港股上市有助于公司把握PCB行业黄金发展机 遇，3D打印业务将成公司新增长点；公司在国内 石化领域市占率非常领先，海外业务主要聚焦于 "一带一路"沿线国家——0224调研日报 2026/02/24 16:27 今日内容： 大族激光：港股上市有助于公司把握PCB行业黄金发展机遇，3D打印业务将成 公司新增长点 中密控股：公司在国内石化领域市占率非常领先，海外业务主要聚焦于"一带一 路"沿线国家 【公司在国内石化领域市占率非常领先】 在公司的业务布局中，石化领域是当前产品的主要应用方向。目前，国内中高端机械密封存 量市场规模约为60亿~70亿元人民币，其中石化相关领域的存量业务占比约25%。我们目前在 国内石化领域存量市场的市占率约为20%出头，在近几年国内石化领域增量市场大项目中， 公司市占率可达60%~70%。随着既有增量业务逐步转化为存量，未来在石化领域存量市场份 额仍有提升潜力。 【公司的产品客户粘性很高】 由于机械密封产品的价值量在项目总投资额中占比较低，而密封产品又对装置的安全运行起 到很大的作用，客户的粘性很高，所以只要密封产品运行稳定、使用没有出现重大问题，客 户通常不会更换在运行装置的密封产品供 ...

Core Viewpoint - The company emphasizes the importance of mechanical seal products in ensuring the safe operation of installations, despite their low value proportion in total project investments [1] Group 1 - The value of mechanical seal products is low relative to total project investment but is critical for operational safety [1] - Customer loyalty is high; clients typically do not change suppliers as long as the products operate reliably without major issues [1] - Loss of existing business primarily results from client bankruptcies or shutdowns, which are infrequent due to the company's clientele being predominantly profitable enterprises [1]

Core Viewpoint - The company has a strong technical reserve in mechanical seals but has not identified significant market demand in the large aircraft sector [1] Group 1: Company Insights - The company has been deeply engaged in the mechanical seal industry for many years [1] - The company will continue to monitor the large aircraft sector for potential market demand and will respond quickly to any opportunities that arise [1]

Group 1 - Xi Jinping emphasized the need for continuous efforts to improve the industrial structure and contribute to China's modernization during his visit to Benxi Steel's cold-rolled plant [1] - Liaoning's industrial system is well-established, focusing on the transformation of traditional industries and the cultivation of strategic emerging industries [1] - The province aims to enhance technological innovation to drive industrial development and achieve high-quality growth [1] Group 2 - Benxi Steel has implemented digital and intelligent transformations, achieving a 11% increase in factory intelligence index and a 11.2% improvement in labor efficiency [3] - The production of high-end automotive steel plates has reached a precision control of ±0.02 mm, meeting the high standards of manufacturers like Mercedes-Benz and BYD [3] - The proportion of high-end steel products at Benxi Steel has risen to 44.21%, with a 30% reduction in defect rates and a 25% decrease in new product development cycles [3] Group 3 - Dandong Klon Group has invested nearly 250 million yuan to establish a digital workshop, achieving 100% connectivity of key equipment and online collaboration of business processes [5] - The company has developed a cloud-based data sharing mechanism and a dedicated team for product programming, significantly enhancing operational efficiency [5] - The transition to digital transformation is now seen as a necessity for the company, with plans to explore modular and intelligent production further [5] Group 4 - Liaoning has established 193 advanced intelligent factories and digital workshops, with key tool CNC rate and digital design tool penetration rates at 69.3% and 85.8%, respectively, surpassing national averages [7] - The province has made significant strides in integrating technological innovation with industrial innovation, with 216 key technologies developed and over 1,000 million yuan in technology transfer contracts [13] Group 5 - The production of wear-resistant discs by Feixun Technology has filled a domestic gap, with products now outperforming imported counterparts [9] - The company has achieved a fully digital and intelligent production process, ensuring consistency and quality in the manufacturing of agricultural machinery components [11] - The collaboration between Feixun Technology and the Chinese Academy of Sciences has led to breakthroughs in high-strength and high-toughness materials for agricultural machinery [11] Group 6 - The province's consumption promotion activities have significantly contributed to economic growth, with various stakeholders collaborating to enhance market scale [19] - The integration of sports events with tourism and consumption has created new market opportunities, demonstrating a shift from merely stimulating consumption to creating it [20]

Core Viewpoint - The article highlights the journey of Zhongmi Holdings Co., Ltd., a leading domestic company in the mechanical seal industry, which has successfully broken the foreign technology monopoly and is now competing in both domestic and international markets [1][2]. Group 1: Company Background and Development - Zhongmi Holdings was established in 1978 to address the urgent need for domestic mechanical seals in China's industrial sectors, particularly in petrochemicals, where reliance on expensive imports was a challenge [2]. - The company transitioned from a research institute to an industrial enterprise, focusing on R&D initially and gradually moving towards industrialization, with significant growth following the introduction of an employee stock ownership plan in 2010 [2][3]. - The company went public in 2015, becoming the first A-share listed company in the mechanical seal industry in China [2]. Group 2: Strategic Growth and Acquisitions - After its IPO, Zhongmi Holdings adopted a strategy of precise acquisitions to build a large seal industry cluster, acquiring companies like Youtaike and Dalian Huayang to enhance its market position and product offerings [3]. - In 2021, the company raised 210 million yuan through a private placement to acquire Zigong Xindipei Valve Co., Ltd., focusing on synergies in the oil and gas sector [3]. - The acquisition of German company Krüger & Sohn GmbH in 2025 marked a significant step in Zhongmi's global expansion, providing valuable overseas acquisition experience [3]. Group 3: Financial Performance - From 2015 to 2024, Zhongmi Holdings' revenue grew from 324 million yuan to 1.567 billion yuan, an increase of nearly 400% [4]. - In the first three quarters of 2025, the company reported revenue of 1.283 billion yuan, a year-on-year increase of 12.3%, with a net profit of 278 million yuan, up 2.71% [4]. - The company's asset-liability ratio stands at a healthy 19.54%, indicating a robust financial structure [4]. Group 4: R&D and Product Quality - Zhongmi Holdings emphasizes product quality as a core competitive advantage, supported by strong technological capabilities and a comprehensive innovation system [5][8]. - The company has developed high-end sealing products that compete with international giants, achieving parity in several niche markets [5][8]. - The establishment of a multi-disciplinary innovation team has enabled the company to fill domestic gaps in technology and enhance its R&D capabilities [8]. Group 5: Global Expansion and Branding - With a solid domestic market, Zhongmi Holdings is now focusing on global expansion, transitioning from a "follow the leader" approach to directly competing with international giants [11]. - The company has established partnerships with major international firms and is actively involved in high-end petrochemical projects in regions like the Middle East and Southeast Asia [11][12]. - Zhongmi is also enhancing its brand recognition through cultural elements and targeted marketing strategies at international exhibitions [12].

Group 1 - The core viewpoint of the article is that Zhongmi Holdings (300470) has successfully applied its high-speed mechanical seal products in the commercial aerospace sector, specifically for sealing propellant media in liquid rocket engine applications [1] Group 2 - The company's products are now utilized in the aerospace industry, indicating a diversification of its application beyond traditional markets [1] - This development highlights the potential for growth and innovation within the company's product offerings, aligning with trends in the commercial space industry [1] - The interaction with investors on the platform suggests a proactive approach to communication and transparency regarding the company's advancements [1]

答：目前下游客户面对的市场需求尚未明显暖，市场新项目有限，竞争也仍旧激烈，增量业务的毛利率依 然处于较低水平。但对于公司而言，我们坚决贯彻 "通过增量占领存量"的竞争策略，只要是具有战略意 义的客户、项目，我们一定会尽全力拿下，所以在部分增量业务项目中有所降价，毛利率较以前确实有所 下滑。目前增量业务毛利率已经处于很低的水平，根据我们的判断，增量业务毛利率再大幅下降的可能性 不大，且随着竞争的加剧，市场向头部企业集中的趋势更明显，有利于公司提升增量市场份额。在现在的 市场环境下，比起增量业务毛利率，公司更看重增量业务能为未来存量业务提供的坚实基础。公司存量业 务的毛利率相对稳定。 证券之星消息，2025年11月28日中密控股（300470）发布公告称南方基金秦乾一 王天瑜 严必行、兴业证 券郭亚男、华福证券邓娴仪、东证资管李疆、华宝基金贺喆、杨国泰基金陈雨、太平养老张凯、华泰资产 丑凯亮、易方达基金郑涛岳、长江资管施展于2025年11月28日调研我司。 具体内容如下： 问：目前行业发展格局处于什么阶段？ 答：机械密封全球市场是一个较集中的市场，竞争格局保持相对稳定，约翰·克兰、伊格尔·博格曼、福斯 三家国际巨 ...

Group 1 - The company is a leading player in the Chinese mechanical seal industry, excelling in talent, technology and R&D, products and services, brand, internal management, and platform [1] - The main competitors of the company are international brands such as John Crane and EagleBurgmann [1] - The company has no plans to acquire Dandong Klon [1]

Core Viewpoint - The company, Zhongmi Holdings, confirmed that it does not plan to acquire Dandong Klon and identified its main competitors as John Crane and EagleBurgmann in the mechanical seal industry [1]. Group 1: Company Positioning - Zhongmi Holdings is recognized as a leading enterprise in the Chinese mechanical seal industry, excelling in talent, technology and R&D, products and services, brand, internal management, and platform [1]. Group 2: Competitive Landscape - The primary competitors of Zhongmi Holdings are international brands such as John Crane and EagleBurgmann [1].

Core Insights - The company has made significant progress in international market replacement, "Belt and Road" strategy, and talent reserves, indicating a potential for further growth in international business as technology strength and brand recognition continue to improve [4] Group 1: International Market Replacement - The company has developed the technical capability to replace foreign brands in key application areas after over 40 years of technological accumulation, enhancing customer stickiness through timely and efficient after-sales service [3] - The acceptance of the company's products in international markets is steadily increasing, although large-scale direct replacement in the existing market remains challenging [3] Group 2: "Belt and Road" Strategy - The company estimates that the broad mechanical seal international existing market capacity is approximately 40 billion RMB, with about one-third of this market located in "Belt and Road" countries, corresponding to a market space of around 13.3 billion RMB [3] - The current business in these countries is primarily incremental, directly related to fixed investment scales, making it difficult to predict new project volumes [3] Group 3: Talent Reserves - The company faces a temporary talent bottleneck, particularly in engineering design, due to long design cycles and high task volumes in international business [3] - Recruitment efforts, including overseas hiring, have been intensified over the past two years, leading to a gradual alleviation of design pressure [3] Group 4: Business Model Evolution - The company's international business model has evolved from "following domestic manufacturers" to "directly engaging with overseas markets," establishing closer ties with foreign manufacturers and end customers [3]