Group 1 - The core viewpoint of the news is that a well-known private equity firm, Heju Investment, has conducted research on a listed company, Siling Co., focusing on its production and investment projects in the robotics sector [1] - Siling Co. is in the early preparation stage for mass production of its harmonic reducers, which are essential components in robotics [1] - The company is also investing in a project for the intelligent transformation of robot component technology, aiming to cover various fields including industrial robots, collaborative robots, and humanoid robots [1] Group 2 - Heju Investment Management Co., established in 2009, has a strong investment team with over ten years of experience in the industry [2] - The firm has received multiple awards, including the "Sunshine Private Equity Golden Bull Award," reflecting its successful investment strategies and management [2] - Heju Investment emphasizes a clear governance structure and independent decision-making to prioritize the interests of its investors [2]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.4200 CNY, a decrease of 2.33% compared to Q1 2024, which was 0.4300 CNY [1] - The net asset per share increased to 16.2 CNY, reflecting an 8.58% growth from 14.92 CNY in Q1 2024 [1] - The net profit for Q1 2025 is 0.46 billion CNY, a slight decrease of 2.13% from 0.47 billion CNY in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 is 2.64%, down 8.97% from 2.90% in Q1 2024 [1] - The total operating revenue for Q1 2025 is 1.96 billion CNY, an increase of 20.25% from 1.63 billion CNY in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 35.8994 million shares, accounting for 53.4% of the circulating shares, with an increase of 16.4664 million shares compared to the previous period [2] - Zhang Yimin is a new major shareholder with 11.9203 million shares, representing 17.74% of the total share capital [2] - The Basic Pension Insurance Fund No. 1202 has reduced its holdings by 0.4574 million shares [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

Financial Performance - The company's revenue for Q1 2025 was CNY 195,523,526.90, representing a 19.78% increase compared to CNY 163,241,809.15 in the same period last year[5] - Net profit attributable to shareholders decreased by 1.20% to CNY 46,457,560.82 from CNY 47,021,068.43 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 11.09% to CNY 43,338,012.61 compared to CNY 39,010,533.72 in the previous year[5] - Total operating revenue for the current period reached ¥195,523,526.90, an increase from ¥163,241,809.15 in the previous period, representing a growth of approximately 19.7%[21] - Net profit for the current period was ¥46,457,560.82, slightly down from ¥47,021,068.43, reflecting a decrease of approximately 1.2%[22] - The total comprehensive income for the period was CNY 47,153,594.77, compared to CNY 43,492,175.94 in the previous period, reflecting an increase of approximately 6.1%[23] - Basic and diluted earnings per share for the current period were both CNY 0.42, slightly down from CNY 0.43 in the previous period[23] Cash Flow - Cash flow from operating activities decreased by 16.60% to CNY 20,758,931.26 from CNY 24,889,903.29 year-on-year[5] - Net cash flow from operating activities was CNY 20,758,931.26, a decrease of 16.4% from CNY 24,889,903.29 in the prior period[25] - Cash inflow from operating activities totaled CNY 237,586,710.19, up from CNY 225,872,608.59, indicating a growth of about 5.5%[25] - Cash outflow from operating activities increased to CNY 216,827,778.93 from CNY 200,982,705.30, representing an increase of approximately 7.9%[25] - The company reported a significant increase of 424.08% in net cash flow from investing activities, amounting to CNY 54,421,109.68 compared to -CNY 16,792,444.44 in the previous year[9] - The company reported cash and cash equivalents at the end of the period amounting to CNY 1,135,903,581.03, down from CNY 1,161,801,003.26[26] - The company received CNY 466,670,340.30 related to other investment activities, which was not present in the previous period[26] - The impact of exchange rate changes on cash and cash equivalents was CNY 1,078,444.55, compared to a negative impact of CNY 3,394,654.67 in the prior period[26] Research and Development - R&D expenses increased by 45.03% to CNY 9,505,253.70 from CNY 6,553,781.84 in the same period last year, indicating a focus on innovation[9] - Research and development expenses increased to ¥9,505,253.70 from ¥6,553,781.84, marking a growth of about 45.5%[22] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 2,214,652,290.13, a 0.89% increase from CNY 2,195,025,283.02 at the end of the previous year[5] - Total current assets at the end of the period were ¥1,890,145,918.65, compared to ¥1,877,407,118.39 at the beginning, showing an increase of approximately 0.7%[19] - Total liabilities decreased to ¥432,407,563.29 from ¥460,436,177.04, a reduction of about 6.1%[20] - The company’s total liabilities decreased by 41.13% in employee compensation, reflecting a reduction in year-end bonus payments[9] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,273[11] - The largest shareholder, Jiang Ling, holds 32.97% of shares, totaling 36,271,000 shares[11] - The second-largest shareholder, Zhang Yimin, holds 10.84% of shares, totaling 11,920,300 shares[11] - The company has a total of 55,068,300 shares with lock-up restrictions, of which 12,279,800 shares will be released[15] - The total number of shares released from lock-up on March 17, 2025, will be 13,358,300, accounting for 12.14% of the total share capital[16] - Jiang Ling's shares are under a lock-up period until March 15, 2027, with no shares released during this period[14] - The company has no preferred shareholders or changes in restricted shares during the reporting period[13] - The top ten shareholders do not participate in margin financing or securities lending[12] - The company has no known relationships or concerted actions among the top shareholders[12] - The total number of shares held by the top ten unrestricted shareholders is 11,920,300 for Zhang Yimin and 7,946,900 for He Yimin[12]

Group 1: Company Overview and Market Position - The company has successfully obtained the E-Ruling certification from U.S. Customs for its Thailand factory, enabling it to meet a significant portion of North American market demand, with North American business revenue accounting for approximately 30% of total revenue [2] - The company’s products are characterized by inelastic demand in the aftermarket, making the impact of tariff policies relatively limited [2] Group 2: Production Capacity and Investment Plans - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic applications, and has reached a stage for small-batch production [3] - Plans are in place to invest in a second production line in H1 2025 to prepare for future market demand growth [3] - The company is actively advancing its intelligent technology transformation projects, including a project for the annual production of 6.29 million high-end automotive bearings [3] Group 3: Global Expansion and Client Strategy - The Thailand factory has received IATF16949 certification and is undergoing a third phase of investment to expand capacity and prepare for new market demands [3] - The company aims to strengthen strategic cooperation with existing clients in the aftermarket while actively developing clients in Europe, Japan, South Korea, and emerging markets [3] - The company plans to enhance communication and collaboration with well-known manufacturers to drive growth in the original equipment manufacturer (OEM) market [3] Group 4: Risk Management and Future Outlook - The company acknowledges the uncertainty surrounding U.S. tariff policies and will closely monitor and develop strategies to seize market opportunities [2] - Future capital expenditures will be planned based on business development needs [3]

Core Viewpoint - Slin Co., Ltd. (301550) reported a revenue of 774 million yuan for 2024, a year-on-year increase of 4.91%, and a net profit of 190 million yuan, up 26.91% from the previous year, exceeding analyst expectations [1][3] Financial Performance - Total revenue for 2024 reached 774 million yuan, compared to 738 million yuan in 2023, reflecting a growth of 4.91% [3] - Net profit attributable to shareholders was 190 million yuan, up from 150 million yuan in 2023, marking a 26.91% increase [3] - The gross profit margin improved to 32.52%, an increase of 1.4% year-on-year, while the net profit margin rose to 24.54%, up 20.97% [3][4] - The company reported a quarterly revenue of 218 million yuan in Q4 2024, a 4.51% increase year-on-year, with a net profit of approximately 53.2 million yuan, up 23.86% [1] Cost and Efficiency Metrics - Total expenses (selling, administrative, and financial) amounted to -5.11 million yuan, with a ratio of expenses to revenue at -0.66%, a significant decrease of 121.13% year-on-year [3][4] - Earnings per share (EPS) increased to 1.73 yuan, up 2.98% from 1.68 yuan in 2023 [3] Cash Flow and Financial Health - Operating cash flow per share rose to 1.96 yuan, a substantial increase of 77.11% year-on-year [3] - The company’s cash and cash equivalents decreased by 6.89% to 1.13 billion yuan, attributed to investments in financial products [4] Market Outlook and Strategy - The company is focusing on deepening and expanding its presence in the European and American markets, with stable order performance in Europe and recognition from U.S. customs for its Thailand factory, enhancing supply chain stability [7]

证券研究报告·公司点评报告·汽车零部件 [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 24 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 谢哲栋 执业证书：S0600523060001 斯菱股份（301550） 2024 年年报点评：业绩符合市场预期，机器 人业务培育第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 738.12 | 774.33 | 950.19 | 1,171.50 | 1,731.96 | | 同比（%） | (1.55) | 4.91 | 22.71 | 23.29 | 47.84 | | 归母净利润（百万元） | 149.74 | 190.04 | 221.36 | 257.48 | 337.92 | | 同比（%） | 22.16 | 26. ...

营收同比+5%，归母净利润同比+27%，扣非净利润同比+23%。公司24年度实现营收7.74 亿元，同比 +4.91%；归母净利润1.90 亿元，同比+26.91%；扣非归母净利润1.80 亿元，同比+22.52%；24Q4 营收 2.18 亿元， 同环比+4.51%/+10.43% ； 归母净利润0.53 亿元， 同环比+23.86%/+25.62%；扣非归母净利 润0.52 亿元，同环比+22.56%/+27.30%，主要系公司不断调整产品&客户结构。整体看，公司业绩符合 市场预期。 车后市场稳健增长、持续加快全球产能布局。分产品看，公司24 年制动系统类轴承/传动系统类轴承营 收分别为6.11/0.91 亿元，同比+7.7%/-4.4%，毛利率分别为31.19%/34.85%，同比+0.15/+2.15pct。公司目 前已具备售后市场和主机配套市场能力，产品型号已达6000 余种并成功研发并量产低能耗轴承、自锁 式轮毂轴承等高性能新产品。全球布局方面，24 年公司泰国工厂第二期投资完成，产能持续释放，同 时第三期投资建设积极开展，为未来新增市场需求进行储备。此外，公司已建立北美本地服务能力，全 球化布局 ...

证券研究报告·公司点评报告·汽车零部件 斯菱股份（301550） 2024 年年报点评：业绩符合市场预期，机器 人业务培育第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 738.12 | 774.33 | 950.19 | 1,171.50 | 1,731.96 | | 同比（%） | (1.55) | 4.91 | 22.71 | 23.29 | 47.84 | | 归母净利润（百万元） | 149.74 | 190.04 | 221.36 | 257.48 | 337.92 | | 同比（%） | 22.16 | 26.91 | 16.48 | 16.32 | 31.24 | | EPS-最新摊薄（元/股） | 1.36 | 1.73 | 2.01 | 2.34 | 3.07 | | P/E（现价&最新摊薄） | 73.11 | 57.61 | 49.46 | 42.52 | 32.40 | [Ta ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-009 （二）参会方式：投资者可登陆价值在线（www.ir-online.cn）参与本次年度 业绩说明会。 （三）公司出席人员：董事长姜岭先生、独立董事胡旭东先生、独立董事梁 飞媛女士、副总经理兼董事会秘书安娜女士、财务总监徐元英女士、保荐代表人 戚淑亮先生、保荐代表人王静女士（如遇特殊情况，参会人员可能进行调整）。 二、征集问题事项 投资者可于 2025 年 4 月 28 日 （ 星 期 一 ） 15:00-17:00 通过网址 https://eseb.cn/1nnXYuqPynu或使用微信扫描下方小程序码即可进入参与互动交流。 为广泛听取投资者的意见和建议，本次业绩说明会将提前向投资者征集问题，投 资者可于2025年4月28日前通过上述线上交流平台的"互动交流—我要提问"界面 进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普 遍关注的问题进行回答。 浙江斯菱汽车轴承股份有限公司 关于召开2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-014 浙江斯菱汽车轴承股份有限公司 关于使用部分闲置募集资金进行现金管理和部分闲置自 有资金进行委托理财暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江斯菱汽车轴承股份有限公司（以下简称"公司"）2025年4月22日召开的第四 届董事会第八次会议及第四届监事会第七次会议，审议通过了《关于使用部分闲置募 集资金进行现金管理和部分闲置自有资金进行委托理财暨关联交易的议案》，并同意 提请股东大会审议。在不影响募集资金投资项目正常进行及公司正常生产经营并确保 资金安全的前提下，以增加公司收益。公司及子公司拟使用额度不超过人民币6.2亿元 （含本数）的闲置募集资金进行现金管理，其中涉及与浙江新昌农村商业银行股份有 限公司（以下简称"新昌农村商业银行"）关联交易的额度不超过4.3亿元；拟使用额 度不超过人民币9.0亿元（含本数）的自有资金开展委托理财，其中涉及与新昌农村商 业银行关联交易的额度不超过3.7亿元。使用期限自股东大会审议通过之日起12个月， 资金可循环滚动使用。公司第四届董 ...