| 证券研究报告·公司深度报告 | | 2025 年 9 月 19 日 江海证券研究发展部 | | --- | --- | --- | | 机械军工行业研究组 | | 昊志机电 300503.SZ 机械设备行业 | | 分析师：张诗瑶 | | 国内中高端机床核心零部件制造领域 | | 执业证书编号：S1410524040001 | | 领先企业，人形发展形成第二成长曲线 | | 投资评级： | 买入（首次） | ——（首次覆盖） | | 当前价格: | 30.99元 | | | 目标价格: | 42.90元 | 投资要点： | | 目标期限: | 6 个月 | 国内中高端机床核心零部件制造领域领先企业，研发技术实力强劲。广州市昊 | 市场数据 总股本(百万股) 308.21 A 股股本(百万股) 308.21 B/H 股股本(百万股) -/- A 股流通比例(%) 100.00 12 个月最高/最低(元) 33.54/10.81 第一大股东 汤秀清 第一大股东持股比例(%) 28.34 上证综指/沪深 300 3860.50/4533.06 数据来源：聚源 注：2025 年 9 月 15 日数据 志机电股份 ...

Company Overview - Guoji Precision Engineering Co., Ltd. is located in Zhengzhou, Henan Province, established on December 9, 2001, and listed on May 26, 2005. The company specializes in the research, production, and sales of bearings and electric spindles, as well as technology development services commissioned by governments and other enterprises [2]. Business Performance - For the first half of 2025, Guoji Precision achieved operating revenue of 1.608 billion yuan, representing a year-on-year growth of 25.14%. However, the net profit attributable to the parent company was 174 million yuan, showing a slight decrease of 1.69% year-on-year [3]. - The company's main business revenue composition includes: basic components (29.82%), special and precision bearings (29.40%), machine tools (9.99%), and other segments [2]. Stock Performance - As of September 16, Guoji Precision's stock price increased by 2.05%, reaching 33.32 yuan per share, with a trading volume of 239 million yuan and a turnover rate of 1.38%. The total market capitalization is 17.868 billion yuan [1]. - Year-to-date, the stock price has risen by 141.62%, but it has seen a slight decline of 0.18% over the last five trading days and a 9.48% drop over the last 20 days [1]. Shareholder Information - As of September 10, the number of shareholders for Guoji Precision was 57,800, a decrease of 6.44% from the previous period. The average number of circulating shares per person increased by 6.89% to 9,119 shares [3]. - The company has distributed a total of 513 million yuan in dividends since its A-share listing, with 312 million yuan distributed in the last three years [4]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 2.1 million shares, which is a decrease of 3.7803 million shares from the previous period [4].

Group 1 - The core viewpoint of the news is that Guojijiangong's stock has experienced fluctuations, with a notable increase in price this year, but recent declines in the short term [1] - As of September 15, Guojijiangong's stock price was 32.82 yuan per share, with a total market capitalization of 17.6 billion yuan [1] - The company has seen a year-to-date stock price increase of 138%, but has declined by 4.15% in the last five trading days [1] Group 2 - Guojijiangong was established on December 9, 2001, and listed on May 26, 2005, with its main business involving the research, production, and sales of bearings and electric spindles [2] - The revenue composition includes basic components (29.82%), special and precision bearings (29.40%), and machine tools (9.99%) [2] - The company operates in the machinery equipment sector, specifically in general equipment and abrasives [2] Group 3 - As of September 10, the number of shareholders for Guojijiangong was 57,800, a decrease of 6.44% from the previous period [3] - For the first half of 2025, Guojijiangong achieved operating revenue of 1.608 billion yuan, a year-on-year increase of 25.14%, while net profit attributable to shareholders decreased by 1.69% to 174 million yuan [3] Group 4 - Guojijiangong has distributed a total of 513 million yuan in dividends since its A-share listing, with 312 million yuan distributed in the last three years [4] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 2.1 million shares, a decrease of 3.7803 million shares from the previous period [4]

Core Viewpoint - The industrial mother machine sector is emerging as a strategic opportunity in the manufacturing industry, with significant growth potential driven by policy support and market demand [1][2]. Market Overview - China remains the largest producer and consumer of machine tools globally, with the industrial mother machine market size projected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, and expected to exceed 800 billion yuan by 2029 [1]. Policy and Market Catalysts - A key policy document was released on September 1, 2023, aiming to transition the industry from "domestic production" to "high-end production," with goals to revise at least 300 standards by 2026 and achieve a 90% international standard conversion rate [2][3]. - The policy emphasizes a systematic approach, integrating standard development with major projects and addressing industry pain points, including mandatory requirements for carbon emissions accounting and energy efficiency [3]. Investment Logic - Three main investment logics are driving the industrial mother machine sector: 1. Domestic substitution potential, with current high-end CNC machine tool localization rates below 20%, expected to rise to 60% by 2030 [4]. 2. Breakthroughs in technology, with domestic companies achieving significant advancements in precision and smart manufacturing [5]. 3. Emerging demand from new industries such as electric vehicles and humanoid robots, which are creating new growth opportunities for precision machining equipment [5][6]. Future Trends - Key trends to watch include the integration of smart manufacturing with industrial mother machines, the demand for equipment upgrades due to new material processing, and opportunities for domestic equipment in global markets, particularly in Belt and Road Initiative regions [7][8]. - Specific focus areas for investment include high-end CNC machine manufacturers, core component suppliers, and specialized equipment manufacturers in the new energy and aerospace sectors [7][8].

Core Viewpoint - Company anticipates growth in profitability driven by special bearings, high-end consumer bearings, superhard materials, and composite superhard materials, focusing on high-end, intelligent, and green transformation [2] Financial Performance - In Q1 2025, the company reported revenue of 703 million, an increase of 10.48% year-on-year; net profit attributable to shareholders was 88.48 million, up 3.46%; earnings per share rose to 0.1673, a 2.58% increase [4][6] - The company has a debt ratio of 33.57% and a gross profit margin of 29.81% [6] Shareholder Information - As of April 30, 2025, the company had 43,499 shareholders [3] - The company is aware of the low presence of institutional investors among its top shareholders and is taking measures to improve market communication and enhance company value [5] Business Strategy - The company is focusing on developing its new materials sector, particularly in diamond functional applications, which is expected to become a significant business pillar in the next 3-5 years [2] - The company is considering mergers and acquisitions as a growth strategy when suitable opportunities arise [5] Market Position - The company has developed a series of bearings for industrial robots and is exploring market opportunities in the robotics sector [6] - The company aims to enhance its market competitiveness and profitability to attract more long-term investors [5] Analyst Ratings - Recently, one institution has given a buy rating for the stock [7] - Financing data indicates a net inflow of 74.62 million in the last three months, with an increase in financing balance [8]