XQL Slewing Bearing(SZ:300850) Chang Jiang Shang Bao·2025-10-22 09:10Core Viewpoint - New Strong Union (300850.SZ) has experienced a significant turnaround in its operating performance, with substantial increases in revenue and profit in the first three quarters of 2025 compared to the same period in 2024 [1][2][3]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.618 billion yuan, a year-on-year increase of 84.10%, and a net profit attributable to shareholders of 664 million yuan, a year-on-year increase of 1939.50% [1]. - The company's non-recurring net profit was 582 million yuan, reflecting a year-on-year increase of 846.59% [1]. - In contrast, the first three quarters of 2024 saw operating revenue of 1.965 billion yuan, a decrease of 6.06%, and a net loss of 36.09 million yuan, a year-on-year decrease of 110.83% [1]. Quarterly Breakdown - The quarterly revenue for 2025 was as follows: 926 million yuan in Q1 (up 107.46%), 1.283 billion yuan in Q2 (up 110.09%), and 1.408 billion yuan in Q3 (up 55.13%) [2]. - The net profit for the same quarters was 170 million yuan (up 429.28%), 229 million yuan (up 567.6%), and 264 million yuan (up 308.57%) [2]. Market Demand and Product Strategy - The company has diversified its product offerings, focusing on high-value products in key sectors such as wind power bearings, shield machine bearings, offshore equipment bearings, and construction machinery bearings [3]. - The growth in performance is attributed to the robust demand in the domestic wind power market and stable demand for high-quality rotary support products in specialized equipment manufacturing [3]. - The company has increased the proportion of high-value-added products, which have higher technical content and profitability, contributing to overall profit growth [3]. Profitability Metrics - For the first three quarters of 2025, the company's comprehensive gross margin and net margin were 28.88% and 18.94%, respectively, representing increases of 12.14 percentage points and 20.1 percentage points year-on-year [3]. Stock Performance - The stock price of New Strong Union has performed exceptionally well, rising from 19.02 yuan per share at the beginning of 2025 to a peak of 49.60 yuan per share on October 22, marking a maximum increase of approximately 161% within the year [4]. Institutional Interest - Institutional investors are optimistic about the company's growth prospects, as evidenced by the continuous accumulation of shares by social security funds in the second and third quarters of 2025 [5].