长江证券研报指出，璞泰来2025Q3归母净利润6.45亿元，同比增长69.30%，环比增长13.54%；盈利平 稳向上，新业务持续拓展。整体上看，公司盈利仍在持续改善，往后看，一是公司经营改善可期，包括 负极新品放量、四川基地降本在2026 年有望逐步兑现，基膜涂覆、锂电设备、PVDF 等业务保持稳增 态势，基膜业务起量明显且单位盈利有优势。二是公司诸多新业务布局需要重视，包括固态电池设备卡 位核心客户，机器人、芯片等相关材料也值得期待。预计公司2025、2026年归母净利润23、33亿元，对 应PE 分别为25、17X，继续推荐。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.742 billion yuan in Q3 2025, representing a year-on-year increase of 6.66% but a quarter-on-quarter decline of 3.37% [2][4]. - The net profit attributable to the parent company reached 645 million yuan, showing a significant year-on-year growth of 69.30% and a quarter-on-quarter increase of 13.54% [2][4]. - The non-recurring net profit was 598 million yuan, reflecting a year-on-year increase of 61.97% and a quarter-on-quarter growth of 15.49% [2][4]. Financial Performance Summary - In Q3 2025, the company's negative electrode business emphasized product structure, with a slight decline in shipment expectations, but unit profitability is expected to improve due to process optimizations [12]. - The company benefited from strong downstream demand for power and energy storage batteries, achieving breakthroughs in both sales volume and market share in the diaphragm coating business, with stable profitability anticipated [12]. - The base film business is experiencing positive growth and remains profitable, leading the industry, while equipment business revenue is estimated to have slightly declined [12]. - The company expects continued improvement in profitability, driven by new product launches and cost reductions from its Sichuan base, with stable growth in diaphragm coating, lithium battery equipment, and PVDF businesses [12]. - Forecasted net profits for 2025 and 2026 are 2.3 billion yuan and 3.3 billion yuan, respectively, corresponding to P/E ratios of 25X and 17X [12].

（文章来源：证券日报） 证券日报网讯华自科技11月24日在互动平台回答投资者提问时表示，公司今年锂电设备订单增长明显， 目前正按计划加紧生产交付中，重大项目信息若达到披露标准，将及时通过指定渠道公告。 ...

机械周观点 20251123 摘要 人形机器人板块目前处于相对底部，情绪、成交量和估值均显示出良好 的建仓时机。3 月和 9 月初成交量曾达 A 股 10%，现已回调至 2%- 3%，板块普遍回调 20%-30%，风险释放。 特斯拉产业链（如三花、拓普等）是人形机器人投资重点，国产链（如 宇树、东方精工）亦值得关注。代工环节因本体厂商经验不足而价值凸 显，如卧龙电驱与志源合作，乐聚获大量订单。 传感器（如奥比中光，视觉系统价值量约 7,000 元）和灵巧手（如雷赛 智能）技术已开始放量，垂直应用领域（如首城控股、永创智能等）预 计 2026 年迎来增长。 国内首条大容量全固态电池产线已建成，由广汽集团建设，预计 2026 年小批量装车实验，2027-2030 年逐步量产。能量密度突破 400 瓦时 每千克，通过多项安全测试。 力源亨锂电设备业务快速增长，预计全年新签订单超 30 亿元，在手订 单超 55 亿元，3C 设备订单占比高，毛利率有望提升。与广汽、清陶等 在固态电池领域合作紧密。 Q&A 当前人形机器人板块的市场表现和未来趋势如何？ 尽管近期大盘表现不佳，但人形机器人板块的涨幅依然可观，显示出其在市场 ...

格隆汇11月24日丨华自科技(300490.SZ)在投资者互动平台表示，公司今年锂电设备订单增长明显，目 前正按计划加紧生产交付中，重大项目信息若达到披露标准，将及时通过指定渠道公告。 ...

Investment Rating - The report maintains a "Buy" rating for companies in the engineering machinery and forklift sectors, emphasizing undervalued growth potential [1]. Core Insights - The report highlights the strong performance of NVIDIA in FY26Q3, with revenue reaching $57.01 billion, a year-on-year increase of 62.5%, and a quarter-on-quarter increase of 22.0%, indicating robust demand in the AI equipment sector [2][3]. - The engineering machinery sector is expected to see a recovery in demand, with domestic excavator sales projected to grow at an annual rate of over 30% from 2025 to 2028, despite current funding challenges affecting sales conversion [4]. - The forklift industry shows a positive trend with October sales reaching 114,000 units, a year-on-year increase of 16%, driven by low domestic demand baselines and recovering overseas demand [4]. Summary by Sections Recommended Companies - The report recommends a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others in the engineering machinery and AI equipment sectors [1][14]. AI Equipment - NVIDIA's strategic partnerships with OpenAI and other tech giants are expected to enhance AI infrastructure, with significant revenue growth anticipated in the upcoming quarters [3]. - Recommendations for AI equipment include Dazhu CNC for PCB drilling equipment and Hongsheng for liquid cooling solutions [4]. Engineering Machinery - October data shows a significant improvement in domestic sales of various machinery types, with excavator sales expected to peak at 250,000 units by 2028 [4]. - Key companies recommended in this sector include Sany Heavy Industry, XCMG, and others [4]. Forklift Industry - The forklift sector is experiencing steady growth, with a notable increase in both domestic and export sales, indicating a recovery in demand [4]. - Recommended companies include Hangcha Group and Anhui Heli [4]. Lithium Battery Equipment - The report anticipates a 40% growth in energy storage demand from 2025 to 2026, driven by the increasing penetration of new energy vehicles and AI data centers [4]. - Key recommendations include suppliers like Xian Dao Intelligent and Hangke Technology [4]. General Market Trends - The overall machinery industry is expected to benefit from a recovery in fixed asset investment and a rebound in demand across various sectors, including construction and logistics [4].

另外，从动力电池周期来看，2025年是国内头部企业资本开支拐点之年，受全球供应链转移影响，预计 2026年开始欧美国家电池产能本土化建设进程或加速，中国锂电设备企业全球竞争优势与市场份额领 先，或受益于海外产能建设。据摸排，预计2026年海外动力电池资本开支增速或延续20%—30%，并有 可能进一步超预期。 中金表示，看好锂电设备资本开支超预期及固态电池技术发展带来的业绩估值共振机会。建议关注，头 部电池厂主要设备供应商先导智能，3C与锂电周期共振低估值龙头联赢激光等。 中金指出，三季度以来，储能下游需求明显超预期，或带动锂电设备资本开支预期上修，近期中创新 航、宁德时代给出明年产能指引超预期，四季度设备招标在即，看好2026年锂电设备企业订单加速。 11月10日，国家发展改革委、能源局发布《关于促进新能源消纳和调控的指导意见》，提出健全新型储 能等调节性资源容量电价机制。该机构认为，随着多省容量电价补偿政策持续发布，储能项目经济性凸 显，或持续带来独立储能项目景气。据储能与电力市场统计，2025年第三季度，28个省备储项目4204 个，规模同比增长343%。储能项目景气或拉动上游设备资本开支增长，且大储与动 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Views - The report is optimistic about the acceleration of downstream capacity expansion and the solid-state catalytic lithium battery equipment, continuing to recommend AI equipment such as gas turbines and liquid cooling devices [1] - Solid-state battery technology is advancing towards commercialization, benefiting equipment manufacturers as major manufacturers are expected to open equipment tenders for pilot lines [1] - The demand for gas turbines is expected to rise due to the expansion of AI data centers, with domestic manufacturers likely to benefit from this trend [2] - Liquid cooling technology is becoming essential for data centers, with significant growth expected in the market for liquid cooling solutions [3] Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, SANY Heavy Industry, and others in various sectors including semiconductor equipment, engineering machinery, and lithium battery equipment [1][13] Investment Highlights - **Lithium Battery Equipment**: The solid-state battery is moving towards mass production, creating new demand for equipment across all stages of production [1] - **Gas Turbines**: The demand for gas turbines is driven by the need for reliable power sources for AI data centers, with significant opportunities for domestic brands like Jereh and Haomai Technology [2] - **Liquid Cooling Equipment**: The report highlights the rapid growth in AI computing capital expenditures, with liquid cooling technology being crucial for managing heat in data centers [3] Industry Trends - The report notes a significant increase in the shipment of AI server racks, with expectations of continued high growth in the coming years [3] - The liquid cooling market is projected to expand significantly, driven by the need for energy-efficient cooling solutions in data centers [3] Financial Projections - The report provides financial forecasts for companies in the sector, indicating expected growth in net profits for various firms over the next few years [19][43]

Core Insights - The mechanical industry under CITIC reported steady growth in Q3 2025, with revenue increasing by 5.98% year-on-year and net profit attributable to shareholders rising by 12.91% [1] - The report indicates a continuous improvement in profitability, with traditional cyclical sub-industries recovering and growth sub-industries showing significant differentiation, with some starting to reverse from the bottom towards performance inflection points [1] Industry Performance - In Q3 2025, the CITIC mechanical industry achieved operating revenue of 1,888.843 billion, a year-on-year increase of 5.98%, and a net profit attributable to shareholders of 128.442 billion, up 12.91% year-on-year [1] - The adjusted net profit reached 109.875 billion, reflecting a year-on-year growth of 14.12%, with gross margin and net margin at 22.21% and 7.37%, respectively, showing increases of 0.36 percentage points and 1.83 percentage points compared to the 2024 annual report [1] - The weighted ROE stands at 6.52%, surpassing the full-year figure for 2024, indicating ongoing improvement in profitability [1] Sub-Industry Analysis - In Q3 2025, sub-industries such as lithium battery equipment, shipbuilding, lifting and transportation equipment, and service robots saw adjusted net profit growth exceeding 50% [2] - Other sub-industries, including oil and gas equipment, laser processing equipment, nuclear power equipment, railway equipment, engineering machinery, and basic components, reported adjusted net profit growth above 20% [2] - Conversely, sub-industries like 3C equipment, boiler equipment, textile and garment machinery, photovoltaic equipment, and industrial robots lagged in growth [2] Investment Recommendations - The analysis of the mechanical industry’s Q3 2025 financial report indicates a clear recovery trend in overall operations and continuous improvement in profitability [3] - The cyclical sub-industries are showing significant recovery, contributing to substantial performance growth, while some growth sub-industries are beginning to reverse from the bottom towards performance inflection points [3] - The company recommends focusing on cyclical recovery sectors such as engineering machinery, shipbuilding, oil and gas equipment, and lithium battery equipment, as well as emerging technology growth sub-industries aligned with national policies and future industrial planning, including robotics and AI supporting equipment [3]

Core Viewpoint - The company is experiencing significant growth in its lithium battery business due to the update and iteration cycle of lithium battery equipment and new technological advancements, with a sufficient backlog of orders [1] Summary by Relevant Categories Business Performance - The lithium battery business of the company has shown remarkable growth this year [1] - The company has a robust order backlog, indicating strong demand for its products [1]