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].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - 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 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 exceeding 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 R&D, manufacturing, and sales since its establishment in 2004, focusing on the overseas aftermarket [16]. - The company has seen its revenue grow from 240 million yuan in 2018 to 738 million yuan in 2023, with a CAGR of 25% [23][24]. 2. Vast Aftermarket Potential, Highlighting Opportunities in Main Bearings - The global aftermarket is valued at approximately 408.49 billion USD in 2022, with expectations for growth to 527.25 billion USD by 2030 [37]. - North America holds the largest share of the aftermarket, accounting for about 31.9% of the total market [37]. 3. Steady Progress in Overseas Markets, Expanding High-End Bearings - The company has increased its overseas revenue share from 41% in 2018 to 69% in 2023, driven by strategic acquisitions and market expansion [31][36]. - The company has optimized its customer structure, enhancing its presence in the North American aftermarket [36]. 4. Entering the Robotics Supply Chain, Cultivating a Second Growth Curve - The company plans to establish a robotics components division in 2024, focusing on the development of harmonic reducers and other core components [8][36]. - The global humanoid robot market is expected to exceed 1 million units by 2027, presenting significant growth opportunities 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 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 78, 64, and 55 [8][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].

Group 1: Production and Manufacturing - The company has developed a flexible production line suitable for "small batch, multiple varieties, and quick response," enhancing equipment utilization and reducing production cycles [1] - Future plans include strengthening flexible manufacturing capabilities through automation and intelligent upgrades [1] Group 2: Customer Base - The company's bearing products primarily target the automotive aftermarket and original equipment manufacturers (OEMs), with aftermarket customers mainly being independent brand merchants and large chain terminals [2] Group 3: Overseas Expansion - In April 2024, the third phase of investment in the Thailand factory will commence, aimed at increasing production capacity and enhancing competitiveness for overseas customer orders [2] Group 4: Robotics Component Business - The company leverages its precision component manufacturing advantages for the robotics parts business, sharing some R&D technologies and production equipment [2] - The robotics parts business is still in its early stages, with no mass supply to the market yet [2]

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]

Company Performance - The stock price of Slin Co. reached a historical high, increasing by 1.08% to 92.10 yuan, with a trading volume of 2.1333 million shares and a transaction value of 194 million yuan, resulting in a turnover rate of 3.88% [1] - The latest total market capitalization of Slin Co. is 10.131 billion yuan, with a circulating market capitalization of 5.059 billion yuan [1] - The company reported a revenue of 557 million yuan for the first three quarters, representing a year-on-year growth of 5.06%, and a net profit of 137 million yuan, reflecting a year-on-year increase of 28.13% [1] - The basic earnings per share are 1.2400 yuan, with a weighted average return on equity of 8.29% [1] Industry Overview - The automotive industry, to which Slin Co. belongs, experienced an overall decline of 1.41%, with 45 stocks rising and 240 stocks falling [1] - The top gainers in the industry include Jintuo Co., Changhua Group, and Chuanhuan Technology, with increases of 10.01%, 9.99%, and 5.80% respectively [1] - The stocks with the largest declines include Jun Chuang Technology, Smart Agriculture, and Alter, with decreases of 7.27%, 6.82%, and 6.76% respectively [1] Margin Trading Data - As of January 21, the latest margin trading balance for Slin Co. is 268 million yuan, with a financing balance of 268 million yuan, showing a decrease of 43.6238 million yuan over the past 10 days, which is a decline of 13.98% [1]

（一）培训时间及地点 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 2024年度持续督导培训情况报告 深圳证券交易所： 财通证券股份有限公司（以下简称"财通证券"或"保荐机构"）作为浙江 斯菱汽车轴承股份有限公司（以下简称"斯菱股份"或"公司"）首次公开发行 股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》的相关规定，于 2024 年 12 月 19 日对斯菱股份进行了持续 督导培训，具体情况如下： 一、本次持续督导培训的基本情况 保荐机构本次持续督导培训的工作过程中，公司积极予以配合，保证了培训 工作的有序进行，达到了良好效果。 三、本次持续督导培训的结论 1、培训时间：2024 年 12 月 19 日 2、培训方式：现场授课 3、现场培训地点：新昌县澄潭街道江东路 3 号斯菱股份会议室 （二）培训主讲人及培训对象 1、主讲人：财通证券保荐代表人 戚淑亮 2、培训对象：控股股东、实际控制人、董事、监事、高级 ...