CSB(300718) 国元证券·2024-06-27 10:00Investment Rating - The report gives a "Buy" rating for the company, with a target price of 13.51/15.99/18.88 billion yuan for 2024-2026, and expects the company's revenue to grow by 22.22%/18.36%/18.04% respectively [19][30] Core Views - The company is a leader in the domestic self-lubricating bearing industry, with a strong customer base and a focus on high-end markets [14][15] - The company's automotive and engineering machinery bearing business is stable, and the humanoid robot business is emerging, with potential for future sales growth [19][30] - The company's product strength is nationally leading, with a deep and solid customer base, and it has entered the global supply system of well-known manufacturers such as Caterpillar and Volvo [15][30] - The company is accelerating the incubation of humanoid robot projects, which is expected to cultivate new performance growth points [15][30] Financial Performance - In 2023, the company achieved operating income of 1.105 billion yuan, a year-on-year increase of 3.18%, and net profit attributable to the parent company of 242 million yuan, a year-on-year increase of 137.26% [7] - The company's gross profit margin and net profit margin improved marginally in 2023, and the expense ratio remained stable overall [7] - The company's R&D investment reached 49.67 million yuan in 2023, a year-on-year increase of 12.09% [7] - The company's ROE is expected to be 16.35%/17.95%/19.45% in 2024-2026, and EPS is expected to be 0.95/1.17/1.45 yuan [19][30] Industry Outlook - The global bearing industry is expected to grow steadily, with the market size reaching 279.8 billion USD by 2032, with a compound growth rate of 8% [30][41] - China's bearing industry is gradually entering a period of development opportunities, with the output of bearings reaching 27.5 billion sets in 2023, a year-on-year increase of 6.18% [30][41] - The sliding bearing application field will be further expanded, and the industry is expected to maintain a rapid growth trend [30][41] Business Structure - The metal-plastic polymer self-lubricating coiled bearing business accounts for 33.07% of the revenue, and the metal-based self-lubricating bearing business accounts for 19.77% of the revenue [7][17] - The company's products are widely used in engineering machinery, automobiles, energy (traditional and renewable), port machinery, plastic machinery, agricultural machinery and other industries [14][30]