转自：证券时报 公司坚持聚焦数控金属切削机床主业，以高端机床进口替代为战略核心。持续巩固产业链优势，以客户 需求为导向，以自主研发、技术创新为驱动力，大力推进自主品牌建设，以"产业兴国，事业强盛"为企 业使命，始终坚持追求卓越产品品质与经营质量，确保公司业绩稳健提升，实现长远可持续发展。 人民财讯10月8日电，国盛智科深耕数控金属切削机床领域25年，核心产品为中高档数控机床，尤其以 龙门加工中心为主导。公司是国家高新技术企业、国家级专精特新小巨人企业、江苏省优秀民营企业、 江苏省民营科技型企业、科创板硬科技领军企业。 产品研发方面，公司自主研发的MX650五轴立式加工中心荣获2025年江苏省首台（套）重大装备。本 产品融合公司优势资源和各项专利技术，摇篮转台、电主轴等核心功能部件均由国盛自制，具有独立的 自主知识产权。产品具备精度高、持续稳定性好、加工效率高等优点，广泛应用于民用航空、精密模 具、医疗设备、半导体等行业，很大程度上填补了当前国内高端数控机床自产化率不足的空白。 ...

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司深度报告 金属切削机床领先企业，未来成长空间广阔 报告摘要： [Table_Summary] 数控机床全产业链集团，金属切削类机床细分行业领先企业。乔锋智能 成立于 2009 年，是一家专业从事中高端数控机床研发、生产、销售和服 务为一体的国家级专精特新"小巨人"企业，是数控机床全产业链集团。 公司聚焦中高档数控机床领域，主营产品包括立式加工中心、龙门加工 中心、卧式加工中心等，应用于通用设备、消费电子、汽摩配件、模具、 航空航天、通讯等行业。2024 年公司实现营收 17.6 亿元，同比增长 21.02%，机床收入在我国金属切削机床企业中排名前列；归母净利润 2.05 亿元，同比增长 21.33%；2025H1 公司实现营收 12.14 亿元，同比增长 50.36%；归母净利润 1.79 亿元，同比增长 57.32%。 高端机床市场空间广阔，有望充分受益国产替代进程。我国机床市场具 有数千亿规模，但头部国产企业营收仍低于百亿元，缺乏行业巨头和标 杆。机床核心技术受制于发达国家不仅限制行业发展，还会限制制造业 升级，数控机床行业国 ...

9月22日，乔锋智能跌0.73%，成交额2.28亿元。两融数据显示，当日乔锋智能获融资买入额2268.37万 元，融资偿还3093.95万元，融资净买入-825.57万元。截至9月22日，乔锋智能融资融券余额合计2.39亿 元。 截至6月30日，乔锋智能股东户数1.06万，较上期增加4.34%；人均流通股2279股，较上期减少4.16%。 2025年1月-6月，乔锋智能实现营业收入12.14亿元，同比增长50.36%；归母净利润1.79亿元，同比增长 56.43%。 分红方面，乔锋智能A股上市后累计派现1.09亿元。 机构持仓方面，截止2025年6月30日，乔锋智能十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股34.41万股，相比上期减少17.68万股。 责任编辑：小浪快报 融资方面，乔锋智能当日融资买入2268.37万元。当前融资余额2.39亿元，占流通市值的7.93%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，乔锋智能9月22日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处 ...

Company Overview - JiaoFeng Intelligent Equipment Co., Ltd. is located in Dongguan, Guangdong Province, established on May 5, 2009, and listed on July 10, 2024. The company specializes in the research, production, and sales of CNC machine tools [1][2]. Financial Performance - For the first half of 2025, JiaoFeng Intelligent achieved operating revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%. The net profit attributable to the parent company was 179 million yuan, up 56.43% year-on-year [2]. - The company has distributed a total of 109 million yuan in dividends since its A-share listing [3]. Stock Performance - As of September 22, JiaoFeng Intelligent's stock price was 78.86 yuan per share, with a market capitalization of 9.523 billion yuan. The stock has increased by 85.03% year-to-date, but has seen a decline of 5.77% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on March 12, where it recorded a net purchase of 23.8215 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for JiaoFeng Intelligent was 10,600, an increase of 4.34% from the previous period. The average number of circulating shares per person decreased by 4.16% to 2,279 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares from the previous period [3]. Industry Context - JiaoFeng Intelligent operates within the mechanical equipment sector, specifically in general equipment and machine tools. The company is associated with concepts such as new energy vehicles, Industry 4.0, new industrialization, margin financing, and robotics [2].

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Qiaofeng Intelligent, indicating a significant increase in revenue and net profit for the first half of 2025 [2] - As of September 2, Qiaofeng Intelligent's stock price decreased by 0.77%, with a trading volume of 587 million yuan, and a net financing outflow of 15.40 million yuan [1] - The company has a current financing balance of 183 million yuan, which accounts for 6.28% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - For the first half of 2025, Qiaofeng Intelligent reported a revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million yuan, up 56.43% year-on-year [2] - The company has distributed a total of 109 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders increased to 10,600, with an average of 2,279 circulating shares per person, a decrease of 4.16% from the previous period [2][3]

Core Viewpoint - Guangdong Create Century Intelligent Equipment Group Co., Ltd. plans to issue A-shares to specific investors in 2025, aiming to raise funds for working capital and bank loan repayment, while ensuring that the control of the company remains unchanged [1][2]. Company Overview - The company is located in Dongguan, Guangdong Province, and specializes in the manufacturing of CNC machine tools, which are essential for high-precision and automated production processes [1][12]. - As of June 30, 2025, the company's total share capital is 1,664,862,589 shares, with a significant portion held by the controlling shareholder, Xia Jun, who owns 13.64% directly and 15.10% in total with concerted actions [11][12]. Financial Information - The share price for the upcoming issuance is set at 5.45 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - The company has committed to using the raised funds to supplement working capital and repay bank loans, with a minimum subscription commitment from the controlling shareholder of 300 million yuan [1][2]. Industry Context - The CNC machine tool industry is characterized by its capital and technology intensity, with significant barriers to entry due to the need for advanced technical expertise and substantial investment [17][18]. - The industry has seen fluctuations in demand, influenced by macroeconomic conditions and international trade dynamics, with a notable decline in 2023 but a projected recovery in 2024 due to supportive policies [16][17]. Market Dynamics - The CNC machine tool market is expected to benefit from the growth in downstream sectors such as consumer electronics, new energy vehicles, and aerospace, which are driving demand for high-quality manufacturing equipment [17][18]. - The company faces competition from both domestic and international players, with established brands like FANUC and Mitsubishi holding significant market shares in high-end machine tools [3][4]. Risk Factors - The company is exposed to risks related to macroeconomic fluctuations, international trade tensions, and competition within the CNC machine tool sector, which could impact its operational performance and financial stability [2][3][4]. - Specific risks include potential declines in demand from key customers in the consumer electronics sector and challenges in maintaining profit margins amid rising competition and cost pressures [4][5][6].

Core Insights - Qiao Feng Intelligent (301603) reported a total revenue of 1.214 billion yuan for the first half of 2025, representing a year-on-year increase of 50.36% [1] - The net profit attributable to shareholders reached 179 million yuan, up 56.43% year-on-year [1] - The company experienced a significant increase in accounts receivable, which rose by 35.79% [1] Financial Performance - Total revenue for Q2 2025 was 736 million yuan, showing a year-on-year growth of 67.47% [1] - Q2 net profit attributable to shareholders was 104 million yuan, reflecting a 65.79% increase year-on-year [1] - Gross margin improved to 30.0%, up 1.34 percentage points, while net margin increased to 14.64%, up 4.06 percentage points [1] - Total operating expenses (selling, administrative, and financial) amounted to 88.92 million yuan, accounting for 7.33% of revenue, a decrease of 17.89% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) for 2025 was 1.48 yuan, a 17.46% increase from the previous year [1] - The company's return on invested capital (ROIC) for the previous year was 11.75%, indicating average capital returns [3] - The average cash flow from operating activities over the past three years has been negative, raising concerns about cash flow sustainability [4] Product Performance - Vertical machining centers remain the core product, generating 1.404 billion yuan in revenue, which is 79.81% of total revenue, with a year-on-year growth of 23.42% [5] - Horizontal machining centers generated 61.065 million yuan, a 42.24% increase, but with a decline in gross margin due to initial production inefficiencies [5] - The company faced a 39.30% decline in revenue from gantry machining centers, attributed to low demand in downstream industries [5]

Group 1: Financial Performance - The vertical machining center generated revenue of 1.404 billion yuan in 2024, accounting for 79.81% of total revenue, with a year-on-year growth of 23.42% [2][3] - The horizontal machining center achieved revenue of 61.065 million yuan, a year-on-year increase of 42.24%, but with a decline in gross margin by 6.55% [3] - The gantry machining center's revenue decreased by 39.30% in 2024, now representing 5.49% of total revenue, with a corresponding drop in gross margin [3] - Other CNC machine tools, including grinding machines and lathes, generated revenue of 103 million yuan, reflecting a year-on-year growth of 24.76% and an increase in gross margin by 6.64 percentage points [3] Group 2: Strategic Partnerships and Market Expansion - The company has invested in Shanghai Kepler Robotics Co., focusing on the precision metal hardware required for humanoid robots, leveraging its expertise in CNC machine tools [3][4] - Since 2021, the company has prioritized resource allocation in key sectors such as new energy vehicles, 3C, aerospace, and aluminum die-casting, leading to significant breakthroughs in customer expansion [3] Group 3: Future Growth Drivers - Future profitability is expected to be supported by favorable industry trends, including government support for the machine tool industry and ongoing demand for equipment upgrades [4][5] - The company anticipates growth from enhanced brand influence, new production bases in Dongguan and Nanjing, and the introduction of high-end machining products into mass production [5]

Group 1 - The core viewpoint of the article highlights the significant product structure differences between Qiaofeng Intelligent (乔锋智能) and Huachen Equipment (华辰装备), despite both companies being categorized under the "C34 General Equipment Manufacturing" industry, specifically "C3421 Metal Cutting Machine Tool Manufacturing" [1] - Qiaofeng Intelligent primarily focuses on vertical machining centers, gantry machining centers, and horizontal machining centers, along with some CNC lathes and CNC grinding machines (mainly surface and guideway grinding) [1] - Huachen Equipment's core product is the fully automatic CNC roller grinding machine, which indicates a distinct specialization compared to Qiaofeng Intelligent's offerings [1]

Group 1 - The company focuses on the mid-to-high-end CNC machine tool sector, with main products including vertical machining centers, gantry machining centers, and horizontal machining centers, applied in various industries such as general equipment, consumer electronics, automotive parts, molds, aerospace, and communications [1] - The CNC machine tool market in China is vast, with a market size in the hundreds of billions, low concentration, and high-end machine tools being dominated by foreign companies, indicating long-term potential for domestic substitution [1] - The company is expanding into high-growth downstream sectors, with continuous breakthroughs in key technologies for high-end machine tools, leading to rapid growth in contract liabilities and promising sustained performance growth [1] Group 2 - The CNC machine tool market has significant growth potential through import substitution and overseas expansion, with China's machine tool export surplus increasing since 2022, making it the fourth largest surplus country after Germany, Japan, and Italy [2] - Core technology breakthroughs are enabling the company to gradually penetrate the mid-to-high-end machine tool market, where competition is primarily driven by technology for high-end products, stability for mid-range products, and price for low-end products [2] - The company has seen rapid growth in contract liabilities due to its alignment with market demand, active expansion into general automation and consumer electronics markets, and the realization of self-production of key components, enhancing product competitiveness and gross margins [2] Group 3 - The company forecasts net profits attributable to shareholders of 270 million, 330 million, and 400 million yuan for 2025-2027, representing year-on-year growth of 32%, 22%, and 23% respectively, with corresponding PE ratios of 26, 21, and 17 times [2] - Based on comparable companies, a target price of 78.24 yuan is set for 2025, with an initial coverage rating of "buy" [2]