SKF：加快分拆汽车轴承业务

Core Viewpoint - SKF, the world's largest bearing manufacturer, is accelerating the spin-off of its automotive bearing business due to declining profit margins, while focusing on its industrial bearing business which has a significantly higher profit margin [1][8]. Automotive Bearing Business Spin-off - SKF plans to complete the spin-off of its automotive bearing business by Q4 2024, with a Nasdaq listing expected in the first half of 2026, although the progress has not fully adhered to the initial timeline due to deep integration with industrial bearings [5][6]. - As of November 2025, 50% of automotive sales have transitioned to the new entity, with 70% of automotive bearing employees and production channels already transferred [9]. Industrial Bearing Business Outlook - Post-spin-off, SKF's industrial bearing business is projected to achieve an annual sales growth of 4%, with an adjusted EBIT margin expected to rise to 17% in the medium term and further to 19% in the long term. Capital investment returns are anticipated to increase from 14% to 20% [8]. Market Challenges and Opportunities - The automotive bearing sector faces a bleak outlook, with expected sales growth slightly above the global automotive market and an adjusted EBIT margin of only 6-9% [8]. - SKF's automotive bearing business has over 100 years of experience and covers various automotive applications, including engines and electric drive systems, with a 33% market share in the electric vehicle bearing market due to strategic partnerships with major clients like BYD [11][13]. Competitive Landscape - Chinese manufacturers are increasingly challenging foreign bearing companies like SKF by offering lower prices and faster response times, which poses significant threats to SKF's market position [17][18]. - SKF's decision to spin off its automotive bearing business may be influenced by the competitive pressures from Chinese manufacturers [18]. Strategic Focus Areas Post-Spin-off - After the spin-off, SKF will concentrate on military, aerospace, and rail transit sectors, with military bearings identified as a key market due to rising defense spending in Europe [20]. - The military bearing market is expected to grow at an annual rate of 7-8% by 2030, with SKF's military bearing sales reaching 2 billion Swedish Krona in 2024 [20]. Rail and Aerospace Bearings - The rail transit segment is crucial for SKF, with sales projected to reach 5 billion Swedish Krona in 2024 and an annual growth rate of 9% from 2022 to 2024 [23]. - The aerospace bearing market is expected to grow at a compound annual growth rate of 14% from 2022 to 2025, with an 8 percentage point increase in adjusted operating profit margin [25][26]. Localization Strategy - SKF aims to enhance localization in its manufacturing processes, with 95% localization in Europe and plans to increase localization in East Asia to 70% by 2030 [28].