格隆汇12月17日丨国机精工(002046.SZ)在投资者关系中表示，有被问到:公司在金刚石散热方面有没有 下游客户？ 答:目前主要都是非民用客户。民用方面，和国内厂商也有对接，下游正处于产品测试阶段，没有对接 国外厂商。 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.296 billion CNY, an increase of 490 million CNY, representing a year-on-year growth of 27% [3] - Gross profit totaled 797 million CNY, up by 130 million CNY, with a year-on-year increase of 20% [3] - Net profit reached 245 million CNY, an increase of 32.65 million CNY, reflecting a year-on-year growth of 15.4% [3] - The company's attributable net profit was 206 million CNY, showing slight growth compared to the previous year [3] Group 2: Business Segments - The special and precision bearings and superhard materials tools contributed significantly, with combined revenue growth exceeding 50%, primarily driven by the wind power bearing business [3] - The wind power bearing business is the fastest-growing segment, with main shaft bearings and gearbox bearings accounting for about half of its revenue [3][4] - The semiconductor business grew over 10% in the first three quarters, with a focus on enhancing product performance to increase market share [4] Group 3: Strategic Initiatives - The company plans to reduce costs in diamond heat dissipation products through innovations across the entire supply chain, including seed plates and deposition processes [3] - The trade business has contracted from a peak of 1.4 billion CNY to approximately 300-500 million CNY, with a focus on supporting the main business rather than pursuing expansion [4] - The company is developing a diamond synthesis industrial park in Hami, Xinjiang, to leverage local low-cost electricity for high-energy-consuming diamond synthesis [4] Group 4: Market Outlook - The special bearing market has seen a slight improvement in order volume compared to last year, although it still falls short of expectations [3] - The commercial aerospace sector is not yet in a growth phase, with current revenue being modest and competition remaining stable in the short term [3] - The company is focusing on high-value products in the robotics bearing segment, including crossed roller bearings and thin-walled bearings [4]

Company Overview and Core Competitiveness - Guojijiang Precision Engineering was listed on the Shenzhen Stock Exchange in 2005, focusing on precision manufacturing with five major business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management and services [2] - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since the establishment of its research institutes in 1958, receiving 298 national and provincial-level awards [2] - The bearing business is robust, with over 90% matching rate for key products in the aerospace sector, and strong growth in wind power bearings, successfully developing several domestic products to replace imports [2] Business Performance and Highlights - The company has seen continuous growth in core financial indicators over the past five years, focusing on its main business and establishing a "dual growth" pattern [2] - The innovation system is being rapidly improved, forming an integrated R&D system, and the company has been recognized as a "demonstration" benchmark enterprise for four consecutive years [2] - The company is strengthening its talent development system to enhance its competitive advantage [2] Development Outlook and Investment Value - The company aims to enhance the production capacity and intelligence of special bearings, consolidating its technological advantages in wind power bearings [3] - Future potential businesses include developing bearings for commercial aerospace and humanoid robots, as well as accelerating the application of functional diamonds in superhard materials [3] - The company targets a long-term dividend payout ratio of no less than 40%, with a projected payout ratio ranking in the 70th percentile among listed companies in 2024 [3] Investor Q&A Highlights - Revenue from superhard material tools in the semiconductor sector is expected to exceed 300 million yuan in 2024, marking it as a key development direction [4] - Wind power bearing revenue is projected at 340 million yuan for 2024 and 480 million yuan for the first half of 2025, with main shaft and gearbox bearings accounting for about 50% [4] - The company has made technological breakthroughs in robot bearings and has included humanoid robot bearings in its 14th Five-Year Plan, anticipating significant growth as the industry matures [4]