来源：市场资讯 （来源：财报翻译官） 朋友们，最近外资的动向，真的有点东西！ 不知道大家注意到没有，总被我们吐槽"坏得很"的华尔街巨头——摩根、高盛、瑞银，最近居然不约而 同地盯上了一家A股的高端制造公司：合锻ZN。$合锻智能(603011) 外资不是慈善家，他们真金白银砸进来，绝对不是来短期炒作的。合锻吸引他们的，绝不是眼下这点利 润，而是三个硬核逻辑： 外资买的不是它的过去，而是中国高端制造不可逆转的未来。 第二把火：财报里藏着两个关键积极信号！ 虽然净利润暂时下滑，但我们绝对不能只看这一个数字。财报里有两个关键细节，比利润更重要： 一家二季度业绩还下滑11%的公司，凭什么能同时吸引顶级投行的目光？是短线炒作，还是看到了什么 我们没看到的东西？ 当财官仔细扒开它最新的财报，发现了几组"极度矛盾"的数据： 这说明什么？ 说明这家公司表面上业绩承压，但体内正暗流涌动，很可能在憋一个大招。 今天，财官就带大家盘一盘，合锻到底是不是真的被低估了。 第一把火：三大外资同时买入，他们看中了什么？ 面上业绩：净利润951万，同比下降11%（看起来有点拉垮） 暗里变化：存货13.67亿，创历史新高，同比大增13% 回款能 ...

Core Insights - The company, Hezhong Intelligent, reported a total operating revenue of 982 million yuan for the first half of 2025, representing a year-on-year increase of 8.23%, while the net profit attributable to shareholders decreased by 11.39% to 9.51 million yuan [1][2][3] Company Performance - The company is primarily engaged in high-end forming equipment and intelligent sorting equipment, providing products and services including hydraulic presses, mechanical presses, color sorters, and core components for fusion reactors [1][2] - The revenue structure shows that color sorters remain a significant part of the revenue, generating 489 million yuan, while hydraulic presses and mechanical presses contributed 304 million yuan and 146 million yuan, respectively, together accounting for over 95% of total revenue [2] Industry Developments - Hezhong Intelligent is involved in the manufacturing of core components for controlled nuclear fusion, with significant projects such as the BEST vacuum chamber, which has a total contract value of 209 million yuan [2][3] - The company has made progress in manufacturing key components, including the delivery of the first batch of gravity supports for the BEST vacuum chamber and the independent research and development of Inconel718 super bolts [3] Market Outlook - The global controlled nuclear fusion market is projected to grow from 331.49 billion USD in 2024 to 351.11 billion USD in 2025, with a compound annual growth rate of 8.1% expected to reach 479.5 billion USD by 2029 [3][4] - The industry is attracting significant investment, with over 7.1 billion USD expected in 2024, and major companies in the US securing substantial funding [4]

Core Viewpoint - The report highlights the financial performance and operational developments of Hefei Metalforming Intelligent Manufacturing Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in net profit. Financial Performance - The company's operating income for the first half of 2025 was approximately 982.29 million yuan, representing an increase of 8.23% compared to 907.60 million yuan in the same period last year [2]. - Total profit for the period was approximately 19.92 million yuan, up 6.56% from 18.69 million yuan year-on-year [2]. - The net profit attributable to shareholders decreased by 11.39% to approximately 9.51 million yuan from 10.74 million yuan in the previous year [2]. - The net cash flow from operating activities showed a significant decline, with a negative cash flow of approximately 26.13 million yuan compared to a positive flow of 59.04 million yuan in the same period last year, marking a decrease of 144.26% [2]. - As of the end of the reporting period, the company's total assets were approximately 4.66 billion yuan, an increase of 3.01% from 4.52 billion yuan at the end of the previous year [2]. Industry Overview - The company operates in the high-end equipment manufacturing sector, focusing on hydraulic and mechanical presses, with a commitment to research and development [3]. - The machine tool industry experienced a slight decline in revenue of 1.7% in the first half of 2025, although there was a recovery in demand driven by increased investment in certain user industries [3]. - The nuclear fusion sector is advancing, with significant investments and developments in engineering feasibility, indicating potential for future growth [3]. Business Segments - The hydraulic press business serves multiple sectors, including automotive, aerospace, and defense, with products designed for lightweight automotive applications and advanced manufacturing processes [6][7]. - The mechanical press segment focuses on high-end, large-scale automatic pressure machines, with increasing demand from the automotive and appliance industries [17]. - The company is also involved in the production of intelligent optical sorting equipment, which has seen growth in applications across various industries, including agriculture and recycling [12][19]. Technological Advancements - The company is leveraging deep learning and advanced imaging technologies in its optical sorting equipment, enhancing performance and expanding application areas [12][19]. - Continuous innovation in product design and technology is a key strategy for maintaining competitive advantage in the high-end manufacturing sector [18].

Summary of the Conference Call for 合锻智能 Company Overview - 合锻智能 is a leading enterprise in the high-end forming machine tool equipment industry in China, benefiting from the lightweight trend in the new energy vehicle sector, with expected growth in hot forming and composite material product orders, aiming to reverse last year's losses and achieve profitability [2][5][8]. Industry Insights - The company has formed a duopoly in the color sorting machine sector with 美亚光电, holding a global market share of approximately 20 billion RMB, with about 8 billion RMB in the domestic market [2][9]. - The company is confident in maintaining a growth rate of 10%-20% post-strategic adjustments in 2025, with a positive export trend to countries like India, Turkey, and Vietnam [2][5][10]. Key Projects and Developments - 合锻智能 has secured an order for a nuclear fusion vacuum chamber worth approximately 210 million RMB, with the first batch of gravity supports already delivered and the main body expected to be partially delivered in 2025 [2][11]. - The company has established a partnership with the Chinese Academy of Sciences to address high technical barriers in vacuum chamber manufacturing, focusing on welding deformation control as a significant challenge [4][12]. Strategic Direction - In 2025, 合锻智能 plans to expand in multiple business segments, prioritizing Southeast Asia and Central Europe through localized agents and service networks to reduce operational costs [5][8]. - The company aims to enhance brand exposure through international exhibitions and social media, providing differentiated solutions for various regions [5][8]. Research and Development - 合锻智能 has invested significantly in R&D, particularly in the nuclear fusion sector, with a focus on manufacturing processes, material selection, and structural design to meet extreme conditions [13][20]. - The company has established a strategic cooperation agreement with the Shanghai Li Zhengdao Research Institute to build a cutting-edge manufacturing laboratory, aiming to expand its potential in the nuclear energy and scientific device sectors [20][21]. Competitive Advantages - As a national-level manufacturing champion, 合锻智能 has revised multiple national and industry standards and participated in significant national science and technology projects, reinforcing its competitive edge in niche markets [6][7]. - The company’s strategic acquisitions, such as the German brand 劳法尔, are aimed at deepening its presence in the European market and enhancing its competitiveness in high-end sectors like automotive and home appliances [2][8]. Market Challenges - The company acknowledges the need to adapt to international market changes and currency fluctuations, which may impact its export business [5][10]. - The color sorting machine sector faces rapid iteration cycles, with replacement periods of 2 to 5 years, necessitating continuous innovation to stay competitive [9][10]. Conclusion - 合锻智能 is positioned to leverage its technological advancements and strategic partnerships to capitalize on growth opportunities in both domestic and international markets, particularly in the high-end manufacturing and nuclear fusion sectors [2][21].

Core Viewpoint - The company is a leading enterprise in the high-end forming machine tool and intelligent sorting equipment industry, with a focus on the nuclear fusion sector, which is expected to drive its growth trajectory in the coming years [1][3]. Group 1: Nuclear Fusion Industry Developments - The company has accelerated its involvement in nuclear fusion projects, winning contracts for key components such as vacuum chambers and gravity supports, indicating a strong order pipeline [1][2]. - The domestic nuclear fusion industry is projected to grow rapidly, with significant projects like CFEDR and various hybrid reactors expected to commence in the near future, positioning the company to benefit from this growth [2][3]. - Global nuclear fusion initiatives, including the ITER project and private sector efforts in the U.S. and Japan, highlight the increasing international focus on fusion energy, which may create additional opportunities for the company [2][3]. Group 2: Core Business Performance - The company is recognized as a champion in the forming machine tool sector, with products utilized across various industries including automotive, aerospace, and defense, showing a robust recovery in its core business [3][4]. - The hydraulic press segment has seen significant advancements, particularly in applications related to new energy vehicles, contributing to an increase in market share [3][4]. - The mechanical press segment is experiencing growth due to rising demand from the new energy vehicle sector and domestic brands, with a notable increase in orders for high-end automated pressure machines [4]. Group 3: Intelligent Sorting Equipment - The company is a pioneer in the optical sorting equipment market, with a strong focus on applications in food safety and recycling, leading to a substantial increase in revenue from this segment [4]. - The revenue from the color sorting machine business is projected to grow significantly, reflecting a compound annual growth rate (CAGR) of approximately 26.2% from 2021 to 2024 [4]. Group 4: Financial Projections - The company is expected to achieve revenues of 24.8 billion, 28.4 billion, and 33.5 billion from 2025 to 2027, with corresponding net profits of 0.37 billion, 1.34 billion, and 2.58 billion [5]. - The current valuation reflects the early-stage development of the nuclear fusion industry, suggesting substantial future growth potential [5][6].

Group 1 - The company, Hefei Huoan Intelligent Manufacturing Co., Ltd., focuses on high-end and intelligent manufacturing strategies, primarily in high-end forming machine tools and intelligent sorting equipment [5][6][36] - The company has a negative distributable profit of RMB -398,157,643.03 as of December 31, 2024, and has decided not to distribute profits or increase capital from reserves for the year 2024 [4][28] - The company has received a standard unqualified audit report from Rongcheng Accounting Firm [3] Group 2 - The company's hydraulic press business serves multiple sectors including automotive, aerospace, defense, smart home appliances, and new materials, with a leading market share in automotive lightweight technology [6][10][35] - The company has developed advanced hydraulic machines for various applications, including high-strength steel hot forming hydraulic machines and large hydraulic press stamping production lines [8][9][10] - The company has achieved breakthroughs in manufacturing core components for fusion reactors, participating in significant national projects and focusing on advanced manufacturing technologies [28][29] Group 3 - The company employs a direct sales model, utilizing industry exhibitions and promotional events to market its products, while also providing value-added services such as remote diagnostics and equipment upgrades [31][44] - The procurement strategy is based on order-driven purchasing, ensuring cost control and quality through a structured supplier evaluation process [32][45] - The production model emphasizes personalized customization alongside standardized design, utilizing a flexible production approach to meet market demands [34][46] Group 4 - The company’s intelligent sorting equipment focuses on various sectors including rice, grains, tea, minerals, and solid waste, leveraging deep learning technology for enhanced sorting capabilities [36][37][49] - The company has introduced innovative products in the rice sorting segment, utilizing advanced data models and hardware configurations to improve sorting efficiency [37][38] - The company has established a strong market position in intelligent sorting, continuously expanding its product offerings and maintaining industry leadership through technological advancements [49]