轴承领域着力提升航天轴承的产能和智能化转型，满足配套商业 航天重点主机需求，全面开展技术迭代、提升系统工程助力。 二、交流环节 国机精工集团股份有限公司投资者关系活动记录表 编号：2026—007 | | 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 | | | | 天风证券：王奕红、曾庆亮、文灿曦 深圳博普资产：雍国铁 | | | | 玺营资产：廖江彤、张婧姝 | | | 参与单位名称 | 国盛证券：彭元立 | | | | 开源证券：蒋雨凯 | | | 及人员姓名 | 华福证券：邓娴仪 | | | | 天治基金：陈付佳 | | | | 中金公司：张琮翎 | | | | 广发基金：白家乐 | | | 时间 | 2026 年 3 月 5 日 | | | 地点 | 国机精工下属企业郑州磨料磨具磨削研究所 | | | 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 一、公司情况介绍 ...

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved significant technological advancements, with over 2,400 research outcomes and 1,076 national and industry standards established [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, driven primarily by the growth in wind power bearing business [3][4] - Gross profit reached CNY 797 million, up 20% year-on-year, while net profit was CNY 245 million, reflecting a 15.4% increase [3][4] Business Highlights Bearing Business - The special bearing segment is a key driver of profit growth, with a market share of over 90% in the aerospace sector [4][9] - The wind power bearing business has shown strong growth, with the successful development of high-capacity bearings [4][9] Abrasives Business - The superhard materials segment continues to grow, with significant contributions from semiconductor applications [5][9] - The company has achieved breakthroughs in diamond functional applications, which are expected to be a new source of profit [5][9] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robotics [8][9] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] Governance and Investor Relations - Guoji Precision emphasizes transparency in governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9][10] - The company has been recognized as a model enterprise for reform and innovation by the State-owned Assets Supervision and Administration Commission for four consecutive years [6][9]

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since its inception [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27%, with core products like special and precision bearings and superhard materials contributing to over 50% growth [3][4] - Gross profit reached CNY 797 million, a 20% increase year-on-year, while net profit was CNY 245 million, up 15.4% [3][4] Business Highlights Bearing Business - The special bearing segment is a key driver of profit growth, with a 90% supply rate for key products in aerospace applications [4] - The wind power bearing business has seen significant growth, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings [4] Abrasives Business - The superhard materials segment continues to grow, with the company being a pioneer in the industry since 1963 [5] - The company has developed high-efficiency processing tools for the semiconductor industry, addressing critical material needs [5] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas such as commercial aerospace and humanoid robot bearings [8] - Guoji Precision plans to maintain a dividend payout ratio of no less than 40%, with a target to rank in the top 70% of listed companies by dividend payout rate by 2024 [8][9] Governance and Investor Relations - The company emphasizes transparency in governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [9] - It actively engages with investors through various channels to enhance understanding of its core value drivers and competitive advantages [9]

Core Viewpoint - The diamond industry is currently divided into two main applications: structured applications and functional applications, with functional applications gaining attention due to the high heat dissipation demands driven by artificial intelligence [2] Industry Summary - The functional applications of diamonds include heat sinks and optical window pieces, with potential future applications in chip manufacturing, although it is still in the early stages of industrialization [2] - The demand for diamonds is expected to shift from being an optional material to a necessary one due to the advancements in artificial intelligence [2] Company Summary - The company has been focusing on the functional application of diamonds since 2015, choosing the MPCVD method for its high-quality diamond production and strong compatibility with various product lines [2] - The company began generating revenue from heat sinks and optical windows in 2023, with expectations to exceed 10 million yuan by 2025, primarily in non-civilian sectors [2] - Civilian applications are currently in the testing phase by leading domestic manufacturers, with test results anticipated by 2026 if progress continues smoothly [2]

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has a strong technological innovation capability, with over 2,400 research achievements and 1,076 national and industry standards established since its inception [3] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 2.296 billion, a year-on-year increase of 27%, primarily driven by the growth in wind power bearing business [3][4] - Gross profit totaled CNY 797 million, a 20% increase year-on-year, while net profit reached CNY 245 million, up 15.4% from the previous year [3][4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, contributing significantly to profit, with a 90% supply rate for key products in aerospace applications [4] - The wind power bearing business has been a major growth driver, with successful development of high-capacity products [4] Abrasives Business - The superhard materials segment continues to grow, with significant advancements in technology and market position, including the development of high-efficiency processing tools for the semiconductor industry [5] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [5] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas, including commercial aerospace and humanoid robotics [8] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] - The company emphasizes transparency in governance and investor relations to enhance value recognition among stakeholders [9] Innovation and Talent Development - Guoji Precision is enhancing its R&D capabilities through an integrated system that combines research institutes and industrial units [6] - The company has a robust talent development framework, with over 800 technical personnel, including 700 with master's degrees or higher [7]

Core Viewpoint - The company, Guojijiangong, is focusing on its core businesses in bearing and superhard materials, with plans for future growth in commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and optical window pieces, which are expected to drive its second growth curve [1][5]. Group 1: Main Business Overview - The company's main business is divided into bearing and superhard materials, with bearings including special bearings (90% market share in aerospace), wind power bearings (rapid growth), and precision machine tool bearings (stable development) [4]. - The superhard materials business, operated by Guojijiangong Diamond, focuses on superhard material tools serving sectors like semiconductors and automotive, facing competition primarily from international companies [4]. Group 2: Future Business Layout - Future business focuses on commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and optical window pieces, which are expected to be the main drivers of the second growth curve [5]. - The company is also providing momentum wheels for satellites and rockets but does not supply other structural components [6]. Group 3: Diamond Heat Sink Business - The diamond heat sink business is in its industrialization infancy, with applications in chip manufacturing expected to grow due to high heat dissipation demands from AI development [9]. - The company began this direction in 2015 using the MPCVD method, which offers high quality and strong compatibility, with revenue from heat sinks and optical windows expected to exceed 10 million yuan by 2025 [2][9]. - Interest from civilian customers in diamond heat sinks has significantly increased in 2025, indicating a market in the brewing stage, with potential growth following successful testing results [9]. Group 4: Cost Reduction Strategies - The company aims for cost reduction through technological advancements and energy savings, with new diamond deposition capacity planned in Hami, Xinjiang, to leverage low electricity prices [10].

Core Viewpoint - The company is focusing on new business areas, particularly in commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and diamond optical window pieces, which are expected to drive its second growth curve [1] Group 1: New Business Focus - The company is strategically positioning itself in the commercial aerospace sector with a focus on bearings [1] - Key products include humanoid robot bearings, diamond heat sinks, and diamond optical window pieces, which are anticipated to be the main contributors to future growth [1] Group 2: Current Product Offerings - Currently, the company primarily provides bearing products and supplies some momentum wheels, but does not offer other structural components for satellites or rockets [1]

Group 1: Business Overview - The company's core business is divided into bearing and superhard materials, with bearings including special bearings, wind power bearings, and precision machine tool bearings [3][4] - The market share for aerospace bearings is approximately 90%, while the wind power bearing business is experiencing rapid growth [3][4] - The superhard materials segment, primarily operated by Guojin Diamond, holds a 67% equity stake and focuses on superhard material tools, serving industries such as semiconductors and automotive [3][4] Group 2: Future Business Focus - Future business priorities include commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and diamond optical window pieces, which are expected to drive the second growth curve [4] - The company plans to focus on high-value-added products in the robot bearing sector, such as cross-roller bearings [4] Group 3: Diamond Heat Sink Business - The diamond industry is categorized into structured and functional applications, with functional applications including heat sinks and optical window pieces [4] - The diamond heat sink business is anticipated to be applied in chip manufacturing, currently in the early stages of industrialization, with potential growth driven by high heat dissipation demands from AI [4] - Revenue from diamond heat sinks exceeded 10 million yuan in 2025, primarily from non-civilian sectors, with civilian sector testing expected to yield results in 2026 [4] Group 4: Cost Reduction Strategies - Cost reduction strategies for the diamond heat sink business include technological cost reduction and energy cost reduction, with new production capacity planned in Hami, Xinjiang, to leverage low electricity prices [5]

Core Viewpoint - The diamond industry is currently divided into two main applications: structured applications and functional applications, with functional applications including heat sinks and optical window pieces. The demand for diamond heat sinks is expected to rise in the chip manufacturing sector due to the high heat dissipation needs driven by artificial intelligence advancements, potentially shifting diamonds from "optional" to "essential" materials [1] Group 1: Industry Insights - The diamond industry is focusing on functional applications, which are gaining attention due to the increasing heat dissipation requirements in technology sectors [1] - The company has been strategically investing in the diamond functional application sector since 2015, selecting the MPCVD method for its high-quality diamond production and broad compatibility with various product lines [1] Group 2: Company Developments - The company began generating revenue from heat sinks and optical windows in 2023, with expectations to exceed 10 million yuan by 2025 [1] - Currently, the application fields are primarily in non-civilian sectors, while civilian applications are undergoing product testing by leading domestic manufacturers, with test results anticipated by 2026 if progress is favorable [1]

Core Viewpoint - The company aims to enhance its offerings in the bearing sector to support China's commercial aerospace development and expand into high-value products for humanoid robots and superhard materials [1] Group 1: Bearing Sector - The company is focusing on providing components that better serve the needs of commercial aerospace, particularly for key host equipment [1] - There is an emphasis on developing bearings for humanoid robots, specifically targeting high-value products like crossed roller bearings [1] Group 2: Superhard Materials - The company is accelerating its entry into the functional application era of diamond materials, optimizing diamond-copper composite materials [1] - Breakthroughs are being pursued in large-sized optical-grade diamond products [1] Group 3: Future Growth Drivers - Products such as commercial aerospace bearings, humanoid robot bearings, diamond heat sinks, and diamond optical window pieces are expected to be the main drivers of the company's second growth curve [1]