编号：2025-006 | | ■特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 中信证券股份有限公司：刘海博、闵睿 | | | 参与单位名称及 | 鹏华基金管理有限公司：柳黎 | | | 人员姓名 | 天弘基金管理有限公司：李昕岩 | | | | 中意资产管理有限责任公司：陈东飞 | | | 时间 2025 | 年 11 月 25 | 日（星期二）13:30 | | 地点 | 大连重工中革基地综合楼 | 324 会议室 | | | 董事、高级副总裁、首席财务官、董事会秘书陆朝昌 财务管理本部总经理牛经纬、总账会计郑芷辛 | | | | 战略发展本部副总经理李楠 | | | 上市公司 | | | | 接待人员 | 营销管理本部客户服务中心主任李野 | | | | 大连华锐国际工程有限公司总会计师刘梅 | | | | 大连大重齿轮传动机械有限公司总经理助理赵大奇 | | | | 董事会办公室证券 ...

分红方面，深科达A股上市后累计派现5077.60万元。近三年，累计派现944.56万元。 机构持仓方面，截止2025年9月30日，深科达十大流通股东中，大成中证360互联网+指数A（002236） 位居第八大流通股东，持股63.08万股，为新进股东。 责任编辑：小浪快报 资料显示，深圳市深科达智能装备股份有限公司位于广东省深圳市宝安区西乡街道龙腾社区汇智研发中 心B座10楼，成立日期2004年6月14日，上市日期2021年3月9日，公司主营业务涉及从事平板显示器件 生产设备的研发、生产和销售。主营业务收入构成为：平板显示类设备49.90%，半导体设备27.02%， 核心零部件22.49%，其他(补充)0.59%。 截至9月30日，深科达股东户数7041.00，较上期增加7.55%；人均流通股13415股，较上期减少7.02%。 2025年1月-9月，深科达实现营业收入5.28亿元，同比增长30.52%；归母净利润2787.45万元，同比增长 178.29%。 11月21日，深科达跌5.33%，成交额5340.70万元。两融数据显示，当日深科达获融资买入额487.59万 元，融资偿还501.82万元，融资净买入 ...

Core Viewpoint - The company is actively exploring opportunities in the robotics industry, leveraging its technological reserves and industrial advantages to engage in comprehensive layouts and capabilities in both complete products and core components [1] Group 1: Company Strategy - The company has indicated plans to integrate into the robotics industry chain, utilizing its existing technology and industry strengths [1] - The company has established product research and real-world training collaborations with several well-known domestic and international clients in the industrial application sector [1]

Core Viewpoint - Huafeng Co., Ltd. has shown significant stock price appreciation this year, with a year-to-date increase of 145.78% and a recent surge of 24.76% over the past five trading days [1] Group 1: Stock Performance - As of November 5, Huafeng's stock price reached 36.08 CNY per share, with a market capitalization of 6.16 billion CNY [1] - The company has appeared on the trading leaderboard 12 times this year, with the latest appearance on November 3 [1] - The stock has experienced a 24.41% increase over the past 20 days and a 78.00% increase over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Huafeng reported a revenue of 558 million CNY, a year-on-year decrease of 23.36% [2] - The net profit attributable to the parent company for the same period was 12.77 million CNY, reflecting a year-on-year decline of 75.67% [2] Group 3: Business Overview - Huafeng Co., Ltd. specializes in the research, manufacturing, and sales of core components, diesel engines, and intelligent generator sets, as well as comprehensive operation and maintenance services for communication base station equipment [1] - The revenue composition of the company includes 81.83% from components, 15.41% from diesel engines and units, 1.84% from operation and maintenance services, and 0.93% from material sales [1] Group 4: Shareholder Information - As of September 30, the number of Huafeng's shareholders was 14,900, a decrease of 45.92% from the previous period [2] - The average number of circulating shares per shareholder increased by 84.92% to 11,406 shares [2] Group 5: Dividend Information - Since its A-share listing, Huafeng has distributed a total of 310 million CNY in dividends, with 171 million CNY distributed over the past three years [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7]. Core Insights - The company achieved record-high revenue and profit in Q3 2025, with total revenue of 37.59 billion yuan, a year-on-year increase of 19.3%, and a net profit attributable to shareholders of 1.94 billion yuan, up 37.7% year-on-year [3]. - The gross margin for the first three quarters was 16.6%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 5.2%, up 0.77 percentage points year-on-year [3]. - The company is significantly benefiting from the AI hardware innovation cycle, particularly in the battery, cooling, and fast-charging sectors, with optimistic prospects for future business developments [3]. - The company has established a comprehensive product matrix in robotics and is positioned to benefit from the expanding AI glasses market and the foldable screen sector [4]. Financial Performance - In Q3 2025, the company reported revenue of 13.97 billion yuan, a year-on-year increase of 12.9% and a quarter-on-quarter increase of 15.1%, with a net profit of 1.01 billion yuan, up 39.3% year-on-year and 177.4% quarter-on-quarter [3]. - The company plans to acquire a 96.15% stake in Zhejiang Xianglong for 2.4 billion yuan, which is expected to enhance its automotive parts business and create synergies with its robotics components [5]. - The projected net profit for 2025 and 2026 is 2.406 billion yuan and 3.178 billion yuan, respectively, reflecting strong growth potential from major customer business and new business expansions [5]. Business Developments - The company is deepening its core capabilities in AI terminal hardware, with significant orders in various sectors including machining components, key parts, and assembly [4]. - The company has become a core supplier for AMD in the server sector, focusing on high-power server power products, which is expected to contribute to revenue growth [4]. - The company is actively expanding its customer base and product offerings in the AI terminal market, leveraging its technological synergies between automotive and robotics components [5].

Core Insights - The wind power industry is positioned as a key driver of green energy, facing critical questions regarding enhancing supply chain resilience and breaking down global market barriers [1] - The Beijing International Wind Energy Conference and Exhibition (CWP 2025) will take place from October 20-22, 2025, focusing on global energy transition and sustainable development [3] - China's new round of Nationally Determined Contributions (NDC) aims for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [4] Event Overview - CWP 2025 will gather experts and nearly a thousand companies from the wind power sector, along with over 100,000 professional attendees, to discuss the future of wind energy and sustainable development [3][5] - The event will feature participation from over 20 countries, showcasing the latest technologies and achievements across the entire wind power industry chain [5] - The "Innovation Theater" will highlight significant new products and technologies from various renowned companies, attracting attention from professionals and media [6] Forums and Discussions - The conference will host multiple forums addressing global technology and economic hotspots, focusing on building resilient global supply chains and high-quality development in the wind power sector [7] - A series of sub-forums will provide insights into international wind power market dynamics, investment opportunities, and the integration of AI in wind farm operations [8] - The "Rural Wind Power Development Forum" will explore the role of wind energy in rural revitalization, discussing policy mechanisms and successful case studies [9] Industry Goals and Initiatives - The conference aims to release the "Beijing Wind Energy Declaration 2.0," which seeks to unify the global wind power industry's consensus and provide clear action paths for addressing climate change [9] - CWP has evolved into a significant annual event in the global wind power sector, fostering collaboration and innovation to drive the energy transition [13]

Core Insights - Nanjing Tianqing Aerospace Technology Co., Ltd. has established a drone research and development base in Pukou High-tech Zone, accelerating the development of the low-altitude economy in the region [1][2] - Pukou District is recognized as a core area for civil unmanned aerial vehicle testing in China, contributing significantly to Nanjing's low-altitude economic growth [1][3] - The Pukou High-tech Zone has attracted over 50 key enterprises across the entire low-altitude economy value chain, establishing a comprehensive ecosystem for technology research, manufacturing, and operational services [1][2] Group 1 - The establishment of the drone base aligns with national strategies for low-altitude economic development, enhancing the region's industrial transformation [2] - The project encompasses various drone types, including fixed-wing, swarm, and vertical take-off and landing models, facilitating research, testing, and core component manufacturing [2] - Pukou High-tech Zone has signed 42 new projects this year, focusing on high-energy and leading projects to strengthen its industrial capabilities [3] Group 2 - The Nanjing Low-altitude Comprehensive Flight Base has become a key training ground for drone pilot certification, with over 8,000 training and examination participants this year [4] - The base features extensive facilities, including a runway, multiple take-off and landing areas, and a large hangar, making it a premier location in the Yangtze River Delta for aviation equipment testing [4][5] - Pukou has opened four drone flight zones covering 630 square kilometers, providing ample testing and operational conditions for drone operators [5] Group 3 - Pukou High-tech Zone is developing a modern technology industrial city with a focus on low-altitude economy, integrated circuits, and atomic-level manufacturing [6] - The region is also advancing in satellite manufacturing, aiming to create a comprehensive ecosystem that integrates research, manufacturing, and application [7] - The establishment of the Nanjing Atomic Manufacturing Research Institute in collaboration with Nanjing University aims to promote advanced technology in atomic-level manufacturing [6]

Core Viewpoint - The company, Deep Science and Technology (688328.SH), is adjusting its fundraising project due to changes in market conditions and underutilization of production capacity, leading to the addition of three new R&D projects [1] Group 1: Project Adjustments - The company plans to change the direction of its ongoing project, the Deep Science and Technology Intelligent Manufacturing Innovation Demonstration Base, by modifying some sub-projects and adding three new R&D projects [1] - As of June 30, 2025, the company has invested 149.42 million yuan in the project, with remaining funds of 210.57 million yuan (including interest and investment income) to be fully allocated to the new projects [1] Group 2: Fund Allocation - The new fund allocation includes 90 million yuan for the development of new display equipment, 75 million yuan for the development of next-generation semiconductor testing equipment, and 45.57 million yuan for core component R&D [1] Group 3: Market Conditions - The adjustments are primarily due to weak recovery in the consumer electronics industry and lack of significant growth in display panel demand, alongside the fact that the company's initial fundraising project capacity has not been fully released [1] - The development cycle for advanced semiconductor packaging equipment is long and customer certification is challenging; therefore, the company has shifted its focus from advanced packaging testing equipment to next-generation testing equipment that covers both traditional and advanced packaging [1]

Core Viewpoint - The report from Zhongyou Securities indicates that Dalian Heavy Industry has achieved positive growth in both revenue and profit in the first half of 2025, with multiple business segments performing well [1] Revenue Performance - Material handling equipment revenue reached 2.322 billion yuan, an increase of 8.51% year-on-year [1] - New energy equipment revenue was 1.734 billion yuan, reflecting a year-on-year growth of 21.45% [1] - Metallurgical equipment revenue amounted to 1.948 billion yuan, with a year-on-year increase of 21.04% [1] - Core components revenue reached 1.014 billion yuan, showing a significant year-on-year growth of 25.29% [1] Operational Efficiency - The company continues to implement cost reduction and efficiency improvement measures, along with institutional reforms to enhance operational efficiency and quality [1] Contract Backlog - As of the end of August 2025, the company has a substantial contract backlog of approximately 34.5 billion yuan, primarily scheduled for delivery between 2025 and 2027 [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

Core Viewpoint - The report from Zhongyou Securities indicates that Dalian Heavy Industry has achieved positive growth in both revenue and profit in the first half of 2025, with multiple business segments performing well [1] Revenue Performance - Material handling equipment revenue reached 2.322 billion yuan, an increase of 8.51% year-on-year [1] - New energy equipment revenue amounted to 1.734 billion yuan, reflecting a year-on-year growth of 21.45% [1] - Metallurgical equipment revenue was 1.948 billion yuan, showing a year-on-year increase of 21.04% [1] - Core components revenue reached 1.014 billion yuan, with a year-on-year growth of 25.29% [1] Operational Efficiency - The company continues to implement cost reduction and efficiency improvement measures, along with institutional reforms to enhance operational efficiency and quality [1] Contract Backlog - As of the end of August 2025, the company has a substantial contract backlog of approximately 34.5 billion yuan, primarily scheduled for delivery between 2025 and 2027 [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]