格隆汇11月24日丨崇德科技(301548.SZ)在互动平台表示，公司生产的动压油膜滑动轴承主要应用于船 舶的电力推进系统，随着船舶朝着高速、重载的方向发展，其主动力装置中的燃气轮机对于动压油膜滑 动轴承的需求也越来越高。 （原标题：崇德科技(301548.SZ)：生产的动压油膜滑动轴承主要应用于船舶的电力推进系统） ...

证券代码：301548 证券简称：崇德科技 4、公司核电板块的发展情况？ 答：公司深耕核电滑动轴承多年，通过持续自主创新推动国产化替代，已具备为 核电领域含岛内主冷却剂泵在内的重大装配提供高可靠性滑动轴承设计-制造-测试- 监测-评价等全套解决方案。通过长时间的厚积薄发，公司近年来核电装备配套订单 显著增加，承接了多个核电轴承项目，公司核电轴承订单已创新高。同时，为进一步 巩固公司核电板块的技术实力和市场地位，公司建设了主泵轴承专门生产线，提升产 能和品质保障能力。 5、公司风电板块的发展情况？ 答：公司风电滑动轴承业务是公司动压油膜滑动轴承业务的有效组成部分，是上 市以来形成的新产品线；预计风电齿轮箱用滑动轴承营收相较于前两年有大幅增长， 且在手订单充足，预计未来风电业务成长性良好。公司正在努力提升激光熔覆效率， 对相关工艺进行改进。 湖南崇德科技股份有限公司 投资者关系活动记录表 编号：2025-011 | | 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 | | | □ ...

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]

Core Viewpoint - Chongde Technology (301548) has successfully established itself as a supplier of sliding bearings for gas turbines, covering a range from small to large gas turbines, and has begun supplying to leading global gas turbine manufacturers [1] Group 1 - The company has successfully supplied gas turbine bearings to major domestic manufacturers such as Shanghai Electric (601727), Dongfang Electric (600875), and Harbin Turbine [1] - Chongde Technology has achieved independent design and manufacturing of gas turbine sliding bearings [1] - The company is now supplying products to top global gas turbine manufacturers, indicating a significant expansion in its market reach [1]

Group 1 - The company has confirmed that its products can be used in fourth-generation nuclear power [2] - The company is involved in the research and manufacturing of sliding bearings for sodium pumps in fourth-generation nuclear reactors [2]

Core Viewpoint - Chongde Technology (301548.SZ) has announced its development of sliding bearings for fourth-generation nuclear power, specifically for the sodium pump fast reactor project [1] Group 1 - The company has confirmed that its dynamic pressure oil film sliding bearings can be utilized in fourth-generation nuclear power [1] - The company is currently engaged in the research and manufacturing of the "fourth-generation nuclear sodium pump fast reactor sliding bearing project" [1]

Core Viewpoint - Chongde Technology (301548) has announced its development of sliding bearings for fourth-generation nuclear power, specifically for the "Fourth Generation Nuclear Sodium Pump Fast Reactor Sliding Bearing Project" [1] Company Summary - Chongde Technology's sliding oil film bearings are applicable in fourth-generation nuclear power [1] - The company is actively involved in the research and manufacturing of sliding bearings for advanced nuclear technology [1]