机械设备10大赛道横向对比
606家上市公司 · 按评分排名 · 数据口径：2025年报
10大赛道总览
| 赛道 | 公司数 | 评分中位 | 毛利率中位 | 净利率中位 | 亏损数 | 健康度 |
|---|
| 其他专用设备 | 94 | 52 | 26.9% | 5.2% | 24 | 承压 |
| 能源及重型设备 | 57 | 51 | 25.3% | 5.8% | 10 | 承压 |
| 专用轻工机械 | 31 | 54 | 23.2% | 3.1% | 9 | 承压 |
| 楼宇设备 | 15 | 48 | 21.9% | 5.9% | 4 | 重灾区 |
| 通用机械 | 103 | 51 | 25.2% | 6.6% | 23 | 承压 |
| 金属制品 | 89 | 52 | 23.0% | 6.0% | 20 | 承压 |
| 仪器仪表 | 59 | 53 | 42.8% | 9.6% | 9 | 承压 |
| 自动化设备 | 90 | 52 | 30.8% | 5.5% | 20 | 承压 |
| 工程机械 | 38 | 54 | 27.9% | 9.4% | 3 | 承压 |
| 轨交设备 | 30 | 49 | 29.5% | 6.9% | 6 | 重灾区 |
对比结论：净利率梯队：仪器仪表（9.6%）> 工程机械（9.4%）> 轨交设备（6.9%）> 通用机械（6.6%）> 金属制品（6.0%）> 楼宇设备（5.9%）> 能源及重型设备（5.8%）> 自动化设备（5.5%）> 其他专用设备（5.2%）> 专用轻工机械（3.1%）；但评分梯队完全不同——工程机械（54）≈ 专用轻工机械（54）> 仪器仪表（53）> 其他专用设备（52）≈ 自动化设备（52）≈ 金属制品（52）> 通用机械（51）≈ 能源及重型设备（51）> 轨交设备（49）> 楼宇设备（48）。这个错位恰好说明本站评的是成本管理水平而不是盈利能力：楼宇设备靠预收款模式的现金周期优势拿到舒服的净利率，但成本率 78.1% 与评分中位 48 暴露了它在 BOM 端的粗放；专用轻工机械净利率最薄，却因为组内分化极大（杰克科技 82 分 vs *ST星农 13 分）把中位拉到 54。十个赛道共通的一条：真正拉开差距的从来不是行业景气度，而是成本率相对同组的距离与现金周期的天数——凌霄泵业 87 分与 ST智云 9 分之间，差的不是运气。本批 606 家为 L0 全量评分；面向珠三角民营企业的深度报告（降本空间量化与改进路径）将在后续批次展开。
其他专用设备（94家）
赛道画像：专用机械长尾：成本率与研发效率是主战场。评分中位52分，毛利率中位26.9%，净利率中位5.2%，24家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 巴兰仕 | 30.0% | 13.1% | 3.2% | 4.0% | 79分 | A- |
| 2 | 豪迈科技 | 33.6% | 21.6% | 5.9% | 0.8% | 78分 | A- |
| 3 | 精工科技 | 32.6% | 11.0% | 7.8% | 3.0% | 77分 | A- |
| 4 | 联测科技 | 41.5% | 18.1% | 8.3% | 4.2% | 76分 | A- |
| 5 | 燕麦科技 | 50.3% | 22.1% | 19.4% | 2.9% | 76分 | A- |
| 6 | 弘亚数控 | 32.1% | 17.7% | 5.1% | 1.8% | 76分 | A- |
| 7 | 芯碁微装 | 40.2% | 20.6% | 9.3% | 4.5% | 75分 | A- |
| 8 | 亚联机械 | 37.4% | 23.4% | 5.2% | 2.1% | 74分 | B+ |
| 9 | 大族数控 | 35.1% | 14.3% | 7.9% | 5.4% | 71分 | B+ |
| 10 | 奥美森 | 46.5% | 18.9% | 7.9% | 9.4% | 69分 | B+ |
| 11 | 日联科技 | 44.3% | 16.3% | 10.7% | 12.1% | 69分 | B+ |
| 12 | 美亚光电 | 53.9% | 29.9% | 6.8% | 12.3% | 69分 | B+ |
| 13 | 绿田机械 | 20.3% | 9.7% | 4.4% | 2.6% | 68分 | B+ |
| 14 | 浙江大农 | 30.0% | 12.8% | 5.2% | 2.9% | 67分 | B+ |
| 15 | 汇隆活塞 | 36.4% | 16.9% | 4.5% | 2.9% | 66分 | B+ |
| 16 | 英维克 | 27.9% | 8.6% | 7.3% | 4.2% | 66分 | B+ |
| 17 | 中国电研 | 34.2% | 11.2% | 8.5% | 6.3% | 65分 | B+ |
| 18 | 凯格精机 | 41.3% | 16.2% | 8.1% | 11.5% | 65分 | B+ |
| 19 | 博科测试 | 44.4% | 21.4% | 7.8% | 5.3% | 64分 | B |
| 20 | 科达制造 | 27.9% | 7.5% | 2.2% | 3.1% | 63分 | B |
| 21 | 东威科技 | 34.4% | 11.0% | 9.1% | 4.7% | 63分 | B |
| 22 | 伊之密 | 31.7% | 11.7% | 4.5% | 8.5% | 63分 | B |
| 23 | 凌云光 | 34.8% | 5.5% | 16.6% | 9.7% | 62分 | B |
| 24 | 华荣股份 | 51.2% | 11.5% | 5.2% | 23.0% | 61分 | B |
| 25 | 博亚精工 | 44.2% | 16.2% | 9.2% | 5.4% | 61分 | B |
| 26 | 大鹏工业 | 30.9% | 16.0% | 4.5% | 6.5% | 60分 | B |
| 27 | 江顺科技 | 34.1% | 8.6% | 5.2% | 5.8% | 60分 | B |
| 28 | 杭氧股份 | 21.0% | 6.3% | 3.0% | 1.4% | 60分 | B |
| 29 | 津荣天宇 | 21.5% | 4.7% | 4.0% | 0.5% | 60分 | B |
| 30 | 南兴股份 | 16.0% | 3.5% | 3.9% | 1.8% | 59分 | B |
| 31 | 强瑞技术 | 25.6% | 7.8% | 7.3% | 2.2% | 59分 | B |
| 32 | 奥来德 | 49.0% | 12.5% | 20.4% | 4.7% | 58分 | B |
| 33 | 软控股份 | 22.1% | 4.8% | 5.1% | 1.7% | 58分 | B |
| 34 | 昌红科技 | 25.5% | 6.5% | 5.0% | 2.1% | 58分 | B |
| 35 | 浩洋股份 | 51.5% | 15.2% | 8.8% | 10.9% | 57分 | B |
| 36 | 天鹅股份 | 30.6% | 7.8% | 6.8% | 4.0% | 56分 | B |
| 37 | 华立科技 | 29.9% | 6.9% | 4.2% | 6.5% | 56分 | B |
| 38 | 卓兆点胶 | 57.7% | 13.7% | 9.9% | 15.8% | 55分 | B |
| 39 | 天奇股份 | 16.6% | 2.0% | 4.6% | 1.7% | 55分 | B |
| 40 | 南风股份 | 25.9% | 5.5% | 3.5% | 6.6% | 55分 | B |
| 41 | 国机通用 | 13.7% | 6.5% | 4.7% | 0.7% | 54分 | B- |
| 42 | 泰禾智能 | 41.4% | 4.7% | 7.4% | 15.2% | 53分 | B- |
| 43 | 爱科科技 | 41.8% | 11.3% | 8.2% | 16.4% | 53分 | B- |
| 44 | 建科智能 | 44.1% | 8.3% | 8.1% | 8.2% | 53分 | B- |
| 45 | 三佳科技 | 24.8% | 2.0% | 4.9% | 4.6% | 52分 | B- |
| 46 | 正帆科技 | 21.0% | 2.8% | 6.7% | 2.0% | 52分 | B- |
| 47 | 泰林生物 | 45.4% | 4.9% | 16.9% | 13.8% | 52分 | B- |
| 48 | 汇成真空 | 23.5% | 4.7% | 7.4% | 4.8% | 52分 | B- |
| 49 | 赛象科技 | 30.4% | 7.1% | 9.4% | 3.9% | 51分 | B- |
| 50 | 天永智能 | 18.1% | 3.5% | 9.4% | 1.1% | 50分 | B- |
| 51 | 深科达 | 33.2% | 3.6% | 7.6% | 5.7% | 50分 | B- |
| 52 | 佰奥智能 | 22.8% | 10.0% | 4.5% | 1.8% | 50分 | B- |
| 53 | 泰瑞机器 | 32.8% | 7.5% | 5.9% | 11.7% | 49分 | C+ |
| 54 | 巨一科技 | 15.0% | 1.9% | 6.0% | 1.8% | 49分 | C+ |
| 55 | 威海广泰 | 24.4% | 3.9% | 4.7% | 3.9% | 49分 | C+ |
| 56 | 中坚科技 | 29.5% | 16.9% | 12.0% | 4.2% | 49分 | C+ |
| 57 | 厚普股份 | 29.4% | 0.7% | 3.6% | 9.8% | 49分 | C+ |
| 58 | 迦南科技 | 24.6% | 2.4% | 6.0% | 7.4% | 48分 | C+ |
| 59 | 蜀道装备 | 26.4% | 8.5% | 4.4% | 1.4% | 48分 | C+ |
| 60 | 乐惠国际 | 22.0% | 1.7% | 4.2% | 5.8% | 47分 | C+ |
| 61 | 百胜智能 | 21.8% | 8.7% | 5.7% | 4.8% | 47分 | C+ |
| 62 | 西磁科技 | 27.4% | 4.6% | 7.4% | 7.1% | 44分 | C |
| 63 | 金盾股份 | 25.0% | 3.1% | 6.2% | 10.8% | 44分 | C |
| 64 | 浩淼科技 | 20.4% | 4.1% | 5.8% | 6.5% | 43分 | C |
| 65 | 冀东装备 | 7.5% | 0.9% | 1.9% | 1.1% | 42分 | C |
| 66 | 威派格 | 43.8% | -13.2% | 5.1% | 32.2% | 40分 | C |
| 67 | 高澜股份 | 28.9% | 2.9% | 5.5% | 7.0% | 40分 | C |
| 68 | 优德精密 | 26.1% | 2.5% | 6.0% | 8.3% | 39分 | D+ |
| 69 | 瀚川智能 | 29.4% | 4.3% | 2.6% | 4.3% | 38分 | D+ |
| 70 | *ST和科 | 23.8% | 6.6% | 3.4% | 4.4% | 38分 | D+ |
| 71 | 中邮科技 | 8.2% | 45.2% | 6.6% | 4.0% | 37分 | D+ |
| 72 | 国安达 | 35.3% | -0.2% | 6.4% | 11.0% | 37分 | D+ |
| 73 | 新益昌 | 29.3% | -17.5% | 14.7% | 9.1% | 31分 | D |
| 74 | 大叶股份 | 23.1% | -1.2% | 3.6% | 10.0% | 30分 | D |
| 75 | 瑞星股份 | 30.4% | -9.3% | 4.7% | 10.0% | 28分 | D |
| 76 | 合锻智能 | 23.7% | -11.7% | 6.9% | 8.4% | 27分 | D |
| 77 | 中科微至 | 19.5% | -3.7% | 5.5% | 5.7% | 27分 | D |
| 78 | 天通股份 | 19.4% | -5.2% | 7.1% | 2.9% | 26分 | D |
| 79 | 中化装备 | 18.1% | -7.5% | 5.8% | 2.3% | 26分 | D |
| 80 | *ST海源 | -2.2% | -47.7% | 4.1% | 1.3% | 25分 | D |
| 81 | 灵鸽科技 | 17.9% | -3.6% | 4.0% | 6.7% | 24分 | D |
| 82 | 航天晨光 | 7.1% | -10.0% | 6.2% | 4.0% | 24分 | D |
| 83 | 上海亚虹 | 16.7% | -1.2% | 5.1% | 1.8% | 24分 | D |
| 84 | 巨轮智能 | 10.4% | -29.5% | 4.9% | 1.6% | 24分 | D |
| 85 | 银宝山新 | 14.4% | -2.7% | 6.2% | 1.2% | 24分 | D |
| 86 | 金明精机 | 15.9% | -0.8% | 5.4% | 6.0% | 24分 | D |
| 87 | 斯莱克 | 16.1% | -2.9% | 3.5% | 1.6% | 24分 | D |
| 88 | 利和兴 | -0.9% | -35.7% | 9.1% | 4.7% | 23分 | D |
| 89 | 三友科技 | 15.9% | -6.5% | 10.4% | 2.6% | 22分 | D |
| 90 | 达刚控股 | 25.9% | -39.4% | 5.9% | 9.1% | 22分 | D |
| 91 | 华依科技 | 17.0% | -12.1% | 9.1% | 3.5% | 18分 | D |
| 92 | 蓝英装备 | 21.3% | -11.8% | 3.5% | 13.9% | 17分 | D |
| 93 | 豪森智能 | 5.8% | -63.7% | 8.2% | 3.3% | 13分 | D |
| 94 | *ST新元 | -8.5% | -275.7% | 5.6% | 3.9% | 12分 | D |
能源及重型设备（57家）
赛道画像：成套装备/EPC：项目制垫资与验收周期是主战场。评分中位51分，毛利率中位25.3%，净利率中位5.8%，10家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 广厦环能 | 42.6% | 24.6% | 7.2% | 3.9% | 84分 | A- |
| 2 | 博隆技术 | 37.6% | 30.3% | 3.3% | 1.0% | 83分 | A- |
| 3 | 福斯达 | 26.3% | 14.0% | 3.8% | 0.7% | 81分 | A- |
| 4 | 如通股份 | 45.6% | 24.1% | 4.8% | 5.6% | 72分 | B+ |
| 5 | 中创智领 | 22.7% | 10.4% | 3.9% | 2.2% | 71分 | B+ |
| 6 | 星球石墨 | 40.8% | 21.0% | 5.7% | 4.0% | 71分 | B+ |
| 7 | 长江能科 | 50.5% | 18.5% | 5.3% | 12.2% | 69分 | B+ |
| 8 | 润邦股份 | 22.4% | 5.3% | 3.6% | 2.7% | 69分 | B+ |
| 9 | 惠通科技 | 37.9% | 14.4% | 5.9% | 2.6% | 68分 | B+ |
| 10 | 杰瑞股份 | 31.7% | 16.5% | 3.4% | 4.1% | 67分 | B+ |
| 11 | 神开股份 | 37.7% | 6.4% | 9.8% | 7.7% | 66分 | B+ |
| 12 | 电光科技 | 38.4% | 5.7% | 6.3% | 15.0% | 64分 | B |
| 13 | 北方股份 | 19.5% | 7.0% | 3.9% | 1.1% | 63分 | B |
| 14 | 锡装股份 | 36.5% | 19.2% | 4.7% | 2.4% | 61分 | B |
| 15 | 尤洛卡 | 45.6% | 31.6% | 8.6% | 11.1% | 61分 | B |
| 16 | 力聚热能 | 40.0% | 19.9% | 4.5% | 8.2% | 60分 | B |
| 17 | 梅安森 | 40.5% | 9.4% | 11.2% | 12.7% | 60分 | B |
| 18 | 金自天正 | 23.9% | 6.5% | 6.5% | 2.7% | 57分 | B |
| 19 | 迪威尔 | 22.1% | 9.9% | 3.2% | 1.6% | 57分 | B |
| 20 | 法兰泰克 | 24.0% | 9.7% | 5.6% | 4.5% | 56分 | B |
| 21 | 大连重工 | 18.4% | 3.8% | 6.2% | 1.6% | 56分 | B |
| 22 | 创力集团 | 40.8% | 4.0% | 5.8% | 12.9% | 54分 | B- |
| 23 | 德固特 | 37.5% | 16.8% | 4.6% | 2.4% | 54分 | B- |
| 24 | 光力科技 | 54.9% | 6.0% | 16.6% | 17.8% | 53分 | B- |
| 25 | 德石股份 | 33.8% | 16.2% | 3.9% | 8.6% | 53分 | B- |
| 26 | ST太重 | 19.3% | 2.3% | 4.8% | 1.8% | 52分 | B- |
| 27 | 和泰机电 | 34.4% | 14.3% | 9.0% | 3.2% | 52分 | B- |
| 28 | 国机重装 | 16.0% | 3.3% | 2.8% | 1.9% | 51分 | B- |
| 29 | 天桥起重 | 23.3% | 5.8% | 5.4% | 5.1% | 51分 | B- |
| 30 | 浙矿股份 | 27.9% | 11.2% | 3.1% | 3.8% | 51分 | B- |
| 31 | 振华重工 | 13.7% | 2.0% | 4.2% | 0.7% | 50分 | B- |
| 32 | 南矿集团 | 33.2% | 6.0% | 4.5% | 9.1% | 50分 | B- |
| 33 | 天沃科技 | 15.5% | 1.8% | 3.5% | 1.3% | 50分 | B- |
| 34 | 石化机械 | 14.1% | 0.2% | 3.8% | 3.9% | 49分 | C+ |
| 35 | 山东墨龙 | 10.0% | 0.3% | 2.6% | 1.0% | 49分 | C+ |
| 36 | 利君股份 | 36.6% | 7.7% | 6.2% | 10.6% | 49分 | C+ |
| 37 | 蓝科高新 | 25.8% | 4.9% | 6.0% | 4.8% | 48分 | C+ |
| 38 | 运机集团 | 27.3% | 11.0% | 4.1% | 4.3% | 48分 | C+ |
| 39 | 中信重工 | 18.2% | 4.6% | 4.8% | 3.2% | 47分 | C+ |
| 40 | 天地科技 | 25.6% | 8.4% | 7.8% | 3.3% | 46分 | C+ |
| 41 | 洪田股份 | 22.3% | 1.3% | 6.2% | 1.1% | 46分 | C+ |
| 42 | 速达股份 | 21.2% | 8.2% | 2.1% | 3.9% | 46分 | C+ |
| 43 | 无锡鼎邦 | 18.1% | 3.4% | 5.0% | 1.8% | 45分 | C+ |
| 44 | 航天工程 | 19.3% | 5.1% | 5.5% | 1.0% | 44分 | C |
| 45 | 海锅股份 | 10.8% | 2.7% | 3.1% | 0.5% | 44分 | C |
| 46 | 林州重机 | 25.3% | -4.2% | 3.9% | 1.4% | 43分 | C |
| 47 | 海默科技 | 40.3% | -5.6% | 8.0% | 7.2% | 39分 | D+ |
| 48 | 大宏立 | 31.2% | 0.8% | 2.7% | 15.8% | 39分 | D+ |
| 49 | 美腾科技 | 37.2% | -1.2% | 11.2% | 12.0% | 34分 | D |
| 50 | 山东矿机 | 21.1% | 5.8% | 3.0% | 6.6% | 34分 | D |
| 51 | 卓然股份 | 12.8% | -10.2% | 4.2% | 1.0% | 26分 | D |
| 52 | 兰石重装 | 7.6% | -9.2% | 4.5% | 1.3% | 25分 | D |
| 53 | 中国一重 | 13.3% | -3.2% | 2.8% | 1.1% | 23分 | D |
| 54 | 中重科技 | 18.7% | -5.8% | 4.1% | 1.6% | 23分 | D |
| 55 | 冀凯股份 | 23.5% | -18.2% | 5.8% | 10.2% | 19分 | D |
| 56 | 瑞奇智造 | 18.2% | -19.8% | 5.2% | 3.1% | 17分 | D |
| 57 | 威领股份 | 18.8% | -129.5% | 2.9% | 1.0% | 15分 | D |
专用轻工机械（31家）
赛道画像：印刷包装/纺服/农机：薄利赛道，成本率是生死线。评分中位54分，毛利率中位23.2%，净利率中位3.1%，9家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 杰克科技 | 34.2% | 13.0% | 8.4% | 8.0% | 82分 | A- |
| 2 | 丰安股份 | 34.0% | 22.8% | 5.0% | 2.1% | 75分 | A- |
| 3 | 炜冈科技 | 32.9% | 24.8% | 6.1% | 5.9% | 68分 | B+ |
| 4 | 东方精工 | 27.4% | 13.9% | 1.9% | 3.4% | 68分 | B+ |
| 5 | 宏华数科 | 43.0% | 22.9% | 5.2% | 7.2% | 67分 | B+ |
| 6 | 华研精机 | 39.4% | 14.5% | 4.9% | 8.7% | 66分 | B+ |
| 7 | ST京机 | 20.2% | 2.8% | 5.5% | 3.9% | 63分 | B |
| 8 | 凯腾精工 | 31.9% | 5.0% | 5.3% | 11.0% | 62分 | B |
| 9 | 新美星 | 27.6% | 10.1% | 4.7% | 4.6% | 61分 | B |
| 10 | 威马农机 | 18.2% | 3.8% | 4.7% | 5.5% | 60分 | B |
| 11 | 达 意 隆 | 26.4% | 6.6% | 4.1% | 5.9% | 59分 | B |
| 12 | 一拖股份 | 15.1% | 7.5% | 5.1% | 1.5% | 57分 | B |
| 13 | 慈星股份 | 31.1% | 5.0% | 2.3% | 6.8% | 57分 | B |
| 14 | 越剑智能 | 14.6% | 8.0% | 3.9% | 1.5% | 55分 | B |
| 15 | 金鹰股份 | 14.2% | 1.5% | 2.3% | 2.6% | 54分 | B- |
| 16 | 泰坦股份 | 15.5% | 3.1% | 3.2% | 2.2% | 54分 | B- |
| 17 | 长荣股份 | 29.5% | 1.5% | 4.3% | 9.7% | 53分 | B- |
| 18 | 远信工业 | 22.8% | 2.5% | 5.2% | 4.8% | 50分 | B- |
| 19 | 永创智能 | 27.3% | 3.4% | 6.8% | 7.3% | 46分 | C+ |
| 20 | 弘宇股份 | 16.8% | 3.5% | 4.6% | 1.5% | 45分 | C+ |
| 21 | 爱司凯 | 36.1% | -7.8% | 17.7% | 11.2% | 42分 | C |
| 22 | 春光智能 | 28.7% | 1.0% | 3.8% | 10.5% | 39分 | D+ |
| 23 | 中亚股份 | 22.4% | 2.3% | 5.9% | 5.6% | 39分 | D+ |
| 24 | 中捷资源 | 17.4% | -0.4% | 4.0% | 5.5% | 30分 | D |
| 25 | 格力博 | 27.4% | -7.0% | 5.2% | 17.0% | 29分 | D |
| 26 | 花溪科技 | 23.2% | -6.3% | 4.7% | 6.8% | 27分 | D |
| 27 | 鸿铭股份 | 18.6% | -10.4% | 6.8% | 9.7% | 24分 | D |
| 28 | 上工申贝 | 16.7% | -3.3% | 3.7% | 7.0% | 20分 | D |
| 29 | 卓郎智能 | 15.1% | -17.3% | 6.4% | 7.2% | 19分 | D |
| 30 | 标准股份 | 17.0% | -42.7% | 5.8% | 8.8% | 16分 | D |
| 31 | *ST星农 | 5.1% | -25.6% | 6.2% | 7.6% | 13分 | D |
楼宇设备（15家）
赛道画像：电梯/暖通：预收款+维保后市场，现金周期最短。评分中位48分，毛利率中位21.9%，净利率中位5.9%，4家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 朗鸿科技 | 52.7% | 24.2% | 14.5% | 4.3% | 74分 | B+ |
| 2 | 康力电梯 | 28.7% | 7.4% | 4.1% | 10.1% | 63分 | B |
| 3 | 森赫股份 | 33.3% | 13.5% | 3.9% | 11.4% | 63分 | B |
| 4 | ST远智 | 29.5% | 7.3% | 3.3% | 11.6% | 59分 | B |
| 5 | 快意电梯 | 22.8% | 4.9% | 3.6% | 8.1% | 58分 | B |
| 6 | 同力天启 | 18.9% | 9.3% | 2.7% | 0.6% | 51分 | B- |
| 7 | 广日股份 | 15.6% | 9.5% | 3.4% | 3.3% | 49分 | C+ |
| 8 | 青鸟消防 | 34.7% | 6.8% | 5.6% | 13.2% | 48分 | C+ |
| 9 | 上海机电 | 15.3% | 4.1% | 3.8% | 2.9% | 45分 | C+ |
| 10 | 沪宁股份 | 21.9% | 5.9% | 5.3% | 2.1% | 44分 | C |
| 11 | 梅轮电梯 | 21.7% | 4.8% | 4.7% | 8.2% | 41分 | C |
| 12 | 通用电梯 | 29.4% | -12.9% | 6.1% | 14.4% | 32分 | D |
| 13 | 华菱精工 | -0.6% | -14.5% | 1.8% | 1.1% | 24分 | D |
| 14 | 世嘉科技 | 6.2% | -6.0% | 5.3% | 0.8% | 24分 | D |
| 15 | 展鹏科技 | 16.5% | -32.1% | 5.6% | 6.3% | 14分 | D |
通用机械（103家）
赛道画像：泵阀/压缩机/机床/磨具：标准化程度高，规模与集采定胜负。评分中位51分，毛利率中位25.2%，净利率中位6.6%，23家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 凌霄泵业 | 35.7% | 26.4% | 3.1% | 1.7% | 87分 | A |
| 2 | 汉钟精机 | 34.1% | 16.0% | 6.1% | 4.8% | 82分 | A- |
| 3 | 儒竞科技 | 24.8% | 9.8% | 11.8% | 2.1% | 78分 | A- |
| 4 | 迅安科技 | 41.0% | 22.3% | 6.6% | 4.4% | 76分 | A- |
| 5 | 鼎熔岩 | 30.9% | 19.2% | 4.2% | 3.4% | 76分 | A- |
| 6 | 思进智能 | 38.1% | 21.1% | 3.6% | 4.9% | 73分 | B+ |
| 7 | 海天精工 | 25.7% | 12.7% | 4.5% | 4.7% | 71分 | B+ |
| 8 | 新劲刚 | 61.9% | 20.8% | 10.5% | 1.8% | 70分 | B+ |
| 9 | 佳士科技 | 29.4% | 15.6% | 5.9% | 4.1% | 69分 | B+ |
| 10 | 开山股份 | 35.6% | 7.7% | 2.6% | 4.9% | 69分 | B+ |
| 11 | 科德数控 | 39.5% | 16.1% | 6.5% | 8.6% | 67分 | B+ |
| 12 | 瑜欣电子 | 25.0% | 10.6% | 6.8% | 1.6% | 67分 | B+ |
| 13 | 联德股份 | 36.3% | 18.2% | 5.6% | 1.1% | 66分 | B+ |
| 14 | 鲍斯股份 | 28.8% | 11.3% | 4.4% | 2.8% | 66分 | B+ |
| 15 | 铂力特 | 37.7% | 11.0% | 13.1% | 6.5% | 65分 | B+ |
| 16 | 兰剑智能 | 27.1% | 7.3% | 9.6% | 6.4% | 65分 | B+ |
| 17 | 华东数控 | 28.9% | 10.0% | 4.6% | 7.3% | 65分 | B+ |
| 18 | 昊志机电 | 38.1% | 7.5% | 8.0% | 6.5% | 65分 | B+ |
| 19 | 中密控股 | 45.6% | 21.8% | 5.1% | 8.6% | 64分 | B |
| 20 | 宁波精达 | 35.4% | 13.6% | 4.9% | 8.3% | 62分 | B |
| 21 | 海容冷链 | 27.6% | 11.6% | 3.3% | 6.9% | 62分 | B |
| 22 | 华曙高科 | 43.5% | 9.6% | 18.0% | 9.7% | 62分 | B |
| 23 | 纽威数控 | 20.9% | 10.5% | 4.8% | 4.5% | 62分 | B |
| 24 | 华辰装备 | 29.9% | 37.2% | 10.5% | 3.6% | 62分 | B |
| 25 | 巨星科技 | 32.7% | 17.1% | 2.8% | 7.2% | 61分 | B |
| 26 | 克莱特 | 28.2% | 9.4% | 5.6% | 4.4% | 60分 | B |
| 27 | 宗申动力 | 14.2% | 5.4% | 2.7% | 2.4% | 60分 | B |
| 28 | 博深股份 | 27.6% | 9.1% | 3.8% | 3.3% | 60分 | B |
| 29 | 恒进感应 | 39.6% | 17.0% | 15.3% | 4.3% | 59分 | B |
| 30 | 宏盛股份 | 25.7% | 10.8% | 4.4% | 3.2% | 59分 | B |
| 31 | 银都股份 | 42.5% | 17.8% | 2.9% | 15.1% | 59分 | B |
| 32 | 大元泵业 | 26.0% | 7.5% | 6.0% | 5.7% | 59分 | B |
| 33 | 德马科技 | 29.0% | 5.6% | 6.5% | 3.0% | 59分 | B |
| 34 | 国盛智科 | 25.3% | 12.4% | 5.1% | 4.3% | 59分 | B |
| 35 | 耐普矿机 | 39.5% | 7.7% | 4.7% | 9.1% | 59分 | B |
| 36 | 英华特 | 23.6% | 6.4% | 10.6% | 4.1% | 59分 | B |
| 37 | 浙江华业 | 24.6% | 20.3% | 3.5% | 2.5% | 59分 | B |
| 38 | 腾达科技 | 8.3% | 3.6% | 1.1% | 1.0% | 58分 | B |
| 39 | 坤博精工 | 24.0% | 9.4% | 5.5% | 0.5% | 57分 | B |
| 40 | 海鸥股份 | 31.3% | 6.3% | 2.5% | 5.9% | 57分 | B |
| 41 | 沃尔德 | 42.6% | 12.5% | 7.6% | 10.4% | 57分 | B |
| 42 | 乔锋智能 | 29.7% | 14.1% | 4.2% | 5.3% | 57分 | B |
| 43 | 冰轮环境 | 26.9% | 8.0% | 4.0% | 8.4% | 56分 | B |
| 44 | 同飞股份 | 22.3% | 8.8% | 4.3% | 2.6% | 56分 | B |
| 45 | 陕鼓动力 | 19.7% | 7.9% | 2.7% | 2.4% | 55分 | B |
| 46 | 新柴股份 | 11.1% | 4.6% | 3.3% | 1.5% | 55分 | B |
| 47 | 南方泵业 | 33.0% | 4.5% | 4.6% | 11.1% | 54分 | B- |
| 48 | 金太阳 | 23.1% | 3.7% | 5.2% | 3.0% | 53分 | B- |
| 49 | 华东重机 | 28.2% | 8.3% | 4.9% | 3.3% | 52分 | B- |
| 50 | 申菱环境 | 24.0% | 5.2% | 4.6% | 6.5% | 52分 | B- |
| 51 | 磁谷科技 | 31.8% | 2.7% | 13.6% | 11.7% | 51分 | B- |
| 52 | 冰山冷热 | 16.9% | 1.4% | 3.4% | 4.8% | 51分 | B- |
| 53 | 美畅股份 | 23.4% | 11.3% | 1.4% | 1.4% | 51分 | B- |
| 54 | 绿岛风 | 34.1% | 12.3% | 3.3% | 11.7% | 51分 | B- |
| 55 | 奔朗新材 | 29.4% | 3.7% | 5.0% | 7.5% | 50分 | B- |
| 56 | 瑞凌股份 | 23.1% | 11.7% | 3.8% | 5.5% | 50分 | B- |
| 57 | 四方达 | 41.4% | 16.4% | 10.1% | 7.7% | 50分 | B- |
| 58 | 方盛股份 | 19.6% | 5.1% | 3.7% | 1.9% | 49分 | C+ |
| 59 | 四方科技 | 21.3% | 9.1% | 4.5% | 2.6% | 49分 | C+ |
| 60 | 华中数控 | 37.0% | 1.0% | 21.5% | 10.4% | 49分 | C+ |
| 61 | 亿利达 | 19.2% | 1.9% | 6.2% | 3.6% | 48分 | C+ |
| 62 | 五洋自控 | 27.9% | 5.5% | 6.7% | 6.9% | 48分 | C+ |
| 63 | 英特科技 | 20.1% | 6.9% | 5.5% | 1.6% | 48分 | C+ |
| 64 | 恒工精密 | 23.1% | 8.1% | 3.8% | 2.9% | 47分 | C+ |
| 65 | 博盈特焊 | 24.6% | 10.9% | 4.0% | 2.2% | 47分 | C+ |
| 66 | 美心翼申 | 24.6% | 6.6% | 1.9% | 1.6% | 46分 | C+ |
| 67 | 秦川机床 | 17.7% | 1.3% | 5.9% | 3.3% | 46分 | C+ |
| 68 | 山东章鼓 | 26.6% | 3.3% | 5.4% | 7.9% | 46分 | C+ |
| 69 | 隆华科技 | 21.9% | 6.2% | 4.5% | 3.9% | 46分 | C+ |
| 70 | 宇晶股份 | 25.1% | 1.6% | 7.1% | 4.8% | 45分 | C+ |
| 71 | 金沃股份 | 14.9% | 3.9% | 4.0% | 0.6% | 45分 | C+ |
| 72 | 泰福泵业 | 16.6% | 2.0% | 4.4% | 4.7% | 45分 | C+ |
| 73 | 浙海德曼 | 25.9% | 5.7% | 6.3% | 7.6% | 44分 | C |
| 74 | 腾亚精工 | 23.4% | 0.8% | 7.6% | 4.1% | 44分 | C |
| 75 | 君禾股份 | 25.2% | 4.5% | 2.8% | 8.5% | 41分 | C |
| 76 | 亚威股份 | 21.5% | 4.6% | 6.2% | 6.7% | 39分 | D+ |
| 77 | 雪人集团 | 21.8% | 1.4% | 3.6% | 6.9% | 39分 | D+ |
| 78 | 普莱得 | 27.1% | 7.8% | 4.0% | 7.8% | 39分 | D+ |
| 79 | 禾信仪器 | 35.5% | -95.4% | 17.5% | 25.0% | 38分 | D+ |
| 80 | 宇环数控 | 29.6% | -4.8% | 11.1% | 8.8% | 37分 | D+ |
| 81 | 开勒股份 | 34.8% | -0.4% | 5.8% | 16.8% | 37分 | D+ |
| 82 | 瑞晨环保 | 37.5% | -22.4% | 13.6% | 20.9% | 36分 | D+ |
| 83 | 鑫磊股份 | 22.7% | 31.7% | 6.3% | 9.0% | 36分 | D+ |
| 84 | 凤形股份 | 18.1% | 3.2% | 3.8% | 6.5% | 32分 | D |
| 85 | 诚益通 | 28.2% | -187.0% | 18.2% | 23.9% | 30分 | D |
| 86 | 沈阳机床 | 14.4% | -0.3% | 3.1% | 3.4% | 29分 | D |
| 87 | 百达精工 | 21.3% | -16.0% | 3.7% | 1.0% | 28分 | D |
| 88 | 佳力图 | 14.7% | -7.4% | 8.1% | 9.4% | 28分 | D |
| 89 | 上海沪工 | 18.2% | -2.0% | 5.5% | 4.6% | 26分 | D |
| 90 | 夏厦精密 | 15.0% | -2.2% | 6.4% | 1.8% | 25分 | D |
| 91 | 华民股份 | 3.1% | -16.6% | 5.3% | 0.6% | 25分 | D |
| 92 | 开创电气 | 20.7% | -0.3% | 4.0% | 7.1% | 25分 | D |
| 93 | 双良节能 | 4.6% | -14.7% | 3.2% | 3.7% | 24分 | D |
| 94 | 易成新能 | 3.5% | -18.9% | 3.9% | 0.5% | 24分 | D |
| 95 | 昆船智能 | 11.2% | -4.7% | 4.8% | 1.8% | 24分 | D |
| 96 | *ST海华 | 10.2% | -25.3% | 3.0% | 2.7% | 22分 | D |
| 97 | 岱勒新材 | 1.5% | -42.9% | 6.8% | 3.6% | 22分 | D |
| 98 | 惠丰钻石 | 23.0% | -11.1% | 8.7% | 5.3% | 18分 | D |
| 99 | 锐奇股份 | 9.8% | -9.3% | 6.6% | 7.5% | 18分 | D |
| 100 | 三超新材 | 21.8% | -69.7% | 10.1% | 8.7% | 18分 | D |
| 101 | 黄河旋风 | 0.9% | -70.0% | 4.9% | 3.1% | 17分 | D |
| 102 | 日发精机 | 6.7% | -17.8% | 4.9% | 7.9% | 12分 | D |
| 103 | *ST金灵 | 8.8% | -182.4% | 7.7% | 8.6% | 12分 | D |
金属制品（89家）
赛道画像：紧固件/弹簧/铸造件：BOM 上游，价格竞争最激烈。评分中位52分，毛利率中位23.0%，净利率中位6.0%，20家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | *ST宝实 | 26.2% | 12.5% | 0.4% | 0.9% | 73分 | B+ |
| 2 | 纽威股份 | 39.3% | 20.6% | 2.6% | 6.5% | 72分 | B+ |
| 3 | 华锐精密 | 40.4% | 18.7% | 5.3% | 3.7% | 72分 | B+ |
| 4 | 伟隆股份 | 41.1% | 20.0% | 4.8% | 6.6% | 72分 | B+ |
| 5 | 崇德科技 | 37.4% | 21.7% | 4.3% | 4.7% | 71分 | B+ |
| 6 | 应流股份 | 35.8% | 11.9% | 11.2% | 1.4% | 70分 | B+ |
| 7 | 东睦股份 | 25.2% | 8.9% | 5.9% | 1.1% | 69分 | B+ |
| 8 | 瑞迪智驱 | 30.6% | 16.2% | 5.0% | 2.8% | 69分 | B+ |
| 9 | 晋亿实业 | 25.3% | 10.4% | 4.3% | 3.6% | 68分 | B+ |
| 10 | 银龙股份 | 25.0% | 11.4% | 3.7% | 1.3% | 68分 | B+ |
| 11 | 鼎泰高科 | 42.3% | 20.2% | 6.3% | 4.1% | 68分 | B+ |
| 12 | 江苏神通 | 35.2% | 13.4% | 5.0% | 5.0% | 67分 | B+ |
| 13 | 翔楼新材 | 24.0% | 13.8% | 4.2% | 1.5% | 67分 | B+ |
| 14 | 万达轴承 | 32.7% | 17.7% | 3.1% | 2.4% | 66分 | B+ |
| 15 | 富瑞特装 | 24.6% | 7.7% | 3.0% | 1.9% | 65分 | B+ |
| 16 | 华之杰 | 23.3% | 8.9% | 4.7% | 2.8% | 64分 | B |
| 17 | 明志科技 | 35.0% | 15.1% | 14.1% | 2.2% | 64分 | B |
| 18 | 山东威达 | 23.9% | 13.1% | 5.4% | 1.8% | 64分 | B |
| 19 | 海昌新材 | 33.0% | 20.7% | 5.8% | 1.6% | 64分 | B |
| 20 | 科新机电 | 24.9% | 5.6% | 3.4% | 3.4% | 63分 | B |
| 21 | 大西洋 | 16.1% | 4.9% | 2.5% | 1.5% | 62分 | B |
| 22 | 龙溪股份 | 28.1% | 12.5% | 7.7% | 2.2% | 62分 | B |
| 23 | 恒锋工具 | 44.7% | 23.8% | 5.6% | 5.8% | 62分 | B |
| 24 | 宁波东力 | 23.8% | 13.3% | 7.1% | 3.7% | 61分 | B |
| 25 | 震裕科技 | 15.0% | 5.3% | 4.0% | 0.5% | 61分 | B |
| 26 | 优机股份 | 26.4% | 7.4% | 4.5% | 3.4% | 60分 | B |
| 27 | 方正阀门 | 25.1% | 7.9% | 4.3% | 6.1% | 58分 | B |
| 28 | 正泰电源 | 30.5% | 6.9% | 3.9% | 8.4% | 58分 | B |
| 29 | 祥鑫科技 | 11.7% | 2.0% | 4.4% | 0.5% | 58分 | B |
| 30 | 通力科技 | 23.0% | 9.8% | 5.2% | 3.9% | 58分 | B |
| 31 | 万得凯 | 23.3% | 13.2% | 3.0% | 1.9% | 58分 | B |
| 32 | 杭齿前进 | 19.3% | 10.6% | 5.7% | 2.0% | 57分 | B |
| 33 | 恒星科技 | 8.9% | 0.4% | 3.2% | 1.2% | 57分 | B |
| 34 | 中寰股份 | 31.2% | 13.7% | 4.1% | 7.0% | 56分 | B |
| 35 | 国机精工 | 34.1% | 8.6% | 8.5% | 4.2% | 56分 | B |
| 36 | 中大力德 | 26.1% | 6.0% | 6.0% | 4.6% | 56分 | B |
| 37 | 国茂股份 | 20.6% | 8.9% | 4.7% | 2.4% | 54分 | B- |
| 38 | 中集集团 | 12.4% | 0.1% | 1.8% | 1.7% | 54分 | B- |
| 39 | 新莱应材 | 24.8% | 5.8% | 4.4% | 6.4% | 54分 | B- |
| 40 | 宝鼎科技 | 16.6% | 3.9% | 3.1% | 1.0% | 53分 | B- |
| 41 | 锐新科技 | 17.0% | 5.5% | 4.4% | 1.0% | 53分 | B- |
| 42 | 吉冈精密 | 20.6% | 8.8% | 4.2% | 0.8% | 52分 | B- |
| 43 | 新锐股份 | 33.5% | 9.1% | 4.8% | 6.4% | 52分 | B- |
| 44 | 恒而达 | 26.8% | 5.6% | 4.5% | 4.0% | 52分 | B- |
| 45 | 冠龙节能 | 33.2% | 7.5% | 3.0% | 13.5% | 52分 | B- |
| 46 | 金帝股份 | 26.0% | 7.3% | 6.5% | 1.7% | 51分 | B- |
| 47 | 春晖智控 | 25.0% | 10.8% | 5.1% | 3.0% | 51分 | B- |
| 48 | 华丰股份 | 12.5% | 2.9% | 3.5% | 1.4% | 49分 | C+ |
| 49 | 申科股份 | 24.8% | 1.7% | 4.0% | 4.4% | 49分 | C+ |
| 50 | 智能自控 | 28.4% | 2.2% | 5.1% | 8.9% | 49分 | C+ |
| 51 | 九菱科技 | 20.6% | 10.2% | 5.3% | 0.8% | 48分 | C+ |
| 52 | 力星股份 | 16.5% | 6.2% | 4.7% | 0.6% | 48分 | C+ |
| 53 | 前进科技 | 31.0% | 17.3% | 4.4% | 3.9% | 47分 | C+ |
| 54 | 福鞍股份 | 14.3% | 3.7% | 2.4% | 0.7% | 47分 | C+ |
| 55 | 五洲新春 | 18.1% | 2.7% | 3.6% | 3.5% | 47分 | C+ |
| 56 | 锋龙股份 | 23.2% | 4.6% | 5.1% | 1.9% | 47分 | C+ |
| 57 | 中集环科 | 14.0% | 4.7% | 3.8% | 0.9% | 47分 | C+ |
| 58 | 华光新材 | 12.9% | 7.4% | 3.3% | 1.0% | 45分 | C+ |
| 59 | ST汇洲 | 25.2% | 4.3% | 6.8% | 4.9% | 45分 | C+ |
| 60 | 双飞集团 | 24.6% | 6.9% | 5.9% | 3.6% | 44分 | C |
| 61 | 欧科亿 | 21.7% | 7.1% | 6.1% | 3.9% | 43分 | C |
| 62 | 中核科技 | 21.4% | 9.8% | 4.0% | 3.1% | 43分 | C |
| 63 | 恒润股份 | 9.0% | 2.1% | 2.3% | 0.4% | 42分 | C |
| 64 | 新筑股份 | 30.2% | -11.3% | 5.4% | 3.0% | 40分 | C |
| 65 | 哈焊华通 | 12.4% | 2.1% | 4.5% | 1.4% | 40分 | C |
| 66 | 贵绳股份 | 5.9% | 1.4% | 1.9% | 5.8% | 39分 | D+ |
| 67 | 巨力索具 | 18.4% | 0.7% | 1.2% | 6.3% | 38分 | D+ |
| 68 | 七丰精工 | 22.7% | 13.9% | 4.8% | 3.3% | 37分 | D+ |
| 69 | 宝色股份 | 17.7% | 3.9% | 4.3% | 1.2% | 37分 | D+ |
| 70 | 丰光精密 | 27.3% | -7.4% | 7.9% | 4.9% | 36分 | D+ |
| 71 | 阿为特 | 21.4% | 1.3% | 6.3% | 2.0% | 36分 | D+ |
| 72 | 京城股份 | 16.3% | -3.5% | 5.7% | 2.8% | 35分 | D+ |
| 73 | 泰嘉股份 | 19.4% | -2.4% | 4.7% | 3.3% | 33分 | D |
| 74 | 荣亿精密 | 13.1% | -4.5% | 7.0% | 2.7% | 29分 | D |
| 75 | 胜利精密 | 10.4% | -20.1% | 5.6% | 1.3% | 27分 | D |
| 76 | 华伍股份 | 21.6% | -16.2% | 4.5% | 5.6% | 27分 | D |
| 77 | *ST华嵘 | 13.3% | -1.0% | 3.9% | 1.2% | 26分 | D |
| 78 | 大业股份 | 6.3% | -0.3% | 1.0% | 1.6% | 26分 | D |
| 79 | 致远新能 | 8.9% | -2.5% | 2.9% | 1.3% | 26分 | D |
| 80 | 浙江力诺 | 16.6% | -2.9% | 4.1% | 4.9% | 25分 | D |
| 81 | 赛福天 | 4.7% | -2.6% | 3.3% | 1.0% | 24分 | D |
| 82 | 铭利达 | 10.8% | -6.7% | 4.4% | 1.5% | 24分 | D |
| 83 | 美利信 | 4.1% | -14.6% | 5.2% | 0.7% | 24分 | D |
| 84 | 丰立智能 | 9.2% | -5.2% | 4.1% | 1.7% | 24分 | D |
| 85 | 宝馨科技 | 20.8% | -96.0% | 5.5% | 2.3% | 23分 | D |
| 86 | 永和智控 | 15.6% | -20.4% | 3.0% | 4.4% | 16分 | D |
| 87 | 泰尔股份 | 13.5% | -8.7% | 6.5% | 5.3% | 15分 | D |
| 88 | 德恩精工 | 11.0% | -7.9% | 4.4% | 4.8% | 14分 | D |
| 89 | 法尔胜 | 8.3% | -21.8% | 1.2% | 0.5% | 12分 | D |
仪器仪表（59家）
赛道画像：检测/计量/传感器：小批量高毛利，研发与认证是壁垒。评分中位53分，毛利率中位42.8%，净利率中位9.6%，9家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 日月明 | 52.5% | 33.6% | 9.7% | 5.5% | 80分 | A- |
| 2 | 基康技术 | 52.7% | 20.3% | 8.6% | 11.0% | 72分 | B+ |
| 3 | 三德科技 | 54.5% | 27.8% | 10.3% | 11.5% | 72分 | B+ |
| 4 | 天罡股份 | 45.5% | 21.8% | 4.3% | 10.5% | 70分 | B+ |
| 5 | 鼎阳科技 | 61.5% | 23.7% | 24.1% | 15.3% | 70分 | B+ |
| 6 | 同惠电子 | 59.5% | 29.8% | 13.6% | 9.3% | 69分 | B+ |
| 7 | 远方信息 | 63.9% | 17.7% | 23.8% | 14.7% | 68分 | B+ |
| 8 | 思看科技 | 74.2% | 25.8% | 23.8% | 26.2% | 67分 | B+ |
| 9 | 柯力传感 | 44.8% | 21.9% | 9.2% | 7.8% | 66分 | B+ |
| 10 | 精智达 | 36.7% | 5.8% | 16.2% | 4.8% | 66分 | B+ |
| 11 | 东华测试 | 66.0% | 25.8% | 11.9% | 15.5% | 66分 | B+ |
| 12 | 新天科技 | 43.6% | 23.5% | 6.2% | 12.9% | 64分 | B |
| 13 | 精创电气 | 47.1% | 10.8% | 7.5% | 21.2% | 63分 | B |
| 14 | 多浦乐 | 69.5% | 29.5% | 22.2% | 17.0% | 63分 | B |
| 15 | 新芝生物 | 63.2% | 20.7% | 10.7% | 15.5% | 59分 | B |
| 16 | 精测电子 | 46.7% | 2.5% | 24.2% | 6.9% | 59分 | B |
| 17 | 瑞纳智能 | 58.5% | 20.1% | 16.6% | 10.9% | 59分 | B |
| 18 | 普源精电 | 55.1% | 9.6% | 25.1% | 13.6% | 58分 | B |
| 19 | 容知日新 | 63.1% | 13.1% | 21.2% | 23.1% | 58分 | B |
| 20 | 康斯特 | 64.0% | 17.7% | 14.6% | 17.6% | 58分 | B |
| 21 | 真兰仪表 | 40.4% | 19.2% | 6.4% | 11.6% | 58分 | B |
| 22 | 创远信科 | 54.2% | 1.7% | 49.6% | 9.5% | 57分 | B |
| 23 | 咸亨国际 | 24.2% | 5.7% | 1.7% | 7.9% | 57分 | B |
| 24 | 优利德 | 43.2% | 12.4% | 11.9% | 10.8% | 57分 | B |
| 25 | 香山股份 | 23.0% | 1.6% | 7.3% | 3.7% | 57分 | B |
| 26 | 苏试试验 | 41.8% | 11.5% | 7.8% | 7.0% | 57分 | B |
| 27 | 迈拓股份 | 51.9% | 23.2% | 5.8% | 13.0% | 57分 | B |
| 28 | 川仪股份 | 34.3% | 9.4% | 7.0% | 12.9% | 55分 | B |
| 29 | 先锋电子 | 33.5% | 3.9% | 7.2% | 14.5% | 54分 | B- |
| 30 | 海能技术 | 65.0% | 11.6% | 15.0% | 22.3% | 53分 | B- |
| 31 | 埃科光电 | 41.5% | 14.5% | 12.5% | 11.1% | 53分 | B- |
| 32 | 汇中股份 | 49.1% | 14.7% | 8.5% | 12.4% | 53分 | B- |
| 33 | 荣旗科技 | 40.8% | 10.1% | 15.0% | 11.6% | 53分 | B- |
| 34 | 理工光科 | 29.3% | 6.4% | 9.0% | 8.6% | 52分 | B- |
| 35 | 四方光电 | 42.8% | 12.9% | 12.6% | 9.2% | 51分 | B- |
| 36 | 安培龙 | 29.1% | 7.7% | 8.3% | 2.7% | 51分 | B- |
| 37 | 宁水集团 | 20.4% | 5.4% | 4.4% | 6.1% | 50分 | B- |
| 38 | 莱赛激光 | 25.3% | 2.4% | 8.6% | 5.9% | 49分 | C+ |
| 39 | 华兴源创 | 46.3% | 3.6% | 15.7% | 9.1% | 49分 | C+ |
| 40 | 海川智能 | 49.1% | 10.1% | 7.7% | 13.6% | 49分 | C+ |
| 41 | 工大科雅 | 40.3% | 6.8% | 9.6% | 8.3% | 49分 | C+ |
| 42 | 驰诚股份 | 38.1% | 6.9% | 7.2% | 15.4% | 48分 | C+ |
| 43 | 莱伯泰科 | 45.3% | 10.1% | 12.1% | 16.5% | 47分 | C+ |
| 44 | 金卡智能 | 37.1% | 8.2% | 7.4% | 17.2% | 45分 | C+ |
| 45 | 集智股份 | 41.8% | 6.1% | 13.9% | 12.2% | 45分 | C+ |
| 46 | 三川智慧 | 24.1% | 12.3% | 4.5% | 8.5% | 44分 | C |
| 47 | 汉威科技 | 31.3% | 6.6% | 9.7% | 9.3% | 43分 | C |
| 48 | 山科智能 | 35.1% | 3.0% | 8.7% | 14.5% | 40分 | C |
| 49 | 威星智能 | 27.6% | 3.3% | 5.4% | 13.6% | 39分 | D+ |
| 50 | 正业科技 | 31.2% | 4.2% | 4.5% | 10.6% | 38分 | D+ |
| 51 | 思林杰 | 58.1% | -3.9% | 26.4% | 9.7% | 37分 | D+ |
| 52 | 万讯自控 | 41.8% | -6.7% | 9.5% | 23.8% | 26分 | D |
| 53 | ST天瑞 | 43.1% | -37.6% | 6.7% | 24.9% | 26分 | D |
| 54 | 东方中科 | 19.3% | -4.5% | 6.6% | 7.3% | 24分 | D |
| 55 | 必创科技 | 33.6% | -14.5% | 9.4% | 11.9% | 24分 | D |
| 56 | 南华仪器 | 40.0% | -1.3% | 6.7% | 16.7% | 18分 | D |
| 57 | 秦川物联 | 13.2% | -42.9% | 20.8% | 14.4% | 14分 | D |
| 58 | 安控科技 | 24.1% | -30.0% | 12.2% | 7.3% | 14分 | D |
| 59 | 蓝盾光电 | 24.8% | -22.2% | 11.6% | 10.7% | 14分 | D |
自动化设备（90家）
赛道画像：机器人/工控/激光：珠三角最密集，替代人工的确定性赛道。评分中位52分，毛利率中位30.8%，净利率中位5.5%，20家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 能科科技 | 48.9% | 14.8% | 14.2% | 5.9% | 79分 | A- |
| 2 | 大豪科技 | 43.4% | 23.7% | 7.1% | 2.9% | 78分 | A- |
| 3 | 快克智能 | 47.7% | 12.8% | 12.9% | 7.9% | 72分 | B+ |
| 4 | 易思维 | 60.0% | 17.5% | 28.1% | 7.7% | 71分 | B+ |
| 5 | 绿的谐波 | 36.9% | 21.8% | 9.4% | 2.3% | 70分 | B+ |
| 6 | 伟创电气 | 37.6% | 13.5% | 12.5% | 8.1% | 70分 | B+ |
| 7 | 赛腾股份 | 45.0% | 14.3% | 9.9% | 8.8% | 68分 | B+ |
| 8 | 港迪技术 | 44.0% | 13.5% | 9.9% | 9.4% | 68分 | B+ |
| 9 | 常辅股份 | 42.1% | 15.8% | 3.4% | 11.2% | 67分 | B+ |
| 10 | 杰普特 | 38.5% | 13.4% | 8.4% | 6.8% | 67分 | B+ |
| 11 | 星辰科技 | 39.1% | 17.2% | 11.5% | 4.7% | 66分 | B+ |
| 12 | 博实股份 | 35.7% | 19.9% | 5.7% | 4.6% | 66分 | B+ |
| 13 | 蓝海华腾 | 37.0% | 10.6% | 7.9% | 8.9% | 66分 | B+ |
| 14 | 信捷电气 | 37.5% | 12.6% | 9.9% | 10.5% | 65分 | B+ |
| 15 | 艾隆科技 | 49.2% | 4.2% | 13.6% | 13.5% | 65分 | B+ |
| 16 | 华工科技 | 21.2% | 10.2% | 6.2% | 3.9% | 65分 | B+ |
| 17 | 劲拓股份 | 33.5% | 10.7% | 5.5% | 9.1% | 64分 | B |
| 18 | 鼎智科技 | 49.2% | 11.2% | 10.3% | 15.1% | 63分 | B |
| 19 | 众辰科技 | 37.8% | 24.6% | 6.9% | 6.9% | 63分 | B |
| 20 | 怡合达 | 39.1% | 17.4% | 4.4% | 5.5% | 63分 | B |
| 21 | 步科股份 | 36.2% | 10.0% | 11.6% | 8.9% | 62分 | B |
| 22 | 雷赛智能 | 39.0% | 12.0% | 12.6% | 8.8% | 62分 | B |
| 23 | 英威腾 | 31.4% | 4.7% | 11.4% | 9.4% | 61分 | B |
| 24 | 汇川技术 | 29.0% | 11.2% | 9.4% | 3.4% | 61分 | B |
| 25 | 思泰克 | 50.0% | 23.2% | 9.3% | 11.3% | 61分 | B |
| 26 | 乐创技术 | 67.3% | 28.1% | 17.0% | 11.4% | 60分 | B |
| 27 | 固高科技 | 48.7% | 11.5% | 17.0% | 11.0% | 60分 | B |
| 28 | 智信精密 | 40.8% | 6.4% | 18.5% | 6.1% | 60分 | B |
| 29 | 大族激光 | 33.3% | 6.3% | 11.0% | 7.8% | 59分 | B |
| 30 | 创世纪 | 24.9% | 2.7% | 3.0% | 4.3% | 59分 | B |
| 31 | 英诺激光 | 45.8% | 9.4% | 19.3% | 5.9% | 59分 | B |
| 32 | 智立方 | 31.3% | 12.4% | 11.6% | 2.7% | 59分 | B |
| 33 | 北自科技 | 18.4% | 8.2% | 3.7% | 2.1% | 58分 | B |
| 34 | 双元科技 | 37.4% | 18.3% | 11.8% | 7.9% | 58分 | B |
| 35 | 德龙激光 | 40.9% | 3.3% | 16.3% | 13.3% | 57分 | B |
| 36 | 奥普特 | 60.9% | 14.7% | 20.1% | 21.5% | 56分 | B |
| 37 | 中控技术 | 31.2% | 5.5% | 11.8% | 10.5% | 56分 | B |
| 38 | 科瑞技术 | 33.4% | 10.4% | 11.5% | 3.9% | 56分 | B |
| 39 | 迈得医疗 | 44.7% | 14.5% | 10.6% | 7.9% | 55分 | B |
| 40 | 正弦电气 | 33.3% | 9.1% | 8.7% | 9.4% | 55分 | B |
| 41 | 矩子科技 | 30.3% | 11.6% | 9.2% | 2.6% | 55分 | B |
| 42 | 锐科激光 | 20.4% | 4.7% | 11.2% | 2.2% | 54分 | B- |
| 43 | 弘讯科技 | 35.8% | 5.2% | 8.1% | 6.9% | 53分 | B- |
| 44 | 博杰股份 | 44.1% | 8.0% | 12.3% | 10.4% | 53分 | B- |
| 45 | 海希通讯 | 37.0% | 13.2% | 5.6% | 4.9% | 52分 | B- |
| 46 | 捷昌驱动 | 29.2% | 9.8% | 6.1% | 4.8% | 52分 | B- |
| 47 | 健麾信息 | 43.7% | 8.9% | 6.3% | 6.9% | 52分 | B- |
| 48 | 天准科技 | 38.9% | 4.3% | 15.5% | 12.1% | 51分 | B- |
| 49 | 博众精工 | 28.3% | 9.0% | 8.4% | 6.7% | 51分 | B- |
| 50 | 迈赫股份 | 22.5% | 9.3% | 3.8% | 2.0% | 51分 | B- |
| 51 | 凯迪股份 | 23.6% | 4.5% | 5.4% | 5.3% | 50分 | B- |
| 52 | 欧克科技 | 26.8% | 4.3% | 3.1% | 3.0% | 50分 | B- |
| 53 | 埃斯顿 | 29.5% | 0.9% | 8.6% | 9.2% | 49分 | C+ |
| 54 | 合康新能 | 9.4% | 0.8% | 4.7% | 2.7% | 49分 | C+ |
| 55 | 拓斯达 | 28.3% | 2.9% | 5.2% | 7.5% | 48分 | C+ |
| 56 | 克来机电 | 19.4% | 5.5% | 5.9% | 1.2% | 46分 | C+ |
| 57 | 瑞晟智能 | 32.4% | 8.1% | 6.7% | 7.9% | 46分 | C+ |
| 58 | 豪江智能 | 22.9% | 1.1% | 7.1% | 4.0% | 46分 | C+ |
| 59 | 均普智能 | 21.9% | 0.5% | 2.6% | 5.5% | 44分 | C |
| 60 | 天玛智控 | 30.3% | 6.0% | 7.7% | 7.7% | 44分 | C |
| 61 | 凯尔达 | 17.4% | 4.0% | 6.0% | 2.9% | 43分 | C |
| 62 | 联赢激光 | 28.4% | 5.1% | 7.2% | 2.8% | 43分 | C |
| 63 | 宏英智能 | 27.5% | 2.9% | 7.4% | 6.0% | 43分 | C |
| 64 | 瑞松科技 | 20.3% | 1.2% | 5.4% | 5.3% | 42分 | C |
| 65 | 东杰智能 | 24.8% | 1.9% | 3.3% | 1.9% | 41分 | C |
| 66 | 安达智能 | 43.8% | -15.5% | 20.6% | 24.9% | 39分 | D+ |
| 67 | 新时达 | 17.6% | 0.2% | 6.7% | 6.5% | 38分 | D+ |
| 68 | 科捷智能 | 16.2% | 1.3% | 4.5% | 3.4% | 37分 | D+ |
| 69 | 田中精机 | 29.7% | 5.0% | 6.2% | 7.6% | 36分 | D+ |
| 70 | 协昌科技 | 11.5% | 1.3% | 7.9% | 2.4% | 36分 | D+ |
| 71 | 罗博特科 | 34.5% | -7.0% | 11.2% | 9.9% | 35分 | D+ |
| 72 | 金运激光 | 27.7% | 0.6% | 6.0% | 11.7% | 32分 | D |
| 73 | 亿嘉和 | 35.8% | -7.5% | 15.5% | 9.5% | 30分 | D |
| 74 | 机科股份 | 10.4% | -8.1% | 7.1% | 1.5% | 28分 | D |
| 75 | 海得控制 | 13.8% | -3.2% | 3.3% | 5.7% | 28分 | D |
| 76 | 江苏北人 | 23.3% | -15.8% | 8.3% | 1.8% | 25分 | D |
| 77 | 光韵达 | 29.8% | -17.1% | 6.2% | 6.9% | 25分 | D |
| 78 | 华昌达 | 11.0% | -2.1% | 1.6% | 2.0% | 25分 | D |
| 79 | 巨能股份 | 26.4% | -1.3% | 6.4% | 12.1% | 24分 | D |
| 80 | 机器人 | 12.5% | -9.7% | 5.5% | 2.9% | 24分 | D |
| 81 | 禾川科技 | 22.2% | -12.8% | 13.1% | 13.2% | 21分 | D |
| 82 | 海目星 | 20.6% | -20.9% | 14.3% | 5.1% | 21分 | D |
| 83 | ST逸飞 | 19.1% | -6.1% | 13.9% | 3.0% | 21分 | D |
| 84 | ST福能 | 13.8% | -10.3% | 4.0% | 1.6% | 21分 | D |
| 85 | 三丰智能 | 13.1% | -10.5% | 3.7% | 1.5% | 20分 | D |
| 86 | 景业智能 | 25.7% | -16.0% | 22.5% | 4.9% | 19分 | D |
| 87 | 信邦智能 | 19.7% | -19.0% | 4.8% | 5.0% | 19分 | D |
| 88 | 埃夫特 | 5.2% | -53.3% | 20.8% | 13.8% | 12分 | D |
| 89 | 申昊科技 | 10.3% | -62.1% | 22.7% | 18.1% | 12分 | D |
| 90 | ST智云 | 15.4% | -158.3% | 22.2% | 6.0% | 9分 | D |
工程机械（38家）
赛道画像：整机+器件：强周期，大客户集中，账期是硬约束。评分中位54分，毛利率中位27.9%，净利率中位9.4%，3家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 万通液压 | 29.9% | 18.0% | 4.3% | 1.4% | 80分 | A- |
| 2 | 浙江鼎力 | 34.3% | 22.1% | 3.4% | 3.6% | 74分 | B+ |
| 3 | 海伦哲 | 32.0% | 18.0% | 2.5% | 8.0% | 74分 | B+ |
| 4 | 杭叉集团 | 24.8% | 12.4% | 4.8% | 5.0% | 70分 | B+ |
| 5 | 恒立液压 | 41.6% | 25.0% | 6.4% | 2.3% | 69分 | B+ |
| 6 | 同力股份 | 23.0% | 13.1% | 3.5% | 2.5% | 67分 | B+ |
| 7 | 中力股份 | 29.3% | 11.8% | 4.2% | 6.2% | 67分 | B+ |
| 8 | 长盛轴承 | 35.0% | 20.0% | 4.0% | 2.1% | 66分 | B+ |
| 9 | 安徽合力 | 23.5% | 6.2% | 6.7% | 5.5% | 60分 | B |
| 10 | 铁建重工 | 29.1% | 14.8% | 8.0% | 3.0% | 60分 | B |
| 11 | 五新隧装 | 33.0% | 14.2% | 4.9% | 7.7% | 59分 | B |
| 12 | 三一重工 | 27.9% | 9.4% | 5.6% | 7.2% | 59分 | B |
| 13 | 艾迪精密 | 29.3% | 12.3% | 4.8% | 3.0% | 59分 | B |
| 14 | 南方路机 | 30.1% | 9.1% | 8.1% | 6.7% | 57分 | B |
| 15 | 中际联合 | 47.3% | 28.2% | 4.2% | 6.0% | 57分 | B |
| 16 | 山推股份 | 21.5% | 8.3% | 3.9% | 4.2% | 56分 | B |
| 17 | 长龄液压 | 28.5% | 11.8% | 3.9% | 1.9% | 55分 | B |
| 18 | 唯万密封 | 42.4% | 11.3% | 5.9% | 9.4% | 55分 | B |
| 19 | 志高机械 | 27.9% | 12.4% | 3.1% | 5.5% | 54分 | B- |
| 20 | 铁拓机械 | 31.2% | 12.8% | 4.4% | 7.2% | 54分 | B- |
| 21 | 恒立钻具 | 32.8% | 11.5% | 5.2% | 6.2% | 50分 | B- |
| 22 | 金道科技 | 20.2% | 9.3% | 4.0% | 0.4% | 50分 | B- |
| 23 | 柳 工 | 22.4% | 4.9% | 4.1% | 7.4% | 49分 | C+ |
| 24 | 福事特 | 37.3% | 13.9% | 5.0% | 6.3% | 49分 | C+ |
| 25 | 永达股份 | 12.4% | 2.3% | 2.6% | 0.3% | 48分 | C+ |
| 26 | 汉马科技 | 8.8% | 0.7% | 3.1% | 1.2% | 47分 | C+ |
| 27 | 徐工机械 | 22.6% | 6.5% | 4.2% | 5.7% | 47分 | C+ |
| 28 | 诺力股份 | 22.6% | 6.4% | 4.1% | 4.6% | 45分 | C+ |
| 29 | 威博液压 | 14.4% | 3.8% | 3.3% | 2.4% | 43分 | C |
| 30 | 宇通重工 | 24.7% | 8.9% | 3.9% | 9.1% | 43分 | C |
| 31 | 中联重科 | 28.0% | 9.3% | 5.6% | 8.7% | 43分 | C |
| 32 | 拓山重工 | 12.6% | 3.0% | 3.2% | 0.7% | 41分 | C |
| 33 | 山河智能 | 29.5% | 1.2% | 4.0% | 9.0% | 40分 | C |
| 34 | 邵阳液压 | 24.3% | 2.1% | 4.7% | 4.8% | 35分 | D+ |
| 35 | 天元智能 | 17.8% | 5.0% | 2.0% | 4.2% | 34分 | D |
| 36 | 川润股份 | 18.4% | -1.4% | 3.4% | 3.7% | 23分 | D |
| 37 | 厦工股份 | 12.8% | -10.9% | 5.1% | 6.4% | 19分 | D |
| 38 | 建设机械 | -11.6% | -86.4% | 2.6% | 1.1% | 9分 | D |
轨交设备（30家）
赛道画像：国企主导、订单驱动、长交付周期。评分中位49分，毛利率中位29.5%，净利率中位6.9%，6家亏损。
| # | 公司 | 毛利率 | 净利率 | 研发费率 | 销售费率 | 评分 | 等级 |
|---|
| 1 | 交大铁发 | 36.7% | 12.2% | 5.3% | 5.0% | 74分 | B+ |
| 2 | 铁大科技 | 47.8% | 20.8% | 7.9% | 5.5% | 72分 | B+ |
| 3 | 祥和实业 | 32.1% | 16.1% | 3.7% | 0.9% | 69分 | B+ |
| 4 | 交控科技 | 35.6% | 6.2% | 11.9% | 3.4% | 69分 | B+ |
| 5 | 铁科轨道 | 42.1% | 13.4% | 7.6% | 4.4% | 65分 | B+ |
| 6 | 康尼机电 | 31.1% | 8.4% | 8.6% | 5.2% | 62分 | B |
| 7 | 雷尔伟 | 37.0% | 18.4% | 5.8% | 1.7% | 62分 | B |
| 8 | 今创集团 | 30.3% | 13.4% | 4.6% | 2.3% | 56分 | B |
| 9 | 科安达 | 57.4% | 23.1% | 9.9% | 7.9% | 56分 | B |
| 10 | 中国通号 | 29.1% | 10.6% | 5.8% | 2.5% | 55分 | B |
| 11 | 金鹰重工 | 16.9% | 6.3% | 3.7% | 1.3% | 55分 | B |
| 12 | 交大思诺 | 66.2% | 18.5% | 28.4% | 6.8% | 52分 | B- |
| 13 | 必得科技 | 43.4% | 10.1% | 5.2% | 4.5% | 51分 | B- |
| 14 | 哈铁科技 | 36.2% | 9.8% | 8.5% | 3.5% | 50分 | B- |
| 15 | 高铁电气 | 18.3% | 4.4% | 4.3% | 3.7% | 49分 | C+ |
| 16 | 通业科技 | 41.4% | 10.3% | 10.7% | 5.8% | 49分 | C+ |
| 17 | 晋西车轴 | 13.3% | 2.2% | 5.6% | 1.7% | 48分 | C+ |
| 18 | 中国中车 | 21.4% | 4.8% | 6.5% | 2.1% | 48分 | C+ |
| 19 | 长青科技 | 27.4% | 8.7% | 6.2% | 3.6% | 46分 | C+ |
| 20 | 永贵电器 | 25.0% | 2.8% | 7.7% | 6.2% | 46分 | C+ |
| 21 | 中铁工业 | 18.7% | 4.9% | 6.2% | 2.3% | 43分 | C |
| 22 | 工大高科 | 27.5% | 5.1% | 11.8% | 8.0% | 43分 | C |
| 23 | 研奥股份 | 25.9% | 7.5% | 5.0% | 3.7% | 42分 | C |
| 24 | 威奥股份 | 29.8% | 4.8% | 6.0% | 4.3% | 40分 | C |
| 25 | 众合科技 | 28.7% | -2.7% | 9.5% | 2.7% | 40分 | C |
| 26 | 九州一轨 | 34.6% | -6.4% | 10.7% | 7.0% | 27分 | D |
| 27 | 朗进科技 | 27.1% | -1.9% | 6.7% | 10.0% | 26分 | D |
| 28 | 鼎汉技术 | 25.1% | -0.9% | 5.6% | 8.0% | 24分 | D |
| 29 | 神州高铁 | 27.0% | -39.4% | 8.4% | 6.2% | 21分 | D |
| 30 | 天宜新材 | -13.3% | -327.2% | 11.0% | 4.0% | 12分 | D |
想了解你在细分赛道的排名？
华为系成本顾问免费上门诊断
预约免费诊断免责声明：本报告基于上市公司公开年报数据，采用华师华成本管理框架进行分析，仅供成本管理研究参考，不构成任何投资建议。数据可能存在滞后或偏差，请以公司公告为准。