本报告为野村对汉钟精机（002158.SZ）的首次覆盖报告，首次覆盖给予「买入」评级并设定目标价。报告认为，人工智能数据中心（AIDC）压缩机订单加速与半导体干式真空泵业务将成为公司新的增长引擎：在数据中心制冷需求推动下，磁悬浮及空气悬浮离心压缩机销售有望放量，并借助与TECO的长期渠道合作拓展北美AIDC市场。半导体真空泵方面，公司产品已取得SEMI安全基准认证、在部分国内晶圆厂完成验证并进入批量供应，受益于国产替代与本地化，有望成为中长期重要盈利驱动。公司竞争优势来自产品组合、渠道合作与覆盖上海、台湾、越南的制造基地。报告预计压缩机与真空产品收入保持较快增长，产品结构改善、规模效应与内部数字化有望推动毛利率与费用率优化，带动盈利增速快于收入。风险包括AIDC建设不及预期、半导体客户渗透偏慢、原材料价格大幅波动，以及海外政策、需求与汇率不确定性。
We initiate coverage of Hanbell Precision Machinery (002158.SZ) with a Buy rating and a target price. We see incremental revenue opportunities from growing AIDC compressor sales and continued customer penetration in semiconductor dry vacuum pumps. We also expect a better product mix, scale benefits and internal digitalisation to support margin expansion, and therefore forecast strong revenue growth and faster net profit growth in 2026-28F. We value Hanbell at 29x 2027F P/E, broadly in line with its five-year historical average plus 1 standard deviation, reflecting the medium- to long-term growth potential of its AIDC compressor and semiconductor vacuum-pump businesses. Key catalysts are new AIDC compressor orders and deliveries and semiconductor vacuum pumps progressing into volume production. Key downside risks are weaker-than-expected AIDC construction, slower semiconductor customer penetration, significant raw-material price volatility, and uncertainties related to overseas policy,