XQL Slewing Bearing(SZ:300850) Xin Lang Cai Jing·2025-04-29 02:53Core Viewpoint - The company reported significant growth in Q1 2025, with a net profit increase of 429% year-on-year, driven by the expansion of main shaft bearings and a favorable wind power market [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.946 billion yuan, a year-on-year increase of 4.32%, but the net profit attributable to shareholders decreased by 82.56% to 65.38 million yuan [1]. - For Q1 2025, the company reported revenue of 926 million yuan, a year-on-year growth of 107.46%, while the net profit attributable to shareholders reached 170 million yuan, marking a 429.28% increase year-on-year [1]. - The gross profit margin for Q1 2025 was 26.71%, up 7.48 percentage points year-on-year, and the net profit margin was 18.95%, an increase of 30.24% year-on-year [1]. Expense Ratios - The expense ratio for 2024 was approximately 10.20%, a decrease of 0.54 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses [2]. - In Q1 2025, the expense ratio was about 10.10%, down 2.82 percentage points year-on-year, indicating improved cost management [2]. Industry Outlook - The domestic wind power industry is experiencing an upturn, with predictions of 105-115 GW of new installations in 2025, driven by both onshore and offshore wind projects [2]. - The long-term forecast for 2024-2026 anticipates an average annual new installation capacity of 100 GW in the wind power sector, with a compound annual growth rate (CAGR) of 11% [2]. Domestic Substitution and Product Upgrades - The wind power bearing sector is seeing accelerated domestic substitution, particularly for main shaft bearings, which are characterized by high technical barriers and added value [3]. - As wind turbines become larger, there is a shift in technology routes among downstream customers, leading to increased penetration of tapered roller bearings (TRB) and independent pitch bearings [3]. Profit Forecast and Valuation - The projected net profits for 2025-2027 are approximately 463 million yuan, 556 million yuan, and 756 million yuan, representing year-on-year growth rates of 608%, 20%, and 36% respectively [4]. - The corresponding price-to-earnings ratios are estimated at 24, 20, and 15 times for the respective years [4].