Xin Lang Cai Jing·2025-09-05 11:30Company Overview and Core Competitiveness - Guojijiang Precision Engineering was listed on the Shenzhen Stock Exchange in 2005, focusing on precision manufacturing with five major business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management and services [2] - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since the establishment of its research institutes in 1958, receiving 298 national and provincial-level awards [2] - The bearing business is robust, with over 90% matching rate for key products in the aerospace sector, and strong growth in wind power bearings, successfully developing several domestic products to replace imports [2] Business Performance and Highlights - The company has seen continuous growth in core financial indicators over the past five years, focusing on its main business and establishing a "dual growth" pattern [2] - The innovation system is being rapidly improved, forming an integrated R&D system, and the company has been recognized as a "demonstration" benchmark enterprise for four consecutive years [2] - The company is strengthening its talent development system to enhance its competitive advantage [2] Development Outlook and Investment Value - The company aims to enhance the production capacity and intelligence of special bearings, consolidating its technological advantages in wind power bearings [3] - Future potential businesses include developing bearings for commercial aerospace and humanoid robots, as well as accelerating the application of functional diamonds in superhard materials [3] - The company targets a long-term dividend payout ratio of no less than 40%, with a projected payout ratio ranking in the 70th percentile among listed companies in 2024 [3] Investor Q&A Highlights - Revenue from superhard material tools in the semiconductor sector is expected to exceed 300 million yuan in 2024, marking it as a key development direction [4] - Wind power bearing revenue is projected at 340 million yuan for 2024 and 480 million yuan for the first half of 2025, with main shaft and gearbox bearings accounting for about 50% [4] - The company has made technological breakthroughs in robot bearings and has included humanoid robot bearings in its 14th Five-Year Plan, anticipating significant growth as the industry matures [4]