency processing tools for the semiconductor industry [5] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [5] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas, including commercial aerospace and humanoid robotics [8] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] - The company emphasizes transparency in governance and investor relations to enhance value recognition among stakeholders [9] Innovation and Talent Development - Guoji Precision is enhancing its R&D capabilities through an integrated system that combines research institutes and industrial units [6] - The company has a robust talent development framework, with over 800 technical personnel, including 700 with master's degrees or higher [7]

Core Viewpoint - The company is focusing on the application of diamond functionalization using the MPCVD method, with initial revenue generated from diamond heat sinks and optical window pieces, indicating a strategic move towards specialized materials in defense and military sectors [1] Group 1: Business Development - The company has reported that revenue from diamond heat sinks and optical window pieces has already been partially realized [1] - By 2025, the company anticipates that revenue from related businesses will exceed 10 million yuan [1] - The primary applications for these products are in non-civilian sectors, particularly defense and military [1] Group 2: Market Potential - In the civilian sector, testing is currently underway with leading domestic manufacturers, and results are expected by 2026 [1] - There is a potential for these materials to become essential in chip manufacturing due to high heat dissipation requirements in the future [1]

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved significant technological advancements, with over 2,400 research outcomes and 1,076 national and industry standards established [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, driven primarily by the growth in wind power bearing business [3][4] - Gross profit reached CNY 797 million, up 20% year-on-year, while net profit was CNY 245 million, reflecting a 15.4% increase [3][4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, with a market share of over 90% in aerospace applications [4][9] - The wind power bearing business has been a significant growth driver, with the successful development of high-capacity bearings [4][9] Abrasives Business - The superhard materials segment continues to grow, with key products serving the semiconductor and automotive industries [5][10] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [5][10] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robotics [8][9] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] Governance and Investor Relations - Guoji Precision emphasizes transparent governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9][10] - The company has been recognized as a model enterprise for reform and innovation by the State-owned Assets Supervision and Administration Commission for four consecutive years [6][9]