Core Points - Jinwo Co., Ltd. (300984) closed at 63.79 yuan on December 18, 2025, with a market capitalization of 7.863 billion yuan, reflecting a 0.3% increase from the previous trading day [1] - The stock opened at 63.6 yuan, reached a high of 66.89 yuan, and a low of 62.61 yuan, with a trading volume of 181 million yuan and a turnover rate of 3.58% [1] - The company received approval from the China Securities Regulatory Commission (CSRC) for a specific stock issuance, valid for 12 months from the date of approval [1] - The issuance must comply with the submitted documents and issuance plan to the Shenzhen Stock Exchange, and any significant events must be reported promptly [1] Company Actions - The board of directors will handle the necessary procedures within the specified timeframe according to the approval document and legal requirements [1] - The company is obligated to fulfill information disclosure duties in a timely manner [1]

Core Viewpoint - The company, Jinwo Co., Ltd. (300984.SZ), has received approval from the China Securities Regulatory Commission for its application to issue stocks to specific investors [1] Group 1 - The approval allows Jinwo Co., Ltd. to proceed with a targeted stock issuance [1]

Core Viewpoint - The company, Jinwo Co., Ltd. (300984.SZ), has received approval from the China Securities Regulatory Commission for its application to issue shares to specific investors [1] Group 1 - The approval allows Jinwo Co., Ltd. to proceed with a targeted stock issuance [1]

证券简称：金沃股份 证券代码：300984 浙江金沃精工股份有限公司 （浙江省衢州市柯城区航埠镇凤山路 19 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 二零二五年十一月 浙江金沃精工股份有限公司 募集说明书 声 明 本公司及全体董事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整，并承担 相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证本募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或投资者的收益作出实质性判断或者保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 投资者应当认真阅读发行人公开披露的信息，自主判断企业的投资价值， 自主做出投资决策，若对本募集说明书存在任何疑问，应咨询自己的股票经纪 人 ...

一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 关于向特定对象发行股票申请获得 中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江金沃精工股份有限公司（以下简称"公司"）于近日收到中国证券监督 管理委员会出具的《关于同意浙江金沃精工股份有限公司向特定对象发行股票注 册的批复》（证监许可〔2025〕2789 号），批复的主要内容如下： 证券代码：300984 证券简称：金沃股份 公告编号：2025-110 浙江金沃精工股份有限公司 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将根据上述批复文件和相关法律法规的要求以及公司股东会的 授权，在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披 露义务。敬请广大投资者注意投资风险。 特此公告。 浙江金沃精工股份有限公司董事会 2025 年 12 月 18 日 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has shown a robust performance in the first three quarters of 2025, achieving revenue of 930 million yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 37.34 million yuan, up 74.8% year-on-year [1]. - The company's core business in bearing rings is entering a clear recovery phase, with capacity utilization rates improving significantly from 40-50% to 70-90% due to previous heavy asset investments [1]. - The humanoid robot sector is identified as a trillion-yuan market, with the company positioned to benefit from the growth in this industry through its key component, the planetary roller screw [2]. - The company has developed an insulated bearing inner ring to address the issue of electrical corrosion in electric drive systems for new energy vehicles, which is expected to reduce costs by over 30% compared to mainstream ceramic ball bearing solutions [2]. - The company is advancing its globalization strategy, having received approval for a factory in Mexico and exploring opportunities in Europe and Thailand [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 1.35 billion yuan, 1.77 billion yuan, and 2.24 billion yuan, respectively, with net profits expected to reach 66 million yuan, 130 million yuan, and 200 million yuan [4][12]. - The earnings per share (EPS) is projected to grow from 0.53 yuan in 2025 to 1.62 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 122.43 to 40.42 [4][12]. - The company is expected to achieve a gross margin improvement from 15.2% in 2025 to 19.3% in 2027, indicating enhanced profitability [12].

Core Viewpoint - The company has experienced fluctuations in revenue and profit margins, with a notable decline in net profit over the past three years, indicating potential challenges in maintaining competitiveness in the bearing industry [1][6]. Revenue Analysis - The company's main products are various types of bearing rings, with revenues of 1,044.36 million, 988.48 million, 1,146.46 million, and 295.99 million yuan, showing a trend of decline followed by recovery [1][6]. - The net profit attributable to the parent company has decreased consistently over the last three years, with figures of 45.28 million, 37.71 million, and 26.14 million yuan [1][6]. - The gross profit margins for the company were 12.61%, 11.49%, 12.61%, and 13.75%, which are below the industry average of comparable companies [1][6]. Gross Margin Comparison - The company's gross margin is lower than that of comparable companies such as Wuzhou Xinchun and Lixing Co., primarily due to differences in product offerings and market positioning [2][7]. - Wuzhou Xinchun has a longer industrial chain with higher product added value, leading to lower unit product costs and higher gross margins [7]. - Lixing Co. holds a leading position in the domestic precision bearing steel ball market, allowing for better pricing power and higher gross margins [7]. Trends in Gross Margin - The company's gross margin showed a trend of decline followed by an increase, influenced by factors such as new factory production and fluctuating customer demand [2][8]. - In 2023, increased manufacturing costs due to lower sales volume and accounting adjustments led to a decline in gross margin [7][8]. - In 2024, recovery in customer demand and new orders contributed to a rise in gross margin, despite a lag in price adjustments [7][8]. - By the first half of 2025, gross margins for the company and its peers showed an upward trend, indicating a potential recovery in the market [8].

Group 1 - The core viewpoint of the news is that Jinwo Co., Ltd. has seen a significant increase in its stock price, rising by 5.24% to reach 61.70 CNY per share, with a total market capitalization of 7.606 billion CNY [1] - Jinwo Co., Ltd. is primarily engaged in the research, production, and sales of bearing rings, with 95.72% of its revenue coming from this main business segment [1] - The company was established on June 14, 2011, and went public on June 18, 2021, indicating a relatively recent entry into the public market [1] Group 2 - Among the top circulating shareholders of Jinwo Co., Ltd., Penghua Fund's carbon neutrality theme mixed fund A (016530) has reduced its holdings by 1.2763 million shares, now holding 3.6587 million shares, which accounts for 4.14% of the circulating shares [2] - The Penghua carbon neutrality theme mixed fund A has achieved a year-to-date return of 78.08%, ranking 142 out of 8127 in its category, and a one-year return of 98.57%, ranking 43 out of 8059 [2] - The fund was established on May 5, 2023, and currently has a total asset size of 2.83 billion CNY [2]

Investment Strategy Overview - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - The investment strategy for the mechanical industry in 2026 focuses on cyclical reversal, growth emergence, and accelerated overseas expansion [4] Core Companies and Recommendations - Key companies recommended include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, XCMG, and others [2][3] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG, and China Shipbuilding, among others, indicating a diversified investment approach [3] Industry Performance and Trends - As of November 21, 2025, the best-performing indices in the manufacturing sector included shipbuilding and engineering machinery, with declines of -0.4% and -2.7% respectively [17][19] - The mechanical sector is expected to see a cyclical reversal with improvements in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6] Growth Opportunities - Growth areas identified include embodied intelligence, controllable nuclear fusion, semiconductor equipment, AIDC, and PCB equipment, with a focus on domestic and international market expansion [6][7] - The report highlights the importance of domestic substitution in semiconductor equipment and the ongoing demand for AI-driven solutions in AIDC [7] Company-Specific Insights - For Zhejiang Rongtai, Q3 2025 saw a significant increase in revenue and net profit, with a gross margin reaching a new high of 38%, indicating strong performance despite industry headwinds [8][9] - The company is also investing in humanoid robot components, which are expected to drive future growth, particularly with the upcoming mass production of Tesla's humanoid robots [8][9] Earnings Forecasts - Earnings forecasts for key companies show substantial growth, with projected net profits for 2025-2027 for companies like Yokogawa Precision and Zhejiang Rongtai indicating strong CAGR rates [15][8] - For instance, Zhejiang Rongtai's net profit is expected to grow from 2.77 billion to 8.39 billion by 2027, reflecting a CAGR of 53.9% [8][15]

Group 1 - The core viewpoint of the news indicates that Jinwo Co., Ltd. experienced a decline in stock price by 1.10% on November 21, with a trading volume of 136 million yuan and a net financing outflow of 649.34 million yuan [1] - As of November 21, the total margin balance of Jinwo Co., Ltd. is 296 million yuan, accounting for 4.17% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing [1] - The company has not engaged in any short selling activities on November 21, with a short selling balance of 0.00 shares, also indicating a high level of inactivity in this area [1] Group 2 - As of September 30, the number of shareholders of Jinwo Co., Ltd. increased by 8.46% to 9,346, with an average of 9,456 circulating shares per person, reflecting a growth in shareholder engagement [2] - For the period from January to September 2025, Jinwo Co., Ltd. achieved an operating income of 930 million yuan, representing a year-on-year growth of 10.56%, and a net profit attributable to shareholders of 37.34 million yuan, which is a significant increase of 74.83% year-on-year [2] - The company has distributed a total of 102 million yuan in dividends since its A-share listing, with 39.93 million yuan distributed over the past three years [3]