| 证券代码：603638 | 证券简称：艾迪精密 公告编号：2026-007 | | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | 烟台艾迪精密机械股份有限公司 具体内容详见公司于 2025 年 11 月 21 日和 2025 年 11 月 25 日在上海证券交 易所网站（www.sse.com.cn）及指定媒体披露的《烟台艾迪精密机械股份有限公司 关于以集中竞价交易方式首次实施股份回购的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/11/21 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 20 11 | 11 | 月 | 日~2026 | 年 | 月 | 19 | 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | | | 回购用途 | □减少注册资本 ...

艾迪精密公告，2026年2月24日公司通过上海证券交易所交易系统以集中竞价交易方式首次回购公司股 份20.9万股，已回购股份占公司总股本的比例为0.025%，回购成交的最高价为24.41元/股、最低价为 24.27元/股，已支付的资金总额为人民币508.78万元（含交易费用）。 ...

Group 1: Policy Impact - The National Development and Reform Commission and the National Energy Administration have included new energy storage stations in the capacity price mechanism, which is expected to drive the energy storage industry into a high-growth phase [1] - Aidi Precision, having strategically entered the energy storage sector, anticipates accelerated expansion of its storage business due to this policy, aiming for overseas revenue to account for 30%-50% in the next 3-5 years [1] Group 2: Financial Performance - Aidi Precision forecasts its 2025 revenue to be between 3.14 billion and 3.26 billion yuan, representing a year-on-year growth of 15.24% to 19.64%, with net profit expected between 379 million and 395 million yuan, reflecting a growth of 10.13% to 14.78% [2] - The growth is primarily driven by the recovery in the construction machinery industry, with excavator sales in January 2026 increasing by 49.5% year-on-year [2] - For the first three quarters of 2025, the company reported revenue of 2.374 billion yuan and a net profit of 316 million yuan, marking a year-on-year increase of 12.63% [2] Group 3: Stock Performance - Aidi Precision's stock price has shown an upward trend over the past 7 trading days, with a price increase of 8.63% and a trading range of 11.25% [3] - As of February 12, 2026, the stock closed at 24.92 yuan, with a single-day increase of 1.10% and a trading volume of 311 million yuan [3] - Year-to-date, the stock price has risen by 31.64%, outperforming the broader market [3] Group 4: Institutional Insights - Market sentiment towards Aidi Precision is neutral, with most institutional ratings being neutral and a target price of 22.00 yuan, indicating potential downside from the current price [4] - Profit forecasts suggest a net profit growth of 17.63% for 2025 and 17.93% for 2026 [4] - The current fund holding ratio is low at 0.10%, with average institutional research frequency and moderate overall attention [4]

Core Viewpoint - The company focuses on the mid-to-high-end market for hard alloy tools, with strong customized R&D capabilities, particularly in the steel tool sector, achieving a leading position domestically, especially for bearing steel processing scenarios [2] Group 1: Company Strategy and Market Position - The company aims to replace Japanese imported tools, helping clients improve efficiency and reduce costs [2] - By 2025, the company's tool production capacity is expected to reach 7 million pieces, with a potential to exceed 20 million pieces by 2026 [2] - The tungsten price, currently at a high level, supports price increases for tool products in the industry [2] Group 2: Industry Trends and Competitive Landscape - The tool industry is entering a phase of accelerated domestic substitution, with market share concentrating on companies with stronger cost transmission capabilities and technological advantages [2] - The company maintains a raw material inventory of 2-3 months for its tool division, allowing for cost transfer through distributors and guiding end customers to stock up [2]

Investment Rating - The report rates the machinery equipment industry as "Overweight" [1] Core Insights - The machinery equipment sector is experiencing significant growth driven by increased demand for efficient cooling solutions in data centers and AI infrastructure [3][22] - Major companies like Trane Technologies and Johnson Controls are reporting strong order growth, indicating a robust market environment [9][15] - Google's substantial capital expenditure plans for 2026 highlight the increasing investment in AI and cloud infrastructure, which is expected to further boost demand for related equipment [21] Summary by Sections 1. Trane Technologies Financial Review - Trane Technologies reported Q4 2025 revenue of $5.1 billion, a 6% year-over-year increase, with adjusted EPS of $2.86, up 10% [9] - The company saw a 24% increase in new orders, with a record backlog of $7.8 billion, indicating strong future revenue potential [10] - The commercial HVAC business is a key growth driver, with orders up over 35% in Q4 2025 [10] 2. Johnson Controls Performance - Johnson Controls achieved Q1 2026 revenue of $5.8 billion, a 7% increase year-over-year, with a 39% rise in self-owned business orders [15] - The company has raised its adjusted EPS guidance for FY 2026 to approximately $4.70, reflecting a 25% year-over-year growth [15] - The introduction of new products like the YORK YDAM chiller is aimed at enhancing data center cooling solutions [20] 3. Google's Cloud Business - Alphabet reported Q4 2025 revenue of $113.8 billion, an 18% increase, with cloud revenue growing 48% due to AI infrastructure demand [21] - The company plans to invest $175 to $185 billion in capital expenditures for 2026, nearly doubling its previous year's investment [21] 4. Investment Recommendations - The report suggests that the growth in data centers will create opportunities for Chinese cooling equipment manufacturers, such as Ice Wheel Environment and Linde Co., to capitalize on the demand for cooling solutions [22] - Companies like Invek, which provide comprehensive liquid cooling solutions, are also highlighted as potential beneficiaries of this trend [22] 5. Caterpillar Financial Review - Caterpillar reported 2025 revenue of $67.6 billion, a 4% increase, with Q4 revenue reaching a record $19.1 billion [28] - The power and energy segment saw a 23% increase in sales, driven by demand from data centers [29] - The construction machinery segment also grew, but profit margins were pressured by rising costs [29]

Group 1 - The company expects to achieve operating revenue between 3,140 million and 3,260 million yuan in 2025, representing an increase of 41.51 million to 53.51 million yuan compared to the previous year, with a year-on-year growth of 15.24% to 19.64% [1] - The net profit attributable to the parent company is projected to be between 379 million and 395 million yuan, an increase of 34.87 million to 50.87 million yuan compared to the previous year, reflecting a year-on-year growth of 10.13% to 14.78% [1] - The previous year's operating revenue was 2,724.86 million yuan, and the net profit attributable to the parent company was 344.13 million yuan [1] Group 2 - The engineering machinery industry shows signs of recovery, with previous low performance improving significantly [2] - The competitiveness of core products, particularly high-end hydraulic components, has increased, with a growing proportion of domestic substitutes for imports [2] - The brand influence of products such as hard alloy tools is becoming more prominent, leading to increased sales [2] - The company's overseas layout is gradually improving, maintaining a focus on the global market [2]

Group 1 - The company expects to achieve an operating revenue of 3.14 billion to 3.26 billion yuan in 2025, representing a year-on-year increase of 15.24% to 19.64% [1] - The net profit attributable to the parent company is projected to be between 379 million to 395 million yuan, reflecting a year-on-year growth of 10.13% to 14.78% [1] Group 2 - The engineering machinery industry shows clear signs of recovery, with previous low performance improving continuously [1] - The competitiveness of core products, particularly high-end hydraulic components, has been enhanced, with the proportion of domestic substitutes for imports continuing to grow [1] - The brand influence of products such as hard alloy tools is gradually becoming evident, leading to increased sales scale [1] - The company's overseas layout is progressively improving, with a commitment to strengthening its presence in global markets [1]

Core Viewpoint - The company, Eddie Precision (603638.SH), anticipates a significant increase in revenue and net profit for the fiscal year 2025, reflecting a recovery in the engineering machinery industry and enhanced competitiveness in its core products [1] Financial Projections - The company expects to achieve an operating revenue of between 3.14 billion to 3.26 billion yuan, representing a year-on-year increase of 15.24% to 19.64% [1] - The net profit attributable to the parent company is projected to be between 379 million to 395 million yuan, indicating a year-on-year growth of 10.13% to 14.78% [1] Industry Insights - The engineering machinery industry is showing clear signs of recovery after a period of downturn, with ongoing improvements in market conditions [1] - The competitiveness of the company's core products, particularly high-end hydraulic components, has been enhanced, with an increasing proportion of domestic products replacing imports [1] - The brand influence of products such as hard alloy tools is gradually becoming more prominent, leading to an increase in sales volume [1] - The company's overseas expansion strategy is becoming more refined, with a commitment to strengthening its presence in global markets [1]

Core Viewpoint - The company, Aidi Precision (603638.SH), expects to achieve a revenue of 3.14 billion to 3.26 billion yuan in 2025, reflecting a year-on-year increase of 15.24% to 19.64%, and a net profit attributable to the parent company of 379 million to 395 million yuan, representing a year-on-year growth of 10.13% to 14.78% [1] Group 1: Financial Performance - The projected revenue for 2025 is between 3.14 billion and 3.26 billion yuan, indicating a growth of 15.24% to 19.64% compared to the previous year [1] - The expected net profit for the same period is between 379 million and 395 million yuan, which shows an increase of 10.13% to 14.78% year-on-year [1] Group 2: Industry Insights - The engineering machinery industry is showing clear signs of recovery after a period of downturn, with continuous improvement in the previous low state [1] - The competitiveness of core products, particularly high-end hydraulic components, has been enhanced, with an increasing proportion of domestic substitutes for imports [1] - The brand influence of products such as hard alloy tools is gradually becoming evident, leading to an increase in sales scale [1] - The company's overseas layout is progressively improving, with a commitment to strengthening its presence in the global market [1]

Core Viewpoint - The company expects to achieve a revenue of 3.14 billion to 3.26 billion yuan in 2025, reflecting a year-on-year increase of 15.24% to 19.64%, and a net profit attributable to the parent company of 379 million to 395 million yuan, representing a year-on-year increase of 10.13% to 14.78% [1] Industry Summary - The engineering machinery industry shows clear signs of recovery, with previous low performance improving continuously [1] - The competitiveness of core products, particularly high-end hydraulic components, has been further enhanced, with the proportion of domestic substitutes for imports continuing to grow [1] - The brand influence of products such as hard alloy tools is gradually becoming evident, leading to an increase in sales scale [1] - The company's overseas layout is gradually improving, maintaining a focus on the global market [1]