公 司 研 究 股票研究 /[Table_Date] 2026.02.26 步入成长新阶段，高端装备与机器人共驱 五洲新春(603667) 五洲新春跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 马菁菁(分析师) | 021-23185627 | majingjing@gtht.com | S0880525040118 | 本报告导读： 公司 2025 前三季度业绩呈现稳健增长，毛利率提升明显。通过前瞻布局机器人丝杠 与汽车智驾核心部件，打开新的长期成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,106 | 3,265 | 3,735 | 4,315 | 5,011 | | (+ ...

当全球投资者将目光聚焦于人形机器人的"大脑"——大模型、芯片与算法——摩根士丹利却将视线投向了一个更为基础、却同样关键的零部件： 轴承（Bearings）。 2月26日，据追风交易台消息，摩根士丹利明星分析师Adam Jonas等在最新研报中称，轴承是所有机器人形态的必需品，无法被替代、难以被内部 化生产，且随着机器人复杂度提升，单机轴承用量与价值将同步放大。 摩根士丹利预测，全球机器人领域的轴承市场规模将从2025年的约8.27亿美元，增长至2050年的约2550亿美元，增幅约300倍。这一数字仅计算原 始设备需求，尚未纳入替换与售后市场。 轴承是大宗商品，但这次不一样 报告坦承：轴承本质上是大宗商品（Commodity）。但摩根士丹利随即给出了反驳： "但随着AI向物理机器人世界扩散，我们将需要数以百亿计的轴承。在多个国家和地区建立和维护机器人经济，需要可靠、冗余且安全 的轴承供应来源。" 换言之，即便是大宗商品属性的轴承，在机器人经济的宏观叙事下，也将面临供应安全、产能冗余与本土化制造等战略性需求，这将为优质轴承 制造商带来超越传统周期的溢价空间。 轴承101：机器人世界里无处不在的"润滑剂" 研报指出 ...

又一只B股可能挥手告别资本市场。 近日，瓦轴B（200706.SZ）发布第3次要约收购提示公告，该公司控股股东瓦房店轴承集团有限责任公 司（下称"瓦轴集团"）发起的全面要约收购已进入最后阶段。 值得注意的是，本次要约收购不设退市整理期，若能在要约收购期限前满足生效条件，那么，瓦轴B将 自深交所公告终止上市决定之日起5个交易日内予以摘牌。瓦轴B也是继*ST山航B之后，又一只通过要 约收购方式退出资本市场的B股。 B股（人民币特种股票）曾是中国资本市场上特定历史时期的产物，近年来，随着海外融资渠道的不断 拓宽，B股的功能逐步被其他金融市场所替代，融资功能接近丧失。Wind数据显示：2001年以来，已有 35只B股退市，截至最新，资本市场还剩79只B股。 瓦轴B于1997年3月上市，迄今上市已近29年。近年来，由于受到全球经济衰退、经济结构调整等方面 的冲击，瓦轴B连年亏损、经营状况每况愈下。2025年以来，受多重不利因素叠加，瓦轴B经营进一步 受限、未来公司财务风险持续加大，长此以往必将造成公司经营风险加剧。 瓦轴B称，综合各方因素，瓦轴集团作为瓦轴B控股股东，从全面维护瓦轴B股东利益，体现国企责任担 当出发，拟 ...

"能顺利实现全面复工、高效生产，离不开前期的充分准备。"洛轴集团有关负责人介绍，春节前企业就 提前采购生产物资，备足了至少一个月的储备，同时安排专人对生产车间和设备进行维护保养，确保节 后立即投入生产。 轴承是工业的"关节"，小小的零部件，既牵动着机械设备的运转精度，更支撑着国家工业发展的硬实 力。作为我国"一五"期间156项重点工程之一，洛轴历经70余年深耕细作，已成长为我国轴承行业生产 规模最大、配套服务能力最强的综合性制造企业之一，更是洛阳市12条优势产业链群的核心力量。 深耕实业、科技创新，洛轴在高端轴承领域持续突破。全球最大辗环机全系列轴承在洛轴下线交付，填 补了我国在超大型、超重载环形锻件装备核心零部件领域的空白。 "用户当时也认为产品加工难度太大了，但我们在硬件不完全具备的情况下，充分识别产品加工风险及 瓶颈，策划过程风险应对方案，同时对加工工艺做大胆创新，最终成功攻克了此系列中关键轴承大、 重、高的加工难点，并顺利交付。"姬晓飞的话语里满是自豪。 机床加工声轰鸣，大型AGV运输车来回穿梭运送部件，吊装设备稳稳托起成品轴承缓缓起运……2月22 日，记者走进洛阳轴承集团股份有限公司风电轴承生产车间 ...

Core Viewpoint - Timken has approved a stock repurchase plan of 10 million shares, effective March 1, replacing a previous plan set to expire on February 28 this year [1] Group 1: Company Overview - Timken is a global leader in industrial technology with over 120 years of history, focusing on precision-engineered bearings and industrial power transmission products [1]

2月13日—14日，2026临清轴承产业迎春展暨轴承产业链春季采购节在聊城市烟店镇轴承产业园盛大举 行。本届展会吸引了全国各地轴承及产业链上下游企业云集。山东移动聊城分公司以"最高标准、最全 覆盖、最快响应"为准则，高标准完成展会全程通信保障，并现场展示数智人及工业智能化解决方案， 为轴承产业数智化转型注入强劲动能。 针对展会人流量密集、高清直播及商务洽谈对网络质量的高要求，山东移动聊城分公司提前一周进 入"战时状态"。保障团队多次深入展馆及周边区域实地勘测，结合展区布局与预估客流，提前完成园区 基站扩容优化、5G设备调试与光缆布放，实现展区5G全程满格、速率稳优。展会期间启动24小时实时 监测+现场驻点值守机制，远程监控与应急处置联动，确保语音、视频、直播、数据传输全程稳定流 畅，以零故障、零卡顿、零投诉的优异表现，为展会顺利举办筑牢通信根基。 此外，针对轴承企业数字化转型中的痛点，山东移动聊城分公司在现场设立"数智赋能专区"，向参会企 业演示5G+工业互联网、设备联网监控、生产数据可视化等场景化解决方案，助力轴承产业向高端化、 智能化、绿色化迈进，以数智力量激活产业新质生产力。 下一步，山东移动聊城分公司 ...

"新赛道有大市场。自2020年抢滩新能源汽车赛道以来，我们'牵手'多家企业，推出百余款新能源汽车 用产品，营业收入大幅增长。"洛轴科技副总经理丁小玄说。 "从'一五'老厂迈入'十五五'，经历过转制、改革的阵痛。"刘明辉说，"之所以能在最困难时'留口气'、 机会到来时'翻了身'，就在于对技术创新的坚守始终如一。" "我们将坚定不移走好自主创新的发展之路，不断培育新动能、塑造新优势。"洛轴集团党委书记、董事 长王新莹表示。 来源：人 民日报 河南洛阳，航空精密轴承国家重点实验室，洛轴集团技术中心副主任刘明辉俯身审视一幅幅精密的设计 图——这是为世界最大120米口径全可动射电望远镜配套的方位轴承。前不久，这款轴承顺利下线。 "射电望远镜的天线是巨大的抛物面结构，轴承承载能力不足，会出现变形、下沉等情况，导致指向错 误。"刘明辉介绍，这款轴承需要承受的压强相当于"10头10吨大象压在一枚硬币上"。 突破极限，要有挑战无人区的勇气。2025年6月，确定初稿方案；7至9月，进行结构设计、模型计算、 反复评审方案；10月，确认终稿方案……洛轴人用行动说话，用时4个月就确认了设计方案。 "每一次攻坚都是一次跨越。我们能生产外 ...

河南洛阳，航空精密轴承国家重点实验室，洛轴集团技术中心副主任刘明辉俯身审视一幅幅精密的设计 图——这是为世界最大120米口径全可动射电望远镜配套的方位轴承。前不久，这款轴承顺利下线。 热处理、车加工、研磨及装配……在洛轴集团新能源汽车轴承智能车间，全自动智能生产线满负荷运 转，每15秒就有一套新能源汽车轮毂轴承单元下线。 "新赛道有大市场。自2020年抢滩新能源汽车赛道以来，我们'牵手'多家企业，推出百余款新能源汽车 用产品，营业收入大幅增长。"洛轴科技副总经理丁小玄说。 "从'一五'老厂迈入'十五五'，经历过转制、改革的阵痛。"刘明辉说，"之所以能在最困难时'留口气'、 机会到来时'翻了身'，就在于对技术创新的坚守始终如一。" "我们将坚定不移走好自主创新的发展之路，不断培育新动能、塑造新优势。"洛轴集团党委书记、董事 长王新莹表示。本报记者 王云杉 张文豪 [ 责编：袁晴 ] "射电望远镜的天线是巨大的抛物面结构，轴承承载能力不足，会出现变形、下沉等情况，导致指向错 误。"刘明辉介绍，这款轴承需要承受的压强相当于"10头10吨大象压在一枚硬币上"。 突破极限，要有挑战无人区的勇气。2025年6月，确定初稿 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 105.59 CNY, corresponding to a 50x PE for 2026 [6]. Core Insights - The company is a leader in the domestic replacement of dynamic pressure oil film sliding bearings, with a strong focus on both domestic and international markets. The financial structure has been continuously optimized, with significant improvements in profitability and a reduction in debt levels post-IPO [1][4]. - The dynamic pressure oil film sliding bearing market is expected to grow significantly, driven by high demand in nuclear power, gas turbines, and wind energy sectors. The company is well-positioned to capture market share due to its competitive advantages and the conservative strategies of foreign competitors [2][3]. Summary by Sections 1. Company Overview - Founded in 2003, the company has established itself as a leader in the domestic replacement of high-end sliding bearings, achieving significant breakthroughs in key sectors such as nuclear power and marine applications. The company has developed over 200 specialized sliding bearing products [13]. - The core team is stable, with the founder holding a significant stake in the company, which enhances operational vitality. The team includes experienced professionals with extensive industry backgrounds [18][19]. 2. Market Potential - The global market for dynamic pressure oil film sliding bearings is projected to reach approximately 3.62 billion USD by 2026, with the Chinese market expected to be around 6.72 billion CNY. The growth is supported by trends in industrial drive, energy generation, and the increasing size of machinery [2][37]. - The company benefits from a favorable competitive landscape, as foreign competitors are adopting conservative growth strategies, providing more opportunities for domestic players [2][3]. 3. Business Development - The company is focusing on innovation and collaboration with foreign experts to enhance its product offerings. The shift towards international markets is evident, with an increasing proportion of revenue and improved gross margins from overseas clients [3][4]. - New business segments, including gas turbine bearings and PEEK bearings, are expected to contribute to revenue growth, with projections indicating continued market share expansion [3][4]. 4. Financial Forecast - Revenue is expected to grow from 6.19 billion CNY in 2025 to 9.00 billion CNY in 2027, with net profits projected to increase from 1.35 billion CNY to 2.30 billion CNY during the same period. The company maintains a strong net profit margin and return on equity [5][4]. - The financial structure has improved significantly post-IPO, with a reduction in the debt-to-asset ratio to 14.0% in 2024, and all interest-bearing debts have been repaid [35].

Summary of 崇达科技 Conference Call Company Overview - 崇达科技 specializes in the sliding bearing sector, focusing on dynamic pressure oil film sliding bearings, and has achieved rapid growth through import substitution. The company holds significant market shares in energy generation, petrochemicals, and shipping industries, while also adapting to trends of equipment large-scale, high-speed, and miniaturization to meet future market demands [2][5]. Market Segmentation and Financials - As of 2025, the revenue breakdown is as follows: Energy generation (35%-36%), shipping (7%-8%), petrochemicals (7%-8%), and general machinery (approximately 50%). The average gross margin for energy generation exceeds 40%, while shipping and petrochemicals have margins around 46%. Nuclear power has a gross margin over 60%, wind power close to 30%, and gas power near 60% [2][7][9]. Market Potential - The dynamic pressure oil film sliding bearing market is projected to reach a billion-dollar level. 崇达科技 leads the domestic market, competing with international firms such as Germany's RANK, America's Kingsbury, and the UK's Mitchell. Major clients include global giants like GE, Siemens, and ABB [2][11]. Product Offerings - In the AI power generation sector, 崇达科技's products include gas turbines, gas generators, and diesel generators. The estimated demand for bearings per megawatt is around 50,000 RMB, with a total market value close to 20 billion RMB [2][12]. Capacity Expansion and Investment - The company has invested in capacity enhancement, expecting to reach 1.2 billion RMB by the end of 2026. The focus is on international clients with higher pricing strategies, anticipating a price adjustment of about 10% due to increased market demand and raw material costs [4][13][14]. Strategic Direction - 崇达科技's strategic layout includes internationalization, new quality production, and branding, targeting AI-related fields and developing AI application products. The company aims to leverage growth in the electric power sector driven by AI advancements [4][18]. Competitive Landscape - The competitive landscape shows that 崇达科技 has a leading position in high-end applications like nuclear power and gas turbines. The company has established international collaborations and secured significant orders, such as a contract for 100 bearings in Saudi Arabia worth several million RMB [4][10][27]. Future Outlook - The company anticipates continued growth in the electric power sector, driven by increasing demand from household appliances, high-speed rail, and electric vehicles. The development of AI will further boost global electricity demand, with AI model training centers consuming substantial power [18][19]. Challenges and Opportunities - 崇达科技 faces challenges from international competitors, but their slower expansion and labor shortages present opportunities. The company has strengthened its international presence by attracting key management from competitors and enhancing technical exchanges with clients [27][28]. Conclusion - 崇达科技 is well-positioned in the high-end sliding bearing market, with a robust growth strategy focused on AI and international expansion. The company’s strong financial performance, strategic partnerships, and innovative product offerings suggest a promising future in the energy generation sector and beyond [2][4][18].