格隆汇12月16日丨隆基机械(002363.SZ)在互动平台表示， 公司是深耕汽车制动安全领域的国家高新技 术企业，专注汽车制动系统核心部件 —— 制动盘、制动鼓的研发、生产与销售，凭借核心技术突破优 化制动性能参数，以精细化制造把控产品精度与可靠性，为整车厂商及售后市场提供专业、安全的制动 部件解决方案。公司主要为中国运载火箭技术研究院的专用运输车辆提供制动盘等制动部件产品。 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][13]. Core Insights - The company focuses on the core automotive components business, with robust growth driven by industrial robotics and overseas expansion [2]. - The company has established a dual-line industrial structure, covering both "automotive engine and body components" and "hydrogen energy power systems and components" [2]. - The company reported a revenue of 924 million yuan in Q3 2025, representing a year-on-year growth of 20.22%, and a net profit of 92 million yuan, up 64.72% year-on-year [2]. - For the first three quarters of 2025, the company achieved revenues of 2.867 billion yuan, net profit of 326 million yuan, and a non-recurring net profit of 318 million yuan, with respective year-on-year growth rates of 16.35%, 39.89%, and 55.76% [2]. - The company’s gross margin and net margin for the first three quarters were 27.88% and 12.87%, respectively, showing increases of 3.02 percentage points and 2.44 percentage points year-on-year [2]. Business Segmentation - In H1 2025, the company generated revenues from various segments: cylinder liners (1.04 billion yuan, +9.14%), brake drums (286 million yuan, +56.28%), piston rings (157 million yuan, +7.61%), electric controllers (153 million yuan, +7.20%), pistons (54 million yuan, +38.19%), and bearings (33 million yuan, +16.50%) [3]. - The brake drum business exhibited exceptional growth, with revenue growth exceeding 50%, becoming a key driver of overall performance [3]. - The company is actively addressing international market risks and is steadily advancing the construction of its production base in Thailand, increasing the total investment from 350 million yuan to 500 million yuan to support capacity expansion [3]. Technological Advantages - The company leverages its core technologies in diesel engines, including steel piston technology and friction pair sealing technology, to provide high-quality key components for diesel engines [4]. - The company has established a stable customer base, covering major domestic engine manufacturers and entering the supply chains of global companies like Cummins and Caterpillar [9]. Market Expansion - The company’s subsidiary, Henan Hengjiu Brake System Co., focuses on the research and production of bimetal composite brake drums, achieving significant sales growth of 286 million yuan in H1 2025 [10]. - The company is expanding its production capacity to meet growing market demand, with the second phase of the brake drum project completed in June 2025, increasing the annual production capacity to 1.4 million units [10]. Electric Control Actuators and Hydrogen Energy - The company has a complete product line in electric control actuators, successfully breaking the foreign brand monopoly in the high-end commercial vehicle sector [11]. - The company is proactively developing a complete ecosystem for hydrogen energy systems, having established partnerships for hydrogen equipment manufacturing and application scenarios [12]. Financial Forecast - The company is projected to achieve revenues of 3.901 billion yuan, 4.553 billion yuan, and 5.326 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.69 yuan, 0.82 yuan, and 0.96 yuan [13][15].

Core Viewpoint - Longi Machinery is a national high-tech enterprise focused on the automotive brake safety sector, specializing in the research, production, and sales of core components of automotive brake systems, namely brake discs and drums [1] Company Overview - Longi Machinery emphasizes core technology breakthroughs to optimize brake performance parameters and ensures product precision and reliability through refined manufacturing [1] - The company provides professional and safe brake component solutions for both vehicle manufacturers and the aftermarket [1] - Longi Machinery is a key supplier to the China Academy of Launch Vehicle Technology, primarily supplying brake discs and other brake components [1]

Core Viewpoint - Longi Machinery is a key supplier for the China Academy of Launch Vehicle Technology, primarily providing brake discs and other braking components for the aerospace sector [2]. Company Overview - Longi Machinery (002363.SZ) is a national high-tech enterprise focused on the automotive brake safety field, specializing in the research, production, and sales of core components of brake systems, including brake discs and drums [2]. - The company emphasizes core technological breakthroughs to optimize braking performance parameters and ensures product precision and reliability through meticulous manufacturing [2]. Product Offering - The main products supplied by Longi Machinery to the China Academy of Launch Vehicle Technology include brake discs and other braking components [2].

Core Viewpoint - Longi Machinery (002363) clarified on October 14 that the company primarily focuses on the research, production, and sales of automotive brake discs and drums, and does not manufacture motor components [1] Company Summary - Longi Machinery specializes in automotive brake components, specifically brake discs and drums [1]

Performance Forecast - The company expects a net profit of 218 million to 249 million yuan for the current reporting period, representing a year-on-year growth of 23.21% to 40.73% compared to 176.94 million yuan in the same period last year [1] - The profit attributable to shareholders is projected to be 214 million to 245 million yuan, with a year-on-year growth of 34.72% to 54.23% compared to 158.85 million yuan in the previous year [1] - Basic earnings per share are estimated to be between 0.37 yuan and 0.42 yuan, up from 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively seized market opportunities and expanded market share despite the complex domestic and international economic environment [1] - Significant growth in the production and sales of core products such as cylinder liners, pistons, brake drums, and electronic control actuators has been achieved compared to the previous year [1] - Continuous optimization of resource allocation, cost reduction, and control of period expenses have further enhanced profitability, leading to stable growth in operating profit [1]

Core Viewpoint - The essence of US-China economic and trade relations is mutual benefit and win-win cooperation, despite the recent escalation of tariffs by the Trump administration, which has introduced uncertainty into trade negotiations [1][10]. Group 1: Tariff Increases and Trade Negotiations - The Trump administration has announced new tariffs on six categories of Chinese imports, with rates ranging from a minimum of 86.24% to a maximum of 504.07%, and in some cases, exceeding 1157.53% when combining anti-dumping and countervailing duties [1][3]. - The US Secretary of the Treasury, Mnuchin, indicated that there may be further talks with China in three weeks, highlighting concerns over China's 30% share in global manufacturing and the desire for China to open its market to more US products [7]. Group 2: Strategic Reasons Behind Tariffs - The Trump administration's approach of conducting investigations before imposing tariffs is seen as a strategy to avoid the social and economic repercussions of a full-scale tariff war, which has already contributed to inflation and increased consumer burdens in the US [3][4]. - The administration aims to increase fiscal revenue and encourage the return of manufacturing jobs to the US, targeting lower-tech industries to reduce unemployment and fulfill campaign promises [4][6]. Group 3: Implications for US-China Relations - The ongoing trade tensions have created uncertainty in resolving trade issues, with the US heavily reliant on Chinese industrial and consumer goods, particularly in high-tech and military sectors [7][10]. - The upcoming China International Import Expo, scheduled for July 16-20, is expected to see a 15% increase in US exhibitors, indicating a continued interest from American companies in the Chinese market despite trade tensions [8][10]. - The mutual dependence in global supply chains suggests that cooperation remains the most viable path forward, as prolonged trade conflicts could exacerbate inflation and operational costs in the US [10].

Group 1 - The U.S. has imposed unprecedented tariffs on six categories of Chinese goods, with rates reaching as high as 1157%, indicating a significant escalation in trade tensions [1][5][9] - Specific products affected include electric tricycles, slag buckets, plywood, and brake drums, with tariffs ranging from 294% to 1157% [5][9] - The strategy appears to be a targeted approach rather than a broad-based attack, aiming to minimize domestic backlash while applying pressure on specific sectors [7][9] Group 2 - The political context reveals that President Trump's approval ratings have dropped to 39%, prompting a need to shift blame for economic issues onto China [11][13] - The timing of the tariff announcement, shortly after a diplomatic meeting, suggests a calculated move to strengthen negotiation leverage while maintaining a tough stance [13][24] - The U.S. is facing a paradox where it relies heavily on Chinese rare earth materials for military and technological applications, complicating the tariff strategy [15][21] Group 3 - Chinese companies are adapting quickly to the tariffs by shifting export markets and investing in product upgrades, demonstrating resilience against U.S. trade policies [26][28] - The ongoing trade conflict has led to increased costs for U.S. infrastructure projects, ultimately impacting American consumers [26][28] - The upcoming negotiations are expected to be challenging, with China maintaining a firm stance on its conditions for cooperation, particularly regarding rare earth materials [28][30]