北交所行业主题报告：机器人+汽车+工程车辆新需求，北交所轴承企业助力国产替代

Core Viewpoints - The bearing industry is a crucial component of industrial machinery, with high barriers in raw materials and production processes, indicating a significant market potential of over 1 trillion yuan [1][2][3] - The Chinese bearing market reached 227.8 billion yuan in 2021, with a compound annual growth rate (CAGR) of 7.85% from 2009 to 2021 [1][2][3] - The industry is experiencing growth driven by new demands from robotics, automotive, and engineering vehicles [1][2][3] Group 1: Industry Overview - Bearings are essential mechanical components that support rotating shafts and reduce friction, significantly impacting the performance and precision of machinery [6][7] - The bearing manufacturing segment is the most profitable in the industry chain, with applications spanning industrial automation, high-end equipment, robotics, automotive manufacturing, and more [7][9] - The Chinese bearing industry has seen rapid development due to strong domestic demand and government support, becoming the world's third-largest bearing manufacturer by sales and output since 2005 [9][10] Group 2: Market Dynamics - The automotive sector is the largest application area for bearings, accounting for approximately 39.19% of the market share, followed by household appliances at 20.18% [10][11] - The market for automotive bearings is projected to grow at a CAGR of 6.13% from 2018 to 2022, driven by policies promoting vehicle upgrades and the increasing penetration of new energy vehicles [10][11][12] - The demand for bearings in the forklift market is also increasing, with global forklift sales showing a CAGR of 8.17% from 2013 to 2022 [235][236] Group 3: High-End Bearings and Domestic Substitution - High-end bearings in China are heavily reliant on imports, with domestic production accounting for only about 20% of the market, indicating significant potential for domestic substitution [272][275] - The global high-end bearing market is dominated by eight major manufacturers, which hold a 75% market share, highlighting the competitive landscape [276][277] - The North Exchange is fostering the development of specialized small and medium-sized enterprises in the bearing sector, which are positioned to assist in achieving domestic substitution for high-end bearings [313][314] Group 4: Company Profiles - Wanda Bearings is a leading manufacturer of forklift bearings in China, recognized as a national-level specialized and innovative "little giant," with a market share ranking first domestically and second globally [351][352] - Suzhou Axis Co., Ltd. specializes in needle bearings and has been recognized for breaking foreign technology monopolies, achieving significant growth in revenue and profitability [337][338] - Taide Co., Ltd. focuses on high-precision bearings for automotive applications and has established itself as a national-level specialized and innovative "little giant" [415][416]