[Table_Title] 证券研究报告 / 公司点评报告 积极布局核聚变产业，主业持续深耕 [Table_Summary] 公司为国内成型机床制造商，以高端成形机床和智能分选设备为主 业。公司是成形机床细分领域的单项冠军企业，产品应用于汽车、航空 航天、国防军工、智能家电、船舶、轨道交通、新材料、电子等多领 域，核心产品包括液压机、机械压力机、聚变堆核心零部件等。公司生 产的光电分选设备主要围绕大宗原材料的分选、分级、提质、增效，面 向大米、杂粮、茶叶、固体废弃物、矿石、煤炭六大分选领域。 积极布局核聚变产业，卡位"终极能源"产业。公司在核聚变领域布 局深入，公司参与发起成立了聚变产业联合会并成为副理事长单位，公 司董事长严建文担任聚变产业联合会理事长，受聘为聚变产业联合会总 工艺师，同时担任聚变新能（安徽）有限公司董事长及合肥综合性国家 科学中心能源研究院执行院长。业务端，公司聚变堆、真空室等核心部 件的制造工作进展顺利，完成了"BEST 真空室首批重力支撑"交付，同 时公司首套真空室扇区制造进展顺利，已经进入最终成环准备阶段。公 司还参与 BEST 真空室偏滤器及包层项目研制工作，与李政道研究所 签约共 ...

Core Viewpoint - The report highlights the financial performance and operational developments of Hefei Metalforming Intelligent Manufacturing Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in net profit. Financial Performance - The company's operating income for the first half of 2025 was approximately 982.29 million yuan, representing an increase of 8.23% compared to 907.60 million yuan in the same period last year [2]. - Total profit for the period was approximately 19.92 million yuan, up 6.56% from 18.69 million yuan year-on-year [2]. - The net profit attributable to shareholders decreased by 11.39% to approximately 9.51 million yuan from 10.74 million yuan in the previous year [2]. - The net cash flow from operating activities showed a significant decline, with a negative cash flow of approximately 26.13 million yuan compared to a positive flow of 59.04 million yuan in the same period last year, marking a decrease of 144.26% [2]. - As of the end of the reporting period, the company's total assets were approximately 4.66 billion yuan, an increase of 3.01% from 4.52 billion yuan at the end of the previous year [2]. Industry Overview - The company operates in the high-end equipment manufacturing sector, focusing on hydraulic and mechanical presses, with a commitment to research and development [3]. - The machine tool industry experienced a slight decline in revenue of 1.7% in the first half of 2025, although there was a recovery in demand driven by increased investment in certain user industries [3]. - The nuclear fusion sector is advancing, with significant investments and developments in engineering feasibility, indicating potential for future growth [3]. Business Segments - The hydraulic press business serves multiple sectors, including automotive, aerospace, and defense, with products designed for lightweight automotive applications and advanced manufacturing processes [6][7]. - The mechanical press segment focuses on high-end, large-scale automatic pressure machines, with increasing demand from the automotive and appliance industries [17]. - The company is also involved in the production of intelligent optical sorting equipment, which has seen growth in applications across various industries, including agriculture and recycling [12][19]. Technological Advancements - The company is leveraging deep learning and advanced imaging technologies in its optical sorting equipment, enhancing performance and expanding application areas [12][19]. - Continuous innovation in product design and technology is a key strategy for maintaining competitive advantage in the high-end manufacturing sector [18].