9月26日，合锻智能跌5.34%，截至发稿，报18.98元/股，成交17.97亿元，换手率18.31%，总市值93.84 亿元。 资料显示，合肥合锻智能制造股份有限公司位于安徽省合肥市经济技术开发区紫云路123号，成立日期 1997年9月7日，上市日期2014年11月7日，公司主营业务涉及锻压设备的研发、生产和销售,智能检测分 选装备的研发、生产和销售业务。主营业务收入构成为：色选机49.80%，液压机30.93%，机压机 14.87%，其他(补充)3.62%，其他0.78%。 永赢制造升级智选混合发起A（024202）基金经理为胡泽。 截至发稿，胡泽累计任职时间2年115天，现任基金资产总规模26.39亿元，任职期间最佳基金回报 132.33%， 任职期间最差基金回报14.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓合锻智能。永赢制造升级智选混合发起A（024202）二季度持有 股 ...

Core Viewpoint - The report from Zheshang Securities highlights that Hezhuan Intelligent focuses on high-end forming machine tools and intelligent sorting equipment, projecting a compound annual growth rate (CAGR) of 24% in revenue from 2019 to 2024, with revenue distribution in 2024 expected to be approximately 57% from color sorting machines, 29% from hydraulic machines, and 13% from mechanical presses [1] Industry Summary - The projected demand for machine tools in China for 2024 is around 1,040.7 billion yuan, with the metal forming machine tool market estimated at approximately 93 billion yuan. The market size is expected to reach between 159 billion to 196 billion yuan by 2030, indicating a CAGR of 5% to 7% over the next six years [1] - The competitive landscape is characterized by a coexistence of domestic enterprises and foreign brands, with a mix of dispersed and concentrated market dynamics. The market concentration is at a moderately low level, where leading companies have formed localized advantages but have not established absolute monopolies [1] Company Summary - The market perception is that the company's advanced manufacturing business is limited to nuclear fusion devices. However, due to its collaboration with the Shanghai Li Zhengdao Research Institute, the company is expected to participate in the construction of other large scientific devices led by the institute. This includes potential new orders for BEST or other scientific devices, new plans for fusion devices, and involvement in the research and development of new components, as controllable nuclear fusion is included in the national "14th Five-Year Plan" [1] - The report initiates coverage of the company with a "buy" rating [1]

合锻智能(603011) 报告日期：2025 年 09 月 24 日 证券研究报告 | 公司深度 | 专用设备 高端成形机床单项冠军，前瞻布局聚变堆核心部件 ——合锻智能深度报告 投资要点 一、 公司是高端成形机床单项冠军，色选机国内第二 公司主营高端成形机床和智能分选设备，2019-2024 年收入复合增速 24%， 2024 年收入占比分别为色选机约 57%、液压机 29%、机压机 13%。公司是高端 成形机床领军企业，在汽车热成形领域，与德国舒勒、瑞典 APT 并列全球三大 供应商，市占率在国内处于绝对领先地位。全资子公司中科光电为国内色选机头 部企业，其品牌"安美达"位列品牌排行榜第二。" 高端成形机床：预计 2024-2030 年行业规模 CAGR 约为 5~7% 2024 年中国机床需求约 10407 亿元，金属成形机床约为 930 亿元，预计 2030 年 市场规模约为 1590 亿 ~1960 亿元，6 年复合增速 5~7%，竞争格局呈现本土企业 与外资品牌并存、分散与集聚交织的特征，市场集中度处于中等偏低水平，头部 企业形成局部优势， 但尚未形成绝对垄断地位。 智能分选设备：预计 2024~ ...

Group 1 - The core viewpoint of the news is that Hefei Huoan Intelligent Manufacturing Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.73% to 17.72 CNY per share, and a total market capitalization of 8.761 billion CNY [1] - The company specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment, with its main business revenue composition being: color sorters 49.80%, hydraulic presses 30.93%, mechanical presses 14.87%, and others 3.62% [1] - The stock is held by a fund under Zheshang Securities Asset Management, specifically the Zheshang Huijin Quantitative Selected Mixed Fund, which has a holding of 295,000 shares, accounting for 4.44% of the fund's net value [2] Group 2 - The Zheshang Huijin Quantitative Selected Mixed Fund has achieved a year-to-date return of 66.68% and a one-year return of 95.06%, ranking 376 out of 8172 and 678 out of 7980 respectively in its category [2] - The fund manager, Pang Yaqing, has been in the position for 1 year and 234 days, with the fund's total asset size being 1.04 million CNY [3]

Company Overview - Hefei HuoDuan Intelligent Manufacturing Co., Ltd. was established on September 7, 1997, and listed on November 7, 2014. The company specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment [2] - The main business revenue composition includes: color sorting machines 49.80%, hydraulic presses 30.93%, mechanical presses 14.87%, and others 3.62% [2] - As of June 30, 2025, the number of shareholders is 70,900, a decrease of 11.09% from the previous period, with an average of 6,975 circulating shares per person, an increase of 12.47% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 982 million yuan, a year-on-year increase of 8.23%, while the net profit attributable to the parent company was 9.51 million yuan, a year-on-year decrease of 11.39% [2] - The company has distributed a total of 157 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Stock Performance - On September 17, the stock price of HuoDuan Intelligent fell by 2.04%, trading at 16.82 yuan per share, with a total market capitalization of 8.316 billion yuan [1] - Year-to-date, the stock price has increased by 145.55%, with a decline of 1.81% over the last five trading days, and increases of 5.72% and 8.66% over the last 20 and 60 days, respectively [1] - The company has appeared on the trading leaderboard 19 times this year, with the most recent appearance on June 19, where it recorded a net buy of -125 million yuan [1] Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is Huaxia High-end Manufacturing Mixed A, holding 4.6428 million shares, an increase of 900 shares from the previous period. Huaxia Leading Stock is the tenth largest shareholder, holding 2 million shares as a new shareholder [3]

Company Overview - Hefei HuoDuan Intelligent Manufacturing Co., Ltd. was established on September 7, 1997, and listed on November 7, 2014. The company specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment [2] - The main business revenue composition includes color sorters (49.80%), hydraulic presses (30.93%), mechanical presses (14.87%), and other (3.62%) [2] - As of June 30, 2025, the number of shareholders is 70,900, a decrease of 11.09% from the previous period, with an average of 6,975 circulating shares per person, an increase of 12.47% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 982 million yuan, a year-on-year increase of 8.23%, while the net profit attributable to the parent company was 9.51 million yuan, a year-on-year decrease of 11.39% [2] - The company has distributed a total of 157 million yuan in dividends since its A-share listing, with 14.83 million yuan distributed in the last three years [3] Stock Performance - On September 12, the stock price of HuoDuan Intelligent rose by 2.01%, reaching 17.75 yuan per share, with a trading volume of 862 million yuan and a turnover rate of 9.93%, resulting in a total market capitalization of 8.776 billion yuan [1] - Year-to-date, the stock price has increased by 159.12%, with a 15.79% rise over the last five trading days, a 10.04% rise over the last 20 days, and an 18.49% rise over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" 19 times this year, with the most recent appearance on June 19, where it recorded a net buy of -125 million yuan [1] Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is Huaxia High-end Manufacturing Mixed A, holding 4.6428 million shares, an increase of 900 shares from the previous period. Huaxia Leading Stock is the tenth largest circulating shareholder, holding 2 million shares as a new shareholder [3]

0:00 这样 #科技怪界 [超话]# 沉浸式看液压机锻造，过程原来是 ...

Group 1 - The core viewpoint of the news is that Hefei Huoan Intelligent Manufacturing Co., Ltd. experienced a decline in stock price, with a drop of 5.02% to 15.72 CNY per share, and a total market capitalization of 7.772 billion CNY [1] - The company, established on September 7, 1997, specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment [1] - The main revenue composition of the company includes color sorters (49.80%), hydraulic presses (30.93%), mechanical presses (14.87%), and other supplementary products (3.62% and 0.78%) [1] Group 2 - From the perspective of fund holdings, one fund under Dongfang Fund has a significant position in Huoan Intelligent, with 224,600 shares held, accounting for 4.78% of the fund's net value, making it the second-largest holding [2] - The Dongfang Low-Carbon Economy Mixed A fund (021094) has a current scale of 61.7428 million CNY and has recorded a return of 11.21% since its inception [2] - The fund manager, Li Rui, has been in position for 7 years and 264 days, overseeing assets totaling 8.065 billion CNY, with the best and worst returns during his tenure being 57.33% and -18.3%, respectively [2]

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].