关于部分首次公开发行前已发行股份上市流通的提示性公告 证券代码：301550 证券简称：斯菱股份 公告编号：2025-001 浙江斯菱汽车轴承股份有限公司 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。 特别提示： 1、本次解除限售的股份为浙江斯菱汽车轴承股份有限公司（以下简称"公司"或 "斯菱股份"）部分首次公开发行前已发行的股份； 2、本次解除限售股东户数共计8户，解除限售股份的数量为13,358,300股，占公司 总股本的12.1439%，原限售期为自公司首次公开发行股票并在深圳证券交易所（以下 简称"深交所"）上市之日起12个月，根据股东在《首次公开发行股票并在创业板上市 招股说明书》《首次公开发行股票并在创业板上市之上市公告书》作出的承诺，锁定 期自动延长6个月，即最终锁定期为自公司首次公开发行股票并在深交所上市之日起18 个月； 3、本次解除限售的股份上市流通日期为2025年3月17日（星期一）； 4、本次解除股份限售的股东请勿在解限期间办理转托管、质押式回购等会导致托 管单元发生变更的业务，否则可能导致相应股东解除限售失败。 一、公司首次公开发行 ...

财通证券股份有限公司 关于浙江斯菱汽车轴承股份有限公司 一、公司首次公开发行股票情况和上市后股本变化情况 根据中国证券监督管理委员会出具的《关于同意浙江斯菱汽车轴承股份有限 公司首次公开发行股票注册的批复》（证监许可〔2023〕1251 号），并经深圳证 券交易所同意，公司首次公开发行人民币普通股（A 股）27,500,000 股，并于 2023 年 9 月 15 日在深圳证券交易所创业板上市。公司首次公开发行前总股本 82,500,000 股，首次公开发行股票完成后，公司总股本为 110,000,000 股，其中 有限售条件流通股票的数量为 83,918,111 股，占公开发行后公司总股本的比例为 76.29%；无限售条件流通股票的数量为 26,081,889 股，占公开发行后公司总股本 的比例为 23.71%。 公司首次公开发行网下配售限售股股份数量为 1,418,111 股，占公司总股本 比例为 1.2892%。该部分限售股已于 2024 年 3 月 15 日上市流通。 公司部分首次公开发行前已发行股份数量为 27,431,700 股，占公司总股本比 例为 24.9379%。该部分限售股已于 2024 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Viewpoints - The company is a leader in the automotive bearing market, focusing on the aftermarket and has a strong presence in overseas markets, particularly in North America and Europe [8][16]. - The company has a robust product matrix with over 6,000 product models, catering to both traditional and new energy vehicles, which positions it well for future growth [8][36]. - The company is expanding into the robotics components sector, which is expected to become a significant growth driver, with projections indicating potential revenue from harmonic reducers could exceed 2 billion yuan by 2030 [8][36]. Summary by Sections 1. Overseas Aftermarket Leader, Specializing in Bearing Manufacturing - The company has been dedicated to automotive bearing manufacturing since its establishment in 2004, focusing on the overseas aftermarket and has built a strong reputation among major global clients [16][19]. - The company has seen steady revenue growth, with a CAGR of 25% from 2018 to 2023, and net profit growth at a CAGR of 35% during the same period [23][24]. 2. Vast Aftermarket Potential, Highlighting Opportunities in Main Bearings - The global aftermarket is valued at approximately $408.49 billion in 2022, with expectations to grow to $527.25 billion by 2030, driven by increasing vehicle age and demand for replacement parts [37][40]. - The North American aftermarket is dominated by independent aftermarket (IAM) players, with significant market share held by major chains [47][52]. 3. Steady Progress in Overseas Markets, Expanding High-End Bearings - The company has improved its customer structure and expanded its overseas business, with foreign revenue accounting for 69% of total revenue in 2023 [31][32]. - The company has invested in a full industrial chain factory in Thailand, enhancing its global production capacity [31][32]. 4. Entering the Robotics Industry, Cultivating a Second Growth Curve - The company is establishing a robotics components division, focusing on harmonic reducers, with an investment of 117 million yuan planned for production line development [8][36]. - The global humanoid robot market is expected to see significant growth, providing a substantial revenue opportunity for the company [8][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.81 billion yuan, 2.21 billion yuan, and 2.57 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 78, 64, and 55 [8][36].

证券研究报告·公司深度研究·汽车零部件 斯菱股份（301550） 轴承龙头掘金车后市场，谐波新锐扬帆人形 蓝海 买入（首次） 证券分析师 司鑫尧 执业证书：S0600524120002 sixy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 749.74 | 738.12 | 784.81 | 950.19 | 1,171.50 | | 同比（%） | 4.90 | (1.55) | 6.33 | 21.07 | 23.29 | | 归母净利润（百万元） | 122.58 | 149.74 | 180.94 | 221.36 | 257.48 | | 同比（%） | 35.16 | 22.16 | 20.83 | 22.34 | 16.32 | | EPS-最新摊薄（元/股） | 1.11 | 1.36 ...

Group 1: Company Overview and Market Position - Zhejiang Siling Automotive Bearing Co., Ltd. focuses on deepening and expanding its presence in the European and American markets, with stable order performance in Europe and successful acquisition of the Certificate of Origin from U.S. Customs for its Thailand factory, enhancing supply chain stability in North America [2][3] - The company aims to maintain its current market share while actively seeking incremental opportunities in the European and American markets [2] Group 2: Product Applications and Development - The company's main product, the hub bearing unit, is suitable for both traditional fuel vehicles and new energy vehicles, with product structure variations based on load requirements [2] - Research and development efforts have yielded high-speed, lightweight, and long-life bearing products that meet the demands of new energy vehicles, with plans to penetrate the main engine and aftermarket of the new energy vehicle sector [2] Group 3: Robotics Division and Future Prospects - The company established a robotics components division in April 2024, focusing on the research and manufacturing of robotic components, particularly harmonic reducers for various robotic applications [2][3] - The core equipment for harmonic reducers is expected to be in place by the end of 2024, with plans to invest in a second production line in H1 2025 to meet future market demand [3] - The robotics industry is viewed as a core area of future intelligent manufacturing, with significant development potential, although the current stage is still in the investment phase with limited short-term revenue and profit contributions [3] Group 4: Risk Considerations - The company emphasizes the need for investors to maintain awareness of risks associated with the emerging robotics sector, including uncertainties in technology and market demand [2][3] - Continuous investment in research and development and production optimization is planned to address these uncertainties and enhance product quality [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leader in the automotive bearing aftermarket, with a strong growth outlook driven by the increasing demand for replacement parts due to rising vehicle age and the growth of the new energy vehicle market [2][40]. - The company is also entering the humanoid robot core component market, which is expected to see significant growth, with 2025 projected as a year of mass production [2][48]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the automotive bearing sector for over 20 years, focusing on aftermarket and OEM markets, with 2023 revenue reaching 740 million yuan, primarily from brake system bearings [12][18]. - The company has a stable and concentrated shareholding structure, with the top three shareholders holding over 51% of the shares, indicating strong management confidence [16]. 2. Traditional Business - The global bearing market is dominated by eight major international players, with a market share of 75%, while domestic companies primarily focus on mid-to-low-end products [34][35]. - The domestic bearing market is expected to grow significantly, with projections indicating a market size exceeding 300 billion yuan by 2024, driven by the increasing number of vehicles and their average age [38][40]. 3. Emerging Business - The humanoid robot industry is on the verge of explosive growth, with significant advancements in technology and production capabilities expected by 2025 [47][48]. - The company is developing three core components for humanoid robots: harmonic reducers, actuator modules, and rolling ball screws, which are anticipated to benefit from the industry's growth [49][54]. 4. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 812 million, 974 million, and 1.214 billion yuan, respectively, with corresponding growth rates of 10%, 20%, and 25% [3][60]. - The company's net profit is expected to grow at a CAGR of 23% from 2024 to 2026, with P/E ratios decreasing from 72 to 46 over the same period [3][60].

证券代码：301550 证券简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 国泰君安证券肖群稀、长江证券赵智勇、长江证券叶道 峰、长江证券喻亨一、长江证券阮丹宁、华鑫证券罗笛 箫、融通基金刘安坤、融通基金唐皓、融通基金卢文杰、 融通基金钱佳兴、融通基金张文玺、融通基金刘申奥、 博时基金金耀、平安资管邬炜、平安资管顾皓卿、平安 资管马继愈、平安资管史俊奇、平安资管樊建岐 时间 2025 年 2 月 20 日-2 月 21 日 地点 公司会议室 形式 现场交流 上市公司接待人员姓名 董事长姜岭，董事会秘书安娜、证券事务代表蔡航丽 投资者关系主要内容介绍 1、主业方面，贵公司如何打造"小批量、多品种" 的柔性生产模式？ 答：公司自主研发出适合"小批量、多品种、快速 响应"的柔性生产线，在满足产品品质的同时，根据产 品订单总量和批量的变化及时匹配生产能力，使得设备 运行灵活并能实现快速换型，能够提高设备利用率、缩 ...

Group 1: Company Strategy and Market Position - The company plans to expand its main engine market, with a focus on high-quality projects. The completion of the "annual production of 6.29 million sets of high-end automotive bearing intelligent construction project" is expected to enhance production capacity and product structure [1] - The company has developed lightweight, high-sealing, low-friction bearings with smart chips for applications in automated parking and intelligent driving, although these products currently represent a small sales percentage [2] - The company has established a differentiated manufacturing advantage through a tailored supply chain and a flexible production line capable of small-batch, multi-variety, and quick response, with over 6,000 product models covering mainstream global vehicle types [2] Group 2: Robotics and Future Capacity Planning - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic scenarios. Core equipment for this product line is expected to be in place by the end of 2024, with plans for a second production line investment in H1 2025 to meet future market demand [2]

Group 1: Company Overview - The company, Zhejiang Siling Automotive Bearing Co., Ltd., focuses on the research, manufacturing, and sales of various bearing products, including hub bearings and clutch components, targeting global markets such as Southeast Asia, Europe, and North America [2]. Group 2: Financial Impact and Risk Management - Fluctuations in the USD exchange rate can have short-term impacts on the company's business; the company plans to adjust its business model and take measures to mitigate risks associated with exchange rate volatility [2]. Group 3: Market Expansion and Client Base - The company has received U.S. customs recognition for its products, enhancing its competitiveness and market share in North America, with plans to secure new client projects and expand export business [2]. - The primary customer base for the company's bearing products includes the automotive aftermarket and original equipment manufacturers (OEMs), with established relationships with major clients such as Foton, Chery, FAW-Volkswagen, and SAIC Maxus [2]. Group 4: Product Development - The company is currently focused on the research and mass production of harmonic reducers, which are applicable in various robotic applications; the core equipment for this product line is expected to be operational by the end of 2024, with initial small-scale production to follow [2].

Group 1: Company Operations and Strategy - The company has established a factory in Thailand to mitigate the impact of U.S. tariffs, ensuring product delivery to global clients in Southeast Asia, Europe, and North America [2] - The Thai factory has received U.S. customs recognition for its certificate of origin, enhancing the company's competitiveness in overseas markets [2] - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic applications [2] Group 2: Production and Investment Plans - The core equipment for harmonic reducers is expected to be in place by the end of 2024, with small-scale production commencing thereafter [2] - The company plans to invest in a second production line in H1 2025 to increase capacity in response to future market demand [2] - The Thai factory's second phase of investment was completed in Q1 2024, with a third phase already initiated to enhance existing production capacity [2] Group 3: Product Development and Market Position - The company leverages its precision component manufacturing expertise to enhance its capabilities in robotic component production [2] - Development of actuator modules is underway, with mechanical transmission components being designed in-house and motor components developed in collaboration with partners [2] - Future investments will be considered based on customer demand and order conditions [3]