事件：12月9日 晚，天地科技发布公告，公司计划在陕西省西安市设立控股子公司中煤科工（西安）智 能成套装备科技有限公司（简称"科工成套公司"），并由科工成套公司为项目实施主体投资建设"煤矿 重大智能成套装备研发中心项目"。 点评： 聚焦智能综采一体化解决方案，补强液压支架短板，引领煤机产业升级。 截至2025 年9 月末，公司净现金水平约为176 亿元（以货币资金及债权投资合计数扣除带息债务测 算），在手货币资金充裕。考虑到项目投资将分期逐步推进，以及公司未来稳定持续的经营性现金流， 我们预计本次投资建设科工成套装备，对上市公司现金流及分红能力影响较小，分红仍有望保持稳健。 盈利预测及评级：公司作为布局煤炭开采设计全产业链的引领者，在产能周期驱动的煤炭产量高位维持 背景下，我们预计公司经营业绩有望保持稳健，叠加公司较高的净现金规模和分红水平，我们认为公司 未来仍具较大估值修复空间。我们预测公司2025-2027 年归属于母公司的净利润分别为28.37/29.8/32.12 亿元；EPS 为0.69/0.72/0.78 元/股。考虑公司当前较高的净现金水平，我们看好公司未来发展和估值修 复空间，维持公司"买入" ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 天地科技(600582) 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com ➢ 技术研发深化+产业协同强化，构筑煤机产业核心竞争力。科工成套公 司以技术创新为核心驱动力，在补强液压支架制造短板的基础上，进一 步聚焦煤矿重大智能成套装备领域的"卡脖子"技术开展系统性攻关， 重点围绕三大方向突破核心壁垒：一是研发新材料、新工艺、新技术， 包括高耐磨耐腐蚀材料、高强度轻量化材料等；二是建设测试验证平台， 实现新系统入井前的充分验证与优化，确保交付的高端成套系统具备极 致的可靠性；三是研究智能化技术，包括高精度的传感技术，成套装备 的高度协同技术，基于人工智能的成套装备智能化控制算法模型等。科 信达证券股份有限公司 C ...

天地科技（600582）12月9日晚间公告，宣布计划出资35.45亿元(具体投资金额以实际投入为准)在陕西 省西安市设立控股子公司，并以该子公司为主体投资建设"煤矿重大智能成套装备研发中心项目"。 根据公告，新设控股子公司暂定名为"中煤科工(西安)智能成套装备科技有限公司"(下称"科工成套公 司")，注册资本为20亿元。科工成套公司由天地科技联合4家子公司共同出资设立，其中天地科技直接 持股60%，出资12亿元；其全资子公司中煤科工开采研究院有限公司、中煤科工集团上海有限公司，以 及控股子公司宁夏天地奔牛实业集团有限公司、北京天玛智控科技股份有限公司分别持股10%，各出资 2亿元。剩余15.45亿元后续将由上述5家投资方按持股比例追加投资，所有出资均为现金，资金来源为 自有资金。 "煤矿重大智能成套装备研发中心项目"聚焦三个方面的研究以及基地建设，重点建设智能支护装备研制 基地及成套产品中试验证中心。其一为研发高耐磨耐腐蚀材料、高强度轻量化材料等新材料、新工艺与 新技术；其二，搭建测试验证平台，确保新系统入井前充分验证优化，保障高端成套系统可靠性；其 三，攻关高精度传感技术、成套装备高度协同技术、基于人工智能 ...

Core Viewpoint - TianDi Technology (600582) plans to invest 3.545 billion yuan to establish a subsidiary in Xi'an, Shaanxi Province, focusing on the development of a "Coal Mine Major Intelligent Complete Equipment R&D Center Project" [1][3] Group 1: Investment and Structure - The new subsidiary, tentatively named "China Coal Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd.", will have a registered capital of 2 billion yuan [1] - TianDi Technology will hold a 60% stake in the new subsidiary, contributing 1.2 billion yuan, while four other subsidiaries will each hold 10% [1] Group 2: Project Focus and Goals - The project will focus on three main areas: developing new materials and technologies, building a testing and verification platform, and advancing intelligent technologies such as high-precision sensing and AI-based control algorithms [2] - The aim is to create a high-standard, reliable, and flexible manufacturing capability for advanced hydraulic supports and complete mining equipment [2] Group 3: Project Timeline and Impact - The project is expected to take 18 months to complete, with construction starting in April 2026 [3] - The initiative is positioned as a global hub for coal machinery technology and aims to enhance the company's integrated operational advantages, expand its business scale, and improve profitability [3] Group 4: Financial Performance - For the first three quarters of 2025, the company reported revenues of 20.471 billion yuan, a decrease of 6.90% year-on-year, while net profit attributable to shareholders was 2.34 billion yuan, an increase of 7.55% [3][4] - The decline in revenue is attributed to reduced capital expenditure by downstream clients and increased market competition, while the net profit increase is linked to investment gains from the sale of a 51% stake in QinNan Energy [4]

Core Viewpoint - The company plans to invest 3.545 billion yuan to establish a subsidiary in Xi'an, Shaanxi Province, focusing on the development of a major intelligent equipment research center for coal mining [1] Group 1: Investment and Project Details - The registered capital for the new subsidiary, Ke Gong Cheng Tiao Company, will be 2 billion yuan, subject to registration by market supervision authorities [1] - The project aims to integrate high-quality resources in coal machinery manufacturing and enhance the company's capabilities in equipment integration and intelligence [1] Group 2: Strategic Goals and Industry Impact - The establishment of the research center is expected to create a new service-oriented manufacturing model, significantly improving the company's core competitiveness [1] - Upon completion, the project will enhance the company's integrated operational advantages, expand its main business scale, and improve the quality of the listed company [1] - The initiative aligns with national energy security strategies and aims to lead the high-quality development of the coal industry [1]

智通财经APP讯，天地科技(600582.SH)发布公告，公司计划出资35.45亿元(具体投资金额以实际投入为 准)在陕西省西安市设立控股子公司科工成套公司(注册资本为20亿元，以市场监督管理部门登记注册为 准)，并由科工成套公司为项目实施主体投资建设"煤矿重大智能成套装备研发中心项目"。通过建设煤 矿重大智能成套装备研发中心项目，整合煤机装备制造优质资源，提升公司装备成套化能力，塑造公司 全新煤机产业生态链，形成服务型制造新模式，不断提升核心竞争力。 项目建设完成后，天地科技将进一步增强一体化运营优势，扩大主营业务规模，进一步提高上市公司质 量，推动优质资源向上市公司聚集，在服务国家能源安全战略、引领煤炭行业高质量发展进程中发挥更 大作用。 天地科技通过项目的建设将进一步整合公司内煤机装备制造优质资源，大幅提高公司装备成套化、智能 化能力水平，为降低运营成本、提升持续盈利能力创造有利条件，从而塑造公司全新煤机产业生态链， 形成服务型制造新模式，实现超越简单业务叠加的战略价值。 ...

格隆汇12月9日｜天玛智控(688570.SH)公告称，公司拟与直接控股股东天地科技及其子企业开采研究 院、上海煤科、天地奔牛共同投资，在陕西省西安市设立合资公司科工成套公司，并由科工成套公司作 为实施主体投资建设"煤矿重大智能成套装备研发中心项目"，投资总额为35.45亿元，其中公司拟以自 有资金出资3.54亿元，持股比例为10%。 ...

Group 1 - The core point of the article is that Tiandi Technology (SH 600582) announced the establishment of a major intelligent equipment research and development center for coal mining through a subsidiary [1] - The company's revenue composition for the first half of 2025 is as follows: product sales accounted for 43.67%, safety equipment 21.63%, technical projects 15.14%, engineering projects 14.68%, and coal production 5.38% [1] - As of the report, Tiandi Technology has a market capitalization of 24.3 billion yuan [1] Group 2 - The article also highlights a significant issue in the pharmaceutical industry regarding the abuse of pregabalin, marking the first reported case of addiction in China [1] - It points out vulnerabilities in online platforms that allow the purchase of medications without medical records, raising concerns about regulation and safety [1]

(本文来自第一财经) 天地科技公告称，公司计划出资354.5亿元在陕西省西安市设立控股子公司科工成套公司，并由科工成 套公司为项目实施主体投资建设"煤矿重大智能成套装备研发中心项目"。项目重点建设智能支护装备研 制基地及成套产品中试验证中心。项目达产后，将有效提升公司装备成套化能力，塑造全新煤机产业生 态链。 ...

Core Viewpoint - The company TianDi Technology (600582.SH) plans to invest 3.545 billion yuan to establish a holding subsidiary in Xi'an, Shaanxi Province, focusing on the development of a "Major Intelligent Complete Equipment R&D Center for Coal Mines" [1] Group 1 - The investment amount for the new subsidiary is 3.545 billion yuan [1] - The new subsidiary will serve as the project implementation entity for the intelligent equipment R&D center [1] - The project aims to enhance the company's capability in complete equipment manufacturing and create a new ecological chain for the coal machinery industry [1]