2025 年 9 月 26 日 强烈推荐/维持 汉钟精机 公司报告 事件：9 月 22 日英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划， 以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。 汉钟精机（002158.SZ）：业绩短期 承压，有望迎来拐点 公 司 研 究 磁悬浮压缩机渗透率有望提升，公司磁悬浮压缩机产品有望受益。9 月 22 日 英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划，以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。数据中心的算力 提升和规模扩张将带动制冷系统升级需求，随着 AI 算力需求激增，传统冷却 技术面临能耗瓶颈，磁悬浮压缩机的节能优势使其成为数据中心节能改造的关 键技术，契合带来的算力增长需求，渗透率有望提升。根据公司机构调研信息， 公司磁悬浮制冷压缩机有 RTM 系列共计 9 个型号，可以用于数据中心使用， 未来有望充分受益。 半导体真空泵有望随我国总体集成电路产业发展缩小与国际领先企业差距。公 司设计研发了 PMF、IPM 和 IPH 三个系列的真空泵用于半导体行业 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company is experiencing a decline in revenue and net profit in the first half of 2025, with revenue down 18.86% year-on-year to 1.489 billion yuan and net profit down 42.90% to 257 million yuan. The gross margin and net margin are 35.02% and 17.29%, respectively, showing a decrease of 5.43 and 7.26 percentage points year-on-year [1][6]. - The compressor business is expected to benefit from the development of AIDC, with revenue in this segment growing 12.21% year-on-year to 1.077 billion yuan in the first half of 2025. The company is actively expanding into the data center market, which is anticipated to drive future growth [2][3]. - The photovoltaic vacuum pump business is under pressure, with revenue down 60.12% year-on-year to 276 million yuan in the first half of 2025. However, there is potential for stabilization and growth in the semiconductor vacuum pump market, where domestic alternatives are gaining traction [3][4]. Financial Summary - The company's revenue and net profit forecasts for 2025-2027 are adjusted to 608 million yuan, 716 million yuan, and 813 million yuan, respectively, with corresponding PE ratios of 23, 20, and 17 [3][4]. - Key financial metrics for 2025 include an expected revenue of 3.139 billion yuan, a net profit of 608 million yuan, and an EPS of 1.14 yuan. The EBIT margin is projected at 21.7% and ROE at 13.2% [4][18]. - The company maintains a strong market position with a total market capitalization of approximately 14.299 billion yuan and a closing price of 26.74 yuan [5][18].

Core Viewpoint - The performance of Hanbell Precise Machinery is under short-term pressure due to weakened demand in the downstream photovoltaic industry, impacting the vacuum pump segment [1] Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 257 million yuan, a year-on-year decrease of 42.90% [1] - In Q2 2025, the net profit attributable to shareholders was 140 million yuan, down 54.11% year-on-year but up 18.66% quarter-on-quarter [1] - The company's asset-liability ratio stands at 29.98%, a year-on-year decrease of 8.86 percentage points, indicating a more robust financial structure [1] - The net cash flow from operating activities for the first half of the year was 407 million yuan, reflecting healthy cash flow and good revenue quality [1] Industry and Product Development - The development of AI technology has led to a surge in demand for computing power and storage, prompting the company to focus on the data center sector with products such as permanent magnet variable frequency screw compressors, magnetic levitation centrifugal compressors, and air suspension centrifugal compressors [1] - The company's semiconductor vacuum products have gained recognition from some domestic chip manufacturers, initiating small batch supply to support new production line expansions and the replacement of old vacuum pumps [1] - The company is also collaborating with new clients and new processes for testing and validation [1]

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, down 0.28% year-on-year [1] - The gross margin and net margin for 2024 were 38.31% and 23.53%, reflecting a year-on-year change of -2.01 and +1.02 percentage points respectively [1] - In Q4 2024, the company achieved a revenue of 818 million yuan, a decline of 13.57% year-on-year, and a net profit of 141 million yuan, down 23.74% year-on-year [1] Group 2: Business Segments - The compressor business showed resilience, with revenue reaching 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, although the gross margin decreased by 0.74 percentage points to 33.09% [1] - The commercial central air conditioning market faced downward fluctuations due to real estate impacts, but the company is expanding its market share through new model development and upgrades, which is expected to sustain growth in the refrigeration compressor segment [2] - The vacuum pump business faced challenges, with revenue of 1.346 billion yuan in 2024, down 18.04% year-on-year, primarily due to a downturn in the photovoltaic industry [2] Group 3: Future Outlook - The company is focusing on the domestic substitution of semiconductor vacuum pumps, which have gained recognition from several domestic wafer fabs and equipment manufacturers, indicating potential growth opportunities [2] - The company aims to enhance its competitiveness in the air compressor market by launching high-end products, particularly oil-free compressors, which have significant domestic replacement potential [2]

Core Viewpoint - Hanbell Precise Machinery reported a revenue of 3.674 billion yuan for 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a decrease of 0.28% year-on-year, primarily due to the downturn in the real estate market affecting demand for refrigeration compressors and photovoltaic vacuum pumps [1] Financial Performance - The gross margin for 2024 was 38.31%, down by 2.01 percentage points year-on-year, mainly due to a price war triggered by supply-demand mismatches in the photovoltaic industry [2] - The net profit margin improved to 23.53%, an increase of 1.02 percentage points year-on-year, reflecting effective cost control measures [2] - The operating expense ratio for 2024 was 11.34%, down by 3.08 percentage points year-on-year, with management expenses at 4.03% (up 0.19 percentage points), sales expenses at 3.84% (down 0.88 percentage points), and R&D expenses at 4.95% (down 0.76 percentage points) [2] Industry Outlook - The demand for refrigeration compressors is expected to benefit from growth in the cold chain logistics and heat pump industries, as well as equipment upgrades, despite pressure from the commercial central air conditioning market due to real estate adjustments [3] - The total demand for cold chain logistics in 2024 is projected to reach 365 million tons, a year-on-year increase of 4.3% [3] - The semiconductor vacuum pump market is seeing a trend towards domestic substitution, with the company increasing its marketing efforts in the domestic semiconductor industry and beginning bulk deliveries to recognized semiconductor manufacturers [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 931 million yuan, 1.032 billion yuan, and 1.138 billion yuan, respectively, reflecting a downward adjustment due to unexpected pressures on commercial air conditioning and photovoltaic vacuum pumps [4] - The target price is set at 20.88 yuan, based on a 12 times price-to-earnings ratio for 2025, maintaining a "buy" rating [4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月25 日 汉钟精机发布 2024年年报。 2024年公司实现营收36.74亿元，同比-4.6%；实现归母净利润8.63 亿元，同比-0.3%；实现扣非归母净利润8.21亿元，同比-2.2%。其中，2024Q4公司单季度实现营收8.18亿 元，同比-13.6%；归母净利润1.41亿元，同比-23.7%；扣非归母净利润1.32亿元，同比-31.3%。 2024年销 售毛利率为38.3%，同比下滑2.0pct。 点评： 多条产品线稳健增长，与客户合作进展顺利。公司核心产品与下游头部客户建立稳定合作，产品应用领域 不断扩大： 1）商用空调压缩机： 新一代产品持续迭代， 能 适配新型环保冷媒； 2）冷冻冷藏压缩机： 通过对技 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its semiconductor vacuum pump business and overall growth potential [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with total revenue of 3.674 billion yuan, down 4.6% year-on-year, while net profit remained stable at 863 million yuan, a decrease of only 0.3% [2][3]. - The company's international expansion is progressing steadily, with overseas revenue increasing by 8.3% due to the commencement of operations at its factory in Vietnam [3]. - The semiconductor vacuum pump business is expected to grow, driven by ongoing collaboration with semiconductor equipment manufacturers and the acceleration of domestic substitution [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.74 billion yuan, with a net profit of 8.63 billion yuan and a non-recurring net profit of 8.21 billion yuan [2]. - The fourth quarter of 2024 saw a revenue of 8.18 billion yuan, down 13.6% year-on-year, and a net profit of 1.41 billion yuan, down 23.7% year-on-year [2]. Product Line Performance - The compressor business showed stable growth with revenue of 20.30 billion yuan, up 4.3%, while the vacuum product revenue decreased by 18.0% to 13.46 billion yuan [3]. - The gross margin for the vacuum products was 45.8%, reflecting a slight decline of 0.9 percentage points [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 9.3 billion yuan (down 22%) and 10.3 billion yuan (down 25%) respectively, while introducing a new forecast for 2027 at 11.4 billion yuan [4]. - The report emphasizes the growth potential of the semiconductor vacuum pump business, supported by the ongoing domestic substitution of key components [4].