华密新材 20250924 摘要 华密新材 2025 年上半年营收 2.03 亿元，增长率个位数，利润增长放缓 因研发、销售投入及固定资产折旧增加。公司积极推进与比亚迪、奇瑞 等车厂新产品验证，PEEK 材料和高温有机硅已进入小批量试用阶段。 华密新材在 PEEK 材料领域进行特种工程塑料改性产品研发，已在航空 航天领域小批量应用，验证周期半年以上；机器人领域储备高端有机硅 产品，对接人形机器人皮肤应用；军工领域耐高温材料已应用于航空发 动机关键部件，获小批量订单。 华密新材通过新客户拓展（比亚迪、奇瑞等，预计 2025 年小批量供货， 2026 年放量）和新产能释放（特种工程塑料项目已建成部分产线，特 种橡胶新材料项目预计 2026 年投产）驱动中长期发展，显著提升收入 规模。 华密新材核心竞争力在于材料配方研发能力，拥有 2000 多种配方，与 下游主机厂同步开发解决方案，已切入汽车、高铁、航空航天等高壁垒 行业，为长城汽车、中国中车、中航发等提供高端产品。 华密新材业务包括特种工程塑料（规模最大，产能逐步释放）、高温有 机硅（与中科院合作，预计明年盈亏平衡后放量）、自润滑轴承（客户 验证阶段）、PEEK ...

Group 1 - The company, Changsheng Bearing (300718.SZ), focuses on the research, production, and sales of self-lubricating bearings and high-performance polymers [1] - Main products include self-lubricating bearings, high-performance modified engineering plastics, and fluoroplastics [1] - Products are widely used in industries such as automotive, construction machinery, robotics, and energy [1] Group 2 - The company has not obtained qualifications for the military industry [1] - Future strategic layout will be determined based on actual development conditions [1]

Group 1 - The core business of the company is the research, production, and sales of self-lubricating bearings and high-performance polymers [2] - Main products include self-lubricating bearings, high-performance modified engineering plastics, and fluoroplastic products [2] - The products are widely used in industries such as automotive, construction machinery, robotics, and energy [2] Group 2 - The company plans to strategically position itself based on actual development conditions in the future [2]

（文章来源：证券日报） 证券日报网讯长盛轴承9月17日在互动平台回答投资者提问时表示，公司与机器人产业链相关方保持紧 密沟通及合作，包括机器人主机厂、相关供应商及灵巧手研发生产厂家。公司在机器人领域的研究方向 主要是应用于关节处的自润滑轴承、部分直线执行器中的产品，以及灵巧手的相关零部件。 ...

Core Viewpoint - The company, Changsheng Bearing, is a secondary or tertiary supplier in the shield machine bearing sector, with a low revenue contribution from this area. The company plans to monitor market demand changes in high-end equipment sectors like shield machines and explore business expansion opportunities based on its technological advantages [1]. Group 1 - The company's self-lubricating bearings are applicable in the oil cylinders of shield machines, providing precise guidance and preventing piston rod deviation, which enhances seal life [1]. - The revenue contribution from the shield machine sector is relatively low for the company [1]. - The company intends to continue focusing on market demand changes in high-end equipment sectors and will explore business expansion opportunities as appropriate [1].

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有产品用于盾构机吗？与哪些盾构机头部 厂商有合作？ 长盛轴承（300718.SZ）9月17日在投资者互动平台表示，公司的自润滑轴承可以应用于盾构机的油缸 中，作用主要是提供精准导向，防止活塞杆偏移，提升密封寿命。公司是盾构机领域客户的二级或三级 供应商。 （记者 王晓波） ...

Group 1 - The company maintains close communication and collaboration with stakeholders in the robotics industry, including robot manufacturers, relevant suppliers, and manufacturers of dexterous hands [1] - The company's research direction in the robotics field focuses on self-lubricating bearings used in joints, products in some linear actuators, and components related to dexterous hands [1]

Group 1: Company Overview - The main business of the company is the research, production, and sales of self-lubricating bearings and high-performance polymers, with key products including self-lubricating bearings and modified engineering plastics [2] - In the first half of 2025, the company's revenue increased by 11.03% year-on-year, and the net profit attributable to shareholders grew by 9.22% [2] - Revenue from the automotive and engineering machinery sectors increased by approximately 10% [2] Group 2: Market Focus and Strategy - The automotive sector is a key development direction for the company, which aims to enhance market share [2] - The engineering machinery sector showed a significant rebound in revenue during the first half of the year, with a focus on cost reduction through industry chain collaboration [2] - The company maintains close communication and cooperation with stakeholders in the robotics industry, including manufacturers and suppliers [3] Group 3: Product Applications and Innovations - The company's linear actuators are primarily used in robotic fingers, wrists, elbows, and knees, facilitating precise coordination of robotic movements [3] - High-performance polymers such as PTFE, PEEK, and PA are utilized in the company's products, offering lightweight, corrosion resistance, and improved structural strength [3] - The use of polymer materials for structural components significantly enhances production efficiency and reduces costs, contributing to the lightweight and cost-saving requirements of robotics [3] Group 4: Financial Performance - The overall gross margin for the first half of 2025 remained stable, with a slight decline of approximately 1 percentage point due to raw material price fluctuations [3] - Domestic revenue accounted for about 60% of total revenue, benefiting from the robust growth of the domestic automotive industry [3]

Core Viewpoint - The company reported a steady revenue growth of 11.03% year-on-year for the first half of 2025, driven by strong performance in the automotive sector and effective cost control measures [1][2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 618 million yuan, with a net profit attributable to shareholders of 126 million yuan, reflecting a year-on-year increase of 9.22% [1]. - The second quarter of 2025 saw revenues of 336 million yuan, marking a 19.73% increase year-on-year, with net profits of 73 million yuan, up 15.58% [1]. - The gross margin and net profit margin for the first half of 2025 were 34.54% and 20.38%, respectively, showing slight declines of 1.20 and 0.34 percentage points year-on-year [3]. Business Segments - The automotive industry showed robust growth, with production and sales increasing by 12.5% and 11.4% respectively in the first half of 2025, contributing to the company's performance [2]. - Revenue from various bearing products in the first half of 2025 included 213 million yuan from self-lubricating bearings, 112 million yuan from bimetallic bearings, and 104 million yuan from metal-based self-lubricating bearings, with year-on-year growth rates of 9.08%, 18.12%, and 21.93% respectively [2]. Cost Management - The company maintained stable expense ratios, with sales, management, and financial expense ratios at 2.25%, 6.12%, and -2.17% respectively, showing minor fluctuations year-on-year [3]. - The decrease in financial expenses was primarily due to the appreciation of the RMB against the Euro, leading to increased exchange gains [3]. Future Outlook - The company is positioned as a leader in the domestic self-lubricating bearing industry, with promising growth in the automotive and engineering machinery sectors, as well as emerging opportunities in the humanoid robotics market [4]. - Revenue projections for 2025-2027 are estimated at 1.293 billion yuan, 1.487 billion yuan, and 1.733 billion yuan, with net profits expected to reach 265 million yuan, 309 million yuan, and 366 million yuan respectively [4].

Group 1 - The company achieved steady growth in the first half of 2025, with operating revenue of 618 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 126 million yuan, up 9.22% year-on-year [1] - The company's gross profit margin remained high at 34.54%, and the management of period expenses showed significant improvement, with the sales expense ratio decreasing from 11.21% in 2024 to 10.31% in the first half of 2025 [1] - In Q2 2025, the company saw a notable recovery in performance, with revenue of 336 million yuan, a year-on-year increase of 19.73%, and a net profit of 73 million yuan, up 15.58% year-on-year [1] Group 2 - The demand in traditional industries continues to recover, with the domestic automotive production and sales increasing by 12.5% and 11.4% respectively in the first half of 2025, and the penetration rate of new energy vehicles reaching 44.3% [2] - The company is actively expanding into the robotics sector, focusing on self-lubricating bearings for joints and components for dexterous hands, with some products already achieving small-scale sales in the robotics parts market [2] - Revenue forecasts for the company are projected to be 1.306 billion yuan in 2025, 1.506 billion yuan in 2026, and 1.740 billion yuan in 2027, with net profits expected to be 262 million yuan, 316 million yuan, and 371 million yuan respectively [2]