Investment Rating - The report assigns an "Overweight" rating to Chongde Technology (301548) for the first time [2] Core Views - Chongde Technology is a leading enterprise in the development, production, sales, and integrated solutions of sliding bearings, specializing in hydrodynamic oil film sliding bearings since its establishment in 2003 [2] - The domestic sliding bearing market has broad prospects, with the hydrodynamic oil film sliding bearing industry expected to grow at a CAGR of 13% from 2021 to 2026, reaching a market size of 6.72 billion yuan by 2026 [2] - The company has achieved rapid growth in operating performance, with 2023 revenue reaching 523 million yuan, a year-on-year increase of 16.25%, and net profit attributable to the parent company reaching 101 million yuan, a year-on-year increase of 11.34% [2] - The company is accelerating its international business expansion, with overseas revenue reaching 63.1 million yuan in 2023, a year-on-year increase of 49.17% [2] - The company is expected to benefit from the demand in nuclear power, wind power, and other industries, with its products widely used in nuclear power plants and wind power projects [2] Financial Projections - Revenue is expected to reach 601 million yuan, 729 million yuan, and 912 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.90%, 21.33%, and 25.09% [2] - Net profit attributable to the parent company is expected to reach 134 million yuan, 168 million yuan, and 218 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32.37%, 25.54%, and 29.54% [2] - EPS is expected to be 1.54 yuan, 1.93 yuan, and 2.50 yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 33x, 26x, and 20x [2] Business Segments - The company's main products include sliding bearing components, sliding bearing assemblies, rolling bearing-related products, and other products, accounting for 33.08%, 30.64%, 22.37%, and 11.22% of revenue, respectively [8] - The sliding bearing components segment is expected to grow at a CAGR of 30% from 2023 to 2026, reaching 394.81 million yuan in 2026 [15] - The sliding bearing assemblies segment is expected to grow at a CAGR of 20% from 2023 to 2026, reaching 264.52 million yuan in 2026 [15] Industry Outlook - The domestic sliding bearing market is driven by the expansion of downstream markets, large-scale equipment updates in the industrial sector, and the import substitution of high-end bearings in nuclear power and petrochemical industries [8] - The company is well-positioned to benefit from the growth in nuclear power and wind power industries, with its products being the only domestic supplier of nuclear main pump bearings and the only mass producer of laser-clad wind power sliding bearings [9]
崇德科技首次覆盖报告：深耕动压油膜滑动轴承，重研发多点布局下未来可期