格隆汇11月21日丨征和工业(003033.SZ)在投资者互动平台表示，征和工业作为全球链系统技术领导 者，深耕本土市场，以核心技术实现进口替代。公司直接出口日本产品收入占比较小，对业务未产生实 质影响，并将审慎评估日本出口客户业务，遵守国家相关政策法规。同时，公司研发的微型链，已应用 于机器人灵巧手及关节模组等高端场景，在机器人领域布局进展已超越日本龙头。 ...

Core Viewpoint - Zhongyou Securities report indicates that Zhenghe Industrial achieved a net profit attributable to shareholders of 133 million yuan in Q1-Q3 2025, representing a year-on-year increase of 35.7% [1] - The company reported a net profit of 44 million yuan in Q3 alone, with a year-on-year growth of 14.65% [1] Financial Performance - Revenue and net profit attributable to shareholders show steady growth, with an increase in gross margin and a decrease in expense ratio [1] - The company focuses on high-value-added single products, with several seed businesses expected to gradually enter the harvest period [1] Product Development - The company is developing micro-chain products with several technical advantages, including: - High lifespan and load capacity, with a single chain's cycle life exceeding one million times and maximum destructive load strength over 30 kilograms [1] - Lightweight design, with micro-chains weighing less than or equal to 20g/m [1] - High control precision, maintaining a precision level of 0.1 to 0.2 millimeters without significant stretching or wear [1] - Low maintenance costs throughout the product lifecycle [1] - Long-term transmission efficiency maintained at over 95% [1] Strategic Partnerships and Future Plans - The company has established a strategic partnership with Shanghai Zhuoyide Robotics Co., Ltd., and is developing pilot application scenarios in the dexterous hand field to promote collaborative development [1] - The company plans to raise funds through a private placement to invest in high-quality sectors such as agricultural machinery components, garden saw chains, and micro-chains [1] Valuation - The projected PE valuations for the company from 2025 to 2027 are 32.79, 28.33, and 22.93 respectively, maintaining a "buy" rating [1]

证券研究报告：汽车|公司点评报告 股票投资评级 买入 |维持 个股表现 2024-11 2025-01 2025-04 2025-06 2025-08 2025-11 -6% 18% 42% 66% 90% 114% 138% 162% 186% 210% 征和工业 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 68.34 | | --- | --- | | 总股本/流通股本（亿股）0.82 | / 0.81 | | 总市值/流通市值（亿元）56 | / 55 | | 52 周内最高/最低价 | 86.53 / 25.56 | | 资产负债率(%) | 47.2% | | 市盈率 | 42.71 | | 第一大股东 | 青岛魁峰控股集团有限 | | 公司 | | 研究所 拟定增募集资金，投入农机部件、园林锯链、微型链等优质赛道。 公司 2025 年度向特定对象发行 A 股股票的募集资金总额不超过 81,800万元，用于以下项目：农机部件扩产项目（投资总额43,348.21 万元）、园林工具锯链刀具系统项目（投资总额 20,069.43 万元）、微 型链系统软硬件一体化研发项目（ ...