2025 年 9 月 26 日 强烈推荐/维持 汉钟精机 公司报告 事件：9 月 22 日英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划， 以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。 汉钟精机（002158.SZ）：业绩短期 承压，有望迎来拐点 公 司 研 究 磁悬浮压缩机渗透率有望提升，公司磁悬浮压缩机产品有望受益。9 月 22 日 英伟达和 OpenAI 宣布达成合作，包括建设庞大数据中心计划，以及英伟达对 OpenAI 最高 1000 亿美元（约合 7115 亿元人民币）的投资。数据中心的算力 提升和规模扩张将带动制冷系统升级需求，随着 AI 算力需求激增，传统冷却 技术面临能耗瓶颈，磁悬浮压缩机的节能优势使其成为数据中心节能改造的关 键技术，契合带来的算力增长需求，渗透率有望提升。根据公司机构调研信息， 公司磁悬浮制冷压缩机有 RTM 系列共计 9 个型号，可以用于数据中心使用， 未来有望充分受益。 半导体真空泵有望随我国总体集成电路产业发展缩小与国际领先企业差距。公 司设计研发了 PMF、IPM 和 IPH 三个系列的真空泵用于半导体行业 ...

Industry and Company Insights - Real Estate Industry Commentary: The National Bureau of Statistics reported that the real estate sector continued its downward trend in August 2025, with expectations for more substantial policy measures in September [1] - Metal Industry Mid-Year Summary: The non-ferrous sector saw a net profit increase of 38%, highlighting the ongoing value of resource stocks [1] - Machinery Industry Weekly Report: The 28th edition of the manufacturing growth report noted that Oracle's RPO has increased to $455 billion, while Tesla is finalizing the design for Optimus V3 [1] - Electronics Industry Monthly Report: The power companies are experiencing a recovery in performance, with clear growth trends in the automotive and data center sectors [1] - Hanbell Precise Machinery (002158.SZ) Financial Report Commentary: The company is creating a new growth curve through its AIDC compressors and semiconductor vacuum pumps [1] - Zhongshen Power (001696.SZ) Financial Report Commentary: The company reported a 73% year-on-year increase in net profit for the second quarter, actively positioning itself in the low-altitude economy [1] - China Molybdenum Co., Ltd. (300470.SZ) Financial Report Commentary: As a leading manufacturer of mechanical seals, the company is expanding its international business to enhance growth opportunities [1]

Macro and Strategy - The central bank's net injection maintains a balanced liquidity environment, with expectations of a seasonal rise in funding rates in September [3][7] - CPI internal structure shows significant divergence between food and non-food items, which has smoothed CPI volatility [8][9] Real Estate Industry - In the first eight months of 2025, national real estate development investment reached 60,309 billion, down 12.9% year-on-year, with new housing starts and sales also declining [10][11] - The real estate market continues to face downward pressure, with policies expected to intensify in September [10][11] Metal Industry - The non-ferrous sector saw a 38% increase in net profit in the first half of 2025, with total revenue reaching 18,197 billion, up 6.66% year-on-year [12][13] - Industrial metals experienced a 38% profit growth, driven by rising commodity prices and stable downstream demand [13] - Precious metals also showed strong performance, with a 65.6% increase in net profit, supported by rising gold prices amid recession fears [14] Machinery Industry - Hanbell Precision Machinery reported a 42.9% decline in net profit in the first half of 2025, with revenue down 18.86% [25][26] - The company is focusing on the AIDC compressor and semiconductor vacuum pump sectors for new growth opportunities [25][26] Electronic Industry - The power semiconductor sector is recovering, with significant growth in the automotive and data center markets [23][24] - The penetration rate of SiC MOSFETs in new energy vehicles has reached 18%, indicating a growing trend towards advanced power devices [23] Low-altitude Economy - Zongshen Power's net profit increased by 73% in Q2 2025, with a focus on developing low-altitude economy products [31][32] - The company is actively pursuing opportunities in aviation power and has made significant progress in product certification [31][32] Investment Recommendations - Investment suggestions include focusing on companies with strong positions in AI liquid cooling, robotics, and power semiconductor sectors [17][20][24] - The report highlights the importance of monitoring policy impacts on the real estate sector and the potential for recovery in the metal and machinery industries [10][12][25]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company is experiencing a decline in revenue and net profit in the first half of 2025, with revenue down 18.86% year-on-year to 1.489 billion yuan and net profit down 42.90% to 257 million yuan. The gross margin and net margin are 35.02% and 17.29%, respectively, showing a decrease of 5.43 and 7.26 percentage points year-on-year [1][6]. - The compressor business is expected to benefit from the development of AIDC, with revenue in this segment growing 12.21% year-on-year to 1.077 billion yuan in the first half of 2025. The company is actively expanding into the data center market, which is anticipated to drive future growth [2][3]. - The photovoltaic vacuum pump business is under pressure, with revenue down 60.12% year-on-year to 276 million yuan in the first half of 2025. However, there is potential for stabilization and growth in the semiconductor vacuum pump market, where domestic alternatives are gaining traction [3][4]. Financial Summary - The company's revenue and net profit forecasts for 2025-2027 are adjusted to 608 million yuan, 716 million yuan, and 813 million yuan, respectively, with corresponding PE ratios of 23, 20, and 17 [3][4]. - Key financial metrics for 2025 include an expected revenue of 3.139 billion yuan, a net profit of 608 million yuan, and an EPS of 1.14 yuan. The EBIT margin is projected at 21.7% and ROE at 13.2% [4][18]. - The company maintains a strong market position with a total market capitalization of approximately 14.299 billion yuan and a closing price of 26.74 yuan [5][18].

Core Viewpoint - The establishment of Tongjia Hongrui's semiconductor vacuum pump headquarters and production base in Wuhan marks a significant achievement in the city's innovative investment attraction model and industrial development empowerment [1][6]. Group 1: Project Details - The project will focus on the production of dry vacuum pumps, serving as a core component of semiconductor vacuum process integrated equipment, along with a regional headquarters and service center [6][9]. - Tongjia Hongrui has a long-term collaboration with leading companies such as BOE and SMIC, which enhances its market responsiveness and service efficiency due to its proximity to these clients [6][9]. Group 2: Investment and Support - The successful landing of the project was supported by the Wuchuang Xingjia Fund, which was established through collaboration between the Wuhan Industrial Investment Holding Group and the Dongxihu District [6][10]. - The total investment scale of industrial funds in Wuhan has reached 40.833 billion yuan, with social capital investments amounting to 186.821 billion yuan, achieving a leverage effect of 4.5 times [10][11]. Group 3: Industry Impact - The project is expected to enhance the local semiconductor equipment manufacturing sector, addressing the historical reliance on foreign technology for vacuum pumps, which are considered the "heart" of semiconductor equipment [9][10]. - The establishment of Tongjia Hongrui in Wuhan is seen as a practical step towards strengthening the local supply chain in the semiconductor industry, complementing existing manufacturers like Yangtze Memory Technologies and Wuhan Xinxin [10][11].

Group 1 - The company reported a steady performance in the first half of 2025, achieving operating revenue of 1.489 billion yuan and a net profit attributable to shareholders of 257 million yuan, with basic earnings per share of 0.4813 yuan [1] - The company maintained a technological leading advantage in the compressor product sector, with steady revenue growth in commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [1] - Significant market expansion was noted in the vacuum product sector, particularly in the photovoltaic and semiconductor industries, with a notable increase in revenue from semiconductor vacuum pumps due to successful domestic substitution [1] Group 2 - The company actively promotes its international strategy by establishing overseas subsidiaries and strengthening cooperation with internationally renowned enterprises, contributing positively to overall performance [2] - The company aims to adhere to its core values of "innovation, quality, and service," while increasing efforts in technological innovation and market expansion in response to industry trends and market demand [2] - With the development of the digital economy and global market expansion, the company is expected to encounter broader development opportunities [2]

Core Viewpoint - The company has successfully passed recognition from several domestic chip manufacturers for its semiconductor vacuum pumps and has begun bulk supply, while also collaborating with multiple semiconductor equipment companies to promote the localization process [1] Group 1: Company Developments - The semiconductor vacuum pumps have started bulk supply after recognition from some domestic chip manufacturers [1] - New customers and processes are still undergoing testing and validation [1] - The company is gradually advancing the localization process through partnerships with several semiconductor equipment firms [1] Group 2: Product Performance - The performance of centrifugal compressors, including both standard and magnetic suspension types, has seen growth in the first half of this year [1] - Despite the growth, centrifugal compressors still represent a relatively small proportion of the overall performance [1]

人民财讯8月19日电，汉钟精机（002158）8月19日在互动平台表示，公司半导体真空泵已通过部分国内 芯片制造商的认可并开始批量供货，同时部分新客户和新工艺仍在配合测试验证中。此外，公司已与多 家半导体设备企业合作，逐步推动国产化进程，并在部分制程中实现小批量应用。离心式压缩机(包括 普通离心和磁悬浮离心)今年上半年的业绩有所增长，占整体业绩比重还较小。 ...

Core Viewpoint - The company has successfully gained recognition from several domestic chip manufacturers for its semiconductor vacuum pumps and has begun bulk supply, while also collaborating with new clients and testing new processes [1] Group 1: Semiconductor Vacuum Pumps - The company’s semiconductor vacuum pumps have received approval from some domestic chip manufacturers and are now in bulk production [1] - New clients and new processes are still undergoing testing and validation [1] - The company is collaborating with multiple semiconductor equipment firms to promote the localization process [1] Group 2: Centrifugal Compressors - The performance of centrifugal compressors, including both standard and magnetic suspension types, has seen growth in the first half of this year [1] - Despite the growth, the contribution of centrifugal compressors to the overall performance remains relatively small [1]

Core Viewpoint - The company has successfully gained recognition from several domestic chip manufacturers for its semiconductor vacuum pumps and has begun bulk supply, while also collaborating with new clients and testing new processes [1] Group 1: Semiconductor Vacuum Pumps - The company’s semiconductor vacuum pumps have received approval from some domestic chip manufacturers and are now in bulk supply [1] - New clients and new processes are still undergoing testing and validation [1] Group 2: Collaboration and Domestic Production - The company has partnered with multiple semiconductor equipment firms to promote the localization process [1] - Small batch applications have been achieved in certain processes [1] Group 3: Centrifugal Compressors - The performance of centrifugal compressors, including both standard and magnetic suspension types, has seen growth in the first half of the year [1] - However, the contribution of centrifugal compressors to overall performance remains relatively small [1]