Investment Rating - The report assigns an "Accumulate-A" investment rating for the company [1][8]. Core Views - The company has shown stable growth in its main business, particularly benefiting from the high-pressure requirements of the new energy vehicle sector with its insulated bearing rings [1][5]. - The company achieved a revenue of 1.146 billion yuan in 2024, representing a year-on-year increase of 15.98%, while the net profit attributable to shareholders was 26.14 million yuan, a decrease of 30.69% year-on-year [4][5]. - The company is focusing on expanding its market presence both domestically and internationally, with plans to enhance its competitive edge through new equipment and technology upgrades [5][6]. Financial Performance - In 2024, the company's gross margin was 13.21%, an increase of 0.28 percentage points year-on-year, while the net margin was 2.28%, slightly down due to increased management and financial costs [6][10]. - The company invested 40.97 million yuan in R&D in 2024, with a research expense ratio of 3.57%, and the number of R&D personnel increased by 10.49% to 158 [6][10]. - The company forecasts revenues of 1.326 billion yuan, 1.661 billion yuan, and 2.098 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 45 million yuan, 91 million yuan, and 173 million yuan [8][10]. Market Strategy - The company is actively developing emerging businesses such as screw components and insulated bearing rings, which are expected to become new growth points as the industry evolves [7][8]. - The insulated bearing ring products are currently in the testing phase and are anticipated to benefit from the trend of high voltage in electric vehicles, enhancing the company's competitive position in the bearing market [7][8].

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [1]. Core Views - The company has shown stable growth in its main business, particularly benefiting from the high-pressure requirements of the new energy vehicle sector [4][5]. - The company achieved a revenue of 1.146 billion yuan in 2024, representing a year-on-year increase of 15.98%, while the net profit attributable to shareholders decreased by 30.69% to 26.136 million yuan [4][5]. - The company is focusing on expanding its market presence both domestically and internationally, with plans to enhance its competitive edge through new equipment and technology [5][6]. Financial Performance - The company reported a gross margin of 13.21% in 2024, a slight increase of 0.28 percentage points year-on-year, while the net margin was 2.28%, showing a slight decline due to increased management and financial costs [6]. - Research and development expenses amounted to 40.9735 million yuan in 2024, with a research expense ratio of 3.57% [6]. - The company is actively developing new products, including high-precision components for electric vehicles, which are expected to enhance product quality and market share [6][7]. Future Growth Potential - The company is strategically positioning itself in emerging markets such as screw components and insulated bearing rings, which are anticipated to become new growth drivers [7]. - The report forecasts revenue growth from 1.326 billion yuan in 2025 to 2.098 billion yuan in 2027, with corresponding net profits expected to rise significantly [8][9].

2）绝缘轴套处于验证测试阶段，未来有望在新能源汽车、变频空调等领域放量2024 年11 月，公司成功 申请"绝缘轴承内套圈"专利，所研发产品旨在通过在内圈装配形成绝缘层以有效阻止电流通过轴承，防 止轴承电腐蚀，延长轴承使用寿命，在新能源汽车、变频空调等领域应用前景广阔。报告期内公司进行 了绝缘轴承套圈的研发和送样工作，目前处于验证测试阶段。 公司核心竞争力：技术领先的轴承套圈龙头，研发配套能力强劲1）公司技术领先，研发配套能力强 劲：公司自成立以来在轴承套圈产业链不断进行工序间的集成创新和工序内的微创新，在工艺流程优化 方面的技术积累已覆盖精锻、精切、车削、磨削、热处理、精磨、探伤、清洗、防锈等全部生产过程。 2）公司产品质量过硬，客户粘性大：公司与舍弗勒、斯凯孚、恩斯克、恩梯恩、捷太格特等全球大型 轴承企业建立了长期、稳定的合作关系。目前，公司产品在全球范围内均有广泛使用，已出口至欧洲、 北美洲、南美洲、亚洲的不同国家及地区。整体来看，轴承套圈市场规模大，行业集中度较低，公司的 市场占有率仍具备进一步提升的空间。 3）全球化设厂工作稳步推进，墨西哥工厂预计25 年下半年开始设备进厂，26 年初开始进行生产。 ...

Summary of Jinwo Co., Ltd. Conference Call Company Overview - Jinwo Co., Ltd. is a leader in the domestic bearing ring sector, focusing on innovative research and development in bearing technology and production equipment [9][10]. Financial Performance - In Q4 2024, Jinwo's revenue increased compared to Q3, but net profit declined due to two main factors: a stock incentive plan costing 3.34 million yuan and increased expenses during year-end financial clearing [3][4]. - For the full year 2024, revenue grew by 16% year-on-year, while net profit excluding non-recurring items increased by 38.28% to 25 million yuan. However, net profit including non-recurring items fell by 30% due to a one-time asset disposal gain in 2023 [5][6]. - The company incurred additional expenses of 10 million yuan from stock incentives and convertible bond interest, impacting overall performance [5]. Key Development Areas - Jinwo's future focus includes: - Sleeve bearings - Humanoid robots - Insulated bearing technology - The global sleeve bearing market is valued at over 100 billion yuan, presenting significant growth potential for Jinwo [6][7]. International Expansion - Jinwo aims for a balanced revenue split of 50% domestic and 50% international, targeting a 20% annual growth rate. The company is establishing a presence in Mexico, with plans to operationalize by 2025, capitalizing on the exit of Western capital from traditional manufacturing [7][10]. - The company is also exploring opportunities in Europe and Southeast Asia, with a goal of achieving 3 billion yuan in overseas revenue and 3 billion yuan in domestic revenue [10][11]. Project Insights - The "High-Speed Loan" project incurred a loss of nearly 20 million yuan in 2024 due to high initial costs, but profitability is expected in 2025 [8]. - Jinwo's insulated bearing technology has made significant advancements, collaborating with Tsinghua University to develop cost-effective and durable solutions for electric vehicles and air conditioning systems [14][15]. Market and Competitive Position - Jinwo maintains a gross margin of 21%-23% and a net profit margin exceeding 10%. The company is positioned as a full industry chain player, which is expected to enhance profitability as production capacity utilization improves [11][17]. - The company is optimistic about the insulated bearing market, particularly in the electric vehicle sector, where demand is expected to grow significantly [14][15]. Future Outlook - Jinwo projects a 20% annual growth rate, with expectations for improved profitability as new capacities come online. The company anticipates that its main business will continue to grow, with a 16% increase in 2024 and a nearly 40% rise in net profit excluding non-recurring items [17][18]. - The long-term vision is to transform into a technology-driven company, focusing on innovation and adapting to industry trends [18].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2]. Core Views - The company's bearing ring business shows steady growth, with a revenue of 1.094 billion yuan in 2024, representing a year-on-year increase of 15.79%. This segment accounts for 95.47% of total revenue, indicating it is the main product line [6]. - The insulated bearing ring products have begun sampling, aimed at preventing electrical corrosion in bearings, with potential applications in new energy vehicles and variable frequency air conditioners, targeting a market size exceeding 10 billion yuan [6]. - The company is increasing investment in screw components, anticipating rapid growth due to the rising demand from humanoid robots, with key customers expected to enter a phase of rapid volume increase [6]. - Revenue projections for 2025-2027 are estimated at 1.402 billion yuan, 1.793 billion yuan, and 2.169 billion yuan respectively, with corresponding net profits of 72 million yuan, 165 million yuan, and 217 million yuan [6]. Financial Data Summary - In 2024, the company achieved total revenue of 1.146 billion yuan, a year-on-year growth of 15.98%, while the net profit attributable to shareholders was 26 million yuan, a decrease of 30.69% [1]. - The projected earnings per share (EPS) for 2025 is 0.81 yuan, with a price-to-earnings (PE) ratio of 72.9 [9]. - The company’s total assets are expected to grow from 1.603 billion yuan in 2025 to 1.969 billion yuan in 2027, with a corresponding increase in total liabilities [7]. Performance Metrics - The company’s return on equity (ROE) is projected to improve from 3.2% in 2024 to 18.1% in 2027 [9]. - The gross profit margin is expected to rise from 13.2% in 2024 to 22.2% in 2027, indicating improved profitability [9]. - The asset-liability ratio is projected to decrease from 39.4% in 2025 to 34.9% in 2027, reflecting a strengthening balance sheet [9].

本次财报公布的各项数据指标表现一般。其中，毛利率13.21%，同比增5.28%，净利率2.28%，同比减 40.24%，销售费用、管理费用、财务费用总计7159.12万元，三费占营收比6.24%，同比增26.93%，每股净 资产10.6元，同比增22.28%，每股经营性现金流0.6元，同比减66.68%，每股收益0.34元，同比减30.61% 据证券之星公开数据整理，近期金沃股份(300984)发布2024年年报。截至本报告期末，公司营业总收入 11.46亿元，同比上升15.98%，归母净利润2613.59万元，同比下降30.69%。按单季度数据看，第四季度营 业总收入3.05亿元，同比上升20.96%，第四季度归母净利润477.6万元，同比下降6.87%。本报告期金沃股 份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1048.27%。 该数据低于大多数分析师的预期，此前分析师普遍预期2024年净利润为盈利3200万元左右。 | 报告日期 机构简称 研究员 | 近一年1/德 | 研报数 覆盖时长 | 2024预测 | 2025预测 | 2026预测 | 目标价 | | --- | --- | - ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3400 | 0.4900 | -30.61 | 0.5900 | | 每股净资产（元） | 10.6 | 9.13 | 16.1 | 8.84 | | 每股公积金(元) | 7.57 | 5.44 | 39.15 | 5.44 | | 每股未分配利润(元) | 1.99 | 2.00 | -0.5 | 1.73 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.46 | 9.88 | 15.99 | 10.44 | | 净利润(亿元) | 0.26 | 0.38 | -31.58 | 0.45 | | 净资产收益率(%) | 3.74 | 5.43 | -31.12 | 6.91 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 10转4股派1.5元(含税) 前十大流通股东累计持有： 2 ...

浙江金沃精工股份有限公司 2024 年度财务报表审计报告 天衡审字(2025)00604 号 天衡会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://w.cn.mof.gov.cn）" 进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://w.c.mof.gov.cn） "进行 讲行管! 审 计 报 告 天衡审字(2025)00604 号 浙江金沃精工股份有限公司全体股东: 一、审计意见 我们审计了后附的浙江金沃精工股份有限公司(以下简称"金沃股份")财务报表,包 括 2024 年 12 月 31 日的合并及母公司资产负债表, 2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映 了金沃股份 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营 成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师 对 ...

浙江金沃精工股份有限公司 2024 年度内部控制审计报告 天衡会计师事务所（特殊普通合伙） 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行学 " 内部控制审计报告 天衡专字(2025)00309 号 天衡专字(2025)00309 号 浙江金沃精工股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师职业准则的相关要求,我们审计了浙 江金沃精工股份有限公司（以下简称"金沃股份"）2024 年 12 月 31 日的财务报告内部控制 的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制,并评价其有效性是金沃股份董事会的责任。 我们认为,金沃股份于 2024年 12 月 31 日按照《企业内部控制基本规范》和相关规定 在所有重大方面保持了有效的财务报告内部控制。 合伙) 中国注册会计师:杨 林 2025 年 4 月 11 日 二、注册会 ...

华泰联合证券有限责任公司 （一）申请银行融资额度及提供相应担保情况 为满足公司及子公司日常经营和业务发展需要，2025 年度，公司及合并报表 范围内子公司拟向银行申请不超过 8 亿元人民币的融资额度，融资方式包括但不 限于贷款、承兑汇票、贸易融资、保函等。以上授信额度不等于公司的实际融资金 额，实际融资金额在总授信额度内，具体融资金额将根据公司及子公司运营资金的 实际需求确定。 公司拟为全资子公司衢州市建沃精工机械有限公司（以下简称"建沃精工"） 就上述融资额度内的融资提供合计不超过 4 亿元人民币的担保额度，担保方式包 括保证、抵押、质押等，具体担保期限根据签订的担保合同为准。具体情况如下： | | | | 被担保方最 | | | 担保额度占 上市公司最 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 担保 | | 担保方持 | | 截至目前 | 本次新增 | | 是否关 | | 方 | 被担保方 | 股比例 | 近一期资产 | 担保余额 | 担保额度 | 近一期经审 | 联担保 | | | | | 负债率 | | | 计净资产比 | | | ...