换肤

国机精工

i问董秘
企业号

002046

主营介绍

  • 主营业务:

    轴承行业、工磨具行业及相关领域的研发制造、行业服务与技术咨询、贸易服务等。

  • 产品类型:

    金刚石材料、复合超硬材料、特种及精密轴承、电主轴、超硬材料磨具、高压装备、其他高端装备、供应链运营、技术开发与检测服务

  • 产品名称:

    金刚石材料 、 复合超硬材料 、 特种及精密轴承 、 电主轴 、 超硬材料磨具 、 高压装备 、 其他高端装备 、 供应链运营 、 技术开发与检测服务

  • 经营范围:

    许可项目:住宿服务;餐饮服务(依法须经批准的项目,经相关部门批准后方可开展经营活动,具体经营项目以相关部门批准文件或许可证件为准)一般项目:轴承制造;轴承销售;轴承、齿轮和传动部件制造;高铁设备、配件制造;高铁设备、配件销售;机械设备销售;机械设备研发;通用设备制造(不含特种设备制造);非金属矿物制品制造;非金属矿及制品销售;有色金属合金制造;有色金属合金销售;金属工具制造;金属工具销售;实验分析仪器制造;实验分析仪器销售;新材料技术研发;电机及其控制系统研发;电机制造;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;教育咨询服务(不含涉许可审批的教育培训活动);企业形象策划;会议及展览服务;市场营销策划;体验式拓展活动及策划;业务培训(不含教育培训、职业技能培训等需取得许可的培训);人力资源服务(不含职业中介活动、劳务派遣服务);企业管理咨询;信息咨询服务(不含许可类信息咨询服务);信息技术咨询服务;风力发电技术服务;非居住房地产租赁;机械设备租赁;普通货物仓储服务(不含危险化学品等需许可审批的项目);道路货物运输站经营;国内货物运输代理;货物进出口;技术进出口;进出口代理;光伏设备及元器件销售;机械零件、零部件加工;金属表面处理及热处理加工;电镀加工;淬火加工;喷涂加工(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)

运营业务数据

最新公告日期:2026-08-28 
业务名称 2026-06-30 2025-12-31 2024-12-31 2024-06-30 2023-12-31
特种及精密轴承业务营业收入(元) 6.79亿 - - - -
超硬材料磨具业务营业收入(元) 3.72亿 - - - -
产量:复合超硬材料(片) - 160.55万 - - -
产量:砂轮(片) - 886.06万 1407.86万 - 4730.78万
产量:设备(台/套) - 1074.00 1574.00 - 1933.00
产量:超硬材料(克拉) - 4.14亿 - - -
产量:轴承(套) - 141.11万 105.33万 - 104.02万
销量:复合超硬材料(片) - 147.98万 - - -
销量:砂轮(片) - 880.59万 1406.45万 - 4730.88万
销量:设备(台/套) - 1113.00 1551.00 - 1930.00
销量:超硬材料(克拉) - 3.93亿 - - -
销量:轴承(套) - 138.30万 107.15万 - 100.28万
专利数量:授权专利(个) - - 60.00 36.00 86.00
专利数量:授权专利:发明专利(个) - - 42.00 30.00 -
专利数量:申请专利(个) - - 122.00 - 85.00
专利数量:申请专利:发明专利(个) - - 89.00 - 120.00
产量:切削刀具用复合超硬材料(片) - - 4.15万 - 2.88万
产量:电主轴(根) - - 4621.00 - 4853.00
产量:磨料(吨) - - 4661.00 - 3931.00
产量:金刚石复合片(片) - - 61.87万 - 51.35万
产量:金刚石拉丝模柸(粒) - - 370.85万 - -
销量:切削刀具用复合超硬材料(片) - - 12.67万 - 2.95万
销量:电主轴(根) - - 4539.00 - 5233.00
销量:磨料(吨) - - 4728.00 - 3952.00
销量:金刚石复合片(片) - - 51.43万 - 50.58万
销量:金刚石拉丝模柸(粒) - - 337.49万 - -
专利数量:授权专利:发明专利:国际(件) - - 1.00 - -
专利数量:申请专利:发明专利:国际(件) - - 3.00 - -
贸易业务营业收入同比增长率(%) - - -47.65 - -
专利数量:受理专利(个) - - - 20.00 -
专利数量:受理专利:发明专利(个) - - - 16.00 -
专利数量:授权专利:国际专利(个) - - - 2.00 -
产量:金刚石拉丝模坯(粒) - - - - 247.34万
产量:金属材料及制品(吨) - - - - 0.00
销量:金刚石拉丝模坯(粒) - - - - 211.59万
销量:金属材料及制品(吨) - - - - 0.00
专利数量:授权专利:发明授权(个) - - - - 64.00
专利数量:申请专利:国际专利(个) - - - - 6.00

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了7.71亿元,占营业收入的25.55%
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  • 其他
客户名称 销售额(元) 占比
第一名
4.09亿 13.53%
第二名
1.35亿 4.48%
第三名
8179.70万 2.71%
第四名
7730.53万 2.56%
第五名
6849.54万 2.27%
前5大供应商:共采购了6.64亿元,占总采购额的24.17%
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供应商名称 采购额(元) 占比
第一名
2.17亿 7.91%
第二名
1.82亿 6.64%
第三名
1.25亿 4.57%
第四名
9539.03万 3.47%
第五名
4330.90万 1.58%
前5大客户:共销售了7.14亿元,占营业收入的26.88%
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  • 第二名
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客户名称 销售额(元) 占比
第一名
2.54亿 9.57%
第二名
2.22亿 8.36%
第三名
8954.83万 3.37%
第四名
7792.32万 2.93%
第五名
7045.83万 2.65%
前5大供应商:共采购了4.01亿元,占总采购额的21.40%
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  • 第二名
  • 第三名
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  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
1.97亿 10.49%
第二名
7200.61万 3.84%
第三名
4744.98万 2.53%
第四名
4331.27万 2.31%
第五名
4176.54万 2.23%
前5大客户:共销售了3.67亿元,占营业收入的13.17%
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  • 第三名
  • 第二名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
8582.43万 3.08%
第三名
7400.92万 2.66%
第二名
7143.13万 2.57%
第四名
7064.79万 2.54%
第五名
6468.69万 2.32%
前5大供应商:共采购了3.28亿元,占总采购额的15.21%
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  • 第二名
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  • 其他
供应商名称 采购额(元) 占比
第一名
1.95亿 9.03%
第二名
5388.61万 2.50%
第三名
2980.06万 1.38%
第四名
2696.65万 1.25%
第五名
2265.19万 1.05%
前5大客户:共销售了7.19亿元,占营业收入的20.92%
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  • 第二名
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  • 其他
客户名称 销售额(元) 占比
第一名
3.45亿 10.04%
第二名
1.35亿 3.92%
第三名
8590.52万 2.50%
第四名
7677.04万 2.23%
第五名
7655.96万 2.23%
前5大供应商:共采购了8.57亿元,占总采购额的31.81%
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  • 第二名
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供应商名称 采购额(元) 占比
第一名
4.45亿 16.53%
第二名
1.45亿 5.38%
第三名
1.07亿 3.99%
第四名
9117.70万 3.38%
第五名
6807.79万 2.53%
前5大客户:共销售了6.15亿元,占营业收入的18.48%
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  • 第二名
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  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
1.70亿 5.10%
第二名
1.45亿 4.35%
第三名
1.20亿 3.62%
第四名
1.05亿 3.16%
第五名
7493.22万 2.25%
前5大供应商:共采购了6.64亿元,占总采购额的30.57%
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  • 第二名
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  • 其他
供应商名称 采购额(元) 占比
第一名
2.42亿 11.14%
第二名
1.75亿 8.07%
第三名
1.21亿 5.57%
第四名
7546.22万 3.47%
第五名
5036.71万 2.32%

董事会经营评述

  一、报告期内公司从事的主要业务  (一)报告期内公司所属行业发展情况  1.轴承行业  轴承是装备工业不可或缺的核心基础零部件,被誉为“机械的关节”,属于支撑我国国民经济发展与国防现代化建设的基础性、战略性产业,广泛应用于各类机械装备领域。其中,汽车、家电、电机、农机等通用主机构成行业基础刚需市场,整体用量规模庞大;航空航天装备、高端精密数控机床、高压新能源汽车电驱系统、大型盾构机、大兆瓦风电机组等高端主机领域,对轴承的加工精度、服役寿命、运行稳定性及极端工况适配能力要求严苛,是高端精密轴承的核心应用场景。我国是全球规模最大的轴承生产国与消费国,但产业发展“大而不强”的特征依然突出,普通轴... 查看全部▼

  一、报告期内公司从事的主要业务
  (一)报告期内公司所属行业发展情况
  1.轴承行业
  轴承是装备工业不可或缺的核心基础零部件,被誉为“机械的关节”,属于支撑我国国民经济发展与国防现代化建设的基础性、战略性产业,广泛应用于各类机械装备领域。其中,汽车、家电、电机、农机等通用主机构成行业基础刚需市场,整体用量规模庞大;航空航天装备、高端精密数控机床、高压新能源汽车电驱系统、大型盾构机、大兆瓦风电机组等高端主机领域,对轴承的加工精度、服役寿命、运行稳定性及极端工况适配能力要求严苛,是高端精密轴承的核心应用场景。我国是全球规模最大的轴承生产国与消费国,但产业发展“大而不强”的特征依然突出,普通轴承生产过剩,市场同质化竞争激烈,高精度、长寿命、高可靠性的高端轴承供给不足,高速动车组、高端机床、大型风电设备、中高端汽车等关键领域的核心轴承仍存在较高进口依赖。目前国内轴承行业市场主体数量众多、行业集中度偏低,属于充分竞争型行业,行业洗牌与结构升级持续推进。
  2026年上半年,纳入中国轴承工业协会统计的147家主要企业完成主营业务收入623.98亿元,同比增长0.83%,完成利润总额45.17亿元,同比下降19.62%。其中利润总额同比增长的企业占比46.94%,利润总额同比下降的企业占比49.66%,从以上数据看,一方面,我国轴承行业总量平稳增长,但行业整体盈利能力减弱,另一方面,结构性分化明显,通用轴承领域竞争激烈,盈利承压,高端轴承国产替代持续推进,成为行业主要增长来源,加快产品结构升级和成本管控是全行业的共同课题。
  公司轴承产品主要配套应用于航空航天、风电两大领域,同时覆盖精密机床、工程机械、冶金矿山等多元工业场景。航空航天作为国家战略核心产业,对配套零部件的加工精度、运行稳定性、极端环境适配性有着严苛标准,具备资质壁垒高、认证周期长、供应链格局稳定的特点,竞争格局稳定,2026年上半年,我国航空航天产业保持稳健发展态势,商业航天产业快速发展,可回收运载火箭密集开展技术验证,行业整体处于技术验证向小规模产业化过渡的关键阶段,持续带动高端精密轴承配套需求扩容。风电领域方面,2026年上半年全国风电新增装机38.6GW,同比下降25%,风电行业呈现装机短期承压、招标储备充足的态势,行业发展重心持续向海上风电、深远海项目转移,风机大型化迭代提速,大兆瓦机型渗透率持续提升,对风电轴承的重载、耐腐蚀、长寿命、高可靠性能要求不断升级,海外出口与存量运维市场逐步成为新增量。
  2.超硬材料行业
  超硬材料产业是以人造金刚石和立方氮化硼为核心的硬质材料产业,是高端精密加工与先进制造领域的关键材料,广泛服务于半导体、高端工业母机、新能源汽车及航空航天等战略产业。我国是全球超硬材料核心生产基地与主要出口国,产业链配套完善,产业规模全球领先,整体市场规模保持千亿级别。
  2026年上半年,超硬材料行业整体复苏回暖,产业高端化、功能化升级趋势明确。传统工业超硬耗材需求稳步修复,行业供需格局持续优化;半导体、高端精密零部件加工领域对高端超硬材料制品的需求快速增长;培育钻石消费市场稳步回暖。此外,功能性金刚石新材料赛道快速崛起,成为行业全新增长极。功率半导体、AI芯片、激光设备、高端消费电子等产业扩容,持续拉动金刚石热学、光学、声学功能性材料需求。晶圆制造、第三代半导体产业化、先进封装产能持续扩张,带动陶瓷载盘、半导体减薄砂轮、精密划片刀等高端超硬制品高速发展,高端产品国产替代进程持续提速。公司超硬材料业务的主要下游应用集中在半导体行业以及汽车、光伏、制冷、工模具等领域。半导体产业是数字经济与高端制造核心基石,2026年上半年,我国半导体产业整体处于周期复苏与结构升级并行的高景气阶段,行业供需持续回暖,产供销体系稳步修复,呈现产量高增、出口爆发、量价齐升、国产替代提速的良好发展态势,产业整体盈利能力显著修复,行业景气度持续上行。中长期来看,AI算力建设与数字经济发展持续拉动半导体产能扩张,半导体产业链自主可控持续推进,设备耗材国产化是行业长期确定性趋势,高端配套需求持续升级。
  (二)公司主要业务
  公司锚定“成为世界一流的精密制造服务集团”的愿景,以“精工致远,利器善事”为使命,坚守“机械工业关键基础零部件、超硬材料及机床工具领域的创新引领者,精密制造行业发展的重要支撑力量”的功能定位,主要业务涵盖轴承行业、超硬材料行业及相关领域的研发制造、行业服务与技术咨询、贸易服务等,产品广泛应用于航空航天、兵器舰船、新一代信息技术、新能源、汽车、石油、数控机床、齿轮、机器人等国民经济重要领域,市场遍布全球100多个国家和地区。特种及精密轴承、超硬材料磨具是公司目前的核心产品,这两类产品产生的毛利额占公司毛利总额的约80%,是公司利润的主要来源。
  1.轴承业务
  轴承业务整体定位是支撑国家轴承领域关键技术突破,引领行业技术与产业发展,成为中国高端轴承研发创新中心及高新技术产业化基地;开放整合产业资源,成为中国轴承技术创新、产品集成、业务服务的平台。具体业务主要为以航天轴承为代表的特种轴承、精密机床轴承、重型机械用大型/重大型轴承、机床用电主轴等。特种轴承主要服务于航空航天等领域,精密机床轴承和机床用电主轴主要应用于机床行业和机床维修市场,重型机械用大型/重大型轴承包括风力发电机主轴轴承及偏航变桨轴承、盾构机轴承及附件、冶金轴承及工程机械轴承。
  2.超硬材料业务
  超硬材料业务整体定位为超硬材料产业链“链主”,锚定三大战略方向——金刚石功能化应用、战略性新型超硬材料、精密/超精密加工,覆盖行业上中下游各关键环节,互为支撑、融合发展。具体业务主要涵盖原辅材料、关键装备、结构化应用、功能化应用、培育钻石新消费、标准检测服务六大方向。原辅材料以特种金刚石、大尺寸单晶/多晶金刚石及复合超硬材料为核心,构建全链条业务布局;关键装备围绕行业用高温高压系列装备、气相沉积系列装备、粉末冶金系列装备、金刚石加工设备、自动化系列装备和检验检测等装备业务,及精密陶瓷部件前沿材料等高端装备部件进行布局;结构化应用主要包含高性能超硬磨具、超硬刀具两大类业务;功能化应用主要包含金刚石散热材料、声学材料及光学窗口片等业务;培育钻石新消费以培育钻石制品零售、培育钻石品牌运营和培育钻石文化传播为主要业务;标准检测服务以超硬材料行业检验检测及计量校准、标准服务、行业咨询等为主要业务领域。
  (三)公司主要产品及其用途
  (四)经营模式
  公司拥有独立完整的采购、生产和销售体系,根据公司自身情况、市场需求和运行机制开展经营活动。
  1、采购模式
  公司下属的精工发展和国机金刚石供应链中心作为集采平台,分别负责公司及下属企业集采名录中轴承业务和磨料磨具业务相关物料采购,集采名录之外由各下属企业自行采购。生产制造企业根据生产计划实施采购,供应链企业以销定采。具体采购根据相关制度选取采购方式,包括招标、邀标、询价比价等。结算方式按照合同约定,预付款需采购合同审批生效后方可发起付款申请,所有节点单据均有审批流程控制。
  2、生产模式
  (1)轴承业务
  轴承相关产品采用以销定产的生产方式,对于定制化产品,根据客户订单情况安排生产计划;对于标准件产品,公司以安全库存储备结合客户订单进行排产。具体的流程为:事业部接到客户订单后汇总订单信息传达至生产车间,车间根据库存、参数、交货期等综合评审后制定生产计划并组织生产,质管部对产品工艺流程和质量控制等提供指导和监督。
  (2)超硬材料业务
  相关产品采用以销定产的生产方式。对于定制化产品,根据客户订单情况安排生产计划;对于标准件产品,公司以安全库存储备结合客户订单进行排产。其具体流程为:销售部门接到客户订单后汇总订单信息传达至生产制造单元,生产制造单元对库存、技术参数、交货期等综合评审后下达生产指令,根据各产品生产流程组织生产,生产制造单元质量管理部对产品工艺流程和质量控制等提供指导和监督。
  3、销售模式
  公司销售网络覆盖国内外大部分国家与地区,采取直接向最终用户销售为主、通过代理商或者经销商销售为辅的销售方式,经销销售占比较小。采用直接销售模式时,公司根据客户的订单需求,为客户提供符合其需求的产品并进行交付。销售结算模式采用先款后货与信用销售相结合的方式,实际业务中根据销售合同中商定的方式进行。采用经销模式时,通过买断形式进行交易。
  4、研发模式
  公司以服务国家战略为己任,以市场为导向,构建两级研发管理体系。集中力量和资源推进科技成果转化及产业化进程,构建主业竞争优势;推进重点项目研发工作,构建未来产业位势。
  公司以研究院为一级研发体系,承担对公司发展战略及产品结构调整具有重大影响和支撑作用的前瞻性技术、产业发展瓶颈技术、关键技术和基础共性技术以及重点产品研究开发任务。
  公司各下属企业研发中心为二级研发体系,以“做强主业、做好的产品”为原则,承担下属企业重点新产品开发,开展重点关键核心技术攻关,突破重点产品卡脖子技术。
  (五)产品市场地位
  公司产品聚焦高端轴承、超硬材料及制品两大领域,以创新驱动发展,布局特种轴承、精密机床轴承、风电轴承、超硬材料磨具、金刚石材料等多类核心业务。
  特种轴承:公司依托自身雄厚的研发实力,不断开发新品,满足了我国航空航天等国防事业的发展需求,其中,在我国航天领域,就卫星、航天飞船和运载火箭中所使用的航天特种轴承而言,公司具有绝对优势,在该领域内使用的轴承大部分为本公司所提供。
  精密机床轴承:在精密机床轴承领域,公司具有轴承配对技术以及稳定生产P4及其以上精密级轴承的生产技术和能力,是该领域内重要的产品供应商。
  风电轴承:公司的风电轴承产品包括风电偏航轴承、变桨轴承、主轴轴承和齿轮箱轴承,近几年,公司着力攻关风电轴承关键技术和精密高效制造工艺,成功研制国产首台8兆瓦、18兆瓦风电轴承产品,自主研发世界首台26兆瓦系列主轴轴承及齿轮箱轴承,极大促进了风电产业链的安全、自主、可控。目前,公司已成为我国风电轴承领域具有一定竞争力的供应商,但在业务规模上,与国内领先厂商尚有差距。
  超硬材料磨具:公司的超硬材料磨具产品在行业内居于中高端,在国内厂商中具有领先地位,主要竞争对手为国外跨国公司。
  金刚石材料:公司的MPCVD法大单晶金刚石产品,在产能规模与技术实力方面均处于国内第一梯队;公司的金刚石散热片和光学窗口片已在非民用领域得以推广应用,相关技术与产品竞争力位居国内同类厂商前列。
  (六)业绩驱动因素
  1、业务结构持续优化,双轮驱动格局稳固
  公司聚焦主责主业,围绕国家战略性新兴产业布局,加快传统业务转型升级,重点推进MPCVD大单晶金刚石、超硬刀具、航天轴承、风电轴承等重点项目落地,构建起传统产业提质升级与新兴产业培育壮大的双轮驱动发展格局,报告期内,超硬材料磨具稳步放量,成为业绩增长的核心引擎。
  2、科技创新成效显著,核心技术自主可控
  公司构建“国机精工研究院+重大国家科研平台+产业化单元”一体化研发体系,持续加大研发投入,积极承担国家级重点任务,成功突破多项关键核心技术,支撑高端产品市场拓展。
  3、外部赛道红利凸显,发展空间持续拓展
  我国半导体产业发展带动公司超硬材料磨具产品需求提升;商业航天常态化发展将为公司航天特种轴承带来稳定增量,叠加国家产业政策支持,为公司业绩增长提供了良好的外部环境。

  二、核心竞争力分析
  (一)技术研发优势
  公司科研创新水平在国内同行业处于领先地位,拥有多类研发、创新及服务平台,在国家战略、行业技术进步、产业发展等方面,承担理论、应用基础、中试、产业化等研究的全系列工作任务,具有较强的产业位势和行业技术引领能力。公司现拥有全国重点实验室1个、国家企业技术中心2个、国家工程技术研究中心2个、国家质检中心2个。
  轴承业务方面,轴研所是我国轴承行业唯一的综合性研究机构,是重点为国民经济建设各领域关键主机及国防建设研制“高、精、尖、专、特”轴承产品的高新技术企业。拥有先进的轴承制造装备和测试仪器,拥有多学科综合技术优势,在高精度、高可靠性轴承及相关零部件的制造、检测与试验方面具有极强实力,在轴承基础理论、润滑技术、设计分析、材料应用与失效分析、试验技术和技术标准等方面保持着国内领先地位。
  超硬材料业务方面,三磨所作为我国磨料磨具行业唯一的综合性研究机构,是全国磨料磨具行业技术与产品研究、开发、咨询和服务中心,是中国超硬材料行业的开创者、引领者、推动者。多年来,公司针对半导体、汽车、工模具、光伏、LED等行业研究开发出一系列具有“高、精、尖、专”特点的高速、高效、精密超硬材料制品,突破多项关键技术,取得一批高水平成果,促进了行业技术水平提升,改变了中国高档精密超硬材料制品主要依靠进口的局面,取得良好经济效益和社会效益。
  (二)产品体系优势
  公司重点为国民经济和国防建设提供新材料、高可靠性基础零部件和高端装备,专注重点领域、专攻核心技术、专心客户价值,在多个产品领域居国内领先地位,形成较强的产品体系优势。
  1、新材料产品,自主研发MPCVD法金刚石晶体制备、加工技术,实现批量化生产,具备自主研制MPCVD法金刚石生产设备的能力,建成新型高功率MPCVD法大尺寸单晶/多晶金刚石生产线,知识产权自主安全可控。
  2、轴承类产品,在卫星及其运载火箭上的专用轴承领域,公司在国内市场占有绝对优势。
  3、中高端超硬材料制品,在半导体、汽车、LED等领域有效打破国外跨国公司垄断,成为国内市场领先者。
  (三)人才优势
  公司已构建以价值创造为导向、激励约束相结合的市场化人才管理与薪酬绩效体系,形成覆盖人才引进、培养、评价、激励的全链条人才开发机制。人才队伍结构优良、层次分明,具备专业技术职称人员近1300人,其中高级及以上职称400余人、正高级职称近80人。高层次人才与创新平台优势显著,3名专家入选国家人才支持计划,6人享受国务院政府特殊津贴,14人为河南省高层次科技人才,拥有2个国家级创新团队、4个省级创新团队;同时拥有国家级技能人才2人、技师和高级技师80余人,高技能人才队伍扎实,为公司技术创新与生产运营提供了坚实人才保障。

  三、公司面临的风险和应对措施
  (一)行业周期性波动风险
  公司产品主要应用于新能源、半导体、航空航天等行业,受宏观经济、产业政策影响显著,若下游需求下行,将可能造成公司订单与业绩波动。
  公司将持续优化业务结构,多赛道均衡布局,分散行业周期波动风险,强化市场预判,动态调整经营策略,提升整体抗风险能力与经营稳定性。
  (二)技术迭代与市场竞争加剧风险
  高端轴承、超硬材料行业技术迭代迅速,下游产品性能标准持续升级。若公司研发进度滞后,将导致产品竞争力下滑,同时国内高端国产化进程提速,行业头部企业加速布局高端市场,市场竞争持续加剧。
  公司持续加大高端领域研发投入,攻坚核心技术壁垒,前瞻布局前沿产品。加快高端产品客户验证与批量导入,依托技术与品质优势稳固核心客户,持续提升高端市场竞争力,对冲技术迭代与行业竞争风险。
  (三)原材料价格波动风险
  公司部分核心原材料价格波动频繁,若成本无法有效向下游传导,将可能压缩公司毛利率,影响盈利水平。
  公司积极建立原材料价格监测与动态备货机制,平抑价格波动。持续推进工艺优化与降本增效,强化内部成本管控,稳定盈利能力。
  (四)客户认证周期长风险
  航空航天、半导体领域准入严苛、认证周期较长,新品导入存在一定不确定性,制约高端业务拓展,可能影响经营效益。
  公司组建专项团队推进高端客户认证,加速新品量产落地。深化核心客户战略合作,稳固供货体系。

  四、主营业务分析
  2026年上半年,面对今年第一季度业绩亏损的不利局面,公司多措并举,实现第二季度经营企稳回升,第二季度,公司营业收入8.93亿元,同比下降1.26%,扣非归母净利润9,066万元,同比增长3.39%,第二季度良好的经营状况保证了公司半年度业绩由一季度的亏损转为盈利。
  2026年上半年,公司收入端阶段性承压,上半年营业收入同比减少7,253万元,降幅4.51%,这主要由于轴承业务板块下滑引起,特种及精密轴承业务上半年实现营业收入6.79亿元,同比减少1.76亿元,降幅20.61%,从上半年情况看,特种轴承的经营形势在逐步好转,收入降幅在逐步收窄。在航天领域,公司占据大部分的市场份额,国内主流的卫星、火箭制造公司基本均为公司客户,随着商业航天进入常态化、高频次、可回收发射的新阶段,公司作为航天轴承核心供应商有望持续受益于发射频次提升带来的稳定增量;超硬材料磨具业务上半年实现营业收入3.72亿元,同比增加8,111万元,增幅27.89%,超硬材料磨具属于公司超硬材料业务板块,其中属于半导体耗材的金刚石工具和精密陶瓷制品是公司最重要的成长主线,受益于半导体行业景气拉动,该业务收入实现较快增长,上半年同比增速约40%,在半导体领域中,公司产品布局包括倒边轮、减薄砂轮、划片刀、封装刀等金刚石工具类产品以及陶瓷载盘、陶瓷吸盘、真空卡盘、静电卡盘等精密陶瓷制品类产品,公司产品应用于芯片制程各环节,主要竞争对手为日本Disco和东京精密等国际跨国企业。
  2026年上半年,公司归母净利润4,905万元,同比减少12,542万元,降幅71.89%,利润下滑主要由于以下三个因素:一是本期研发费用投入较大,同比增加4,674万元,同比增长53.71%;二是公司持有的苏美达股票产生的公允价值变动收益,比上年同期减少2,353万元;三是去年同期处置中浙高铁股权确认投资收益约4,000万元,本期无此类收益。总体来说,上半年利润同比下滑,主要是研发投入增加和投资收益减少的共同结果,从毛利总额这一反映主业盈利底色的重要指标看,上半年公司毛利总额5.32亿元,已接近去年同期的5.43亿元,主业盈利能力并未减弱。
  2026年上半年,金刚石在散热领域的应用前景持续受到关注,目前业内主流产品包括单晶金刚石散热片、多晶金刚石散热片和金刚石铜复合材料三大类。单晶金刚石散热片热导率约2000W/m·K以上;多晶金刚石散热片的热导率约1500W/m·K;金刚石铜复合材料热导率约800W/m·K。公司已形成覆盖金刚石单晶、金刚石多晶及金刚石铜复合材料的产品矩阵,产业化进展方面,CVD金刚石产品(含单晶与多晶)已进入行业头部客户的验证阶段;金刚石铜复合材料已向重点客户送样验证。另外,在其他的金刚石功能化应用产品如金刚石光学窗口片、金刚石声学振膜等方面,公司也在积极推进新产品开发、应用场景拓展、下游客户验证等工作。 收起▲

产品价格

数据截至(20260914)
[""]
20260914,60.00,11824.00,4.7120418848168,0,20260914
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