紧密的合作关系。 深圳市联得自动化装备股份有限公司 投资者关系活动记录表 深圳市联得自动化装备股份有限公司 投资者关系活动记录表 证券简称：联得装备证券代码：300545 编号：2025-010 | 投资者关系活动类别 | █特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 █路演活动 | | | □现场参观 □其他 | | 参与单位名称及人员 | 一、7 月 22 日 | | 姓名 | 第一场：现场调研 | | | 华泰证券、北京雪球私募共 人 4 | | | 二、7 月 23 日 | | | 第一场：现场调研 | | | 南方基金共 人 2 | | | 第二场：现场调研 | | | 宝盈基金、华福证券共 2 人 | | 时间 | 年 月 月 日 2025 7 22 日-7 23 | | 地点 | 东莞联鹏智能装备有限公司会议室、深圳基金公司会议室 | | 上市公司接待人员 | 董事、副总经理：胡金先生 | | 姓名 | 董事、董事会秘书：刘雨晴女士 | | | 一、介绍公司概况 | | | 简要介绍公司及子公司发展历程、主营业务、近年主 ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting an "Overweight" rating based on expected performance exceeding the market benchmark by more than 10% over the next 6-12 months [33]. Core Insights - The North Exchange A-shares saw a trading volume of 27.45 billion yuan on July 21, 2025, an increase of 4.99 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1452.34, up 2.38% [2][9]. - The report highlights significant market drivers, including the launch of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project, which is expected to stimulate related industries such as tunnel equipment and engineering consulting [4][20]. - The report emphasizes the importance of focusing on high-scarcity and strong alpha attributes in specialized and innovative enterprises, particularly in new power equipment and smart hardware sectors [4]. Summary by Sections Market Review - On July 21, 2025, the North Exchange A-shares had 268 companies, with 208 rising, 4 flat, and 56 declining. The top five gainers included Iron Tuo Machinery, Jikang Instruments, and Wuxin Tunnel Equipment, each rising by 30% [2][16]. - The North Exchange Specialized and Innovative Index closed at 2477.21, up 2.0% [2][9]. Important News - A humanoid robot project by UBTECH won a record bid of 90.51 million yuan, with plans to deliver 500 units within the year, indicating a growing market for robotics [19]. - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is set to begin construction, which may open growth opportunities in related sectors [20]. Key Company Announcements - Runpu Food announced that its major shareholder plans to reduce its stake by up to 1.76 million shares, representing 1.99% of the total share capital [21]. - Xuchang Intelligent won 13 projects from the State Grid, totaling 153 million yuan, enhancing its market presence [29].

Core Insights - The new policy in Lingang New Area expands the scope of financial leasing project companies to include four key sectors: new energy, power batteries, intelligent manufacturing, and industrial mother machines, providing targeted financial support for cutting-edge industries [1][2] - Financial leasing services allow companies to acquire the use of large equipment or assets without immediate full payment, easing cash flow and balance sheet pressures [1] - The expansion of leasing objects to include integrated circuit equipment and computing power center equipment aims to support sustainable development in the industry [2] Summary by Sections Financial Leasing Policy - The new policy allows financial leasing companies to establish Special Purpose Vehicles (SPVs) in Lingang, broadening the leasing object range beyond traditional assets to include advanced manufacturing equipment [1][2] - Since the pilot program began, over 160 financial leasing companies have participated, with more than 50% establishing SPVs in the area, and six companies have completed pilot projects with total assets nearing 4 billion yuan [2] Cross-Border Leasing Opportunities - The policy is expected to significantly increase the scale of cross-border leasing business, particularly in computing power and new energy equipment, leading to heightened demand for cross-border guarantees and asset valuation [3] - Future plans include attracting more legal, evaluation, and tax service institutions to provide specialized services through a one-stop financial leasing service platform [3]

Core Viewpoint - The report anticipates that convertible bonds with positive performance in Q2 2025 will be concentrated in high-end manufacturing sectors such as communication, electronics, military, automotive parts, transportation equipment, industrial control equipment, energy equipment, and electric power equipment, as well as in non-ferrous and basic chemical industries benefiting from price increases [1]. Group 1: Industry Performance Insights - The profit growth in the non-ferrous metal mining industry is expected to reach 41.7% year-on-year, driven by rising prices and increased production and sales of metals like gold, copper, zinc, and silver [2]. - The railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors are projected to see a profit increase of 56% year-on-year, benefiting from global shipping recovery and significant orders for LNG carriers and container ships [2]. - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and general equipment manufacturing, are expected to maintain double-digit profit growth due to high demand for AI hardware, smart terminals, and industrial control equipment [2]. - The agricultural and sideline food processing industry is anticipated to experience a profit growth rate of 38.2%, primarily due to the demand for high-value-added products like prepared dishes and health foods [2]. Group 2: Company-Specific Performance - Among the companies that have disclosed their H1 2025 performance forecasts, 272 companies are expected to achieve a non-net profit growth of over 30% in Q2 2025, mainly in the basic chemicals, electric power equipment and new energy, machinery, electronics, and automotive sectors [3]. - In the basic chemicals sector, companies are expected to benefit from price increases in phosphates, pesticides, and refrigerants [3]. - The electric power equipment and new energy sector's high-performing companies are expected to benefit from increased overseas photovoltaic storage orders, domestic ultra-high voltage and smart grid construction, and rising domestic orders for new energy vehicles and military products [3]. - The machinery sector's growth is driven by high demand for industrial mother machines, semiconductor equipment, energy equipment, shipbuilding, and rail transit equipment [3]. - The electronics sector's growth is attributed to increased investment in AI computing power, accelerated domestic substitution of semiconductor equipment and materials, and growth in consumer electronics and smart terminal shipments [3]. - The automotive sector is expected to see high growth due to increased sales of domestic new energy vehicles and accelerated exports of commercial vehicles and automotive parts [3]. Group 3: Performance Forecast Adjustments - A list of 13 convertible bond targets has been identified, which have seen their average net profit forecasts raised by over 5% in the past three months, with more than three forecasting institutions involved, indicating potential marginal improvements in performance [4].

Group 1 - The core viewpoint is that electricity consumption in China is growing at a rate higher than GDP growth, with an electricity elasticity coefficient around 1.2, indicating a strong relationship between electricity consumption and economic growth [1] - From 2018 to 2024, the electricity consumption growth rate in high-tech and equipment manufacturing industries is significantly higher than the average level of the manufacturing industry, with an annual growth rate of 8.0%, driven by the expansion of high-end manufacturing sectors [1] - The rapid expansion of high-end manufacturing, including new energy equipment, new energy vehicles, semiconductors, and advanced materials, is creating a new driving force for electricity consumption [1] Group 2 - From 2018 to 2024, the electricity consumption in the internet and related data services industry is growing at an annual rate of 19.2%, highlighting the rapid development of the digital economy [2] - The digital economy, represented by the internet, big data, cloud computing, and artificial intelligence, is becoming a significant driver of growth in the tertiary industry, with data centers and computing centers requiring substantial electricity [2] Group 3 - The electricity consumption in the charging and swapping service industry is growing at an annual rate of 74.3% from 2018 to 2024, which in turn drives an 11.8% annual growth in the wholesale and retail industry [3] - The growth in electricity consumption in the charging and swapping services is attributed to the increasing ownership of new energy vehicles, which is also accelerating the development of related service industries [3] - The ongoing push for carbon peak and carbon neutrality is leading to a gradual reduction in energy consumption per unit of GDP, with a cumulative decrease of 11.6% in energy intensity over the first four years of the 14th Five-Year Plan [3]

Core Insights - The global hardware and electromechanical industry is facing unprecedented opportunities and challenges due to profound changes in the global economic landscape [1] - China's hardware and electromechanical products export exceeded $350 billion in 2023, accounting for nearly 30% of global trade [1] Market Overview - The global hardware tools market is projected to exceed $580 billion by 2025, growing at an annual rate of 4.5% [1] - The recovery of the global market post-pandemic is uneven, with significant regional demand differentiation [2] Developed Markets - Traditional markets like Europe and the U.S. are increasingly demanding high-precision, intelligent, and environmentally friendly products, with green manufacturing and low-carbon standards becoming essential entry barriers [3] Emerging Markets - Regions such as Southeast Asia, the Middle East, and Africa are experiencing strong demand for basic hardware tools, construction machinery, and energy equipment due to accelerated industrialization [4] Supply Chain Dynamics - China's complete industrial system and cost advantages make it a preferred choice for international buyers, although competition from Southeast Asia is rising [5] Key Strategies for Breakthrough - Companies need to accurately identify target markets and align differentiated products and technological upgrades with market demands, leveraging international exhibitions for resource connections [6] Competitive Landscape - China leads in global exports of hardware and electromechanical products, particularly in electric tools, construction hardware, and mechanical parts, recognized for its manufacturing cost advantages [7] - However, challenges include insufficient technological innovation and weak brand influence, with low-cost advantages being challenged by emerging economies [7][9] Transformation Trends - Leading companies are accelerating the adoption of intelligent production and digital marketing, while small and medium enterprises are focusing on specialization in niche markets [10] Policy and Support - National policies, such as the Belt and Road Initiative and RCEP, are providing strong support for the internationalization of the hardware and electromechanical industry [12] - Local support in regions like Ningbo includes tax incentives and foreign trade subsidies to assist companies in going global [13] Exhibition Economy - International exhibitions, such as the 2025 Ningbo Hardware and Electromechanical Import and Export Fair, play a crucial role in showcasing technology and expanding international markets [18] Future Directions - The future growth of the hardware and electromechanical industry will focus on three main areas: intelligent upgrades, green transformation, and service extension [16][17] - The industry must embrace global opportunities through technological innovation and international cooperation to transition from scale expansion to value enhancement [22]

从 2025Q1 数据看,全 A 营收增速延续回暖趋势,非金融石油石化板块同 比增速为 0.65%,较 2024Q4环比改善 1.3pct; 分板块看,创业板以 2025Q1 同比 7.89%的营收增速领跑,北证营收增速环比跳升 8.08pct 至 5.81%,而 科创板受光伏行业拖累,2025Q1 营收同比下滑 7.24%,为 2022年有数据以 来首次负增。盈利端改善更为明显,全 A 归母净利润同比增速由 2024Q4 的 -0.89%转正至 2025Q1 的 1.49%,其中创业板净利润同比激增 18.02%(较 2024Q4 环比改善 30.9pct),但科创板净利润同比跌幅扩大至-28.6%,反映 科技领域高研发投入与短期业绩的阶段性矛盾;主板则通过降本增效,销售 净利率从2024Q4的 9.3%提升至 2025Q1的 9.38%,凸显传统行业经营韧性。 分析师 汪毅 执业证书编号:S1070512120003 证券研究报告 | 投资策略研究*深度报告 2025 年 06 月 30 日 投资策略研究 B 隐匿下的"平衡木"策略 -- 基于景气度线索以及行业趋势 邮箱: yiw@cgws.com 分析 ...

证券研究报告 | 投资策略研究*深度报告 2025 年 06 月 30 日 投资策略研究 β隐匿下的"平衡木"策略——基于景气度线索以及行业趋势 从 2025Q1 数据看，全 A 营收增速延续回暖趋势，非金融石油石化板块同 比增速为 0.65%，较 2024Q4环比改善 1.3pct；分板块看，创业板以 2025Q1 同比 7.89%的营收增速领跑，北证营收增速环比跳升 8.08pct 至 5.81%，而 科创板受光伏行业拖累，2025Q1 营收同比下滑 7.24%，为 2022 年有数据以 来首次负增。盈利端改善更为明显，全 A 归母净利润同比增速由 2024Q4 的 -0.89%转正至 2025Q1 的 1.49%，其中创业板净利润同比激增 18.02%（较 2024Q4 环比改善 30.9pct），但科创板净利润同比跌幅扩大至-28.6%，反映 科技领域高研发投入与短期业绩的阶段性矛盾；主板则通过降本增效，销售 净利率从 2024Q4的 9.3%提升至 2025Q1的 9.38%，凸显传统行业经营韧性。 金融地产板块内部分化加剧：券商受益于资本市场改革深化，营收与净利润 分别同比增长 22.08%和 8 ...

Core Viewpoint - 大连重工 is expected to achieve a net profit of 305 million to 326 million yuan in the first half of the year, representing a year-on-year growth of 11.12% to 18.92%, primarily driven by an increase in revenue and improved gross margins in material handling equipment [2][4]. Financial Performance - The company anticipates a revenue growth of approximately 6% year-on-year, contributing to the overall net profit increase [2][4]. - In 2024, the company achieved a revenue of 14.281 billion yuan, a year-on-year increase of 18.97%, and a net profit of 498 million yuan, up 37.12% [3]. - For the first quarter of 2025, the company reported a revenue of 3.507 billion yuan, a 10.02% increase year-on-year, and a net profit of 179 million yuan, reflecting a 25.85% growth [3]. Product Development and Innovation - The company focuses on high-end equipment manufacturing, with significant investments in R&D projected to total 3.546 billion yuan from 2020 to 2024 [2][5]. - The material handling equipment segment has seen a gross margin increase, with a notable project involving a self-developed dual-direction continuous unloader that has been recognized in the international market [4]. - The company has successfully delivered the world's largest 610-ton butterfly steel ladle turntable and holds over 80% market share in the 400-ton and above casting crane market [4]. Strategic Initiatives - 大连重工 is enhancing its high-end production capacity in deep-sea equipment, renewable energy devices, and intelligent operation systems [5]. - The company has delivered the world's first 20,000-ton multi-point bridge crane for ultra-large offshore drilling platforms, reducing construction time by 30% [5]. - The company has established a remote operation and maintenance platform based on digital twin technology, significantly reducing equipment failure rates and operational costs [5]. International Expansion - Since initiating its international strategy in 2010, the company has expanded its business to cover multiple countries and regions, achieving a 35% year-on-year increase in export orders to 677 million USD [6]. - The overseas sales revenue grew by 175.37% in 2024, reaching 2.293 billion yuan, accounting for 16.06% of total revenue, with a gross margin of 28.24% [6].

点击上图▲立即收听 " 销售正在成为一个新职业物种 —— 它要求你会表达、懂用户、能讲故事、抓数据、拉社群 …… 而这些能力，正好是今天企业 ' 增长逻辑 ' 的核心。 " 文 / 巴九灵（微信公众号：吴晓波频道） "我本以为销售只是把货卖出去，没想到，它成了我通向理想工作的敲门砖。" 张春来自一所省会二本院校，专业是广告学，这个毕业季，他把简历投向了多个品牌、公关和内容运营岗位，但都石沉大海。 在一轮轮"已读不回"后，某个销售顾问的岗位在招聘软件上跳了出来：底薪8000元，提成上不封顶，冠军奖金5万。他点开了"立即投递"，心中想 的是五个字：先上岸再说。 这不是个例。 今年夏天，高校毕业生人数预计将达到1222万，又是创纪录的数字。 在这个求职季，一个趋势悄然浮现：销售类职位，超越管培生、软件开发等传统热门，登顶大学生简历投递量榜首。 更令人意外的是，投递这些岗位的，早已不局限于市场营销、国际贸易等"对口专业"，越来越多英语、广告、心理学、文学、新闻等背景的学生， 正批量涌入。 销售，何以成为年轻人热门的"新选择"？ "职业低地"到"就业热门"的转变 "工资先到账，理想慢慢找"，这句在年轻人之间互相打趣的话 ...