不能再向日本供货了？当中国的电路板制造商对日本客户说出这句话时，中日贸易关系的一个新时代已经悄然开启。 就在中国对日本所有两用物项的出口禁令即时生效的第四天，这封邮件回复让日本企业终于意识到——这次中国是玩真的。 一位日本客户在社交媒体上发布了他与中国供应商的对话截图，并附带着他之前签署的"绝不用于军事用途"的保证书。然而在国家级出口管制政策面前，这 张保证书显得苍白无力。这位客户坦言，原以为日本会祭出反制措施迫使中国投鼠忌器，没想到却毫无动静。中国一纸禁令，戳破了日本制造业最后的体 面。 然而短短二十多年，制造业格局发生了翻天覆地的变化。如今，智能手机、汽车、锂电池、造船业、家用电器、光伏、机器人、钢铁等领域的全球第一桂冠 大都落到了中国头上。 中国这次出手，禁止向日本出口的军民两用物项多达1000多项，覆盖范围之广令人咋舌。从基础材料（钢材、铝材、铜材、钛合金、碳纤维、稀土）到关键 零部件（液压件、轴承、电机、锂电池）。从高端设备（高精度机床、工业机器人、3D打印机、数控机床）到前沿技术产品（光学镜片、夜视仪组件、卫 星导航模块、无人机整机及零部件、集成电路芯片）。甚至包括特种车辆底盘、生物降解材料等看似 ...

资料显示，烟台艾迪精密机械股份有限公司位于山东省烟台经济技术开发区长江路356号，成立日期 2003年8月6日，上市日期2017年1月20日，公司主营业务涉及液压技术的研究及液压产品的开发、生产 和销售。主营业务收入构成为：液压件63.12%，破碎锤26.65%，其他产品8.24%，其他(补充)1.99%。 截至9月30日，艾迪精密股东户数2.30万，较上期增加11.11%；人均流通股36157股，较上期减少 10.00%。2025年1月-9月，艾迪精密实现营业收入23.74亿元，同比增长16.49%；归母净利润3.16亿元， 同比增长12.63%。 1月6日，艾迪精密涨0.16%，成交额1.01亿元。两融数据显示，当日艾迪精密获融资买入额1855.51万 元，融资偿还934.11万元，融资净买入921.41万元。截至1月6日，艾迪精密融资融券余额合计4.12亿 元。 融资方面，艾迪精密当日融资买入1855.51万元。当前融资余额4.12亿元，占流通市值的2.58%，融资余 额低于近一年20%分位水平，处于低位。 融券方面，艾迪精密1月6日融券偿还4000.00股，融券卖出0.00股，按当日收盘价计算，卖出金 ...

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

资金流向方面，主力资金净流入86.83万元，大单买入467.82万元，占比11.12%，卖出380.99万元，占比 9.06%。 12月25日，艾迪精密盘中上涨2.03%，截至13:18，报19.08元/股，成交4206.26万元，换手率0.27%，总 市值158.57亿元。 艾迪精密今年以来股价涨13.98%，近5个交易日涨2.14%，近20日跌3.64%，近60日涨1.38%。 资料显示，烟台艾迪精密机械股份有限公司位于山东省烟台经济技术开发区长江路356号，成立日期 2003年8月6日，上市日期2017年1月20日，公司主营业务涉及液压技术的研究及液压产品的开发、生产 和销售。主营业务收入构成为：液压件63.12%，破碎锤26.65%，其他产品8.24%，其他(补充)1.99%。 艾迪精密所属申万行业为：机械设备-工程机械-工程机械器件。所属概念板块包括：减速器、工程机 械、机械、机器人概念、雄安新区等。 截至9月30日，艾迪精密股东户数2.30万，较上期增加11.11%；人均流通股36157股，较上期减少 10.00%。2025年1月-9月，艾迪精密实现营业收入23.74亿元，同比增长16.49%；归 ...

格隆汇12月23日｜长江证券研报指出，恒立液压作为国内液压件龙头，2016-2021年期间，公司实现业 绩、估值双击，股价最大涨幅超30倍，成长为工程机械行业白马代表。究其原因，核心因素在于：公司 持续进行研发投入和技术积累，不断扩宽产品系列和下游应用，借助2016年后工程机械行业高景气周期 的难得机遇期，成功实现从挖机油缸提份额，到挖机泵阀国产替代的成长动能加速，与此同时，平台化 发展持续拓展非挖业务贡献增量。公司挖机业务有望在行业周期上行趋势下快速增长，非标业务平台化 发展有望持续打开成长边界，国产替代持续加速。同时，公司布局丝杠、模组等精密传动产品，长期受 益国产替代、人形机器人行业发展，打造新增长曲线。预计公司2025-2026年分别实现归母净利润29.37 亿元、37.53亿元，对应PE分别为48倍、38倍，维持"买入"评级。 ...

12月1日，艾迪精密盘中下跌2.04%，截至09:46，报19.73元/股，成交3664.33万元，换手率0.22%，总市 值163.97亿元。 资金流向方面，主力资金净流出214.31万元，特大单买入102.29万元，占比2.79%，卖出0.00元，占比 0.00%；大单买入241.90万元，占比6.60%，卖出558.49万元，占比15.24%。 艾迪精密所属申万行业为：机械设备-工程机械-工程机械器件。所属概念板块包括：智能电网、中盘、 工程机械、融资融券、机械等。 截至9月30日，艾迪精密股东户数2.30万，较上期增加11.11%；人均流通股36157股，较上期减少 10.00%。2025年1月-9月，艾迪精密实现营业收入23.74亿元，同比增长16.49%；归母净利润3.16亿元， 同比增长12.63%。 分红方面，艾迪精密A股上市后累计派现7.20亿元。近三年，累计派现2.92亿元。 责任编辑：小浪快报 艾迪精密今年以来股价涨17.16%，近5个交易日涨2.23%，近20日涨4.67%，近60日涨4.12%。 资料显示，烟台艾迪精密机械股份有限公司位于山东省烟台经济技术开发区长江路356号，成立日 ...

Core Viewpoint - The company has demonstrated steady growth in both revenue and profit, with significant contributions from its hydraulic components business, which is expected to benefit from the recovery in the engineering machinery industry [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.37 billion yuan, representing a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 320 million yuan, up 12.6% year-on-year [4]. - In Q3 2025, the company reported a revenue of 810 million yuan, a year-on-year growth of 23.6%, and a net profit of 110 million yuan, which is a 29.7% increase year-on-year [4]. - The gross margin was 28.6%, down 1.8 percentage points year-on-year, while the net margin was 13.5%, down 0.3 percentage points year-on-year [4]. Group 2: Business Segment Performance - The hydraulic components business generated a revenue of 990 million yuan in H1 2025, marking a substantial year-on-year increase of 51.8% [5]. - The breaker hammer business saw a revenue of 420 million yuan, reflecting a year-on-year decline of 17.4% [5]. - Other products, including hard alloy tools, industrial robots, and RV reducers, generated 130 million yuan, down 34.3% year-on-year [5]. Group 3: Industry Outlook - In the first ten months of 2025, excavator sales in China (including exports) reached 192,000 units, a year-on-year increase of 17.0%, with domestic sales at 98,000 units, up 19.6% [5]. - The recovery of the engineering machinery industry is expected to drive demand for machinery attachments and components, positioning the company as a leading beneficiary in the hydraulic components and breaker hammer sectors [5]. - The commencement of the Yarlung Tsangpo River downstream hydropower project is anticipated to further enhance demand for the company's products, particularly in rock processing applications [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has demonstrated steady growth in both revenue and profit, with a revenue of 2.37 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.5%, and a net profit of 320 million yuan, up 12.6% year-on-year [1] - The hydraulic components business has shown remarkable performance, with a revenue of 990 million yuan in the first half of 2025, marking a 51.8% year-on-year increase [2] - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to further boost demand for the company's products, particularly in rock breaking and excavation operations [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 810 million yuan, a 23.6% increase year-on-year, and a net profit of 110 million yuan, up 29.7% year-on-year [1] - The gross margin for Q3 2025 was 30.6%, down 1.3 percentage points year-on-year, while the net margin was 14.1%, up 1.2 percentage points year-on-year [1] Business Segments - The hydraulic components segment is a key growth driver, with significant revenue growth, while the breaker hammer business saw a decline of 17.4% year-on-year [2] - Other products, including hard alloy tools and industrial robots, experienced a revenue decline of 34.3% [2] Market Outlook - The recovery of the engineering machinery industry is anticipated to drive demand for hydraulic components and accessories, positioning the company favorably as a leader in the hydraulic hammer and components market [2] - The ongoing construction of large-scale hydropower projects is expected to enhance the demand for the company's specialized products [3] Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 419 million yuan, 506 million yuan, and 608 million yuan, respectively, with corresponding EPS of 0.50 yuan, 0.61 yuan, and 0.73 yuan [4][5]

Group 1 - The company plans to repurchase shares through a centralized bidding method, with a total amount between 100 million and 200 million yuan, and a maximum repurchase price of 27.00 yuan per share, which is 44.15% higher than the current price of 18.73 yuan [1] - The company has seen a cumulative stock price increase of 11.21% this year [1] - The repurchased shares may be canceled or used for employee stock ownership plans or equity incentive plans [1] Group 2 - As of September 30, the number of shareholders increased by 11.11% to 23,000, while the average circulating shares per person decreased by 10.00% to 36,157 shares [2] - For the period from January to September 2025, the company achieved operating revenue of 2.374 billion yuan, a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 316 million yuan, a year-on-year increase of 12.63% [2] Group 3 - Since its A-share listing, the company has distributed a total of 720 million yuan in dividends, with 292 million yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that Aidi Precision has shown a positive stock performance and financial growth in recent periods, indicating potential investment opportunities [1][2]. Group 2 - As of November 4, Aidi Precision's stock price increased by 2.02%, reaching 19.23 CNY per share, with a total market capitalization of 15.982 billion CNY [1]. - The company has seen a year-to-date stock price increase of 14.19%, with a 5-day increase of 8.83%, a 20-day increase of 3.33%, and a 60-day increase of 4.06% [1]. - The main business revenue composition includes hydraulic components (63.12%), breakers (26.65%), and other products (8.24%) [1]. - As of September 30, the number of shareholders increased to 23,000, up by 11.11%, while the average circulating shares per person decreased by 10.00% to 36,157 shares [2]. - For the period from January to September 2025, Aidi Precision achieved operating revenue of 2.374 billion CNY, a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 316 million CNY, a year-on-year increase of 12.63% [2]. - The company has distributed a total of 720 million CNY in dividends since its A-share listing, with 292 million CNY distributed in the last three years [2].