证券代码：603985 证券简称：恒润股份 公告编号：2025-063 江阴市恒润重工股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次业绩预告的适用情形：净利润实现扭亏为盈。 ? 经江阴市恒润重工股份有限公司（以下简称"公司"）财务部门初步测 算，预计 2025 年半年度实现归属于母公司所有者的净利润为 3,500.00 万元到 属于母公司所有者的扣除非经常性损益的净利润为 3,350.00 万元到 4,350.00 万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 （三）本次业绩预告未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）利润总额：-3588.41 万元。归属于母公司所有者的净利润：-3,196.23 万元。归属于母公司所有者的扣除非经常性损益的净利润：-4,081.78 万元。 （二）每股收益：-0.0725 元。 三、本期业绩实现扭亏为盈的主要原因 风电大兆瓦法兰、轴承等新产品的产能释放与量产爬坡以及算力板块业务业绩贡 献提升等。 报告期内，风 ...

5月19日，习近平总书记到洛阳考察的首站，便来到洛阳轴承集团股份有限公司。自1954年始建以来， 洛轴从一家典型的传统制造企业，相继突破一系列"卡脖子"技术。如今，洛轴高端轴承产值占总产值比 重达70%，"十四五"期间已有13项科技成果达到国际水平……它的发展历程已然成为中国制造业蓬勃发 展的样本。 技术攻关，不断突破，洛阳勇立潮头，以攻关利剑劈开创新之路：中信重工、轴研科技推出世界最大智 能化自磨机，以及全球首台25兆瓦级风电主轴轴承等尖端设备。"神舟"飞天、"蛟龙"入海、"嫦娥"奔 月、"北斗"组网等大国重器闪耀"洛阳创新"之光。2024年，高新技术产业增加值占规上工业比重升至 55.8%，产业持续向高向新向优。 中钢洛耐重组全国重点实验室，普莱柯落成中部最大生物安全P3实验室，龙门实验室创新运营机制， 伊滨智慧岛跻身全省前列，350余个创新平台如春笋破土，让洛阳创新平台总量跃至3949家……如今的 洛阳，创新浪潮奔涌不息，点亮发展新图景。 此外，2024年，洛阳技术合同成交额193.23亿元，同比增长25.2%；2023年研发投入强度3.47%，连续6 年蝉联全省榜首，5次超越全国均值……这亮眼数据的背 ...

Core Viewpoint - The acquisition of YinQiu Technology by Guangyang Co., Ltd. is a strategic move aimed at enhancing market share and operational efficiency in the bearing industry, despite facing multiple risks and challenges [1][5]. Group 1: Acquisition Details - Guangyang Co., Ltd. is planning to acquire 100% equity of YinQiu Technology through a combination of issuing shares and cash payments, with an investment intention agreement already signed [1]. - The final terms of the acquisition, including share transfer quantity, ratio, transaction price, and payment method, will be determined in a formal agreement [1]. Group 2: Risks and Challenges - Transaction uncertainty risk exists as the restructuring is still in the planning stage, with core terms yet to be finalized and requiring approval from the China Securities Regulatory Commission [2]. - Business integration challenges arise from differing management cultures, as Guangyang specializes in automotive components while YinQiu focuses on large-scale production in the home appliance sector [2]. - The financial strain from the integration may be exacerbated by Guangyang's negative operating cash flow of -104 million yuan in 2024 and the need for continued investment in YinQiu's capacity expansion projects [2]. Group 3: Industry Competition - The bearing industry is experiencing intensified competition, with a CR5 of 58.3%, and leading companies like Wazhou and Luozhou are advancing in smart and long-life bearing technologies [3]. - Guangyang's R&D investment intensity is currently insufficient compared to industry leaders, which may hinder its ability to penetrate high-end markets [3]. - Foreign brands dominate the precision bearing market, holding over 65% market share, posing challenges for Guangyang's international expansion post-acquisition [3]. Group 4: Industry Impact and Future Outlook - The acquisition reflects a trend of consolidation in the bearing industry, with over 5,000 domestic bearing companies and a CR10 of only 28.1%, indicating a potential for market share growth through mergers [4]. - The combined market share of Guangyang and YinQiu is expected to increase from less than 2% to 4%-5%, positioning them in direct competition with other major players [4]. - There are opportunities for domestic substitution in the high-end bearing market, particularly in the electric vehicle sector, which could increase the penetration rate of domestic bearings from less than 30% to 50% if the integration is successful [4]. Group 5: Conclusion - The acquisition is a proactive choice for Guangyang Co., Ltd. to enhance its competitive position, with short-term benefits from scale effects and market expansion [5]. - Long-term competitiveness will depend on the depth of technological integration and breakthroughs in high-end markets [5]. - The ability to achieve a "1+1>2" effect will require overcoming challenges related to management integration and technological upgrades [5].

风电设备 主轴轴承放量兑现，齿轮箱轴承布局打开成长新空间 新强联 24 年报&25Q1 业绩点评 新强联（300850.SZ） 证券研究报告/公司点评报告 2025 年 05 月 16 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | | 2,824 | 2,946 | 4,340 | 5,198 | 5,910 | | | | 增长率 yoy% | | 6% | 4% | 47% | 20% | 14% | | 执业证书编号：S0740522020001 | | 归母净利润（百万元） | | 375 | 65 | 458 | 594 | 711 | | Email：zengbiao@zts.com.cn | | 增长率 yoy% | | 19% | -83% | 601% | 30% | 20% | | | ...

事件：4 月23 日晚间，公司发布2024 年年报和2025 年一季报。 2025 年一季度业绩大超预期，归母净利润同比增长429%2024 年公司实现营收29.46 亿元，同比上升 4.32%；归母净利润6538 万元，同比下降82.56%；扣非归母净利润1.49 亿元，同比下降50.23%。 2025 年一季度公司实现营收9.26 亿元，同比增长107.46%，环比下降5.51%；归母净利润1.7 亿元，同比 增长429.28%，环比增长68.01%，主要系主轴轴承放量；扣非归母净利润1.24 亿元，同比增长 415.27%，环比增长42.10%。 2025Q1 单季度毛利率、净利率分别环比提升4.6、7.9pct，盈利能力逐步提升1）盈利能力：2024 年公司 销售毛利率18.53%，同比下降8.13pct；销售净利率2.91%，同比下降11.02pct。2025 年一季度销售毛利 率26.71%，同比上升7.48pct，环比提升4.57pct；销售净利率18.95%，同比上升30.24pct，环比提升 7.88pct。 预计2025-2027 年归母净利润分别约4.63、5.56、7.56 亿元，同比 ...