SUZHOU BEARING FACTORY CO.(430418) 开源证券·2024-08-20 01:30Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is entering the new growth areas of robotics and aerospace bearings, which opens up new growth opportunities [3][4] - In H1 2024, the company achieved revenue of 358 million yuan (+17.94%) and a net profit attributable to shareholders of 74.01 million yuan (+33.99%), with Q2 2024 revenue and net profit reaching historical highs [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of 143 million, 163 million, and 188 million yuan respectively, with corresponding EPS of 1.06, 1.21, and 1.39 yuan per share [3] Financial Performance Summary - In H1 2024, the company reported a revenue of 358 million yuan, a year-on-year increase of 17.94%, and a net profit of 74.01 million yuan, up 33.99% [3] - The gross profit margin for H1 2024 was 38.05%, an increase of 1.2 percentage points [3] - The company expects a revenue growth of 19.1% in 2024, with a projected revenue of 758 million yuan [6] - The net profit is expected to grow at a CAGR of 15.1% from 2024 to 2026 [6] Industry Insights - The aerospace bearing market is projected to grow from 58.22 billion yuan in 2023 to 83.78 billion yuan by 2029, with a CAGR of 5.99% [4] - The humanoid robot bearing market is expected to see a CAGR of 94.42% from 2024 to 2030 [4] - The company is expanding its offerings in the robotics sector, focusing on precision bearings for industrial robots and collaborating with major players like COMAC for aerospace applications [5]