机械设备行业2025年三季报总结：行业景气向上业绩增长稳健

目录CatalogTOC\o"1-2"\h\z\u一、机械行业2025年三季报总览 3（一）机械设备行业：业绩稳健增长，盈利能力稳定 3（二）细分子行业分析：各板块景气向好，光伏设备仍在筑底 4二、风险提示 12一、机械行业2025年三季报总览（一）机械设备行业：业绩稳健增长，盈利能力稳定前三季度营收利润延续稳健增长。2025年前三季度宏观经济运行整体平稳，机械行业上市公司业绩保持良好增长，合计实现营业收入18924亿元，同比+8.43%；合计实现归母净利润1399亿元，同比+12.82%。25Q3机械行业上市公司实现收入6739亿元，同比+10.63%；净利润412亿元，同比+12.82%。盈利能力保持平稳，费用端控制良好。2025年前三季度机械行业整体毛利率22.21%，同比-0.24pct；净利率7.39%，同比+0.43pct。25Q3毛利率21.93%，同比-0.58pct，环比-0.59pct；净利率6.12%+0.12pct-1.18pct2025年前三季度期间费用率为13.90%-0.78pct；25Q3期间费用率为14.56%，同比-0.58pct，环比+1.59pct。营运能力改善，合同负债同比增长。2025年前三季度机械行业平均应收账款周转天数为162天，同比增加2天；存货周转天数为239天，同比减少6天；合同负债4730.83亿元，同比+19.96%，反映在手订单的持续向好。经营性现金流净额持续改善。2025年前三季度机械行业上市公司经营性现金流净额合计为收入（亿元）收入增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比1892467398.43%10.63%1.84%毛利（亿元）毛利增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比420414787.29%7.77%-0.81%净利润（亿元）净利润增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比139941215.05%12.82%-14.61%825收入（亿元）收入增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比1892467398.43%10.63%1.84%毛利（亿元）毛利增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比420414787.29%7.77%-0.81%净利润（亿元）净利润增长率2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比139941215.05%12.82%-14.61%表22025毛利率毛利率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比22.21%21.93%-0.24pct-0.58pct-0.59pct净利率净利率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比7.39%6.12%0.43pct0.12pct-1.18pct期间费用率期间费用率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比13.90%14.56%-0.78pct-0.58pct1.59pct管理费用率管理费用率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比4.94%5.05%-0.06pct0.07pct0.44pct销售费用率销售费用率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比-0.31%3.82%-0.31pct-0.40pct0.03pct研发费用率研发费用率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比4.85%5.08%-0.06pct0.06pct0.41pct财务费用率财务费用率变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比0.21%0.61%-0.34pct-0.31pct0.71pct表32025应收账款周转天数应收账款周转天数变动2025前三季度2025H12025前三季度同比2025前三季度环比2025H1环比162.18173.751.99-11.56-30.18存货周转天数存货周转天数变动2025前三季度2025H12025前三季度同比2025前三季度环比2025H1环比238.89247.97-6.42-9.08-37.75合同负债（亿元）合同负债变动2025前三季度2025H12025前三季度同比2025前三季度环比2025H1环比4730.833993.9119.96%18.45%3.69%表42025经营性现金流净额（亿元）经营性现金流净额变动2025前三季度2025Q32025前三季度同比2025Q3同比2025Q3环比825.66434.8135.42%-8.03%-11.51%（二）细分子行业分析：各板块景气向好，光伏设备仍在筑底细分子行业中，锂电设备/机床迎来基本面修复，光伏设备仍在筑底，半导体设备/船舶海工/工程机械/注塑机景气延续。2025年前三季度机械行业营业收入增幅前五的行业为半导体设备（+32%轨交装备（+15%）、注塑机（+14%）、激光（+14%）、机床（+11%），归母净利润增幅前五的行业为船舶海工（+30%）、工业机器人（+24%）、半导体设备（+23%）、轨交装备（+23%）和工程机械（25Q3营业收入增速前五的细分行业为半导体设备（（工程机械（16%）、注塑机（16%）和机床（14%），净利润增速前五的是锂电设备（+111%）3C及面板设备（+66%）、半导体设备（+33%）2+工业机器人（+32%）。表52025股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3600031.SH三一重工657.414%212.111%71.447%19.248%28%28%11%9%000425.SZ徐工机械781.612%233.521%59.812%16.20%22%23%8%7%000157.SZ中联重科371.68%123.025%39.225%11.636%28%28%11%10%000528.SZ柳工257.613%75.812%14.610%2.3-32%22%22%5%2%600761.SH安徽合力149.311%55.420%11.2-5%3.2-6%24%24%9%7%603298.SH杭叉集团139.79%46.79%17.511%6.311%23%27%13%14%002097.SZ山河智能50.6-2%16.58%1.0178%0.56750%27%29%1%2%601100.SH恒立液压77.912%26.225%20.916%6.631%42%42%27%25%000680.SZ山推股份104.92%34.81%8.416%2.733%21%21%8%8%603611.SH诺力股份50.3-2%18.18%4.09%1.523%22%22%8%8%603338.SH浙江鼎力66.79%23.43%15.99%5.4-15%36%36%24%23%600984.SH建设机械17.7-11%6.5-2%-9.4-50%-4.9-138%-9%-7%-53%-76%603638.SH艾迪精密23.716%8.124%3.213%1.130%29%31%14%14%002523.SZ天桥起重12.719%4.825%0.9384%0.4619%23%24%6%9%603966.SH法兰泰克18.631%6.811%1.739%0.534%24%23%9%7%600815.SH厦工股份4.3-23%1.2-26%-0.1-184%-0.1-733%16%12%1%-7%合计2,784.711%892.816%260.021%72.414%25%26%9%8%表62025股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3601766.SH中国中车1,838.720%641.12%99.638%27.2-11%21%20%7%6%688009.SH中国通号217.54%70.88%22.8-3%6.6-13%28%28%12%11%688187.SH时代电气188.315%66.210%27.211%10.58%32%33%15%17%600528.SH中铁工业200.9-2%65.0-1%9.9-25%3.1-21%19%20%5%4%603680.SH今创集团35.216%10.0-7%4.970%1.3-12%31%34%14%12%603111.SH康尼机电31.015%10.80%2.65%1.1-24%30%32%9%11%000925.SZ众合科技14.531%7.653%-0.547%0.21318%27%28%-1%5%688015.SH交控科技14.99%5.410%0.9178%0.3256%37%41%8%10%000008.SZ神州高铁11.44%5.60%-0.952%0.1246%27%24%-8%1%300587.SZ天铁股份12.3-31%5.6-26%-0.6-340%0.1119%24%23%-4%2%300011.SZ鼎汉技术11.94%4.79%0.1-19%0.0-11%27%24%1%1%688569.SH铁科轨道7.9-20%2.9-3%0.9-34%0.213%42%41%18%15%002480.SZ新筑股份10.6-37%3.5-36%-0.483%0.3135%37%30%1%10%600495.SH晋西车轴8.70%2.6-41%0.2268%0.1-68%13%17%3%3%300351.SZ永贵电器15.916%5.68%0.7-29%0.2-41%25%24%5%3%603508.SH思维列控9.55%2.6-24%4.021%0.9-33%67%71%43%37%300594.SZ朗进科技5.4-8%2.0-3%-0.169%-0.130%25%23%-2%-8%605001.SH威奥股份12.558%4.1102%0.6448%0.2199%30%36%5%5%301016.SZ雷尔伟2.56%0.9-2%0.4-3%0.2-13%38%36%18%18%603500.SH祥和实业5.918%2.149%1.1184%0.5663%34%39%19%22%300923.SZ研奥股份3.421%0.916%0.337%0.1165%25%28%8%7%002972.SZ科安达2.14%0.5-18%0.6-13%0.1-34%61%58%29%18%300851.SZ交大思诺2.23%0.964%0.218%0.1302%71%73%10%12%605298.SH必得科技3.532%1.364%0.5305%0.3725%46%48%15%21%合计2,666.415%922.83%175.223%53.3-4%23%23%7%6%表72025股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3600339.SH中油工程575.312%212.413%5.2-17%0.5-49%8%7%1%0%600871.SH石化油服551.61%181.10%6.7-1%1.8-21%8%8%1%1%600968.SH海油发展339.51%113.5-6%28.56%10.2-5%16%18%9%9%601808.SH中海油服348.54%115.34%32.131%12.546%18%20%10%11%600583.SH海油工程176.6-14%63.4-9%16.0-8%5.1-8%14%11%9%8%002353.SZ杰瑞股份104.229%35.214%18.113%5.711%31%30%18%17%000852.SZ石化机械48.2-15%13.4-24%0.1-92%-0.2-212%12%15%0%-1%603727.SH博迈科13.2-25%2.8-60%0.2-75%0.1-65%15%20%2%4%603619.SH中曼石油29.8-2%10.0-11%4.5-32%1.5-36%45%46%16%15%002554.SZ惠博普16.10%7.3115%0.1114%-0.368%8%6%0%-5%603800.SH洪田股份8.8-17%4.931%0.6-27%1.0290%25%33%9%24%002828.SZ贝肯能源7.523%2.819%0.319%0.29%21%19%4%5%300164.SZ通源石油8.6-1%3.1-2%0.617%0.231%25%25%7%6%300084.SZ海默科技3.12%1.1-21%-0.6-12%-0.5-189%39%28%-20%-45%300157.SZ新锦动力4.02%1.9279%0.8172%0.5247%33%36%22%31%300179.SZ四方达4.12%1.58%0.6-37%0.1-80%36%15%3%-11%300191.SZ潜能恒信4.318%2.064%-0.257%0.1181%28%37%-4%5%002207.SZ准油股份2.1-6%0.9-20%-0.3-111%-0.1-983%-4%-2%-15%-14%002629.SZ仁智股份0.7-48%0.2-56%-0.2-105%-0.1-228%4%-5%-30%-53%合计2,246.23%772.92%113.27%38.18%13%13%5%5%表82025股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3601717.SH中创智领307.410%107.721%36.419%11.326%23%22%12%11%600582.SH天地科技204.7-7%63.5-11%23.48%2.6-60%27%27%17%6%002526.SZ山东矿机15.0-12%4.6-16%1.10%0.1-44%22%23%8%3%600262.SH北方股份24.529%7.641%1.867%0.8143%20%22%8%12%300818.SZ耐普矿机7.1-22%3.02%0.6-48%0.526%42%46%9%16%300099.SZ尤洛卡3.8-6%1.4-8%0.61%0.2-15%44%40%14%13%300837.SZ浙矿股份-10%1.434%0.5-43%0.293%33%39%12%14%002535.SZ林州重机11.7-12%2.6-41%0.7-49%0.2-53%21%33%6%8%002691.SZ冀凯股份1.8-5%0.717%-0.5-238%-0.216%20%18%-25%-25%合计580.82%192.56%64.711%15.7-7%25%25%11%8%表9：上市重点船舶海工企业2025前三季度业绩一览股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3000039.SZ中集集团1,170.6-9%409.7-18%15.7-14%2.9-70%12%11%2%2%600150.SH中国船舶1,074.018%670.822%58.5115%29.1123%13%13%7%7%601989.SH中国重工0.00%0.00%0.00%0.00%0%0%0%0%600482.SH中国动力409.712%133.213%12.162%2.98%16%15%6%6%600685.SH中船防务143.213%41.45%6.6250%1.3219%11%16%5%3%600072.SH中船科技64.026%26.320%-14.3-1931%-8.6-7824%-8%-18%-22%-32%603339.SH四方科技12.4-14%3.8-13%1.0-44%0.3-34%21%23%8%9%300008.SZ天海防务31.535%13.057%2.3202%1.1566%21%22%7%8%601890.SH亚星锚链15.45%5.54%2.19%1.078%29%32%14%18%300065.SZ海兰信5.8129%0.9-4%0.4291%0.1342%28%45%7%6%300589.SZ江龙船艇5.1-59%1.6-66%-0.4-252%-0.2-751%9%5%-7%-14%002552.SZ宝鼎科技21.73%7.824%0.5-54%0.3164%15%16%1%3%300600.SZST瑞科1.5-19%0.4-27%-0.4-60%-0.1-11%16%22%-26%-32%合计2,954.94%1,314.426%84.130%29.912%13%12%3%2%表10：上市重点锂电设备企业2025前三季度业绩一览股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3300450.SZ先导智能104.415%38.314%11.995%4.5199%33%31%11%12%603659.SH璞泰来108.310%37.47%17.037%6.469%32%33%17%19%300457.SZ赢合科技67.85%25.223%3.0-39%0.3-80%23%17%8%4%300340.SZ科恒股份13.9-12%5.929%-1.4-22%-0.422%7%7%-10%-7%688006.SH杭可科技27.22%7.5-4%3.93%1.0-8%29%40%14%13%688499.SH利元亨24.24%9.091%0.5109%0.1104%25%18%2%2%688559.SH海目星27.0-25%10.4-16%-9.1-645%-2.0-1435%18%22%-34%-20%688518.SH联赢激光22.52%7.1-4%1.114%0.515%29%34%5%7%688155.SH先惠技术19.45%6.6-1%2.19%0.5-9%28%26%16%13%300648.SZ星云股份8.56%2.923%-0.326%-0.3-285%33%31%-4%-9%合计423.35%150.411%28.514%10.7111%28%27%7%7%表11：上市重点光伏设备企业2025前三季度业绩一览股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3688726.SH拉普拉斯43.20%12.6-29%5.92%1.9-15%31%35%14%15%300316.SZ晶盛机电82.7-43%24.7-43%9.0-70%2.6-70%26%29%10%10%300724.SZ捷佳伟创131.16%47.3-17%26.933%8.68%29%28%21%18%000821.SZ京山轻机54.4-18%17.9-33%2.8-34%0.8-52%20%19%6%4%300751.SZ迈为股份62.0-20%19.9-31%6.6-13%2.7-9%36%40%11%13%001269.SZ欧晶科技3.5-56%1.1-49%-0.961%-0.187%0%5%-25%-11%688516.SH奥特维46.7-33%12.9-49%3.9-66%0.8-79%30%37%7%4%688033.SH天宜上佳5.6-12%1.411%-3.737%-1.6-71%-16%-50%-66%-117%835368.BJ连城数控15.7-60%4.7-67%1.0-75%-0.1-118%30%28%5%-2%300861.SZ美畅股份15.2-20%5.125%1.6-44%0.71115%23%24%10%14%603396.SH金辰股份19.63%6.4-4%0.5-26%0.1-26%20%19%3%2%688556.SH高测股份24.3-29%9.825%-0.8-140%0.1110%12%14%-3%1%688598.SH金博股份6.240%2.1113%-2.8-89%-1.1-152%-12%-7%-44%-52%300776.SZ帝尔激光17.824%6.114%5.029%1.715%46%43%28%28%300757.SZ罗博特科4.2-59%1.7-43%-0.7-205%-0.4-344%30%34%-18%-25%合计532.3-22%173.9-29%54.2-35%16.7-38%27%28%10%10%表12：上市重点3C设备企业2025前三季度业绩一览股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3002008.SZ大族激光127.126%51.035%8.6-39%3.887%33%35%7%8%600525.SH长园集团54.4-1%19.7-2%-3.3-567%0.2263%32%32%-6%1%002426.SZ胜利精密26.31%9.34%-0.7-155%32%15%14%-3%-3%688097.SH博众精工36.512%17.823%3.331%1.77%30%26%9%9%300567.SZ精测电子22.724%8.925%1.022%0.7123%46%49%7%6%603283.SH赛腾股份25.4-21%11.6-26%4.0-16%2.8-13%46%48%17%24%002957.SZ科瑞技术17.60%6.5-9%2.550%1.265%35%34%16%20%688001.SH华兴源创15.824%6.651%1.5396%0.7189%50%51%10%11%300410.SZ正业科技5.814%2.027%0.2120%0.1117%32%30%4%3%688003.SH天准科技9.815%3.823%-0.2-11%0.0-108%36%37%-2%0%002975.SZ博杰股份11.236%4.477%1.16761%0.9617%44%45%10%20%300400.SZ劲拓股份6.07%2.3-1%0.943%0.334%35%36%14%14%300545.SZ联得装备9.3-7%3.0-10%1.0-50%0.2-72%31%31%10%8%603203.SH快克智能8.118%3.031%2.022%0.749%49%47%24%22%300097.SZ智云股份1.3-63%0.4-62%-1.1-975%-0.1-338%13%6%-85%-14%688125.SH安达智能5.0-8%1.6-32%-1.0-934%-0.4-1248%43%49%-19%-24%300802.SZ矩子科技6.221%2.319%0.834%0.3100%31%33%13%14%300812.SZ易天股份3.813%0.8-56%0.3349%0.0-76%35%49%9%7%300461.SZ田中精机1.5-24%0.5-37%0.0114%0.2265%30%27%1%43%合计393.710%155.612%21.0-19%13.166%34%35%5%8%表13：上市重点半导体设备企业2025前三季度业绩一览股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3002371.SZ北方华创273.033%111.638%51.315%19.215%41%40%18%16%688012.SH中微公司80.646%31.051%12.133%5.128%39%38%15%16%002158.SZ汉钟精机22.7-21%7.8-24%3.9-46%1.3-50%35%35%17%17%603690.SH至纯科技23.7-10%7.6-32%0.8-56%0.5-62%32%35%1%3%688082.SH盛美上海51.529%18.820%12.767%5.781%50%47%25%30%300604.SZ长川科技37.849%16.160%8.7142%4.4208%54%54%23%27%688200.SH华峰测控9.451%4.067%3.982%1.990%74%74%41%47%688037.SH芯源微9.9-10%2.8-32%-0.1-109%-0.3-182%35%30%-3%-13%688072.SH拓荆科技-U42.285%22.7124%5.6105%4.6225%33%34%13%20%003043.SZ华亚智能7.780%3.482%0.5-26%0.248%28%29%9%11%合计558.432%225.836%99.323%42.733%42%41%18%19%表14：上市重点通用设备企业2025前三季度业绩一览行业股票代码股票简称营业收入（亿元）归母净利润（亿元）毛利率净利率2025三季度YOY2025Q3YOY2025三季度YOY2025Q3YOY2025三季度2025Q32025三季度2025Q3机床300083.SZ创世纪38.317%13.814%3.573%1.1164%25%26%9%9%000837.SZ秦川机床31.28%10.117%0.5-15%0.0-75%17%16%2%1%601882.SH海天精工25.21%8.65%3.4-16%1.0-9%26%26%13%12%工具002520.SZ日发精机8.7-40%1.6-62%-2.7-303%-0.5-6%8%-1%-31%-29%002559.SZ亚威股份15.96%5.621%1.00%0.3-12%22%22%5%5%688697.SH纽威数控20.713%7.918%2.1-9%0.8-8%21%21%10%10%000410.SZ沈阳机床25.40%6.6-30%0.0102%-0.4-102%14%12%1%-6%300161.SZ华中数控8.8-20%3.3-31%-0.611%0.2-44%37%39%-8%5%002270.SZ华明装备18.27%6.920%5.818%2.119%55%55%33%31%300503.SZ昊志机电11.418%4.425%1.250%0.6125%37%40%11%13%688558.SH国盛智科9.722%3.317%1.221%0.42%25%25%13%12%688308.SH欧科亿10.214%4.233%0.5-43%0.569%20%26%5%12%688577.SH浙海德曼6.112%2.544%0.378%0.2258%25%28%5%9%300488.SZ恒锋工具5.117%1.817%1.118%0.418%44%43%22%22%688059.SH华锐精密7.732%2.544%1.478%0.5916%40%44%18%21%002943.SZ宇晶股份7.2-24%2.310%0.2-29%0.1173%24%18%2%4%002903.SZ宇环数控3.45%1.1-6%0.0-77%0.0-95%34%33%4%3%300809.SZ华辰装备3.521%0.927%0.4-25%0.1-12%31%29%12%11%688028.SH沃尔德5.49%2.014%0.7-7%0.325%43%42%13%14%688305.SH科德数控4.05%1.1-16%0.6-12%0.1-38%39%39%16%14%合计266.211%90.414%20.87%8.032%26%27%8%9%注塑机300415.SZ伊之密43.117%15.620%5.617%2.221%32%33%13%14%603289.SH泰瑞机器8.71%2.80%0.751%0.12121%32%31%8%3%合计51.714%18.416%6.320%2.327%32%33%12%12%激光002008.SZ大族激光127.126%51.035%8.6-39%3.887%33%35%7%8%000988.SZ华工科技110.423%34.1-9%13.241%4.133%22%25%12%12%300747.SZ锐科激光25.17%8.410%1.22%0.5107%20%21%5%6%688007.SH光峰科技13.5-21%3.9-39%-1.4-416%0.0-114%28%32%-11%-2%688559.SH海目星27.0-25%10.4-16%-9.1-645%-2.0-1435%18%22%-34%-20%688518.SH联赢激光22.52%7.1-4%1.114%0.515%29%34%5%7%