公开资料显示，中创智领以煤炭机械业务起家，在深耕主业的同时，近年来，公司构建了煤炭机 械、汽车零部件以及工业智能三大板块协同发展的格局。此次中创智领募集资金投向三大主营业务板 块。 转自：证券日报网 本报记者 肖艳青 1月15日晚间，中创智领（郑州）工业技术集团股份有限公司（以下简称"中创智领"）发布公告 称，公司拟向不特定对象发行A股可转换公司债券，募集资金总额不超过43.5亿元。 此次募集资金将用于新能源汽车高端零部件产业基地、高端液压部件生产系统智能化升级项目、智 能制造全场景研发中心及智能移动机器人制造基地等项目建设。 在煤炭机械业务方面，此次募投项目"高端液压部件生产系统智能化升级项目"通过工艺布局重新调 整、智能化生产线规划、智能仓储物流建设和全业务流程的数字化系统建设，实现液压支架油缸加工及 装配的精益化、智能化、绿色化生产，效率和质量进一步提升，降低生产成本，建立起国际技术领先的 智能工厂。 在工业智能业务方面，募投项目"智能制造全场景研发中心"拟建设智能制造全场景研发中心，核心 聚焦人工智能技术在制造业融合应用，重点围绕人工智能技术与工业互联网融合应用、生产运营全流程 智能化、平台技术迭代、 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The coal machinery industry is experiencing a cyclical bottoming, with multiple drivers such as replacement, automation, and export opportunities expected to benefit the leading state-owned enterprises [1] - The company has a comprehensive industry chain layout, with notable performance in safety and automation [2] - The company reported a 7.5% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, despite a 6.9% decline in revenue [2] - The company’s gross margin for the first three quarters of 2025 was 27.2%, down 5.2 percentage points year-on-year, while the net margin increased by 4.4 percentage points to 17.2% [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 20.47 billion yuan, a decrease of 6.9% year-on-year, and a net profit of 2.34 billion yuan, an increase of 7.5% year-on-year [2][10] - The company’s operating income for 2025 is projected to be 30.6 billion yuan, with a compound annual growth rate (CAGR) of 6% from 2025 to 2027 [4] - The net profit attributable to shareholders is expected to be 2.6 billion yuan in 2025, with a CAGR of 10% from 2025 to 2027 [4] - The company’s price-to-earnings (P/E) ratios are projected to be 9.3X, 8.6X, and 7.7X for 2025, 2026, and 2027, respectively [4] Industry Overview - The coal machinery industry is seeing increased concentration, with leading state-owned enterprises poised to benefit from this trend [1] - The demand for coal machinery is driven by factors such as replacement needs, automation, and the trend of consolidating smaller mines into larger operations [1]

Summary of Conference Call Records Industry Overview - The mechanical industry is expected to see stable growth in 2026, driven by technology empowerment and policy support, particularly in the mid-cap blue-chip and robotics sectors [2][3] - The implementation of anti-involution policies is improving cash flow and profitability across the industry, especially in general equipment and engineering machinery [1][2] Key Points on Specific Sectors Mid-Cap Blue-Chip - Mid-cap blue-chip companies are anticipated to perform well due to improved growth and profitability in the mechanical sector, alongside reduced market risks from recovering downstream demand [3][4] - The forklift market is expected to benefit from urbanization and an aging population, leading to increased demand for machinery to replace human labor [3][10] Lithium Battery Equipment - Revenue growth for lithium battery equipment is improving quarterly, with new orders increasing significantly, showing a 70%-80% growth in backlog orders compared to last year [6] - The push for solid-state battery production by 2027 indicates strong future demand for equipment [6] Industrial Mother Machines - Industrial mother machines are expected to see stable production and revenue growth, with potential improvements in margins due to increased sales of large machines [7][8] - The domestic market shows significant potential for replacing imported high-end machines, indicating a shift towards higher-end development [8] Oil and Gas Equipment - Demand for oil and gas equipment is projected to improve in 2026, driven by increased capital expenditure in China and the U.S. government's push for oil and gas development [9] - The demand for natural gas from data centers is expected to expand the business opportunities for oil and gas equipment companies [9] Forklift Equipment - The forklift market has shown resilience, with strong growth in both domestic sales and exports, expected to continue into 2026 [10] - The introduction of new products like unmanned forklifts is anticipated to provide additional growth points [10][11] Engineering Machinery - The engineering machinery sector is showing signs of growth, particularly in the domestic market, with expectations for sustained demand starting in 2026 [13][14] - The trend towards electrification and automation is expected to increase average selling prices and profit margins [14] Coal Machinery - The coal machinery sector is expected to see a narrowing of declines in 2026, supported by policy initiatives and a peak in equipment replacement cycles [15] - The development of smart coal machinery and unmanned mining technologies is anticipated to accelerate growth in this sector [15] Light Industry Equipment - The light industry equipment sector, including textiles and accommodation, is expected to experience a slight slowdown in growth due to weakening consumer demand in Europe and the U.S. [16] - AI integration in equipment, such as sewing machines and injection molding machines, is identified as a key growth area [16] Robotics - The robotics sector is characterized by certainty in production opportunities, with significant developments expected from companies like Tesla and others with high barriers to entry [17] - Companies with clear business models and cash flow are seen as having substantial investment potential in the robotics field [17] Conclusion - The mechanical industry is poised for growth in 2026, with various sectors showing potential for investment opportunities driven by technological advancements and supportive policies. The focus on mid-cap blue-chip companies, lithium battery equipment, and robotics highlights the evolving landscape of the industry.

证券研究报告 基础化工 | 橡胶 北交所|首次覆盖报告 hyzqdatemark 2025 年 12 月 22 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 联系人 市场表现： | 基本数据 | | | 月 | 2025 | 年 | 12 | 19 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 30.40 | | | | 一 年 内 最 低 | 最 | 高 | | | | | | | 42.49/23.03 | / | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 2,472.14 | | | | | 流通市值（百万元） | | | | | | | 1,677.65 | | | | | 总股本（百万股） | | | | | | | | 8 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The establishment of the subsidiary "Coal Mine Major Intelligent Complete Equipment R&D Center" aims to fill the gap in the industry for comprehensive solutions in coal mining equipment, enhancing the competitive landscape of the coal machinery industry [2][3] - The company focuses on integrated solutions for intelligent coal mining, addressing the shortcomings in hydraulic support systems, which are crucial for safe and efficient coal extraction [2] - The subsidiary is expected to strengthen the company's position in the domestic coal mining technology equipment transformation, providing competitive systemic support for the industry's intelligent transition [5] Financial Summary - The projected total revenue for 2023 is 29,928 million, with a growth of 9.2% year-on-year, and is expected to reach 34,895 million by 2027 [6] - The net profit attributable to the parent company is forecasted to be 2,358 million in 2023, increasing to 3,212 million by 2027, reflecting a compound annual growth rate [6] - The company maintains a strong cash position with approximately 176 billion in net cash as of September 2025, allowing for stable dividends despite ongoing investments [7]

Core Viewpoint - The article emphasizes that China's coal machinery equipment, represented by Zhang Coal Machinery, is redefining the global coal industry amid the energy transition and industrial restructuring, positioning itself as a leader in intelligent and green mining solutions [1]. Market Dynamics - In the past five years, China's coal machinery exports have transitioned from "quantitative" to "qualitative" changes, with significant growth in various equipment categories. For instance, the export value of coal mining and tunneling machinery increased from 2.282 billion yuan in 2020 to 5.251 billion yuan in 2024, a growth of 130% [3]. - The export of belt conveyors rose from 3.873 billion yuan in 2020 to 8.904 billion yuan in 2024, also reflecting a 130% increase [3]. - Hydraulic or pneumatic control instruments saw an increase from 956 million yuan to 1.432 billion yuan, nearly a 50% growth [3]. Emerging Market Trends - New coal-producing countries like Indonesia, Vietnam, and India are accelerating modernization in mining, while traditional coal powerhouses like Australia face equipment renewal cycles and technological upgrades from China [4]. - Some European countries, despite their coal phase-out policies, are experiencing a short-term increase in coal production due to energy security pressures, creating demand for low-emission, high-efficiency coal machinery [4]. Technological Advancements - Zhang Coal Machinery's electric and intelligent coal machinery aligns with industry development trends, having recently passed EU certification for its 125/20ZC model, which opens doors to the European market [5][6]. - The company is shifting its competitive edge from price to a comprehensive advantage in technology, service, standards, and solutions [6]. Global Expansion and Local Impact - Zhang Coal Machinery's equipment is becoming a key player in global coal mining, with successful projects in various countries, including Indonesia and Poland, showcasing the reliability and performance of "Made in China" products [8][9]. - The company has established a strong market presence in Bangladesh, with significant exports of its SGZ764/500 equipment, becoming a benchmark in the industry [8]. Customized Solutions and Service Commitment - Zhang Coal Machinery is committed to providing tailored solutions for different global scenarios, enhancing its product competitiveness through continuous innovation and service [12][14]. - The company has developed a full lifecycle service system, ensuring timely responses and support for overseas clients, which strengthens its brand presence globally [12][13]. Strategic Vision - The company aims to maintain a leading position in R&D intensity, focusing on intelligent, green, and efficient energy equipment solutions, while promoting local service networks in key markets along the Belt and Road Initiative [14].

Core Insights - The mechanical equipment industry is expected to experience stable growth in 2026, driven by domestic policy support and the increasing importance of technology empowerment, particularly benefiting mid-cap blue-chip companies [3][8][15] - Key investment opportunities are identified in eight sub-sectors: lithium battery equipment, industrial mother machines, oil and gas equipment, forklift equipment, machinery for overseas markets, engineering machinery, coal machinery, and light industrial equipment [3][18] - The humanoid robot sector is approaching a production inflection point, presenting investment opportunities for mid-cap blue-chip companies within this segment [3][8] Sub-sector Summaries 1. Lithium Battery Equipment - The lithium battery equipment sector is showing signs of recovery, with a significant increase in new orders, reflecting a growth trend [19][21] - The industry is expected to benefit from the development of solid-state batteries, with commercial production anticipated by 2027, leading to increased demand for related equipment [23][25] 2. Industrial Mother Machines - The industrial mother machine sector is projected to maintain stable growth, supported by favorable policies and increasing domestic demand [27][29] - The market is expected to see improvements in profitability as the demand for high-end CNC machines increases, with a current low penetration rate of domestic products [30] 3. Oil and Gas Equipment - The oil and gas equipment sector faced challenges in 2025 but is expected to recover in 2026 due to policy support and increasing demand [33][35] - The sector is likely to benefit from the growing demand for gas turbines driven by the rapid construction of data centers [35][36] 4. Forklift Equipment - The forklift industry demonstrated resilience in 2025, with sales growth driven by domestic and international demand [39][41] - The introduction of AI-powered products is expected to create new growth opportunities in the sector [46] 5. Machinery for Overseas Markets - The machinery sector for overseas markets faced challenges in 2025 but is anticipated to recover in 2026 as U.S. demand improves [49][57] - Companies are expected to enhance their profitability through cost management strategies and product optimization [57] 6. Engineering Machinery - The engineering machinery sector is experiencing growth driven by both domestic and international markets, with significant sales increases in excavators [59][61] - The sector is expected to benefit from ongoing infrastructure projects and the replacement of aging equipment [61][62] 7. Coal Machinery - The coal machinery sector is under pressure in 2025 but is projected to improve in 2026 as market conditions stabilize [68]

Core Viewpoint - TianDi Technology (600582) plans to invest 3.545 billion yuan to establish a subsidiary in Xi'an, Shaanxi Province, focusing on the development of a "Major Intelligent Complete Equipment R&D Center for Coal Mines" [1][2] Group 1: Investment and Structure - The new subsidiary, tentatively named "China Coal Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd.", will have a registered capital of 2 billion yuan [1] - TianDi Technology will hold a 60% stake in the new subsidiary, contributing 1.2 billion yuan, while four other subsidiaries will each hold 10% and contribute 200 million yuan [1] Group 2: Project Focus and Goals - The project will focus on three main areas: developing new materials and technologies, building a testing and verification platform, and advancing intelligent technologies such as high-precision sensing and AI-based control algorithms [2] - The aim is to create a high-standard, reliable, and flexible manufacturing capability for advanced hydraulic supports and complete mining equipment [2] Group 3: Project Timeline and Impact - The project is expected to take 18 months to complete, with construction anticipated to start in April 2026 [3] - The initiative is positioned as a global hub for coal machinery technology and aims to enhance the company's capabilities in equipment integration and intelligence, ultimately reducing operational costs and improving profitability [3] - In the first three quarters of 2025, the company reported a revenue of 20.471 billion yuan, a 6.90% year-on-year decline, while net profit attributable to shareholders increased by 7.55% to 2.34 billion yuan [3]

Core Viewpoint - The company plans to invest 35.45 billion yuan to establish a holding subsidiary in Xi'an, Shaanxi Province, focusing on the development of a "Major Intelligent Complete Equipment R&D Center for Coal Mines" [1] Group 1: Investment and Project Details - The investment will be directed towards the construction of a research and development center for intelligent support equipment and a pilot verification center for complete products [1] - The project aims to enhance the company's capability in equipment integration and create a new ecological chain for the coal machinery industry [1]

Core Viewpoint - TianDi Technology (600582) plans to invest 3.545 billion yuan to establish a controlling subsidiary, KeGong ChengTao Company, in Xi'an, Shaanxi Province, focusing on the development of intelligent coal mining equipment [1] Group 1 - The registered capital of KeGong ChengTao Company will be 2 billion yuan, subject to registration by market supervision authorities [1] - The project aims to enhance the company's capabilities in equipment integration and intelligence, which will help reduce operational costs and improve sustainable profitability [1] - This initiative is expected to reshape the company's coal machinery industry ecosystem and create a new model of service-oriented manufacturing [1]