Hanbell Precision Machinery (002158) is an established leader in the field of domestic fluid machinery and has been involved in screw compressors and vacuum equipment for more than 20 years.
The company has already jumped out of the traditional general machinery category and formed a dual-main business structure of Industrial Compressor + Semiconductor Vacuum Pump.
While sticking to the fundamentals of general machinery, it is developing high-end semiconductor vacuum consumables. It combines the dual logic of cyclical recovery + domestic substitution. It is a rare high-end manufacturing target with low volatility and high toughness for A-shares.
1. Core business: dual tracks in parallel, running through industry and semiconductors
The company is mainly engaged in the research and development and production of screw compressors, vacuum pumps, and refrigeration compressor units.
The business is divided into two major segments: the general machinery segment includes air compressors and refrigeration compressors, which are widely used in chemical industry, cold chain, and general industry and are urgently needed equipment for industry; the high-end vacuum segment focuses on semiconductor dry vacuum pumps, which are suitable for wafer manufacturing, photolithography, and etching processes and are indispensable core auxiliary machines for chip production.
Technically, the company is one of the few domestic companies that has realized the localization of dry vacuum pumps, breaking the long-term monopoly of Japanese and Korean companies; the compressor technology is mature and stable, and the market share of energy-saving screw compressors is firmly at the forefront of the industry.
Its customers cover industrial manufacturing, photovoltaic lithium batteries, and chip wafer factories. It has wide industry coverage and strong anti-cyclical capabilities.
In 2025, the general machinery + vacuum equipment business will account for almost all of the business, and the revenue structure will be solid.
2. Financial performance: Revenue is steadily increasing and profitability is resilient
2026
The manufacturing industry recovered weakly in the first quarter of this year, and the company’s revenue maintained steady growth. Affected by the increase in raw materials and R&D investment, the gross profit margin fell slightly, and non-profit deductions were under short-term pressure. However, the overall financial structure was clean and healthy, and cash flow continued to be positive.
Core financial data for the first quarter:
- Revenue: 689 million yuan, +13.56% year-on-year;
- Net profit attributable to parent company: 122 million yuan, +3.30% year-on-year;
- Excluding non-net profit: 109 million yuan, year-on-year
-1.84%; - Gross profit margin: 33.02%, maintaining a high level in the high-end machinery industry;
- Asset-liability ratio: 27.98%, with extremely low debt and high financial quality.
Looking back at the full year of 2025, the company achieved revenue of 2.927 billion yuan, net profit attributable to the parent company of 469 million yuan, and operating cash flow for the year as high as 779 million yuan.
With large positive cash flow all year round and excellent repayment capabilities, it is a typical stable hard-core manufacturing enterprise.
3. Growth logic: cyclical recovery +
Semiconductors break through, double dividends
- Recovery of the general industrial cycle: The manufacturing boom is picking up, demand for factory equipment updates and air compressor replacements is rising, and the traditional compressor business is steadily increasing, forming a stable cash base;
- Domestic substitution of semiconductor vacuum pumps: Dry vacuum pumps have entered the supply chain of many domestic wafer fabs, replacing imported expensive equipment.
Under the wave of chip production expansion, vacuum equipment continues to increase in volume, creating a second curve of high growth; - Photovoltaic lithium battery equipment blessings: Vacuum equipment is adapted to lithium battery pumping and photovoltaic coating processes, and is bound to the new energy industry chain to further expand downstream application scenarios;
- Overseas deployment is accelerated: Overseas distribution networks continue to improve, and export orders for machinery and equipment are growing steadily, opening up long-term incremental space.
4. Industry barriers: technology + manufacturing + certification triple moat
The fluid machinery industry has high research and development thresholds, strict processing accuracy, and long downstream certification cycles.
The company has been deeply involved in the industry for many years. The screw rotor is self-developed and produced, and the core components are independently controllable. The semiconductor vacuum pump has passed strict wafer factory certification, and the threshold for domestic substitution is extremely high. Large-scale production reduces manufacturing costs, and the overall cost performance is better than that of foreign brands, building a solid industry barrier.
5. Risk Warning
- The recovery of the manufacturing industry is less than expected, and the demand for general equipment is weak;
- The semiconductor industry’s prosperity fluctuates, and orders for vacuum equipment slow down;
- The price of raw materials rises, suppressing the comprehensive gross profit margin;
- Industry competition intensifies, and product prices are under pressure.
6. Summary
Hanbell Precision Machinery has the dual attributes of traditional industrial rigid demand + high-end semiconductor consumables, low debt, stable cash flow, and solid main business.
Small fluctuations in short-term gross profit margin do not change the long-term growth logic. As the manufacturing industry continues to pick up and domestic substitution of semiconductor vacuum pumps accelerates, the company’s two-wheel drive advantage becomes more prominent.
As the invisible leader in the machinery manufacturing segment, its subsequent growth is highly certain and there is ample room for valuation restoration.
