| ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | □其他 | | | 参与单位名称 | 山西证券：刘斌 | | 及人员姓名 | 洛克化学：陈睿 | | 时间 2025 | 年 12 月 8 日 | | 地点 国机精工 | 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 1.问：请简单介绍一下公司的主营业务。 | | | 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满足国 | | | 家战略需求的产品、技术和服务，业务涵盖"新材料、基础零部件、 | | | 机床工具、高端装备、供应链管理与服务"五大业务板块。总体来看， | | | 目前，特种轴承以及超硬材料磨具业务是公司利润的主要来源，风电 | | | 轴承是增速最快的业务。 | | | 公司轴承业务的核心支撑力量为洛阳轴承研究所有限公司、超硬 | | 投资者关系活 | 材料及制品的核心支撑力量为郑州磨料磨具磨削研究所有限公司，这 | ...

国机精工集团股份有限公司投资者关系活动记录表 编号：2025—028 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他 | | 参与单位名称 | 渤海证券 宁前羽 | | 及人员姓名 | | | 时间 | 2025 年 11 月 28 日 | | 地点 | 国机精工 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 1.问：请简单介绍一下公司的主营业务。 | | | 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满足国 | | | 家战略需求的产品、技术和服务，业务涵盖"新材料、基础零部件、 | | | 机床工具、高端装备、供应链管理与服务"五大业务板块。总体来看， | | | 目前，特种轴承以及超硬材料磨具业务是公司利润的主要来源，风电 | | | 轴承是增速最快的业务。 | | | 公司轴承业务的核心支撑力量为洛阳轴承研究所有限公司、超硬 | | | 材料及制品的核心支撑 ...

国机精工 20251124 公司设定了复合增长 10%的收入目标，特种轴承和通用材料模具是利润 核心支撑，风电轴承被视为第二增长曲线，预计 2025 年达到 8 亿元， 并计划在"十五五"末达到 15 亿元。 风电轴承产能已满产，正在扩产，预计 2026 年四季度完成，国内市场 国产化率有提升空间，但军品业务存在降价压力，半导体模具国产替代 仍需技术突破。 成为少数股东损益。 金刚石散热片在民用领域客户测试进展如何？未来规划产能节奏是怎样的？ 金刚石散热片目前在民用领域仍处于下游客户测试阶段，预计测试结果将在 2026 年公布。在军工领域已有少部分应用，预计 2025 年金刚石功能化应用 （包括散热和光学窗口片）销售额将超过 1,000 万元，主要集中在军工领域。 关于产能规划，到 2025 年底，公司 MPCVD 设备数量将达到 500 多台，到 2026 年底计划增加至 700 多台。目前 400 台设备放置在新疆密，其余 300 多台在洛阳，但未来计划将洛阳的设备也集中到新疆密，以利用当地较低电价。 公司已谈妥 600 亩地用于此布局。 摘要 公司前三季度营收同比增长 6%，风电轴承收入大幅增长 214 ...

Group 1: Diamond Heat Dissipation Business - The company began its diamond functionalization application layout in 2015, focusing on MPCVD technology to produce heat sinks and optical window pieces, with revenue starting in 2023 primarily from non-civilian sectors [2] - The expected sales revenue from diamond heat dissipation products is projected to exceed 10 million yuan this year, all from non-civilian applications [2] Group 2: Wind Power Bearing Business - The wind power bearing business has seen strong growth this year, driven by downstream demand, with local production of yaw and pitch bearings already achieved [2] - The domestic market share for wind turbine main shaft bearings and gearbox bearings is gradually increasing as domestic replacements are being promoted [2] Group 3: Precision Machine Tool Bearings - The company aims to enter the top tier of the domestic market for precision machine tool bearings, which are currently dominated by foreign brands [3] - The focus for the next two to three years will be on R&D to enhance product performance before expanding into high-end markets [3] Group 4: Robotics Bearings - Robotics bearings have been included in the company's "14th Five-Year Plan," with a future focus on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings [3]

Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2] - Special bearings and superhard materials are the primary sources of profit, with wind power bearings being the fastest-growing segment [2][3] Group 2: Bearing Business - Special bearings are used in aerospace, military, and nuclear industries, with a leading domestic technology level [3] - Wind power bearings have seen significant advancements, including the development of the first domestically produced 8 MW, 18 MW, and the world's first 26 MW series main shaft bearings [3] - Precision machine tool bearings are stable, primarily consisting of spindle bearings and ball screw bearings [3] Group 3: Abrasive Tools Business - Superhard material tools have a strong market competitive advantage, breaking foreign monopolies and serving sectors like semiconductors and automotive [4] - Composite superhard materials focus on specialized fields such as oil and gas drilling [4] - Diamond functional application products are being developed for major national projects and emerging industries, with potential breakthroughs in semiconductor materials [4] Group 4: Financial Performance and Market Position - The special bearing business has seen an increase in orders but faces pricing pressure affecting profitability [5] - The company holds a 90% market share in domestic aerospace bearings, with commercial aerospace development expected to create new growth opportunities [5] - The superhard materials tools business is projected to generate approximately 580 million yuan in revenue in 2024, with significant growth in semiconductor applications [5] Group 5: Future Development Strategy - The company aims to leverage its technological advantages and focus on niche markets, adopting a multi-variety, small-batch production model [5]

Group 1: Bearing Business Overview - The company is optimistic about the long-term development of special bearings, with production lines relocated to Luoyang Yibin Industrial Park to support future demand. However, short-term recovery is below expectations, facing price reduction pressures affecting profitability [1] - Wind power bearings have a full order book with significant year-on-year growth, making it the fastest-growing business segment this year, primarily focused on onshore wind power [1] - Precision machine tool bearings have a certain brand influence domestically, aiming to enter the top tier in the next two to three years by focusing on R&D to enhance product performance and penetrate the high-end market [1] - Robot bearings are included in the "14th Five-Year Plan," focusing on high-value-added products, though no business relationships have been established with humanoid robot companies yet [1] Group 2: Superhard Materials Tools Business - Superhard materials tools are a major source of profit, with revenue around 580 million yuan in 2024, serving both semiconductor and non-semiconductor sectors (automotive, refrigeration, LED, molds, etc.), with significant growth in semiconductor applications in recent years [1] Group 3: M&A Plans - The company will continue to monitor acquisition opportunities, though challenges exist in finding suitable targets and reaching agreements; currently, there are no clear plans for acquisitions [1]

Summary of Company and Industry Insights Company Overview - The company is involved in the bearing industry, specifically focusing on wind power bearings, precision machine tool bearings, and superhard materials and products. [2][3][4] Key Points and Arguments Financial Performance - Accounts receivable is approximately 500 million yuan, showing slight growth in the first half of 2025 but facing price reduction pressures. [2] - Wind power bearing business is rapidly growing, with expected revenue of about 400 million yuan in 2024, projected to reach 700 million yuan in 2025, and potential to hit 1 billion yuan with new projects. The target for the 14th Five-Year Plan is 1.5 billion yuan. [2][3][5] Business Segments - **Superhard Materials and Products**: Managed by Zhengzhou Sanmo Research Institute, this segment is expected to generate around 580 million yuan in 2024 with a gross margin of approximately 58%. The semiconductor sector contributes 340 million yuan, while automotive and other sectors contribute 240 million yuan. The semiconductor sector has seen over 30% growth in the past three years. [2][4] - **Precision Machine Tool Bearings**: This segment is stable, with revenue around 100 million yuan last year. The company aims to enter the top tier of the high-end machine tool bearing market, currently dominated by foreign manufacturers. [2][8] - **Special Bearings**: The military industry has faced delays due to anti-corruption measures, with expectations for recovery in 2026. The company has prepared 800 to 1 billion yuan in capacity for special bearings to support growth during the 14th Five-Year Plan. [10][12] Market Trends and Opportunities - The wind power bearing market is expected to grow steadily, with domestic substitution being a significant opportunity. The company aims to increase its market share in wind power main shaft and gearbox bearings. [7][13] - The precision machine tool bearing market is characterized by high performance requirements, leading to slower domestic substitution compared to wind power bearings. [9] Future Developments - The company is investing in chemical vapor deposition (CVD) for synthetic diamond production, with expected revenue exceeding 10 million yuan in 2025. The company has invested in over 300 devices and plans to increase this to over 700. [2][6][19] - The superhard materials segment is projected to maintain a growth rate of 10% to 20%, primarily driven by the semiconductor sector. [18] Competitive Landscape - The company holds a market share of approximately 10% to 20% in the abrasive tools semiconductor sector, ranking first domestically, with major competitors being Japanese firms like Disco. [17][20] - The company plans to maintain its competitive edge through timely service and lower pricing compared to foreign competitors. [20] Strategic Initiatives - The company is exploring new opportunities in aerospace bearings and robotics, although significant contributions from these sectors are not expected during the current Five-Year Plan. [21] - The company is also considering mergers and acquisitions but acknowledges the challenges in executing such strategies. [22] Operational Insights - The company has shifted focus from shield machine bearings to wind power bearings due to profitability concerns. [23] - Emphasis on lean management, brand building, and cost control is expected to enhance overall operational efficiency. [24] Conclusion The company is strategically positioned in the bearing industry with a focus on growth in wind power and superhard materials. It faces challenges from pricing pressures and competition but is actively pursuing opportunities for innovation and market expansion.

Group 1 - The core focus of the article is on the recent research conducted by Changxin Fund on Guojijinggong, a listed company engaged in the bearing and abrasive tools industry, highlighting its business segments and growth prospects [1] - Guojijinggong operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management and services [1] - The company has a strong order backlog in wind power bearings and aims to rank among the top tier in precision machine bearings [1] Group 2 - The revenue from the superhard materials grinding tools business is projected to be approximately 580 million yuan in 2024, with significant growth in the semiconductor sector [1] - Guojijinggong is actively seeking merger and acquisition opportunities, focusing on product development and leveraging its R&D capabilities to align with international standards [1] - Changxin Fund, established in 2003, has an asset management scale of 190.639 billion yuan, ranking 38th out of 210 in total public funds [1]

Group 1 - The core focus of Guojijinggong is on the bearing and abrasive tools industry, covering five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management and services [1] - The company has a strong order backlog in wind power bearings and aims to rank among the top tier in precision machine tool bearings [1] - The revenue from superhard material tools is projected to be approximately 580 million yuan in 2024, with significant growth in the semiconductor sector [1] Group 2 - Guojijinggong is actively seeking merger and acquisition opportunities, focusing on product development and leveraging its R&D capabilities [1] - The company emphasizes domestic substitution and aims to align with international first-class standards [1] Group 3 - Jinying Fund, established in 2002, has an asset management scale of 68.025 billion yuan, ranking 74th out of 210 in total public funds [1] - The fund's non-monetary public fund management scale is 43.644 billion yuan, ranking 80th out of 210 [1] - The best-performing public fund product in the past year is Jinying Technology Zhiyuan Mixed A, with a latest net value of 1.67 and a growth of 66.85% over the past year [1]

Group 1 - Western Leading Fund recently conducted research on a listed company, Guojijiangong (002046), which operates in the bearing and abrasive tools industry, covering five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management and services [1] - Guojijiangong's special bearings are applied in aerospace and aviation fields, with a full order book for wind power bearings, and aims to rank among the top tier in precision machine bearings [1] - The ultra-hard materials grinding tools business is expected to generate approximately 580 million yuan in revenue in 2024, with significant growth in the semiconductor sector [1] - The company continues to focus on merger and acquisition opportunities, centering on products, leveraging R&D capabilities, emphasizing domestic substitution, and aiming to reach international first-class standards [1] Group 2 - Western Leading Fund was established in 2010, with an asset management scale of 116.305 billion yuan, ranking 55th out of 210 [2] - The fund's non-monetary public fund asset management scale is 92.997 billion yuan, ranking 50th out of 210 [2] - The fund manages 147 public funds, ranking 52nd out of 210, with 29 fund managers, ranking 46th out of 210 [2] - The best-performing public fund product in the past year is Western Leading Digital Industry Mixed A, with a latest unit net value of 1.41 and a growth of 70.25% over the past year [2] - The latest public fund product raised is Western Leading CSI A500 Index Enhanced A, which is an index-type stock fund, with a concentrated subscription period from May 23, 2025, to August 22, 2025 [2]