思进智能分析师会议 调研日期：2025年09月12日 调研行业：通用设备 参与调研的机构：通过价值在线(www.ir-online.cn)参与公司 2025年半年度业绩说明会的全体投资者等 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 / 机构调研pr ...

Group 1: Company Performance and Financials - In the first half of 2025, the company achieved revenue of RMB 334.55 million, a 7.28% increase from RMB 311.86 million in the same period last year [3][5] - The net profit attributable to shareholders decreased by 40.31% to RMB 72.03 million from RMB 120.68 million year-on-year [5] - The net profit excluding non-recurring gains and losses was RMB 69.11 million, an 8.76% increase from RMB 63.55 million in the previous year [5] Group 2: Business Strategy and Development - The company plans to enhance core competitiveness through increased R&D investment, capacity expansion, improved marketing, and after-sales service [3][4] - A new manufacturing project for multi-station precision warm forging equipment and integrated large-scale die-casting equipment is under construction on a 63.818-acre site, expected to be completed in 2025 [4][12] - The company aims to maintain a focus on its main business while exploring new product development in intelligent, high-station, large-diameter, and environmentally friendly cold forming equipment [9][11] Group 3: Market Expansion and Sales - As of the first half of 2025, overseas sales accounted for 17.64% of total sales, with key markets including India, Thailand, Turkey, and Brazil [8] - The company is actively participating in international exhibitions and industry conferences to strengthen its presence in overseas markets [8] Group 4: Product Development and Innovation - The SJHF series of multi-station precision warm forging equipment has entered the trial production phase, with successful testing of the SJHBF-502L prototype [6][13] - The company has produced high-strength hexagonal bolts (M42×420) weighing approximately 5.5 kg using the new equipment [7][13] - Revenue from applications in the new energy and traditional automotive sectors was approximately RMB 289.78 million in 2024, accounting for 46.28% of total revenue [8] Group 5: Challenges and Future Outlook - The company faces challenges in expanding production capacity to meet the growing demand for customized heavy equipment [12] - As of June 30, 2025, the company had an order backlog of approximately RMB 360 million, indicating strong future revenue potential [10][12]

Core Viewpoint - The financial performance of Sijin Intelligent (003025) shows revenue growth but significant profit decline in the 2025 mid-year report, indicating potential challenges in profitability despite increased sales [1] Financial Performance - Total revenue for the first half of 2025 reached 335 million yuan, a year-on-year increase of 7.28% compared to 312 million yuan in 2024 [1] - Net profit attributable to shareholders was 72.03 million yuan, reflecting a 40.31% decrease from 121 million yuan in the previous year [1] - The gross profit margin was 37.71%, down 2.36% from 38.62% in 2024, while the net profit margin dropped significantly by 44.36% to 21.53% [1] - Operating expenses totaled 28.18 million yuan, accounting for 8.42% of revenue, a decrease of 5.4% year-on-year [1] - Earnings per share fell to 0.25 yuan, down 41.86% from 0.43 yuan in 2024 [1] Cash Flow and Assets - Cash and cash equivalents increased by 60.02% to 126.8 million yuan from 79 million yuan in 2024 [1] - Accounts receivable decreased by 17.54% to 45.16 million yuan, indicating improved collection efficiency [1] - The company reported a significant reduction in interest-bearing liabilities, down 73.62% to 41,300 yuan [1] Business Model and Operational Insights - The company's return on invested capital (ROIC) was 15.86%, indicating strong capital returns, with a historical median ROIC also at 15.86% since its listing [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects and their financial viability [3] - The production cycle for the company's main products, high-speed automatic cold forming equipment, varies significantly based on complexity, typically ranging from 3-12 months depending on the model [4] - The company currently has a robust order backlog, ensuring tight production schedules [4]

证券日报网讯思进智能（003025）8月27日在互动平台回答投资者提问时表示，公司主导产品多工位高 速自动冷成形装备作为制造紧固件、异形件的重要工作母机，下游应用领域所属行业较为宽泛，被广泛 应用于汽车、机械、核电、风电、电器、铁路、建筑、电子、军工、航空航天、石油化工、船舶、工具 等领域。公司会在每年的半年度报告和年度报告之"第三节管理层讨论与分析"中对下游应用领域进行具 体分类。公司2025年半年报预约披露时间为2025年8月28日，具体详情敬请关注公司后续披露的定期报 告。 ...

Company Overview - The company specializes in multi-station high-speed automatic cold forming equipment, primarily used for manufacturing various metal parts at room temperature [2][3] - Cold forming technology is defined as "bulk metal forming technology at room temperature" [5] Equipment Features and Advantages - High-speed multi-station equipment can produce dozens to hundreds of parts per minute, enhancing production efficiency and saving space and labor [3] - The process improves mechanical properties such as tensile strength compared to cutting processes [3] - High material utilization with minimal or no cutting required [3] - Capable of processing complex and hard-to-cut metal parts [3] Production and Delivery - Production time varies significantly based on equipment specifications, with small to medium models taking 3-5 months and larger, customized models taking 6-12 months [5] - The company currently has a robust order backlog and tight production scheduling [5] Industry Characteristics - The cold forming equipment industry does not exhibit significant seasonal characteristics, as demand is influenced more by client orders and investment plans [6] Application Fields - Key application sectors include automotive, machinery, nuclear power, wind power, electrical, railways, construction, electronics, military, aerospace, petrochemicals, and shipbuilding [7] - New application areas such as industrial robotics and security are emerging, though they currently represent a small revenue share [7] Market Size and Share - The company is the first publicly listed cold forming equipment manufacturer in A-shares, but lacks authoritative sales statistics for market size and share [9] - The company aims to expand its market share by enhancing R&D and production capacity while improving marketing and after-sales services [9] Profitability and Product Development - Higher station counts in cold forming equipment generally correlate with higher profit margins [10] - The company has transitioned from producing 3-4 station models to 7-8 station products, enhancing product value [10] Marketing Strategy - The company employs a direct sales model, utilizing industry exhibitions and advertisements for customer outreach [11] - Key international markets include India, Thailand, Turkey, Egypt, Brazil, Argentina, Algeria, Malaysia, and Tunisia [11] Technological Advancements - The company is developing multi-station intelligent precision warm forging equipment, with prototypes currently in testing [12] - The warm forging technology aims to improve metal structure and enhance load capacity for complex parts [12] Talent Development - The company focuses on cultivating skilled technicians with a commitment to craftsmanship and innovation [12]

Group 1: Company Overview - The company specializes in cold forming equipment, which is complex and requires significant technical expertise and long-term R&D to manufacture [3][4]. - The typical lifespan of cold forming equipment is around 10 years under normal conditions [5]. Group 2: Market Barriers - There are significant entry barriers in the cold forming equipment industry, including technical, talent, and customer barriers [3]. - **Technical Barrier**: The complexity of the equipment and the need for extensive R&D limit new entrants [3]. - **Talent Barrier**: Skilled technicians require years of training and experience, making it difficult for new companies to compete [3]. - **Customer Barrier**: High-value equipment leads to cautious purchasing decisions from customers, who prefer established manufacturers [3]. Group 3: Production and Delivery - The production cycle for cold forming equipment varies significantly based on the model, with smaller models taking 3-5 months and larger, customized models taking 6-12 months [4]. - The company currently has a full order book and a tight production schedule [4]. Group 4: Market Demand - There is increasing demand for non-standard shaped parts, which is driving the need for cold forming equipment [4]. - The company aims to enhance its product offerings by focusing on intelligent, high-station, large-diameter, and environmentally friendly cold forming equipment [4]. Group 5: Global Market and Competition - The company is the first publicly listed cold forming equipment manufacturer in A-shares, but lacks authoritative sales statistics for the global and domestic market sizes [7]. - The company plans to increase R&D investment and expand production capacity to strengthen its market position and reduce the gap with international competitors [7]. Group 6: Marketing and Sales - The company employs a direct sales model, utilizing industry exhibitions and advertisements for customer acquisition [7]. - In 2024, overseas sales are primarily focused on countries such as India, Thailand, Turkey, and Brazil [7]. Group 7: Technological Advancements - The company has made significant progress in developing multi-station intelligent precision warm and hot forging equipment, with prototypes currently in testing [9][10]. - The company holds 13 patents related to warm forging technology, indicating strong innovation capabilities [10]. Group 8: Future Projects - A new manufacturing project for multi-station precision warm forging and large intelligent die-casting equipment is expected to be completed by 2025 [11]. - The project will enhance production capabilities and reduce delivery times for heavy equipment orders [11].

Group 1: Company Performance and Strategy - The company reported a revenue of approximately RMB 1.63 billion for Q1 2025, representing a year-on-year growth of 10.45% [11] - The net profit attributable to shareholders was about RMB 40.13 million, an increase of 14.45% compared to the previous year [11] - The company aims to strengthen R&D innovation, expand production capacity, and enhance marketing and after-sales service capabilities to maintain its leading position in the domestic market [3][11] Group 2: Production and Capacity Expansion - The company acquired a 42,545 square meter land parcel for RMB 63.18 million in December 2022, intended for manufacturing multi-station precision thermal forging equipment and integrated large intelligent die-casting equipment [4][15] - The construction of the new production base is expected to be completed by 2025, with a focus on producing customized heavy equipment to accelerate order delivery [4][15] - Currently, the company has three production bases, with one already operational since June 2022 [4][5] Group 3: Market and Industry Position - The company holds approximately RMB 293 million in effective orders as of December 31, 2024, indicating a robust order backlog [6] - The company is the first publicly listed firm in the cold forming equipment manufacturing sector in A-shares, facing competition primarily from non-listed companies [10][11] - The cold forming equipment industry is characterized by a three-tier competitive landscape, with international firms dominating the high-end market [11] Group 4: Future Growth and Development - Future product development will focus on intelligent, high-station, large-diameter, and environmentally friendly cold forming equipment [12][13] - The company is working on breaking the reliance on imported precision thermal forging equipment, aiming to meet domestic market needs for complex parts [13] - The revenue from industrial robot applications is currently small, accounting for approximately RMB 4.14 million, or 0.66% of total revenue for 2025 [8]