证券日报网讯1月7日，艾迪精密（603638）在互动平台回答投资者提问时表示，公司目前有滚珠丝杠、 行星滚柱丝杠、直线导轨等产品。人形机器人的核心部件，如线性执行器、旋转执行器等产品近期面 世。 ...

格隆汇1月7日丨艾迪精密(603638.SH)在投资者互动平台表示，公司目前有滚珠丝杠、行星滚柱丝杠、 直线导轨等产品。人形机器人的核心部件，如线性执行器、旋转执行器等产品近期面世。 ...

格隆汇1月7日丨艾迪精密(603638.SH)在投资者互动平台表示，公司目前有滚珠丝杠、行星滚柱丝杠、 直线导轨等产品。人形机器人的核心部件，如线性执行器、旋转执行器等产品近期面世。 ...

内容概要：直线导轨作为工业自动化的核心部件，其需求与机床机械、电子制造设备、汽车设备制造、 机器人、医疗和制药机械、航天设备、光伏设备、锂电池设备、风电设备、物料搬运、轨道机车等下游 行业的发展深度绑定，近年来，我国机床行业面临老旧设备更新换代的需求，国家政策也鼓励企业进行 设备升级改造，高精度直线导轨成为机床性能提升的关键；电子制造设备自动化程度不断提高，自动化 生产线等设备对直线导轨的精准运动需求持续增加；新能源汽车产业的快速崛起，促使电池生产线、电 机装配线等设备对直线导轨的需求大幅增长，同时汽车制造商为提升产品品质，对高精度直线导轨的采 购意愿也不断增强；工业机器人技术进步对直线导轨的性能要求不断提高，服务机器人在物流、医疗、 家庭等领域的应用拓展，也进一步扩大了直线导轨的应用场景，庞大的市场需求带动我国直线导轨行业 市场规模持续扩大，据统计，2024年我国直线导轨行业市场规模达135亿元，同比增长12.5%，其中， 滚珠直线导轨占比最大，超60%，其次为滚柱直线导轨，约占26.07%。 相关上市企业：恒而达（300946）、华辰装备（300809）、海天精工（601882） 相关企业：广东凯特精密机 ...

Core Viewpoint - The company reported strong financial performance in the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in the engineering machinery sector and the company's operational efficiency [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 7.79 billion yuan, a year-on-year increase of 12.31%, and a net profit attributable to shareholders of 2.087 billion yuan, up 16.49% [1]. - In Q3 alone, the company recorded revenue of 2.619 billion yuan, reflecting a year-on-year growth of 24.53%, and a net profit of 658 million yuan, which is a 30.6% increase compared to the same period last year [1]. Industry Trends - The engineering machinery sector is experiencing a comprehensive recovery, with excavator domestic sales and exports increasing by 21.55% and 14.61% respectively from January to September 2025 [2]. - The company's revenue growth rates for Q1 to Q3 of 2025 were 2.56%, 11.24%, and 24.53%, indicating a clear acceleration in growth [2]. Profitability - The company maintained high profitability levels, with gross and net profit margins of 41.96% and 26.85% respectively for the first three quarters of 2025, showing improvements of 0.5 percentage points and 0.98 percentage points year-on-year [3]. - In Q3, the gross margin was 42.18% and the net margin was 25.17%, reflecting increases of 0.87 percentage points and 1.18 percentage points year-on-year [3]. Product Development and Market Position - The company is well-positioned in the linear actuator market, with a complete product lineup including precision screws, linear guides, and electric cylinders, and has developed over 50 new products while adding nearly 300 new clients [4]. - The upcoming production of humanoid robots by Tesla is expected to benefit the company's screw business, aligning with the trend of electrification in engineering machinery and opening new market opportunities [4]. Investment Outlook - The company is projected to achieve revenues of 10.478 billion, 12.158 billion, and 14.17 billion yuan from 2025 to 2027, with corresponding net profits of 2.807 billion, 3.347 billion, and 3.928 billion yuan, indicating continued growth [5]. - The investment rating remains strong due to the anticipated improvement in the company's fundamentals and the potential benefits from the humanoid robot industry [5].

Core Viewpoint - Hengli Hydraulic achieved a net profit attributable to shareholders of 2.09 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 16% [1] - In Q3 alone, the net profit attributable to shareholders reached 660 million yuan, marking a year-on-year increase of 31% [1] Company Performance - The company has successfully mass-produced linear actuators for the humanoid robot industry, indicating strong technological capabilities [1] - Hengli Hydraulic plans to promote key products such as precision ball screws, linear guides, and electric cylinders in more application scenarios, aiming to enhance its leading position in electric and hydraulic transmission [1] Industry Outlook - The planetary roller screw is identified as a reliable linear joint solution, with a high barrier to entry, accounting for nearly 20% of the total value of robots [1] - Major domestic manufacturers are expected to accelerate the adoption of linear joint solutions [1] - The demand for humanoid robots in the manufacturing and home service industries in China and the U.S. is projected to reach approximately 2.1 million units by 2030, with a market potential of around 314.6 billion yuan [1] Future Growth Potential - The company is positioned to supply linear assemblies for humanoid robots, indicating potential for new growth drivers [1] - The company's main business continues to break through, with the official operation of its largest overseas base in Mexico [1] - The investment rating remains at "Buy" [1]

Core Insights - The company reported a revenue of 5.171 billion yuan for H1 2025, representing a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [1] - In Q2 2025, the company achieved a revenue of 2.749 billion yuan, with a year-on-year growth of 11.24%, and a net profit of 812 million yuan, reflecting an 18.31% increase year-on-year [1] - The company has seen rapid growth in hydraulic pumps and valves, with a significant increase in market share in non-excavation industries [1] Revenue and Profit Performance - For H1 2025, the company sold 308,300 hydraulic cylinders for excavators, marking a year-on-year growth of over 15% [1] - The company has made continuous breakthroughs in hydraulic pumps and valves for medium and large excavators, leading to an increase in product market share [1] - Sales of hydraulic pumps and valves for non-excavation industries grew by over 30%, with significant sales in high-altitude work platforms, loaders, and agricultural machinery [1] R&D and Innovation - The company has increased its R&D investment, successfully breaking foreign technology monopolies with its self-developed digital servo industrial valves [2] - The automated production line for handle valves has been successfully launched, significantly enhancing the production capacity of fully electric handles [2] - The company has introduced multiple innovative products, including electronic pumps and voice coil valves, which have gained wide market recognition [2] Product Diversification - The linear actuator business has shown rapid growth, with over 50 new products developed and launched in H1 2025 [2] - The product portfolio includes precision lead screws, linear guides, and electric cylinders, reinforcing the company's technological leadership in electric and hydraulic transmission [2] Shareholder Returns - The company plans to implement a mid-term profit distribution plan for 2025, proposing a cash dividend of 3.00 yuan per 10 shares, totaling approximately 402 million yuan, which accounts for 16.03% of the net profit attributable to shareholders for 2024 [2] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.825 billion yuan, 3.227 billion yuan, and 3.812 billion yuan for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - The company reported a revenue of 319.5 million yuan, a year-on-year increase of 6.85%, but net profit decreased by 22.53% to 43.11 million yuan due to rising expenses related to market expansion and strategic acquisitions [1] Group 1: Financial Performance - Revenue for the first half reached 319.5 million yuan, up 6.85% year-on-year [1] - Net profit was 43.11 million yuan, down 22.53% year-on-year, while the non-recurring net profit was 41.67 million yuan, down 24.64% year-on-year [1] - The decline in net profit has significantly narrowed in the second quarter compared to the first quarter, indicating a recovery in product profitability and overall operational efficiency [1] Group 2: Business Segments - The metal cutting tools segment generated revenue of 258.7 million yuan, remaining stable year-on-year, providing stable cash flow for emerging businesses [1] - The die-cutting tools business achieved revenue of 134.9 million yuan, maintaining the top global market share, while the saw blade business revenue was 123.8 million yuan, up 1.85% year-on-year [1] - New products such as lightweight die-cutting tools and carbide bi-metal band saw blades saw revenue growth of 17.97% and 58.25% respectively, driving high-quality growth in the metal cutting tools business [1] Group 3: Emerging Business Growth - The rolling functional components business experienced explosive growth with revenue of 40.87 million yuan, a year-on-year increase of 208.89% [2] - Revenue from linear guide and slider products grew by 153.39% and 236.80% respectively, with sales of linear guide sub-products aimed at mid-to-high-end users increasing by 758.27% [2] - The intelligent CNC equipment business is focusing on high-end transformation and reducing homogeneous competition by customizing metal processing solutions for strategic clients [2] Group 4: Strategic Acquisitions - The acquisition of SMS Maschinenbau GmbH in May 2025 is a significant highlight, enhancing the company's capabilities in high-precision thread grinding machines [2][3] - This acquisition fills a technological gap in the domestic ultra-high precision thread grinding machine sector, supporting the development and industrialization of rolling functional components [3] - The company aims to accelerate the localization of high-precision thread grinding machines and expand into high-end markets, contributing to the domestic substitution process in high-end equipment manufacturing [3]

Core Viewpoint - Nanjing Chemical Fiber (600889.SH) announced a major asset restructuring plan, which involves divesting its chemical fiber business and acquiring 100% equity of Nanjing Process Equipment Manufacturing Co., thereby shifting its main business focus to the research, production, and sales of rolling functional components [1] Group 1: Asset Disposal and Impairment - The company has recognized impairment losses of 32.6 million yuan, 77.3 million yuan, and 266.2 million yuan for the years 2022 to 2024, respectively, raising questions about potential financial manipulation [2] - The impairment is primarily attributed to price declines in lyocell fibers, viscose staple fibers, and PET structural core materials, leading to signs of impairment in raw materials and finished products [2] - An asset appraisal revealed a book value of 557.4 million yuan and a reassessed value of 729.3 million yuan, with the increase mainly due to land use rights in Nanjing [2] Group 2: Debt Management - Zijin Trust has agreed to a loan of 198.7 million yuan, while remaining debts will be guaranteed by the controlling shareholder, ensuring no substantial obstacles at the time of transaction completion [3] - Historical guarantees provided to subsidiaries will be fully released or waived by creditors before asset transfer [3] Group 3: Asset Acquisition and Valuation - The transaction will transform the company's main business from traditional chemical fibers to rolling functional components, with Nanjing Process Equipment holding a leading market share in China for nine consecutive years [4] - Nanjing Process Equipment is projected to achieve revenues of 3.12 billion yuan and a net profit of 260 million yuan in 2024, with a significant portion of revenue coming from CNC machine tools [4] - The appraisal of Nanjing Process Equipment shows a book net asset of 1.031 billion yuan and a reassessed value of 1.607 billion yuan, indicating a 55.89% increase [4] Group 4: Financing and Regulatory Approval - The company plans to raise up to 500 million yuan through financing, with a share price set at 4.57 yuan, corresponding to 191.7 million shares [5] - The controlling shareholder's stake will decrease from 35.42% to 26.18%, but they will maintain control [5] - Approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission has been obtained, but final approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission is still pending [5]

Group 1: Investor Relations Activities - The company held a series of investor relations activities from June 23 to July 4, 2025, including strategy meetings and site visits, with participation from various asset management firms and funds [1][2][3][4][5][6][7]. Group 2: Business Expansion Strategies - The company aims to expand its presence in the process industry, focusing on digitalization and intelligent transformation, leveraging data to support new industrialization in China [3][4]. - The company has made significant advancements in precision machinery since acquiring Shanghai Lian in 2018, enhancing its product lines and production capabilities [4][5]. Group 3: Elevator Business Outlook - The elevator business is expected to maintain steady growth, with strategies including expanding into multinational enterprises and enhancing after-service markets due to increasing demand [5][6]. Group 4: Internationalization Goals - The company plans to increase its overseas business share, focusing on brand building, establishing international platforms, and exporting customized solutions to multinational clients [6][7]. - As of 2022, the company has established 18 subsidiaries and offices globally, with over 600 personnel in its overseas team and more than 130 international distributors [7]. Group 5: Compliance and Communication - The company ensured compliance with information disclosure regulations, maintaining transparency and accuracy during investor communications [8].