证券研究报告 2025 年 06 月 29 日 湘财证券研究所 行业研究 机械行业周报 工业收入增长放缓，工程机械预期趋弱 ——机械行业周报（2025.06.23~2025.06.29） 相关研究： 1.《20250615湘财证券-机械行业：关注 可控核聚变、油气设备、工程机械》 2.《20250622湘财证券-机械行业：关注 机床工具、机器人、叉车》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.0 -3.8 17.1 绝对收益 1.2 -3.6 30.4 -20% -10% 0% 10% 20% 30% 40% 50% 24/07 24/09 24/11 25/01 25/03 25/05 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 通用自动化设备：1-5 月我国工业企业收入同比增长 2.7% 据 Wind 数据，2025 年 ...

在石油开采与新能源技术融合的大趋势下，应用于石油开采全新场景的增程式压裂车，搭载分布式增程 器、多电机直驱动力端，可结合工况实现分布式控制，匹配智能数字化管理，达到更优的能耗。 纯电动港口轮胎起重机作为宇通新能源技术在港口场景的深度应用，以电机直驱系统替代传统驱动模 式，全作业流程零碳排放、低噪音，可支持三枪充电，1小时即可充满，为绿色港口的全天候高效运转 提供可靠保障。 新品方面，宇通重工针对狭窄、限高的地库场景，开发出8吨纯电动压缩环卫车，私家车可进入范围， 均可畅通无阻，可解决生活垃圾"最后一公里"收运难题。 行业内12吨级扫路车普遍能耗较高，用户运营压力大，宇通重工此次推出的12吨纯电动扫路车，作为行 业同吨位级首款电驱桥产品，基于风机箱体集成技术、电池的智能热管理技术和电池系统24小时监控技 术，有效降低能耗的同时，作业效果更佳，作业更安全。 针对矿山场景对"绿色、智慧、高效"的重载运输工具的迫切需要，宇通重工第三代纯电动矿卡，采用加 强型能量回收系统、三代智能热管理系统、行业首个PB级存储+亿万级高性能计算智能网联云平台，能 耗较行业节省20%以上。 适应传统桥梁检测方式效率低、安全风险大、特定复 ...

Core Points - Lehui International (603076) closed at 30.45 yuan on June 27, 2025, down 0.1% from the previous week [1] - The company's market capitalization is currently 3.675 billion yuan, ranking 105th out of 177 in the specialized equipment sector and 3805th out of 5151 in the A-share market [1] Company Announcements - The company announced the use of up to 180 million yuan of idle raised funds for cash management, with a duration of 12 months [1] - The entrusted financial management will be conducted by Agricultural Bank of China, with an investment of 29 million yuan in a structured deposit product, expected annual yield of 0.31%-1.01%, and estimated returns of 15,500-50,600 yuan [1] - The source of funds is from a non-public stock issuance, totaling approximately 418 million yuan, with a net amount of about 404 million yuan after deducting issuance costs [1] - The company has implemented multiple risk control measures, including decision-making authority granted to the general manager, specific implementation by the finance department, supervision by the audit department, and oversight by independent directors and the supervisory board [1] - The company believes that using idle raised funds for cash management will not affect the investment projects and will enhance fund utilization efficiency, increasing company returns [1] - As of the announcement date, the company has invested a total of 419 million yuan in entrusted financial management over the past twelve months, with actual returns of 3.0368 million yuan and an unrecovered principal of 157 million yuan [1]

Group 1 - The core viewpoint of the news is that Beijing Jingyi Automation Equipment Technology Co., Ltd. has applied for a patent for a semiconductor temperature control module TVOC emission reduction system and method, indicating the company's focus on environmental technology in semiconductor manufacturing [1] - The patent application was filed on May 2025, and the public announcement number is CN120221471A, highlighting the company's ongoing innovation efforts [1] - The system is designed to handle TVOC emissions from temperature control modules, particularly those exceeding limits due to materials like adhesives, insulation, and cooling fluids, thus addressing environmental compliance risks [1] Group 2 - Beijing Jingyi Automation Equipment Technology Co., Ltd. was established in 2016 and is primarily engaged in the specialized equipment manufacturing industry, with a registered capital of 168 million RMB [2] - The company has made investments in three other enterprises and has participated in 86 bidding projects, showcasing its active role in the industry [2] - The company holds 470 patent records and has 22 trademark registrations, indicating a strong focus on intellectual property and innovation [2]

中国经济网北京6月28日讯 深交所网站昨日披露了关于终止对浙江长城搅拌设备股份有限公司(以 下简称"长城搅拌")首次公开发行股票并在创业板上市审核的决定。 2022年4月28日，虞培清、金友香、鲁云光、金友发、施海滨、陈思奇及虞淑瑶签署《一致行动协 议》，协议有效期至公司首次公开发行股票并上市后满3年止。虞淑瑶系虞培清的子女，其持有公司股 份虽未超过5%，但是自2016年6月起至今担任公司董事、总经理、董事会秘书，并在公司经营决策中发 挥重要作用。 前述七人合计持有公司90.47%的股份，其中直接持有公司89.42%的股份，虞培清分别通过米科 舍、艾吉特间接持有公司0.80%、0.07%的股份，虞淑瑶通过米科舍间接持有公司0.18%的股份。 报告期内，虞培清、金友香、鲁云光、金友发、施海滨、陈思奇和虞淑瑶在公司董事会、股东大会 会议行使表决权时均保持一致行动，上述7人从合计持有股份比例、董事提名及任免、实际经营决策等 方面共同实际控制公司。因此，虞培清、金友香、鲁云光、金友发、施海滨、陈思奇和虞淑瑶为公司的 共同实际控制人。 截至招股说明书签署日，虞淑瑶配偶张友坤及张友坤妹妹张友鑫分别持有公司0.71%的股份 ...

Group 1 - Shenzhen Dazhu CNC Technology Co., Ltd. and Shenzhen Maxson Electronics Co., Ltd. have obtained a patent for a "loading and unloading device" with authorization announcement number CN223032238U, applied on August 2024 [1] - The patent relates to the PCB board loading and unloading technology, involving a device that includes loading mechanisms, unloading mechanisms, handling mechanisms, and material carrying mechanisms [1] - Shenzhen Dazhu CNC Technology Co., Ltd. was established in 2002, located in Shenzhen, with a registered capital of 420 million RMB, and has invested in 8 companies and participated in 118 bidding projects [1] Group 2 - Shenzhen Maxson Electronics Co., Ltd. was established in 1999, located in Shenzhen, with a registered capital of 25.8 million RMB, and has invested in 4 companies and participated in 93 bidding projects [2] - Shenzhen Dazhu CNC Technology Co., Ltd. holds 1,284 patent information and 50 trademark information, while Shenzhen Maxson Electronics Co., Ltd. holds 145 patent information and 12 trademark information [1][2] - Both companies have obtained various administrative licenses, with Shenzhen Dazhu CNC Technology Co., Ltd. holding 26 licenses and Shenzhen Maxson Electronics Co., Ltd. holding 15 licenses [1][2]

Core Viewpoint - Weihai Guangtai Airport Equipment Co., Ltd. has issued convertible bonds to unspecified investors, raising a total of RMB 700 million, with a net amount of RMB 691.93 million after deducting issuance costs [2][4][16]. Section 1: Bond Overview - The bond issuance was approved by the board and shareholders in late 2022 and early 2023, with regulatory approval from the China Securities Regulatory Commission [2][4]. - The bond consists of 7 million units, each with a face value of RMB 100, and is named "Guangtai Convertible Bond" with the code "127095" [3][4]. Section 2: Key Terms of the Bond - The total issuance scale is RMB 70 million, with a maturity of 6 years from October 18, 2023 [4][5]. - The coupon rates are structured to increase from 0.20% in the first year to 2.50% in the sixth year [5][6]. - Interest payments will be made annually, with the principal and final interest due at maturity [5][6]. Section 3: Conversion and Redemption Terms - The initial conversion price is set at RMB 9.38 per share, with provisions for adjustments based on stock dividends and other corporate actions [6][7]. - The company has the right to redeem the bonds at 115% of the face value if certain stock price conditions are met [9][10]. - Holders can sell back the bonds to the company if the stock price falls below 70% of the conversion price during the last two years of the bond's term [10][11]. Section 4: Use of Proceeds - The net proceeds from the bond issuance will be used for emergency rescue equipment production projects, with a total investment of RMB 84.69 million [17][16]. - If the actual net proceeds are less than planned, the company will cover the shortfall with its own funds or other financing methods [17]. Section 5: Company Overview - Weihai Guangtai was established on August 30, 2002, and is listed on the Shenzhen Stock Exchange with a registered capital of RMB 531.23 million [19]. - The company focuses on high-end intelligent equipment manufacturing, particularly in airport and emergency rescue equipment sectors [19][20]. Section 6: Financial Performance - For the year 2024, the company reported a revenue of RMB 288.75 million, a 20.09% increase from the previous year, while net profit decreased by 40.62% to RMB 7.46 million [23]. - The company’s total assets increased by 7.60% to RMB 644.38 million, while net assets slightly decreased by 1.45% [23].

Core Viewpoint - Anyuan Coal Industry Group Co., Ltd. is planning to inject assets related to the entire equity of Ganzhou Jinhui Magnetic Separation Technology Equipment Co., Ltd. as part of a significant asset restructuring initiative [1][2]. Group 1: Asset Evaluation - The asset evaluation report was prepared by Shenzhen Pengxin Asset Appraisal Limited, with the evaluation date set for December 31, 2024 [1][2]. - The purpose of the evaluation is to provide a value reference for the economic behavior involved in the asset injection [2]. - The evaluation method employed includes the asset-based approach and the income approach, ultimately selecting the income approach for the final valuation [2]. Group 2: Evaluation Results - The market value of the entire equity of Ganzhou Jinhui as of the evaluation date is to be determined, with the evaluation conclusion typically valid from the evaluation date [2]. - The evaluation report indicates that the financial data used for the assessment has been audited by Zhongxinghua Accounting Firm, which issued an unqualified audit report [2][3]. Group 3: Legal and Ownership Considerations - The evaluation does not consider the impact of any ongoing legal disputes or arbitration on the assessed value [3]. - There are certain properties that have not been fully documented, and the evaluation is based on data provided by the asset management personnel of Ganzhou Jinhui [3][4]. - The report highlights that any changes in asset quantity or pricing standards after the evaluation date may require a re-evaluation by a qualified asset appraisal institution [4]. Group 4: Company Overview - Anyuan Coal Industry Group Co., Ltd. is a state-controlled listed company with a registered capital of approximately 9.9 billion RMB [5]. - Ganzhou Jinhui Magnetic Separation Technology Equipment Co., Ltd. is a non-listed company with a registered capital of 150 million RMB, primarily engaged in the development and manufacturing of magnetic separation equipment [5][6].

Core Insights - Despite facing uncertainties from trade tensions and market expectations, China's industrial enterprises above designated size maintained a stable and positive development trend in the first five months of the year, particularly in the aerospace, aviation, and maritime industries, which are entering a rapid growth phase [1][2] Group 1: Industrial Profit Trends - In the first five months, industrial enterprises achieved a total profit of 27,204.3 billion yuan, an increase of 6,034.1 billion yuan compared to January-April, but a year-on-year decline of 1.1% due to insufficient effective demand and falling industrial product prices [1][2] - The gross profit of industrial enterprises above designated size grew by 1.1% year-on-year, contributing to a 3.0 percentage point increase in overall profits [1] - Revenue from industrial enterprises increased by 2.7% year-on-year, indicating a sustained growth trend that creates favorable conditions for future profit recovery [1] Group 2: Sector-Specific Performance - The aerospace, aviation, and maritime industries saw significant profit growth, with profits in the railway, shipbuilding, and aerospace sectors increasing by 56.0% year-on-year [2] - Profits in aircraft manufacturing and spacecraft and rocket manufacturing grew by 120.7% and 28.6%, respectively, while related equipment manufacturing profits rose by 68.1% [2] - The shipbuilding and related equipment manufacturing sector experienced an 85.0% profit increase, with metal ship manufacturing profits soaring by 111.8% [2] Group 3: Economic Policy and Financing - The decline in profit growth for industrial enterprises indicates ongoing constraints from insufficient effective demand, necessitating more proactive macroeconomic policies and increased government investment in public goods [3] - The average interest rate for newly issued loans in May was approximately 3.2%, down about 50 basis points from the previous year, highlighting the need to boost effective financing demand [3] - The central bank's recent interest rate cut is expected to lower loan market rates, reducing the financial burden on industrial enterprises and aiding their recovery [3] Group 4: Policy Implementation and Sector Growth - Various regions and departments have intensified efforts to implement "two new" policies, effectively releasing domestic demand [4] - Profits in general and specialized equipment industries grew by 10.6% and 7.1% year-on-year, respectively, contributing 0.6 percentage points to overall industrial profit growth [4] - The "old-for-new" consumption policy has shown significant effects, with profits in smart consumer device manufacturing and other household electrical appliance manufacturing increasing by 101.5% and 31.2%, respectively [4]

证券研究报告 关税影响显现，5 月工企利润同比转负 华泰研究 2025 年 6 月 27 日│中国内地 动态点评 5 月工业企业利润数据点评 今年 5 月工业企业盈利同比增速较 4 月的 3%明显回落至-9.1%，出口相关 的中游制造业量价有所承压、或显示关税政策对企业利润率及订单的影响 显现，下游部分消费品行业或受促销影响、呈现"量增价跌"，亦对盈利形 成扰动。整体而言，工业企业收入同比增速从 4 月的 2.6%继续回落至 0.8%， 与 5 月出口增速放缓相印证，出口链相关行业盈利回升态势受阻，关税影响 或逐步凸显，电气机械、仪器仪表、专用设备、计算机通信等行业利润率及 收入增速均有回落；同时，油价及黑色系价格下跌对石化及煤炭开采等行业 利润率回升持续形成压制，对应中下游的石化加工相关行业盈利边际改善； 此外，汽车、服装、文教娱乐用品等行业营收增速回升，但盈利增速走弱， 或显示出购物节促销等因素对价格的拖累。 往前看，7 月 9 日"对等关税"豁免期后关税政策仍有较大扰动，外需不确 定性或对后续出口订单带来扰动，尤其是对企业利润率的影响或逐步显现。 内需层面，"以旧换新"政策补贴使用过半，虽然三四季度补贴 ...