Ge Long Hui·2025-10-13 07:12Core Viewpoint - Dongwu Securities report indicates that Guangyang Co., Ltd. has been deeply engaged in the bearing industry for decades and is a leading enterprise in this field. The company has shown signs of recovery since 2022, with a clear upward trend expected in 2024, turning losses into profits [1] Financial Performance - In the first half of 2025, the company's revenue reached 1.26 billion yuan, representing a year-on-year increase of 12.1% [1] - The net profit attributable to the parent company was 53 million yuan, reflecting a year-on-year growth of 21.9% [1] Business Segments - Bearings constitute the company's primary business, benefiting from the continuous growth in China's automotive production and sales, as well as the increasing penetration rate of new energy vehicles [1] - The company has achieved a simultaneous increase in both volume and price in its main bearing business, supported by policies and demand-side initiatives promoting domestic substitution [1] Strategic Initiatives - The company is expanding into automotive electronics, aligning with the smart wearable trend to unlock new growth opportunities [1] - Guangyang Co., Ltd. is positioned as a leading enterprise in the bearing sector, with profitability rebounding and the FPC business nearing profitability [1] - The company's ventures into low-altitude economy and humanoid robotics are expected to open up entirely new growth spaces [1]