证券日报网讯 1月9日，崇德科技在互动平台回答投资者提问时表示，公司动压油膜滑动轴承产品目前 主要应用于能源发电、工业驱动、石油化工及船舶等领域。关于核聚变装置的应用，该领域的发电机汽 轮机装置、真空泵上可以使用到动压油膜滑动轴承。 （文章来源：证券日报） ...

Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The company focuses on high-end hydrodynamic oil film sliding bearings, with rapid growth in downstream demand from sectors such as wind power, nuclear power, gas turbines, and generators, indicating a potential for sustained performance [2][12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.58, 1.86, and 2.19 yuan respectively, with a target price set at 65.10 yuan based on a 35x price-to-earnings (PE) ratio for 2026 [12][18]. Financial Summary - Total revenue is projected to grow from 523 million yuan in 2023 to 812 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [4][16]. - Net profit attributable to the parent company is expected to increase from 101 million yuan in 2023 to 190 million yuan in 2027, with a CAGR of 17.8% [4][16]. - The company’s return on equity (ROE) is forecasted to rise from 7.1% in 2023 to 10.0% in 2027 [4][16]. Market Position - The company has established a diversified product model centered on hydrodynamic oil film sliding bearings, with a strong technological foundation and a global customer base including major players like GE and Shanghai Electric [12][18]. - The hydrodynamic oil film sliding bearings market in China is projected to grow from 3.23 billion yuan in 2020 to approximately 6.72 billion yuan by 2026, with a compound annual growth rate (CAGR) of over 13% [12][18]. Industry Context - The demand for hydrodynamic oil film sliding bearings is driven by their advantages such as high speed, excellent load-bearing capacity, low friction coefficient, long service life, and strong impact resistance, making them suitable for various high-tech strategic emerging industries [12][18]. - The company’s products are increasingly being adopted in nuclear power and gas turbine applications, indicating a growing market for high-end energy equipment [12][18].

12月15日晚间，国家级专精特新"小巨人"企业湖南崇德科技（301548）股份有限公司(以下简称"崇德科 技")官宣喜讯：公司与全球能源领军企业GEVernova的合作持续深化，金额约2000万元人民币的沙特 SEC二期轴承订单已正式签署。作为深耕动压油膜滑动轴承领域的龙头企业，此次订单落地进一步巩固 了其在高端轴承国际市场的竞争力。 据悉，SEC二期项目是沙特电力公司(Saudi ElectricityCompany，SEC)推进的第二阶段大型电池储能系统 建设项目，总投资超67.3亿沙特里亚尔(约合120亿元人民币)，规划总装机容量2.5GW/10GWh，是沙特 能源转型及电网现代化进程中的核心工程。该项目部分核心装置由GE Vernova牵头负责开发、制造与组 装。 此次二期订单的达成，源于首期合作的良好铺垫。此前，崇德科技已向GE Vernova交付18套同步调相机 用动压油膜滑动轴承，该批产品顺利装配至86MVar调相机电机，经测试后稳定运行，凭借可靠性能获 得客户充分认可。 为攻克这一系列难题，崇德科技组建专项团队，聚焦结构设计、材料选型、工艺优化、涂层技术、检验 检测等关键环节开展技术攻关，最终 ...

格隆汇12月11日丨崇德科技(301548.SZ)在投资者互动平台表示，公司始终关注机器人领域的技术发 展，并积极探索动压油膜滑动轴承在机器人应用的可能性。如有涉及披露的事项，公司将严格遵循信息 披露规则，及时履行信息披露义务。 ...

Core Viewpoint - Chongde Technology (301548.SZ) produces dynamic pressure oil film sliding bearings primarily used in the electric propulsion systems of ships, with increasing demand due to the trend towards high-speed and heavy-load vessels [1] Company Summary - The company specializes in dynamic pressure oil film sliding bearings [1] - These bearings are essential components in the main power units of ships, particularly gas turbines [1] Industry Summary - The shipbuilding industry is evolving towards higher speeds and heavier loads, driving the demand for advanced components like dynamic pressure oil film sliding bearings [1] - The increasing reliance on gas turbines in ship propulsion systems is expected to further boost the need for these bearings [1]

Group 1: Company Overview - The main products and services include dynamic pressure oil film sliding bearings, wind power sliding bearings, high-speed permanent magnet motor products, and industrial transmission services, focusing on energy generation, industrial drive, petrochemicals, and shipping sectors [2] - The company achieved a revenue of 445 million CNY and a net profit of 102 million CNY in the first three quarters of 2025, with a non-recurring net profit of approximately 89.33 million CNY [2] Group 2: Production and Capacity Utilization - The company is operating at full capacity, with production schedules optimized based on order conditions, and is enhancing capacity utilization through improvements in equipment, processes, and logistics [2] - The company plans to significantly increase capacity with the gradual commissioning of fundraising projects [2] Group 3: International Sales - The company has maintained rapid growth in international business, including direct exports and domestic factory support for international clients, with notable clients such as Siemens AG, GE, and ABB [4] Group 4: Nuclear Power Sector - The company has developed high-reliability sliding bearing solutions for the nuclear power sector, resulting in a significant increase in orders for nuclear power bearings, reaching a new high [5] Group 5: Wind Power Sector - The wind power sliding bearing business is expected to see substantial revenue growth compared to the previous two years, with a strong order backlog and ongoing improvements in laser cladding efficiency [6] Group 6: Future Development Strategy - The company aims to focus on industrial sliding bearings while expanding into emerging industries and high-speed motors, pursuing internationalization, high-end development, and value creation [8]

Core Viewpoint - Chongde Technology shows strong performance growth driven by its focus on sliding bearing core business and advancements in high-performance bearing technology [1] Group 1: Business Performance - The company’s self-developed hydrodynamic oil film sliding bearing products are widely used in high-end fields such as energy generation, industrial drive, petrochemicals, and shipping, with market shares projected at 24.30%, 55.10%, 10.24%, and 6.06% respectively by the first half of 2025 [1] - The overall performance remains robust with a strong profit growth momentum, supported by increased orders in high-end energy sectors such as nuclear power, wind power, gas turbines, and petrochemicals [1] Group 2: Technological Advancements - The company has achieved several key breakthroughs in high-performance bearing technology, making substantial progress in hydrodynamic oil film sliding bearings, new material applications, and new bearing product lines [1] - The acquisition of German company Levicron enhances the company’s technological layout and drives its international strategy, boosting global competitiveness [1] Group 3: Market Strategy - The company is responding to the power demands of data centers by supplying bearings to Dongfang Electric, indicating a strategic alignment with market needs [1]

Core Insights - The company focuses on the research, design, production, and sales of hydrodynamic oil film sliding bearings, with strong performance growth in recent periods [1][2][5] Revenue and Profitability - In Q3 2025, the company achieved operating revenue of 162 million yuan, a year-on-year increase of 48.04%, and a net profit attributable to shareholders of 36 million yuan, up 60.87% [2] - For the first three quarters of 2025, operating revenue, net profit, and net profit after deducting non-recurring gains and losses were 445 million yuan, 102 million yuan, and 89 million yuan, respectively, representing year-on-year growth of 20.25%, 19.68%, and 24.44% [2] - The gross margin and net margin for the first three quarters were 37.22% and 22.97%, showing slight declines of 0.95 percentage points and 0.06 percentage points year-on-year [2] Product and Market Development - The company’s self-developed hydrodynamic oil film sliding bearings are widely used in high-end fields such as energy generation, industrial drive, petrochemicals, and shipping, with significant order increases in nuclear power, wind power, gas turbines, and petrochemical sectors [1][5] - The company’s overseas revenue reached 44 million yuan in the first half of 2025, accounting for 15.37% of total revenue, with a year-on-year growth of 14.58% [4] Strategic Acquisitions - The company completed the acquisition of 100% of German Levicron GmbH for 8.5 million euros, enhancing its technological capabilities and international competitiveness [3] - Levicron GmbH's core products include ultra-precision CNC machine tool spindle systems, which will help the company establish a no-oil lubrication bearing technology system and access the European high-end manufacturing market [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 585 million yuan, 665 million yuan, and 816 million yuan, respectively, with corresponding EPS of 1.54 yuan, 1.86 yuan, and 2.14 yuan [5] - The current stock price corresponds to PE ratios of 35.5, 29.5, and 25.6 for the years 2025, 2026, and 2027 [5]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company focuses on the research, design, production, and sales of hydrodynamic oil film sliding bearings, with strong performance growth observed [4]. - In the first half of 2025, the company's revenue structure showed that sliding bearing components, total sliding bearings, and related products generated revenues of 0.95 billion, 0.81 billion, and 0.47 billion yuan, respectively, with year-on-year growth rates of +7.73%, +1.12%, and -3.09% [4]. - The company has made significant technological breakthroughs in high-performance bearing technology, particularly in hydrodynamic oil film sliding bearings and new material applications [4]. - The acquisition of German Levicron GmbH for 8.5 million euros enhances the company's technological layout and international competitiveness [5][7]. - The company has secured contracts for gas turbine bearings, including a project worth approximately 9.8 million yuan with Dongfang Electric [8]. Revenue and Profitability - In Q3 2025, the company achieved a revenue of 1.62 billion yuan, representing a year-on-year increase of 48.04%, with a net profit of 0.36 billion yuan, up 60.87% [5]. - For the first three quarters of 2025, the company reported revenues of 4.45 billion yuan, a year-on-year increase of 20.25%, and a net profit of 1.02 billion yuan, up 19.68% [5]. - The gross margin and net margin for the first three quarters were 37.22% and 22.97%, respectively [5]. Future Projections - The company forecasts revenues of 5.85 billion, 6.65 billion, and 8.16 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.54, 1.86, and 2.14 yuan [9][11]. - The projected PE ratios for the years 2025, 2026, and 2027 are 35.5, 29.5, and 25.6, respectively [9].

Core Insights - Chongde Technology's dynamic pressure oil film sliding bearing products are primarily used in energy generation, industrial drives, petrochemicals, and shipping sectors [2] - The application of these bearings in nuclear fusion devices includes turbine systems and vacuum pumps, although nuclear fusion technology is still in the research and development phase, with commercial progress being uncertain [2] - The company will continue to monitor industry technological advancements and actively expand product applications in new industrial scenarios [2]