Core Viewpoint - The company is focusing on technological research and development in wind power bearings, successfully developing the world's largest 26MW series main shaft bearings and gearbox bearings [1] Group 1: Company Developments - The company has a full order book and high growth rate in its wind power bearing business since 2025 [1] - To better meet downstream demand, the company is currently working on expanding its wind power bearing production capacity [1] - New production capacity is expected to be operational by the end of 2026 [1]

国机精工集团股份有限公司投资者关系活动记录表 编号：2025—026 | | 答：金刚石产业目前主要分为结构化应用和功能化应用两大方 | | --- | --- | | | 向，其中功能化应用包括散热片、光学窗口片等，金刚石散热未来有 | | | 望应用于芯片制造领域，但现阶段仍处于产业化萌芽期。该领域因人 | | | 工智能发展带来的高散热需求而受到关注，可能推动金刚石从"可选" | | | 转变为"必选"材料。 | | | 公司基于行业长期发展趋势，2015 年开始布局金刚石功能化应用 | | | 方向，选择 MPCVD 法作为技术路线，该路线的优点一是生成的金刚石 | | | 片品质高，二是兼容性强，MPCVD 路线兼容的产品线范围较多，可生 | | | 长散热片、光学窗口片及未来合成半导体芯片材料。 | | | 公司自 2023 年开始在散热和光学窗口实现部分收入，2025 年有 | | | 望超过 1000 万元，目前应用领域主要是非民用领域，民用领域处于 | | | 国内头部厂商进行产品测试阶段，如果进展顺利，预计 2026 年可出 | | | 测试结果。 | | | 3.超硬材料磨具业务开展情况 ...

国机精工 20251124 公司设定了复合增长 10%的收入目标，特种轴承和通用材料模具是利润 核心支撑，风电轴承被视为第二增长曲线，预计 2025 年达到 8 亿元， 并计划在"十五五"末达到 15 亿元。 风电轴承产能已满产，正在扩产，预计 2026 年四季度完成，国内市场 国产化率有提升空间，但军品业务存在降价压力，半导体模具国产替代 仍需技术突破。 成为少数股东损益。 金刚石散热片在民用领域客户测试进展如何？未来规划产能节奏是怎样的？ 金刚石散热片目前在民用领域仍处于下游客户测试阶段，预计测试结果将在 2026 年公布。在军工领域已有少部分应用，预计 2025 年金刚石功能化应用 （包括散热和光学窗口片）销售额将超过 1,000 万元，主要集中在军工领域。 关于产能规划，到 2025 年底，公司 MPCVD 设备数量将达到 500 多台，到 2026 年底计划增加至 700 多台。目前 400 台设备放置在新疆密，其余 300 多台在洛阳，但未来计划将洛阳的设备也集中到新疆密，以利用当地较低电价。 公司已谈妥 600 亩地用于此布局。 摘要 公司前三季度营收同比增长 6%，风电轴承收入大幅增长 214 ...

Company Overview - The history of Guojijiangong dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and the 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, to provide key products, technologies, and services that meet national strategic needs [2] Business Segments and Applications - Guojijiangong operates in the bearing and abrasive tools industry, covering five major segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2] - Products are widely used in key sectors such as aerospace, naval vessels, electronics, renewable energy, high-end machine tools, and automotive industries [2] Technological Innovation - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since its inception [3] - It has received 298 national and provincial-level scientific and technological awards, with two achievements awarded the "National Science and Technology Progress Second Prize" in the last five years [3] Financial Performance (2025 Q1-Q3) - Revenue reached CNY 2.296 billion, a year-on-year increase of 27% [4] - Gross profit totaled CNY 797 million, up 20% year-on-year, while net profit was CNY 245 million, reflecting a 15.4% increase [4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, contributing significantly to profit [4] - The company has a 90% supply rate for key products in the aerospace sector, completing major milestones in China's space exploration [4] Abrasive Tools Business - The ultra-hard materials segment continues to grow, with significant advancements in technology and market position [5] - The company has developed key products for semiconductor applications, addressing critical industry needs [5] Strategic Focus and Future Outlook - Guojijiangong aims to strengthen its core businesses in bearings and abrasive tools while exploring high-growth areas [8] - The company plans to maintain a dividend payout ratio of no less than 40%, with a focus on shareholder returns [9] Governance and Investor Relations - The company emphasizes transparency in governance and investor relations, utilizing multiple channels for communication [9] - It has been recognized as a "Model Enterprise for Scientific Reform" by the State-owned Assets Supervision and Administration Commission for four consecutive years [7]

Core Insights - The wind power industry chain is experiencing significant performance recovery in the first three quarters of 2025, with steady growth in revenue and net profit attributable to shareholders [2][8] - The overall revenue for the wind power industry chain reached 289.51 billion yuan, a year-on-year increase of 26.42%, while net profit attributable to shareholders was 14.78 billion yuan, up 21.90% year-on-year [2] Revenue and Profit Performance - In Q3 2025, the total revenue for the industry chain was approximately 110.11 billion yuan, reflecting a year-on-year growth of 21.92% and a quarter-on-quarter increase of 1.04% [2] - The gross profit margin for Q3 2025 was 13.96%, a decrease of 0.95 percentage points year-on-year and 0.74 percentage points quarter-on-quarter [2] Segment Analysis - **Turbine Segment**: Revenue reached 1116.50 billion yuan, a year-on-year increase of 35.81%, but net profit decreased by 2.73% to 2.99 billion yuan [3] - **Tower Segment**: Revenue was 182.04 billion yuan, up 55.53% year-on-year, with net profit soaring 96.73% to 1.60 billion yuan [4] - **Submarine Cable Segment**: Revenue grew to 102.27 billion yuan, a 13.69% increase, while net profit slightly declined by 0.61% to 6.10 billion yuan [5] - **Bearing Segment**: Revenue for Q3 2025 was 2.43 billion yuan, a 32.01% increase, with net profit rising significantly by 175.37% to 0.29 billion yuan [6] - **Forging Segment**: Revenue reached 10.75 billion yuan, a 44.14% increase, with net profit growing by 34.45% to 0.99 billion yuan [6] - **Blade Segment**: Revenue was 14.27 billion yuan, a 30.36% increase, with net profit increasing by 143.59% to 0.65 billion yuan [7] Investment Recommendations - The industry is expected to benefit from increased demand for offshore wind projects, which will drive growth in the core segments of turbines, towers, and submarine cables [8] - The overall profitability of the wind power industry chain is anticipated to improve, presenting investment opportunities in leading companies as their performance recovers and valuations rise [8]

Group 1: Diamond Heat Dissipation Business - The company began its diamond functionalization application layout in 2015, focusing on MPCVD technology to produce heat sinks and optical window pieces, with revenue starting in 2023 primarily from non-civilian sectors [2] - The expected sales revenue from diamond heat dissipation products is projected to exceed 10 million yuan this year, all from non-civilian applications [2] Group 2: Wind Power Bearing Business - The wind power bearing business has seen strong growth this year, driven by downstream demand, with local production of yaw and pitch bearings already achieved [2] - The domestic market share for wind turbine main shaft bearings and gearbox bearings is gradually increasing as domestic replacements are being promoted [2] Group 3: Precision Machine Tool Bearings - The company aims to enter the top tier of the domestic market for precision machine tool bearings, which are currently dominated by foreign brands [3] - The focus for the next two to three years will be on R&D to enhance product performance before expanding into high-end markets [3] Group 4: Robotics Bearings - Robotics bearings have been included in the company's "14th Five-Year Plan," with a future focus on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings [3]

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]

Core Insights - The A-share market is witnessing a significant number of companies reporting better-than-expected performance in their Q3 2025 results, reflecting economic recovery and industry growth opportunities [1] - A total of 90 stocks have been rated as "better-than-expected" by brokerage reports, with notable representation from industries such as computer, automotive, power equipment, basic chemicals, electronics, and non-ferrous metals [1] - The computer industry has the highest number of outperforming stocks, including leading firms like Hikvision, Tonghuashun, Kingsoft, Dahua Technology, and Dameng Technology [1] Performance Highlights - Over 80% of the 90 stocks reported a year-on-year increase in net profit for the first three quarters, with companies like Gaode Infrared, Wancheng Group, Jinli Permanent Magnet, Shanghai Jahwa, and Dazhong CNC showing significant growth [1] - Gaode Infrared achieved a net profit of 582 million yuan, a year-on-year increase of 1,059% [1] - Wancheng Group reported a net profit of 855 million yuan, a year-on-year increase of 817% [2] Market Trends - In the secondary market, 27 stocks with better-than-expected performance have seen a cumulative increase of over 10% since October, with Okoyi, Dazhong CNC, Beifang Shares, Haixing Power, and Zhongmei Energy leading the gains [2] - Okoyi's stock price increased by 40.3%, reaching a new high for the year, with a net profit of 50 million yuan in Q3, marking a return to profitability [2] Valuation Metrics - There are 23 stocks with a rolling P/E ratio below 30 and a P/B ratio below 2, including Nanjing Bank, Chongqing Bank, Waneng Power, Xinji Energy, and Jingneng Power, with Nanjing Bank having the lowest rolling P/E ratio at 6.4 [2][3] - Nanjing Bank is expected to maintain stable performance growth due to improving revenue growth and asset quality [3] Capital Inflows - 21 stocks have seen net financing purchases exceeding 100 million yuan since October, with notable inflows into leading stocks like Dongfang Fortune, Zijin Mining, CITIC Securities, and Ningde Times [3] - Dongfang Fortune led with a net financing purchase of 1.946 billion yuan, reporting a net profit of 9.097 billion yuan for the first three quarters, a year-on-year increase of 50.57% [3] Trading Activity - Hikvision recorded an average daily trading volume of 3.925 billion yuan since October, a 94.91% increase, and reported a net profit of 9.319 billion yuan for the first three quarters, a year-on-year increase of 14.94% [4] - The company showcased its capabilities at the 2025 China Industrial Expo, highlighting its "IoT perception + AI" products, indicating strong long-term growth potential [4]

Group 1 - Hengrun Co., Ltd. announced an increase in capital investment of 300 million RMB to its wholly-owned subsidiary Hengrun Transmission, raising its registered capital to 600 million RMB [1] - The revenue composition for Hengrun Co., Ltd. in 2024 is as follows: wind power tower flanges account for 37.26%, wind bearings 16.43%, other businesses 13.34%, computing industry 11.45%, mechanical industry support 11.22%, and other industries 10.27% [1] - The current market capitalization of Hengrun Co., Ltd. is 7.3 billion RMB [2]

Core Insights - The A-share listed companies are entering a concentrated disclosure period for Q3 reports, with institutional research focusing on companies with profit growth [1] - Nearly 260 companies have been investigated by institutions, particularly in the electronics, machinery, power equipment, and pharmaceutical sectors [1] - The technology sector and "anti-involution" policies are highlighted as key investment themes for the future [1] Group 1: Company Performance - New Q3 profit data shows that New Qianglian achieved a net profit of 664 million yuan, recovering from a loss of over 36 million yuan in the same period last year [2] - Over 189 institutions have conducted research on New Qianglian, making it the third most visited company during this period [2] - Multi-Fluorine reported a net profit of 78.05 million yuan for Q3, with a year-on-year increase of 407.74%, and its stock price reached a two-year high [2] Group 2: Market Trends - The demand for lithium hexafluorophosphate is expected to remain strong, with an overall upward price trend anticipated next year [3] - The lithium battery segment of Multi-Fluorine is projected to achieve a capacity of 22 GWh by the end of 2025, with profitability expected to increase as production capacity is released [3] Group 3: Industry Focus - The electronics industry has the highest number of companies receiving institutional research, followed by machinery and power equipment sectors [4] - The technology growth sectors and industries benefiting from "anti-involution" policies are identified as key areas of interest, with significant performance noted in electronics and media [4] - Investment recommendations for November include focusing on high-growth sectors such as information technology, mid-to-high-end manufacturing, and resource recovery industries [5]