证券研究报告·公司点评报告·通用设备 宏盛股份（603090） ◼ 板翅式换热器龙头，渠道优势叠加产品优势，确定液冷核心生态位 液冷技术是解决数据中心散热压力的必由之路，其具备低能耗、高散热、低 噪声和低 TCO 的优势，同时其能降低数据中心 PUE 值，满足国家要求。现阶 段液冷的主要方案中冷板式占据主流地位，浸没式有望成为未来的发展方向。 冷板式液冷系统由室内及室外侧组成，CDU 和分集液管成本占比最高。 2025 年业绩预告点评：订单增长叠加业务 结构优化，利润弹性显著释放 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 695.93 | 713.04 | 759.95 | 1,005.61 | 1,357.30 | | 同比（%） | (2.57) | 2.46 | 6.58 | 32.33 | 34.97 | | 归母净利润（百万元） | 53.78 | 49.36 | 79.67 | 198.35 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 75 to 85 million yuan in 2025, representing a year-on-year increase of 52% to 72%, with a median estimate of 80 million yuan, which corresponds to a 62% increase [2]. - The anticipated revenue for 2025 is approximately 760 million yuan, reflecting a 6.7% increase compared to 2024, driven by an increase in orders and a strategic business structure optimization [2]. - The company has terminated its overseas lithium battery PACK e-commerce business, which is expected to reduce losses by about 30 million yuan compared to 2024, significantly improving overall profitability [2]. - The report highlights the company's strong position in the liquid cooling technology sector, which is essential for addressing the heat dissipation challenges in data centers, emphasizing its low energy consumption and high efficiency [3][4]. Financial Projections - The projected total revenue for the company is as follows: 695.93 million yuan in 2023, 713.04 million yuan in 2024, 759.95 million yuan in 2025, 1,005.61 million yuan in 2026, and 1,357.30 million yuan in 2027, with respective year-on-year growth rates of -2.57%, 2.46%, 6.58%, 32.33%, and 34.97% [1]. - The expected net profit attributable to shareholders is forecasted to be 53.78 million yuan in 2023, 49.36 million yuan in 2024, 79.67 million yuan in 2025, 198.35 million yuan in 2026, and 320.07 million yuan in 2027, with year-on-year growth rates of 0.73%, -8.22%, 61.40%, 148.97%, and 61.37% respectively [1]. - The report projects earnings per share (EPS) to be 0.54 yuan in 2023, 0.49 yuan in 2024, 0.80 yuan in 2025, 1.98 yuan in 2026, and 3.20 yuan in 2027 [1].

（文章来源：证券日报） 证券日报网讯 1月28日，华伍股份发布公告称，公司预计2025年1月1日—2025年12月31日归属于上市公 司股东的净利润亏损17，500万元至亏损25，000万元，上年同期亏损29，264.66万元。 ...

每经AI快讯，宗申动力1月28日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润约6.46亿 元~7.38亿元，同比增长40%~60%。业绩变动主要原因是，报告期内，通用机械业务和摩托车发动机业 务规模增长，以及公司投资联营企业收益提升，公司整体业绩实现同比增长。 （记者 张明双） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

Core Viewpoint - The company anticipates a decline in operating revenue and gross profit for the fiscal year 2025 due to market conditions, leading to a projected net loss attributable to shareholders [2] Group 1: Financial Performance - The company expects a certain decrease in operating revenue and gross profit compared to the previous year due to market environment factors [2] - The poor performance of associated companies has resulted in an increase in investment losses compared to the previous year [2] - The company will face additional impacts from tax payments and asset impairment, contributing to the expected net loss [2] Group 2: Future Strategy - The company plans to actively respond to market changes by further integrating internal and external resources [2] - The company aims to enhance internal management levels to adapt to changes in the market environment [2] - The company will adhere to a prudent management approach to maintain business stability [2]

南财智讯1月28日电，乔锋智能发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 31000.00万元—37000.00万元，同比预增51.04%—80.27%；预计2025年全年归属于上市公司股东的扣除 非经常性损益的净利润为30000.00万元—36000.00万元，同比预增51.49%—81.79%。报告期公司经营业 绩实现快速增长，主要得益于三方面因素：一是消费电子、新能源汽车等下游行业快速发展，以及通用 设备行业复苏，带动公司数控机床产品在上述行业的销售增长；二是公司产能和品牌影响力提升，募集 资金投资项目产能持续释放，交付能力显著增强，为公司重点领域和客户的市场拓展提供动力；三是精 密主轴等核心部件及高端卧式加工中心、五轴加工中心等机型开始量产和市场应用，逐渐成为业绩增长 新动能。此外，智能制造升级、机床更新需求、国产替代加速等也为公司数控机床业务发展提供了良好 的运营环境和发展助力。 ...

Core Viewpoint - Qiaofeng Intelligent (301603.SZ) expects a net profit attributable to shareholders of 310 million to 370 million yuan for 2025, representing a year-on-year growth of 51.04% to 80.27% driven by rapid development in consumer electronics and new energy vehicles, as well as the recovery of the general equipment industry [2] Group 1: Financial Performance - The projected net profit for 2025 is between 310 million and 370 million yuan [2] - This represents a growth rate of 51.04% to 80.27% compared to the previous year [2] Group 2: Industry Drivers - The growth is primarily attributed to the rapid development of the consumer electronics and new energy vehicle sectors [2] - The recovery in the general equipment industry also contributes to the positive outlook [2] Group 3: Company Developments - The company has enhanced its production capacity and brand influence [2] - Fundraising projects are continuously releasing production capacity [2] - The mass production of precision spindles, high-end horizontal and five-axis machining centers is creating new growth momentum [2]

格隆汇1月28日｜乔锋智能(301603.SZ)公告称，乔锋智能预计2025年归属于上市公司股东的净利润为 3.10亿元-3.70亿元，比上年同期增长51.04%-80.27%。业绩增长主要受益于消费电子、新能源汽车等行 业快速发展及通用设备行业复苏；公司产能与品牌影响力提升，募投项目产能持续释放；精密主轴、高 端卧式及五轴加工中心量产并形成新增长动能。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300943 | 春晖智控 | 26.12 | -11.61% | 24.59万 | 6.64Z | | 603331 | 百达精工 | 14.92 | -10.01% | 48.49万 | 7.37亿 | | 002843 | 泰嘉股份 | 18.56 | -8.07% | 20.66万 | 3.92亿 | | 688028 | 沃尔德 | 97.50 | -6.88% | 10.58万 | 10.62亿 | | 600860 | 京城股份 | 12.80 | -6.71% | 41.27万 | 5.40 Z | | 002026 | 山东威达 | 15.76 | -6.25% | 35.23万 | 5.56亿 | | 301548 | 崇徳科技 | 75.98 | -5.80% | 4.86万 | 3.77亿 | | 301603 | 乔锋智能 | 77.10 | -5.55% | 3.77万 | 2.96亿 | | 300179 | 四方达 ...

南财智讯1月28日电，威力传动在投资者关系活动中表示，目前围绕技术、生产、供应链及运营多维度 推进增速器降本举措：技术端通过结构优化提升扭矩密度、减少零部件数量并精准适配不同功率机型； 生产端依托增速器智慧工厂实现关键工序自动化与全流程信息化管理，叠加屋顶光伏降低能耗，随一期 达产1500台产能释放规模效应；供应链端建立供应商评价体系，推行"合理低价"采购与"高毛利自制+低 毛利外采"模式；运营端通过流程优化缩短订单响应周期，并拓展主机厂客户扩大销量以摊薄单位运营 成本。 ...