SUZHOU BEARING FACTORY CO.(430418) KAIYUAN SECURITIES·2024-11-04 14:32Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is developing high-end bearing products and actively expanding into overseas markets, presenting new growth opportunities [1][2] - The company has established a development intention for aircraft body roller bearings with COMAC, indicating a significant potential for domestic substitution and mass delivery [2] - The company is also expanding its product offerings in the industrial robot sector and has begun supplying needle bearings for RV reducers [3] Financial Summary - For the first three quarters of 2024, the company reported revenue of 547 million yuan, a year-on-year increase of 17.45%, and a net profit attributable to shareholders of 118 million yuan, up 35.04% year-on-year [1] - The gross profit margin for the same period was 38.54%, an increase of 1.21 percentage points year-on-year [1] - The company forecasts net profits attributable to shareholders for 2024-2026 to be 143 million, 163 million, and 188 million yuan, respectively, with corresponding EPS of 1.06, 1.21, and 1.39 yuan per share [1] Market Position and Growth - The company has a strong presence in the overseas market, with overseas revenue accounting for 46.70% in the first half of 2024, an increase of 4.36 percentage points compared to the entire year of 2023 [3] - The company has established a wholly-owned subsidiary in Germany and received VW50015 material release certification, allowing it to participate directly in the design and development of bearings for Volkswagen [3] - The company has a total of 56 patents, including 10 invention patents and 46 utility model patents, showcasing its commitment to innovation [2]