格隆汇1月8日丨中密控股(300470.SZ)在互动平台表示，部分液体运载火箭会用到公司的机械密封，公 司已具备为此部分液体运载火箭配套机械密封的技术能力。但在公司涉及的液体运载火箭市场里，商业 火箭的应用占比相对较低，其总体空间与公司传统优势所在的石化机械密封市场相比，存在显著差距。 近期，公司已获得少量液体运载火箭领域的商业应用订单，但该部分业务产生的营业收入在公司整体营 收中占比较低。 ...

格隆汇1月8日丨中密控股(300470.SZ)在互动平台表示，部分液体运载火箭会用到公司的机械密封，公 司已具备为此部分液体运载火箭配套机械密封的技术能力。但在公司涉及的液体运载火箭市场里，商业 火箭的应用占比相对较低，其总体空间与公司传统优势所在的石化机械密封市场相比，存在显著差距。 近期，公司已获得少量液体运载火箭领域的商业应用订单，但该部分业务产生的营业收入在公司整体营 收中占比较低。 ...

格隆汇12月30日丨中密控股(300470.SZ)在投资者互动平台表示，公司产品目前暂未应用于张家港氢能 产业。公司的干气密封、机械密封、特种阀门、橡塑密封可以应用于氢能制备、存储、输送等环节，公 司一直在积极拓展该领域的应用。 ...

格隆汇12月30日丨中密控股(300470.SZ)在互动平台表示，公司产品目前暂未应用于张家港氢能产业。 公司的干气密封、机械密封、特种阀门、橡塑密封可以应用于氢能制备、存储、输送等环节，公司一直 在积极拓展该领域的应用。 ...

资料显示，中密控股股份有限公司位于四川省成都市武侯区武科西四路八号，成立日期1993年9月29 日，上市日期2015年6月12日，公司主营业务涉及各类机械密封的设计、研发、制造和销售,并为客户提 供技术咨询、技术培训、现场安装、维修等售前、售中和售后全方位技术服务。主营业务收入构成为： 机械密封31.09%，干气密封及控制系统24.36%，橡塑密封12.58%，机械密封辅助系统11.01%，特种阀 门7.14%，密封产品修复4.94%，其他产品4.33%，零配件4.22%，其他(补充)0.34%。 机构持仓方面，截止2025年9月30日，中密控股十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1378.67万股，相比上期减少573.66万股。富国天惠成长混合(LOF)A/B（161005）位居第 四大流通股东，持股609.94万股，相比上期减少390.06万股。 中密控股所属申万行业为：机械设备-通用设备-其他通用设备。所属概念板块包括：核电、水电概念、 养老金概念、社保重仓、油气管网等。 责任编辑：小浪快报 12月22日，中密控股盘中上涨2.03%，截至13:58，报37.24元/股，成交1. ...

中密控股（300470.SZ）12月5日在投资者互动平台表示，部分液体运载火箭会用到公司的机械密封，公 司已具备为此部分液体运载火箭配套机械密封的技术能力。但在公司涉及的液体运载火箭市场里，商业 火箭的应用占比相对较低，其总体空间与公司传统优势所在的石化机械密封市场相比，存在显著差距。 近期，公司已获得少量液体运载火箭领域的商业应用订单，但该部分业务产生的营业收入在公司整体营 收中占比较低。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，据公司官方抖音号上，陈虹总说我国运载 火箭的密封基本都是中密配套的，而公司总说在航空航天领域未有商业订单，请问贵司与投资者的互动 是否严谨，请公司准确的回答下公司产品是否在航空航天领域有应用？ ...

格隆汇12月5日丨中密控股(300470.SZ)在互动平台表示，部分液体运载火箭会用到公司的机械密封，公 司已具备为此部分液体运载火箭配套机械密封的技术能力。但在公司涉及的液体运载火箭市场里，商业 火箭的应用占比相对较低，其总体空间与公司传统优势所在的石化机械密封市场相比，存在显著差距。 近期，公司已获得少量液体运载火箭领域的商业应用订单，但该部分业务产生的营业收入在公司整体营 收中占比较低。 ...

Core Viewpoint - Zhongmi Holdings' stock price has shown a positive trend with a 4.06% increase year-to-date and an 8.00% rise over the last five trading days, indicating strong market performance and investor interest [1][2]. Company Overview - Zhongmi Holdings, established on September 29, 1993, and listed on June 12, 2015, is located in Chengdu, Sichuan Province. The company specializes in the design, research and development, manufacturing, and sales of various mechanical seals, providing comprehensive technical services [1]. - The company's revenue composition includes: mechanical seals (31.09%), dry gas seals and control systems (24.36%), rubber and plastic seals (12.58%), auxiliary systems for mechanical seals (11.01%), special valves (7.14%), seal product repair (4.94%), other products (4.33%), spare parts (4.22%), and others (0.34%) [1]. Financial Performance - For the period from January to September 2025, Zhongmi Holdings reported a revenue of 1.283 billion yuan, reflecting a year-on-year growth of 12.30%. The net profit attributable to shareholders was 278 million yuan, with a year-on-year increase of 2.71% [2]. - The company has distributed a total of 919 million yuan in dividends since its A-share listing, with 617 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongmi Holdings had 18,200 shareholders, an increase of 22.36% from the previous period. The average circulating shares per person decreased by 18.36% to 10,865 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest, holding 13.7867 million shares, a decrease of 5.7366 million shares from the previous period. The fourth-largest shareholder, Fortune Tianhui Growth Mixed Fund (LOF) A/B, holds 6.0994 million shares, down by 3.9006 million shares [3].

Core Insights - The company reported Q3 revenue of 426 million yuan, a year-on-year increase of 1.66% but a quarter-on-quarter decrease of 4.73%. Net profit attributable to shareholders was 91 million yuan, down 6.89% year-on-year and 2.52% quarter-on-quarter [1] - The decline in Q3 revenue was primarily due to a slowdown in project delivery in the mechanical seal and special valve segments, with some business expected to materialize in Q4. Profit decline was mainly impacted by share-based payment amortization [1] - The company maintains a "buy" rating due to its comprehensive product layout and ongoing capacity expansion, which is expected to support continued operational improvement [1] Financial Performance - The overall gross margin for the first three quarters was 44.01%, down 3.60 percentage points year-on-year. Q3 gross margin was 43.96%, a decrease of 4.46 percentage points year-on-year, attributed to weak downstream demand and a higher proportion of low-margin incremental business [2] - The total expense ratio for the first three quarters was 19.34%, a decrease of 0.80 percentage points year-on-year, indicating effective expense management [2] Strategic Developments - The company is expanding its market presence despite challenges in the petrochemical sector, leveraging its competitive advantages and aligning with the "Belt and Road" initiative for international growth [3] - In February 2025, the company completed the acquisition of German KSGmbH, enhancing its control over core raw materials. It also plans to continue dividend distributions to improve investor returns [3] - The company is focusing on capacity expansion and R&D breakthroughs, with ongoing digitalization efforts and successful product launches, including 18 new patents [3] Profit Forecast and Valuation - Due to the lack of significant recovery in downstream market demand, the company has revised its net profit forecasts for 2025-2027 downwards by 2.47%, 3.61%, and 4.30%, respectively, with projected profits of 427 million, 491 million, and 561 million yuan [4] - The target price is set at 47.20 yuan, based on a 20 times PE valuation for 2026, reflecting the current market conditions [4]

Group 1 - The company has a presence in the hydrogen energy sector, with products applicable to hydrogen production, storage, and transportation [2] - Specific products mentioned include dry gas seals, mechanical seals, special valves, and rubber-plastic seals, which are already utilized in green hydrogen projects [2]