国机精工集团股份有限公司投资者关系活动记录表 编号：2026—005 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他 | | 参与单位名称 | 国海证券：杜先康 | | 及人员姓名 | 银河基金：金寿鹏 | | 时间 | 2026 年 01 月 26 日 | | 地点 | 国机精工 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 一、公司情况介绍 | | | （一）公司概况 | | | 1.基本情况及战略定位 | | | 国机精工的历史，可追溯至 1958 年成立的洛阳轴承研究所和郑 | | | 州磨料磨具磨削研究所，2005 年在深交所上市。公司秉承国机集团"引 | | | 领机械工业发展，推动人类社会进步"的发展理念，践行"精工致远， | | | 利器善事"的企业使命与产业抱负，聚焦精密制造领域，以科技创新 | | | 驱动产业发展，提供满足国家战略需求的关键产品、技术和 ...

国机精工机构调研报告 调研日期: 2026-01-23 目录 一、调研基本情况 二、调研接待对象 三、主要调研内容 发现报告整理制作 fxbaogao.com 国机精工股份有限公司成立于2013年，股票代码002046。公司隶属于世界500强中国机械工业集团有限公司（国机集团），是国机集团精工业务的拓 展平台、精工人才的聚合平台和精工品牌的承载平台。公司核心企业有三家，分别是成立于1958年的洛阳轴承研究所有限公司、成立于1958年的郑州 磨料磨具磨削研究所有限公司以及成立于1981年的中国机械工业国际合作有限公司。此外，公司还托管白鸽磨料磨具有限公司和成都工具研究所有限 公司两家企业。国机精工是一家多元化、国际化的科技型、创新型企业，业务聚焦精密制造领域，具有雄厚的实力，居国内领先地位。业务涉及航 空航天、汽车与轨道交通、能源环保、船舶兵器、机床工具、石油化工、电子、冶金、建筑等国民经济重要产业，市场遍布全球80多个国家和地区。 公司秉承"合力同行,创新共赢"核心价值观，践行"客户价值创造者、股东价值提升者、员工价值实现者、创新发展引领者"价值取向，实施"一 体四驱"、"六个转型"发展战略，推进"内涵性增长 ...

国机精工集团股份有限公司投资者关系活动记录表 编号：2026—004 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他 | | 参与单位名称 | 国海证券：张钰莹、孟美辰 | | 及人员姓名 | 南方基金：李金哲 | | 时间 | 2026 年 01 月 23 日 | | 地点 | 国机精工 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 一、公司情况介绍 | | | （一）公司概况 | | | 1.基本情况及战略定位 | | | 国机精工的历史，可追溯至 1958 年成立的洛阳轴承研究所和郑 | | | 州磨料磨具磨削研究所，2005 年在深交所上市。公司秉承国机集团"引 | | | 领机械工业发展，推动人类社会进步"的发展理念，践行"精工致远， | | | 利器善事"的企业使命与产业抱负，聚焦精密制造领域，以科技创新 | | | 驱动产业发展，提供满足国家战略需求的关键产品 ...

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved significant technological advancements, with over 2,400 research outcomes and 1,076 national and industry standards established [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, driven primarily by the growth in wind power bearing business [3][4] - Gross profit reached CNY 797 million, up 20% year-on-year, while net profit was CNY 245 million, reflecting a 15.4% increase [3][4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, with a market share of over 90% in aerospace applications [4][9] - The wind power bearing business has been a significant growth driver, with the successful development of high-capacity bearings [4][9] Abrasives Business - The superhard materials segment continues to grow, with key products serving the semiconductor and automotive industries [5][10] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [5][10] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robotics [8][9] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] Governance and Investor Relations - Guoji Precision emphasizes transparent governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9][10] - The company has been recognized as a model enterprise for reform and innovation by the State-owned Assets Supervision and Administration Commission for four consecutive years [6][9]

Core Insights - The artificial diamond industry in China is leading globally, with a growing range of downstream products including cultivated diamonds and industrial diamond products [1][7] - Retail prices for cultivated diamonds have dropped over 50% from their peak, with high-quality 1-carat cultivated diamonds now priced around 3,500 yuan compared to over 40,000 yuan for natural diamonds [1][3] Group 1: Market Trends - The consumer acceptance of cultivated diamonds is high, with approximately 70% of buyers being young people, and sales have doubled compared to last year [3] - The retail price of cultivated diamonds has significantly decreased, making them more accessible to consumers [1] Group 2: Production and Technology - The production of cultivated diamonds involves high-temperature and high-pressure techniques, with a complete industrial chain established in Henan Province, including 46 companies covering all aspects from seed cultivation to cutting and processing [5][7] - The industry is also expanding into the production of industrial diamonds, which are used in cutting, grinding, and drilling applications, showing potential growth in sectors like photovoltaics and semiconductors [8] Group 3: Industrial Applications - Artificial diamonds are referred to as "industrial teeth" and are essential in various industrial applications, including precision tools for semiconductor processing [10][12] - The performance of superhard materials tools made from artificial diamonds has reached international advanced levels in terms of processing efficiency, cutting precision, and service life [12]

Core Insights - The diamond industry is evolving from low-end processing to high-end manufacturing, particularly in photovoltaic and semiconductor sectors, indicating new growth potential [1][7] Industry Overview - Diamonds, known as "industrial teeth," are widely used in industrial cutting, grinding, and drilling applications [1] - The production of synthetic diamonds involves high-temperature and high-pressure synthesis, followed by purification and sorting, resulting in micron-level single crystal diamond products [3] - China's synthetic diamond tools have reached international advanced levels in processing efficiency, cutting precision, and service life [7] Market Potential - The total industrial output value of superhard materials and products in China is projected to be approximately 100 billion yuan in 2024 [7] - The market space for material substitution in the diamond industry is expected to reach hundreds of billions of yuan [8] - If the purity of synthetic diamonds can be further improved, there is significant market potential for their use as semiconductor substrate materials [10] Applications and Innovations - Diamond's excellent thermal conductivity, which is about five times that of copper and eight times that of aluminum, positions it as a key material in advanced applications [7] - The latest application of diamonds in the industry includes heat dissipation materials, which are applicable in emerging sectors like computing and big data [11] - Near-transparent diamond optical window pieces, achieved by reducing impurity levels in diamond crystals, are ideal materials for extreme conditions in certain advanced fields [11]

Group 1: Diamond Applications and Market Potential - Diamond has excellent thermal conductivity, but cost issues limit its functional applications. As high-power devices and high-performance chips develop, the demand for diamond as a thermal material may increase [2] - The company has developed diamond-copper composite materials, which have thermal performance between copper and diamond but at a lower cost, showing good market potential [2] - The industrialization of diamond thermal applications is still in its early stages, primarily constrained by cost, but demand is expected to gradually open up [2] Group 2: Business Performance and Revenue - In 2024, the superhard tools business generated approximately 580 million yuan, with significant growth in the semiconductor sector [3] - The company holds over 90% market share in domestic aerospace bearing applications, including rocket fuel turbine pump bearings and satellite momentum wheel bearings [3] - The special bearing business has seen an increase in orders in the first half of the year, although pricing pressures have affected profitability [3] Group 3: Strategic Initiatives and Future Plans - The company focuses on high-value-added products in the robotics bearing sector, including cross-roller bearings and thin-walled bearings, with no current business relationships with humanoid robot companies [3] - Collaboration with local governments to establish a diamond company aligns with national strategic requirements and aims to promote the development of the superhard materials industry [3]

Group 1 - The core viewpoint of the article highlights that Guojijiangong (002046.SZ) is focusing on its semiconductor business, particularly in superhard material products, with projected revenue exceeding 300 million yuan in 2024 [1] - The main products in this sector include slicing blades, thinning wheels, ceramic carriers, and ceramic suction cups, which are identified as key development directions during the "14th Five-Year Plan" [1]

Core Viewpoint - The company Guojijinggong (002046.SZ) is focusing on its semiconductor business, which primarily involves superhard material products, with projected revenue exceeding 300 million yuan in 2024 [1] Group 1: Business Overview - The semiconductor business includes key products such as slicing blades, thinning wheels, ceramic carriers, and ceramic suction cups [1] - The semiconductor sector is identified as a key development direction during the "14th Five-Year Plan" period [1]

Company Overview - The history of Guojijiang Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [3] Business Segments and Applications - Guojijiang operates in the bearing and abrasive tools industry, covering five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management [3] - Products are widely used in aerospace, naval weaponry, electronic information, new energy, high-end machine tools, and automotive sectors [3] Technological Innovation - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since its inception [3] - It has received 298 national and provincial-level scientific awards, with two achievements awarded the "National Science and Technology Progress Second Prize" in the last five years [3] Business Performance Bearing Business - The special bearing business has shown steady growth, contributing significantly to profit increases, with a key product matching rate of over 90% in the aerospace sector [4] - Wind power bearing business has seen strong growth, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings, fully replacing imports [4] Abrasive Tools Business - The superhard materials tools business continues to grow, with core products serving semiconductor, automotive, and optical industries [4] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [4] Financial Highlights - Over the past five years, key financial indicators such as total profit, return on net assets, and gross profit margin have consistently increased [4] - The company aims for a long-term dividend payout ratio of no less than 40%, with a current payout ratio ranking in the 70th percentile among listed companies [7] Future Outlook - The company plans to focus on its core businesses of bearings and abrasive tools, enhancing technological research and development, and expanding into high-growth sectors [6] - It aims to consolidate existing advantages while exploring future potential businesses, such as bearings for commercial aerospace and humanoid robots [6] Governance and Investor Relations - Guojijiang emphasizes transparent governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [8] - The company has implemented a three-year shareholder return plan to ensure sustainable investor benefits [7]