财信证券：首次覆盖苏轴股份给予增持评级

Core Viewpoint - The report by Yuanzhi Yuan from Caixin Securities highlights the stable growth of Suzhou Axis Co., Ltd. in the bearing industry, with a focus on new product development and a recommendation for a buy rating. Financial Performance - In 2024, the company achieved revenue of 715 million yuan, a year-on-year increase of 12.42% [1] - The net profit attributable to shareholders was 151 million yuan, up 21.32% year-on-year, while the net profit excluding non-recurring items was 148 million yuan, reflecting a 27.83% increase [1] - The gross margin for 2024 was 37.29%, an increase of 0.61 percentage points, and the net margin was 21.06%, up 1.54 percentage points [1] Quarterly Performance - In Q4 2024, revenue was 169 million yuan, down 1.27% year-on-year and down 10.50% quarter-on-quarter [2] - The net profit attributable to shareholders in Q4 was 33 million yuan, a decrease of 10.90% year-on-year and 24.18% quarter-on-quarter [2] - The gross margin for Q4 was 33.24%, down 1.64 percentage points year-on-year and down 6.22 percentage points quarter-on-quarter [2] Product and Regional Analysis - Bearing products generated revenue of 635 million yuan in 2024, a year-on-year increase of 11.96%, with a gross margin of 38.75% [3] - Rolling body revenue was 47 million yuan, up 24.61% year-on-year, but with a gross margin of 34.69%, down 11.37 percentage points [3] - Domestic revenue was 404 million yuan, a 10.13% increase year-on-year, while international revenue reached 311 million yuan, up 15.55% year-on-year [3] Future Outlook - The company is focusing on the development of new products, including thin-walled cross cylindrical roller bearings for harmonic reducers, which may drive future growth [4] - Revenue projections for 2025-2027 are 870 million, 1.05 billion, and 1.25 billion yuan, with net profits of 183 million, 229 million, and 283 million yuan respectively [4] - The company is rated as a "buy" based on its stable business fundamentals and growth potential in the robotics sector [4]