证券研究报告：机械设备 | 公司点评报告 发布时间：2025-05-13 股票投资评级 增持 |首次覆盖 个股表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 快克智能 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.02 | | --- | --- | | 总股本/流通股本（亿股）2.49 | / 2.49 | | 总市值/流通市值（亿元）60 | / 60 | | 周内最高/最低价 52 | 26.14 / 17.51 | | 资产负债率(%) | 28.7% | | 市盈率 | 28.26 | | 第一大股东 | 常州市富韵投资咨询有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 事件：公司披露 2024 年报和 2025 ...

Market Overview - The global twin-screw extruder market is projected to reach a sales value of 10.95 billion by 2031, with a compound annual growth rate (CAGR) of 3.8% from 2025 to 2031, indicating robust market growth driven by increasing demand for efficient production, customization, and environmental sustainability across various industries [2][4]. Technological Innovations and Trends - The twin-screw extruder market is rapidly evolving, fueled by high material processing demands, continuous technological innovations, and the growing need for high-quality products across multiple sectors [4]. - The demand for twin-screw extruders in the plastic industry is particularly strong, especially for manufacturing films, pipes, profiles, and composite materials, as global demand for plastic products in packaging, automotive, and construction sectors rises [4]. - In the food industry, twin-screw extruders are increasingly used for producing puffed snacks, breakfast cereals, and pet food, due to their ability to efficiently process various raw materials while ensuring product consistency and quality [4]. - In the chemical and pharmaceutical sectors, twin-screw extruders are essential for high-precision material mixing and plasticization, especially in handling polymers, composites, and specialized pharmaceutical formulations [4]. Application Areas and Market Segmentation - Twin-screw extruders have extensive applications in plastic processing, food processing, chemical, and pharmaceutical industries. They are the preferred equipment for manufacturing films, pipes, profiles, and composite materials in the plastic industry [5]. - In the food sector, their efficiency in handling diverse raw materials and ensuring product consistency makes them widely used in the production of puffed snacks, breakfast cereals, and pet food [5]. - In the chemical and pharmaceutical industries, twin-screw extruders play an irreplaceable role in high-precision material mixing and plasticization [5]. Competitive Landscape and Key Players - The twin-screw extruder market is becoming increasingly competitive, with leading companies leveraging advanced technology, comprehensive service systems, and brand influence to dominate the market [6]. - Despite the intense competition, emerging companies still have significant growth opportunities due to the continuous segmentation of market demands and the rise of personalized requirements [6].

Group 1: Defense Spending and Market Context - China's defense spending for 2025 is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%[2] - The defense budget has shown a consistent single-digit growth for ten consecutive years from 2016 to 2025[13] - The recent military conflict between India and Pakistan has heightened the focus on defense construction and military-related industries[2] Group 2: Aircraft Industry Insights - The C919 aircraft has over 1,400 orders, with an estimated order value exceeding 1 trillion yuan, scheduled for delivery between 2024 and 2031[42] - The value distribution in aircraft manufacturing shows that the airframe accounts for approximately 30%-35%, engines for 20%-25%, and onboard equipment for 25%-30%[29] - Global passenger turnover is expected to grow at an annual rate of 3.75%, with the global fleet projected to reach 48,931 aircraft by 2043, doubling from 24,077 in 2023[45] Group 3: Market Performance and Valuation - The median price-to-earnings (P/E) ratio for the new energy sector has increased by 7.72% to 37.6X[54] - The median P/E ratio for the electronic equipment sector rose from 55.1X to 56.0X, with the total market value increasing from 131.42 billion yuan to 139.8 billion yuan[57] - The median P/E ratio for the machinery sector increased from 55.8X to 58.7X, with total market value rising from 95.8 billion yuan to 102.28 billion yuan[63] Group 4: Notable Companies and Stock Performance - Among the top performers, Qifeng Precision saw a stock increase of 79.25%, followed by Huiwei Intelligent at 41.00% and Laisai Laser at 26.30%[49] - A total of 133 out of 146 companies in the North Exchange technology growth sector experienced stock price increases, with a median increase of 5.69%[49]

军工股又爆发了。 今天上午A股市场整体强劲上涨，其中国防军工板块走势强劲，一度大涨逾6%，多股盘中涨停，其中华如科技（301302）早盘9:38直线拉升，9:39涨停。 港股市场今天上午整体上行。恒生指数盘中重新突破23000点整数关口。 港股通标的股中，龙蟠科技港股暴涨，盘中涨幅一度超过50%。 国防军工板块爆发 今天上午A股市场整体强劲上涨，主要指数不同程度上涨。截至中午收盘，上证指数上涨0.37%，深证成指上涨1.06%，创业板指上涨1.72%，北证50指数上涨 2.27%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3354.53 | 10234.09 | 1410.60 | | +12.53 +0.37% | +107.27 +1.06% | +31.29 +2.27% | | 科创50 | 创业板指 | 万得全A | | 1006.18 | 2046.39 | 5109.72 | | -0.14 -0.01% +34.63 +1.72% | | +38.61 +0.76% | | 沪深300 | 中证500 ...

Core Viewpoint - The European Union (EU) has begun imposing tariffs on over 80 Chinese products, responding to pressure from the United States amid ongoing trade tensions initiated by President Trump [1][3]. Group 1: EU Actions - The EU has previously imposed tariffs on certain Chinese goods since January, citing "anti-dumping" measures, and the recent tariffs on mobile elevating work platforms add to this list [3]. - The EU claims that Chinese products benefit from unfair subsidies and are sold below normal prices, justifying the tariffs [3]. Group 2: Impact on China - The tariffs are expected to significantly reduce the competitiveness of Chinese products in the EU market, leading to a decrease in orders for affected companies [3]. - China's Ministry of Commerce has criticized the EU's actions as "selective enforcement," arguing that it creates trade barriers and violates World Trade Organization (WTO) rules [3]. Group 3: China's Response - China has indicated that it understands some countries may negotiate under pressure from the US, but any actions that harm Chinese interests will lead to reciprocal measures [5]. - A recent bilingual video released by China's Ministry of Foreign Affairs emphasized China's refusal to submit to US "bullying" tactics, asserting the need for a firm stance to protect national interests [5][7]. - China does not oppose countries aligning with the US, provided it does not come at the expense of Chinese interests, warning of potential retaliation if such boundaries are crossed [7].

证券研究报告——晨会聚焦 2025 年 5 月 7 日 | 5 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 1519.HK | 极兔速递-W | | 603181.SH | 皇马科技 | | 300014.SZ | 亿纬锂能 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600519.SH | 贵州茅台 | | 9660.HK | 地平线机器人-W | | 688519.SH | 南亚新材 | | 301236.SZ | 软通动力 | 中银晨会聚焦-20250507 ■重点关注 【宏观经济】4 月 PMI 数据点评*陈琦 朱启兵。外部环境对制造企业生产 意愿有所影响。4 月高技术制造业、设备制造业海外需求下滑较为明显。4 月建筑业生产经营延续活跃。部分原材料加工业及纺织工业景气度处于扩 张区间。 【医药生物】键凯科技*刘恩阳。公司公布 24 年年报及 25 年一季报。24 年 全年实现营业收入 2.27 亿元，同比下滑 22.26%，归母净利润为 0.30 亿元， 同比下滑 74.2 ...

2025-2031中国纳米分散均质机市场趋势洞察及发展战略研究报告 【全新修订】：2025年5月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 纳米分散均质机市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，纳米分散均质机主要可以分为如下几个类别 1.2.1 中国不同产品类型纳米分散均质机增长趋势2020 VS 2024 VS 2031 1.2.2 高压均质型纳米分散机 1.2.3 高剪切型纳米分散机 1.2.4 其他 1.3 从不同应用，纳米分散均质机主要包括如下几个方面 1.3.1 中国不同应用纳米分散均质机增长趋势2020 VS 2024 VS 2031 1.3.2 医药行业 1.3.3 化妆品行业 1.3.4 食品行业 1.3.5 其他 1.4 中国纳米分散均质机发展现状及未来趋势（2020-2031） 1.4.1 中国市场纳米分散均质机收入及增长率（2020-2031） 1.4.2 中国市场纳米分散均质机销量及增长率（2020-2031） 2 中国市场主要纳米分散均质机 ...

Core Viewpoint - The global filter press market is projected to grow from $2.103 billion in 2021 to $2.789 billion by 2025, with a CAGR of 2.67% during this period, and is expected to reach $3.81 billion by 2031, reflecting a CAGR of 5.34% from 2025 to 2031 [3][5]. Market Overview - The filter press is primarily used for solid-liquid separation and finds applications in various industries such as wastewater treatment, mining, chemicals, pharmaceuticals, food, and metallurgy [5][9]. - In 2024, the Chinese filter press market revenue is expected to reach $1.177 billion, with a projected CAGR of 6.53% from 2025 to 2031 [7]. Regional Insights - The Asia-Pacific region is the largest consumer market for filter presses, accounting for approximately 60% of global market revenue, driven by rapid economic growth and stringent environmental policies in countries like China and India [9]. - North America and Europe are also significant markets, but the demand in the Asia-Pacific region is expected to continue increasing due to industrialization and urbanization [9]. Market Segmentation - The main types of filter presses include chamber filter presses, diaphragm filter presses, and plate-frame filter presses, with diaphragm filter presses holding a significant market share of about 66% in 2024 [9]. - Wastewater treatment is the most important application market for filter presses, accounting for approximately 48% of the global market [9]. Growth Drivers - Stringent environmental regulations globally are driving the growth of the wastewater treatment industry, thereby increasing the demand for filter presses [10]. - Advances in automation technology have led to modern filter presses that offer higher efficiency, lower energy consumption, and longer service life, expanding market opportunities [10]. - Diverse demand from various industries such as mining, chemicals, and food and beverage is fostering technological innovation and market growth [10]. Challenges - High initial investment costs for filter presses can be a barrier for small and medium-sized enterprises, limiting their ability to procure advanced equipment [11]. - Increasing competition in the filter press market poses challenges for smaller companies in terms of technological innovation and quality assurance [11]. - The complexity of maintenance and operation, especially in high-load and high-pollution environments, can lead to higher costs and technical requirements [11]. Barriers to Entry - The filter press industry has high technical requirements, necessitating strong R&D capabilities and technical reserves to meet diverse industry needs [12]. - Capital barriers exist due to high costs associated with production equipment, R&D, and raw materials, requiring substantial financial backing for new entrants [12]. - Market barriers arise from the diverse applications of filter presses across various industries, necessitating in-depth market understanding for new entrants [12].

Financial Data and Key Metrics Changes - Revenue for the second quarter was $716 million, down 9% year-over-year primarily due to reduced volume from a lower starting backlog [18] - Adjusted EBITDA decreased 19% to $99 million, with a margin of 13.8%, down 180 basis points compared to the prior year [19] - GAAP net loss was $41 million, a decline from a profit of $6 million in the previous year, attributed to a non-cash loss on the majority sale of Milacron [19] - Adjusted earnings per share were $0.60, down 21% year-over-year but exceeded expectations due to favorable interest expenses [19] Business Line Data and Key Metrics Changes - Advanced Process Solutions (APS) segment saw year-over-year improvement in capital orders for Food, Health, and Nutrition (FHN) products, but larger investments were paused due to tariff uncertainties [11] - Molding Technology Solutions (MTS) revenue decreased 2% year-over-year to $222 million, primarily due to unfavorable foreign exchange [22] - Backlog for MTS was $55 million, excluding the Milacron business, with stable orders for hot runner and mold-based components [23] Market Data and Key Metrics Changes - The ongoing global macroeconomic uncertainty, driven by tariffs, has led to a decline in business and consumer confidence, resulting in delays in customer investment plans [10] - The company noted a strong project pipeline but faced slow conversion to orders due to macro-driven timing rather than a fundamental shift in market position [12] - Tariff impacts have caused multinational customers to pause orders, particularly in China, with a potential shift of orders to India [13] Company Strategy and Development Direction - The company is focusing on highly engineered, value-added processing technologies and systems, targeting less cyclical global end markets [7] - A strategic milestone was achieved with the completion of the Milacron transaction, allowing the company to concentrate on core strengths [6] - The company is implementing cost control initiatives and maintaining focus on growth opportunities in FHN and service offerings despite current challenges [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the project pipeline but acknowledged that macroeconomic uncertainties are expected to persist [10] - The updated outlook anticipates total revenue of approximately $2.56 billion to $2.62 billion, significantly down from previous guidance due to lower orders [25] - Management remains confident in the long-term demand drivers for their end markets despite current headwinds [28] Other Important Information - The company has included approximately $15 million in direct tariff costs in its updated outlook for the remainder of the year [16] - Net debt at the end of the second quarter was $1.46 billion, with a net debt to pro forma adjusted EBITDA ratio of 3.4 times [24] - The company is in the process of selling the TerraSource global business for $245 million, with expected net proceeds of approximately $100 million to be used for debt reduction [24] Q&A Session Summary Question: Can you describe the order cadence you saw in the business as the quarter unfolded? - Orders were stable through February but faced delays due to tariff considerations, particularly in Food, Health, and Nutrition [32][34] Question: Can you talk about synergies related to the FHN businesses? - The company is on track to achieve synergies ahead of schedule, with significant integration initiatives already completed [38][40] Question: Which lever to offset tariffs will have the most immediate impact? - Dual sourcing is expected to have the largest near-term impact, with targeted pricing adjustments also being implemented [45] Question: Can you walk us through the TerraSource divestiture? - The TerraSource divestiture is expected to close by the end of Q3 or early Q4, with proceeds primarily used to pay down debt [49][50] Question: What is the outlook for the macro environment? - The company is assuming a mild recession, with expectations for orders to decline from 2024 levels [78]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% within the next six months [11]. Core Views - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 862 million yuan, a slight decrease of 0.28% [3][6]. - The semiconductor vacuum pump products have begun bulk supply, with recognition from some domestic chip manufacturers, while the company is expanding its overseas factory layout [5][6]. - The photovoltaic industry is facing overcapacity, which has pressured the sales of the company's vacuum pump products, although other business segments remain stable [4]. Financial Performance - In Q1 2025, the company achieved a revenue of 606 million yuan, down 19.09% year-on-year, and a net profit of 118 million yuan, down 19.58% year-on-year [3]. - For 2024, the revenue breakdown shows that compressor revenue was 2.030 billion yuan (up 4.31%), vacuum products revenue was 1.346 billion yuan (down 18.04%), and parts and maintenance revenue was 258 million yuan (up 21.91%) [4]. - The company expects revenues of 3.343 billion yuan in 2025, a decrease of 9.03%, and a net profit of 693 million yuan, a decrease of 19.72% [6][9]. Cost and Expense Management - The company reported a decrease in total expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.84%, 4.03%, 4.95%, and -1.48% respectively [4]. - Financial expenses decreased mainly due to increased exchange gains [4]. Future Outlook - The company forecasts revenue growth of 7.31% in 2026 and 10.84% in 2027, with corresponding net profit growth of 7.33% and 16.04% [6][9]. - The expected PE ratios for 2025, 2026, and 2027 are 13.44, 12.52, and 10.79 respectively [6].