[Table_Tag] [Table_Summary] 投资要点 ◼ 营收稳健增长，研发投入增加使利润短期承压 2025 年前三季度公司实现营业收入 3.54 亿元，同比+20.96%，主 要系公司稳步推进相关设备的生产、交付及验收工作；实现归母净利润 0.43 亿元，同比-25.40%；实现扣非归母净利润 0.25 亿元，同比-25.52%， 主要系公司加大研发投入，且报告期内计提的坏账准备增加。 证券研究报告·公司点评报告·通用设备 华辰装备（300809） 2025 年三季报点评：营收稳健增长，利润端 受研发加码短期承压 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 479.16 | 445.99 | 520.82 | 696.83 | 984.08 | | 同比（%） | 42.48 | (6.92) | 16.78 | 33.80 | 41.22 | | 归母净利润（百万元） | 117.75 | 6 ...

Core Viewpoint - The industrial mother machine is a cornerstone of a country's manufacturing capabilities, reflecting its technological level and comprehensive competitiveness. The recent "2025 Industrial Mother Machine + Hundred Industries and Ten Thousand Enterprises Supply and Demand Matching Event" in Shanghai highlighted significant collaborations and advancements in this sector [1][13]. Group 1: Event Highlights - The event facilitated the release of 100 demand lists and 200 supply lists, resulting in over 80 cooperation projects with a signed amount exceeding 3 billion yuan [1]. - Shanghai Electric Group showcased its strengths in the industrial mother machine sector and proposed the establishment of an AI + industrial mother machine ecosystem [1][13]. Group 2: Historical Context - Shanghai Machine Tool Factory, established in 1946, is a pioneer in China's industrial mother machine industry, marking significant milestones in the development of domestic machinery [3][4]. - The factory transitioned from producing simple agricultural tools to developing advanced machinery, including China's first universal tool grinding machine [3][4]. Group 3: Technological Advancements - Shanghai Machine Tool Factory has developed a comprehensive R&D capability covering various types of grinding machines, focusing on key technologies in the industrial mother machine field [4][5]. - The factory has achieved breakthroughs in several critical technologies, including high-speed and high-efficiency grinding machines, enhancing processing efficiency and precision [4][9]. Group 4: Industry Positioning - As a key player in the industrial mother machine supply chain, Shanghai Machine Tool Factory plays a pivotal role in manufacturing integrated equipment, supporting various critical manufacturing sectors [5][8]. - The factory's products are widely used in industries such as automotive, aerospace, and engineering machinery, contributing to the high-end development of these sectors [8]. Group 5: Strategic Directions - The company is actively pursuing digitalization and internationalization strategies to address industry challenges, including the need for higher-end supply and the impact of global market fluctuations [11][12]. - Shanghai Machine Tool Factory has successfully expanded its overseas business, achieving 200% of its annual sales target in international markets this year [12]. Group 6: Future Outlook - The company aims to enhance its global presence by deepening its engagement in traditional markets like Southeast Asia while exploring high-end markets in Europe and South America [12]. - Shanghai Electric Group emphasizes the integration of smart technologies with industrial mother machines as a primary direction for future development [13].

Core Viewpoint - Huachen Equipment, as a leading enterprise in the domestic roller grinding machine industry, is benefiting from dual drivers of equipment upgrades in the industrial sector and the domestic substitution of high-end equipment [1] Group 1: Industry Insights - The Ministry of Industry and Information Technology's implementation plan for promoting equipment upgrades in the industrial sector emphasizes the replacement of outdated machine tools, which directly supports the demand for Huachen Equipment's services [1] - The company's maintenance and renovation business achieved revenue of 0.33 billion yuan in the first half of 2025, marking a significant year-on-year increase of 212.79% [1] Group 2: Company Performance - As of the first half of 2025, Huachen Equipment's contract liabilities stood at 2.42 billion yuan, showing a slight decrease from the beginning of the year but still indicating a strong order backlog and resilient demand for its main business [1] - The integrated business model of equipment, services, and intelligent manufacturing is expected to smooth out the cyclical fluctuations in equipment sales, providing new momentum for the company's performance growth [1] Group 3: Investment Outlook - Huachen Equipment is well-positioned to benefit from the wave of domestic substitution and equipment upgrades, along with successful technological breakthroughs that have opened up high-end markets such as robotic screw rods [1] - The company has been given a "buy" investment rating based on its strong market position and growth potential [1]

Group 1 - The company is a leading player in the roller grinding machine industry, benefiting from both equipment upgrades and domestic high-end equipment substitution driven by government policies [1] - The company's maintenance and renovation business achieved revenue of 0.33 billion yuan in the first half of 2025, a year-on-year increase of 212.79% [1] - The company has successfully developed the Huachen HCK2000 intelligent grinding CNC system, with over 35% of new equipment orders in 2024 featuring this self-developed system [1] Group 2 - The company invested 40.77 million yuan in R&D in 2024, accounting for 9.14% of its revenue, and has established joint laboratories with universities to tackle critical technology challenges [2] - The company has received 86 patents and 11 software copyrights, enhancing its competitiveness in high-end markets such as robotics and aerospace [2] - The company has secured significant orders in emerging markets, including a 100-unit order for planetary roller screw grinding machines [2] Group 3 - The company is transitioning from a single equipment manufacturer to a comprehensive solution provider for intelligent grinding applications, enhancing customer loyalty and order value [3] - The maintenance and renovation business has become the fastest-growing segment, with a gross margin of 40.60%, up 12.12% year-on-year [3] - The integrated business model of equipment, services, and intelligent manufacturing is expected to smooth out sales cycle fluctuations and provide new growth momentum [3] Group 4 - Revenue forecasts for the company are 5.85 billion yuan, 8.35 billion yuan, and 11.18 billion yuan for 2025-2027, with corresponding EPS of 0.43, 0.70, and 1.01 yuan [4] - The current stock price corresponds to PE ratios of 108.5, 67.4, and 46.5 times for the respective years, reflecting the company's strong position in the market [4]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company is positioned as a leading player in the domestic roll grinding machine industry, benefiting from both the domestic substitution of high-end equipment and the acceleration of equipment upgrades [4]. - The company has successfully developed the HCK2000 intelligent grinding CNC system, achieving over 35% integration in new equipment orders for 2024, indicating a significant technological advancement [4]. - The company has established a strong foothold in high-end applications, breaking foreign technology monopolies and achieving global technological leadership in high-speed and high-precision grinding [4]. - The company has seen a substantial increase in its maintenance and renovation business, with revenue reaching 0.33 billion yuan in the first half of 2025, a year-on-year increase of 212.79% [4]. - The company is actively expanding into emerging international markets, including India and Malaysia, while maintaining a solid order backlog of 2.42 billion yuan as of mid-2025 [4]. Summary by Sections Market Performance - The company has shown strong performance compared to the CSI 300 index, indicating robust market positioning [2]. Technology Innovation and Product Development - The company invested 40.77 million yuan in R&D in 2024, accounting for 9.14% of its revenue, and has obtained 86 patents and 11 software copyrights [5]. - The company has established partnerships with universities to tackle critical technology challenges, enhancing its competitive edge in high-end markets [5][6]. Service and Flexible Manufacturing - The company is transitioning from a single equipment manufacturer to a comprehensive solution provider, enhancing customer loyalty and order value through lifecycle service offerings [7]. - The maintenance and renovation segment has become the fastest-growing business area, with a gross margin of 40.60%, significantly higher than traditional equipment sales [7]. Profit Forecast - Revenue projections for 2025-2027 are 5.85 billion yuan, 8.35 billion yuan, and 11.18 billion yuan, respectively, with corresponding EPS of 0.43 yuan, 0.70 yuan, and 1.01 yuan [8][10]. - The company is expected to benefit from the domestic substitution and equipment upgrade trends, leading to a favorable investment outlook [8].