港股上市有助于公司把握PCB行业黄金发展机 遇，3D打印业务将成公司新增长点；公司在国内 石化领域市占率非常领先，海外业务主要聚焦于 "一带一路"沿线国家——0224调研日报 2026/02/24 16:27 今日内容： 大族激光：港股上市有助于公司把握PCB行业黄金发展机遇，3D打印业务将成 公司新增长点 中密控股：公司在国内石化领域市占率非常领先，海外业务主要聚焦于"一带一 路"沿线国家 【公司在国内石化领域市占率非常领先】 在公司的业务布局中，石化领域是当前产品的主要应用方向。目前，国内中高端机械密封存 量市场规模约为60亿~70亿元人民币，其中石化相关领域的存量业务占比约25%。我们目前在 国内石化领域存量市场的市占率约为20%出头，在近几年国内石化领域增量市场大项目中， 公司市占率可达60%~70%。随着既有增量业务逐步转化为存量，未来在石化领域存量市场份 额仍有提升潜力。 【公司的产品客户粘性很高】 由于机械密封产品的价值量在项目总投资额中占比较低，而密封产品又对装置的安全运行起 到很大的作用，客户的粘性很高，所以只要密封产品运行稳定、使用没有出现重大问题，客 户通常不会更换在运行装置的密封产品供 ...

Core Viewpoint - The company emphasizes the importance of mechanical seal products in ensuring the safe operation of installations, despite their low value proportion in total project investments [1] Group 1 - The value of mechanical seal products is low relative to total project investment but is critical for operational safety [1] - Customer loyalty is high; clients typically do not change suppliers as long as the products operate reliably without major issues [1] - Loss of existing business primarily results from client bankruptcies or shutdowns, which are infrequent due to the company's clientele being predominantly profitable enterprises [1]

Market Overview - The domestic mid-to-high-end mechanical seal market size is approximately RMB 60-70 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is over 20%, with potential market share reaching 60-70% in large incremental projects [2] - The global mechanical seal market size is around RMB 400 billion, with the "Belt and Road" countries representing about one-third of this market [2][3] Business Strategy - The company focuses on both incremental and stock business in international markets, particularly in "Belt and Road" countries, where market capacity is closely linked to fixed asset investment plans [3] - The current strategy involves monitoring international market dynamics and pursuing both existing projects and potential new projects [3] Dividend Policy - The company emphasizes returning value to investors, considering industry characteristics, current development stage, profitability, and major investment plans when formulating dividend policies [3] Customer Retention - The mechanical seal products have high customer retention due to their critical role in operational safety, leading to low rates of customer turnover [3] - Historical losses from small customer bankruptcies have been minimal, indicating strong customer loyalty [3] Order Composition - The current order book shows a balance between incremental and stock business, with a ratio of approximately 1:1 [3]

Group 1 - The company has not yet participated in solid-state battery projects [1] - The company supplies mechanical seal products for polysilicon and epoxy resin equipment projects, but this segment contributes a low proportion to overall revenue [1]

格隆汇2月13日丨中密控股(300470.SZ)在投资者互动平台表示，公司目前暂未参与固态电池的项目，公 司有向多晶硅、环氧树脂装置项目供货过机械密封产品，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。 ...

Group 1 - Xi Jinping emphasized the need for continuous efforts to improve the industrial structure and contribute to China's modernization during his visit to Benxi Steel's cold-rolled plant [1] - Liaoning's industrial system is well-established, focusing on the transformation of traditional industries and the cultivation of strategic emerging industries [1] - The province aims to enhance technological innovation to drive industrial development and achieve high-quality growth [1] Group 2 - Benxi Steel has implemented digital and intelligent transformations, achieving a 11% increase in factory intelligence index and a 11.2% improvement in labor efficiency [3] - The production of high-end automotive steel plates has reached a precision control of ±0.02 mm, meeting the high standards of manufacturers like Mercedes-Benz and BYD [3] - The proportion of high-end steel products at Benxi Steel has risen to 44.21%, with a 30% reduction in defect rates and a 25% decrease in new product development cycles [3] Group 3 - Dandong Klon Group has invested nearly 250 million yuan to establish a digital workshop, achieving 100% connectivity of key equipment and online collaboration of business processes [5] - The company has developed a cloud-based data sharing mechanism and a dedicated team for product programming, significantly enhancing operational efficiency [5] - The transition to digital transformation is now seen as a necessity for the company, with plans to explore modular and intelligent production further [5] Group 4 - Liaoning has established 193 advanced intelligent factories and digital workshops, with key tool CNC rate and digital design tool penetration rates at 69.3% and 85.8%, respectively, surpassing national averages [7] - The province has made significant strides in integrating technological innovation with industrial innovation, with 216 key technologies developed and over 1,000 million yuan in technology transfer contracts [13] Group 5 - The production of wear-resistant discs by Feixun Technology has filled a domestic gap, with products now outperforming imported counterparts [9] - The company has achieved a fully digital and intelligent production process, ensuring consistency and quality in the manufacturing of agricultural machinery components [11] - The collaboration between Feixun Technology and the Chinese Academy of Sciences has led to breakthroughs in high-strength and high-toughness materials for agricultural machinery [11] Group 6 - The province's consumption promotion activities have significantly contributed to economic growth, with various stakeholders collaborating to enhance market scale [19] - The integration of sports events with tourism and consumption has created new market opportunities, demonstrating a shift from merely stimulating consumption to creating it [20]

Core Viewpoint - Zhongmi Holdings (300470.SZ) has confirmed that its mechanical seal products are utilized in the Long March 12 rocket [1] Group 1 - Zhongmi Holdings engaged with investors on an interactive platform to disclose the application of its products [1]

Group 1: Market Development and Strategy - The company views incremental business as a key source for development and expansion, despite increasing competition in the market [2] - The international market, particularly in the oil and petrochemical sectors, presents significant growth opportunities, especially with increased investment and project acceleration in the Middle East [2] - The company aims to capture market share in the international stock market by gradually replacing foreign brands with its products, focusing on "occupying stock through incremental" strategies [3] Group 2: Product and Service Quality - The company has over 40 years of development, achieving industry-leading technology levels, which allows it to replace foreign mechanical seals in key application areas [3] - A strong service attitude and efficient problem-solving enhance customer trust and loyalty, particularly after resolving critical issues [3] - The mechanical seal industry faces challenges due to its complex nature, requiring high levels of expertise and experience, with past engineering performance being a significant barrier to entry [3] Group 3: International Expansion - The acquisition of the German subsidiary KS GmbH is a strategic move to enhance international market presence and gain valuable experience in international mergers and acquisitions [3] - KS GmbH's products are at an internationally leading level, providing synergy with the company's existing operations [3]

Core Insights - The company has made significant progress in international market replacement, "Belt and Road" strategy, and talent reserves, indicating a potential for further growth in international business as technology strength and brand recognition continue to improve [4] Group 1: International Market Replacement - The company has developed the technical capability to replace foreign brands in key application areas after over 40 years of technological accumulation, enhancing customer stickiness through timely and efficient after-sales service [3] - The acceptance of the company's products in international markets is steadily increasing, although large-scale direct replacement in the existing market remains challenging [3] Group 2: "Belt and Road" Strategy - The company estimates that the broad mechanical seal international existing market capacity is approximately 40 billion RMB, with about one-third of this market located in "Belt and Road" countries, corresponding to a market space of around 13.3 billion RMB [3] - The current business in these countries is primarily incremental, directly related to fixed investment scales, making it difficult to predict new project volumes [3] Group 3: Talent Reserves - The company faces a temporary talent bottleneck, particularly in engineering design, due to long design cycles and high task volumes in international business [3] - Recruitment efforts, including overseas hiring, have been intensified over the past two years, leading to a gradual alleviation of design pressure [3] Group 4: Business Model Evolution - The company's international business model has evolved from "following domestic manufacturers" to "directly engaging with overseas markets," establishing closer ties with foreign manufacturers and end customers [3]

Group 1: Market Recognition and Brand Influence - The company has achieved a high level of technical capability in mechanical seals, allowing it to replace foreign brands in the domestic and international markets [2] - Customer trust and loyalty have increased due to the company's commitment to solving critical issues and providing timely after-sales support [2] - The company's brand influence is gradually strengthening, leading to improved acceptance of its products in international markets [2] Group 2: Market Potential and Strategy - The broad international market for mechanical seals is estimated to be approximately 40 billion RMB, with the "Belt and Road" countries accounting for about one-third of this market [3] - The company primarily focuses on incremental business in "Belt and Road" countries, with strategies in place to monitor and pursue new projects as they arise [3] Group 3: Talent and Operational Challenges - The main bottleneck for the company is the shortage of engineering design personnel, particularly for international business [3] - Recent recruitment efforts, including overseas hiring, are expected to alleviate design pressure over time [3] Group 4: Business Model Evolution - Initially, the company's international business model involved supplying seals for domestic manufacturers' international orders [4] - The model has evolved to include direct engagement with foreign end-users, enhancing the company's brand presence and market penetration [4]