山东威达（002026） 公司点评 25Q3 利润增长强劲，多业务布局打开成长空间 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-11-03 | | 收盘价（元） | 15.32 | | 近 12 个月最高/最低（元） | 16.90/8.40 | | 总股本（百万股） | 441 | | 流通股本（百万股） | 423 | | 流通股比例（%） | 95.92 | | 总市值（亿元） | 67 | | 流通市值（亿元） | 65 | 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 100% 11-04 01-04 03-04 05-04 07-04 09-04 山东威达 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： 业绩 公司发布 2025 年第三季度报告。2025 前三季度实现营收 14.39 亿元， 同比-10.89%，归母净利 2.30 ...

Investment Rating - The report assigns a "Buy" rating for the company [6] Core Viewpoints - The company is a leading enterprise in electric tool accessories with a diversified business layout that opens up growth space [4][6] - The global electric tool market is expected to recover, driving the development of components, with a projected 24.8% year-on-year increase in shipment volume in 2024 [4][41] - The company has established overseas subsidiaries in Vietnam, Mexico, and Singapore, enhancing its brand influence and facilitating the acquisition of overseas orders [4][49] Summary by Sections Company Overview - The company, originally established in 1976, has transformed from a cement product factory to a leading precision machinery manufacturer, particularly in the drill chuck business, which has maintained a global market share of approximately 50% for 24 consecutive years [13][14] - The company has diversified its product offerings to include electric tool accessories, high-end intelligent equipment manufacturing, and new energy solutions [16][19] Electric Tools Market - The electric tools market is anticipated to rebound after two years of decline, with a significant recovery expected in 2024, driven by urbanization and consumption upgrades [39][41] - The company is positioned as a core component supplier for major global brands, with products exported to over 80 countries [48] New Energy and High-end Intelligent Manufacturing - The new energy business focuses on lithium battery packs and has expanded into various applications, including outdoor energy storage and electric vehicle battery swap stations in collaboration with NIO [51][52] - The high-end intelligent manufacturing segment includes advanced machine tools and automation solutions, with successful overseas sales of five-axis machining centers [56][57] Financial Projections - The company is projected to achieve revenues of 25.59 billion, 29.00 billion, and 32.16 billion yuan for the years 2025 to 2027, with corresponding net profits of 3.22 billion, 3.65 billion, and 3.99 billion yuan [60]