2018 年后，国内挖掘机需求增加，国产替代进口趋势明显，艾迪精密 借此快速实现国产化，提高利润水平。目前，两大主营业务盈利水平稳 定在 30%-32%左右，通过自动化和工艺改进降本增效，整体盈利水平 预计将进一步提高。 艾迪精密海外销售收入占比约 20%-25%，主要市场在美国、俄罗斯、 中东、印度和东南亚。美国卡特彼勒是最大客户，占比超 20%。泰国工 厂一期工程预计 2025 年 9 月或 10 月投产，目标是未来三到五年内将 海外销售额占比提升至 50%，海外产品利润率较国内高 5-7 个百分点。 液压破碎锤属于易耗品，寿命通常为 2-3 年，大型设备寿命可能更短。 国内挖掘机作业时间长，对设备材质和可靠性要求高，高质量、高耐久 性液压破碎锤需求更大。钎杆磨损速度快，更换频率高，也是重要耗材。 量使用不同规格的液压破碎锤，包括大型、中型和小型。此外，在重庆这样的 山城，对大型液压破碎锤需求量也非常大，因为建筑物施工过程中需要大量使 用这些设备来进行基础建设。 艾迪精密 20250723 摘要 艾迪精密主营业务为高端液压件（主泵、主阀、行走马达、回转马达）， 应用于挖掘机，占公司整体业务 50%以上。2 ...

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]