Investment Rating - Maintain "Overweight" rating [3] Core Views - The company plans to acquire 100% of German Levicron for no less than €8.5 million, aiming to expand its air-bearing spindle business and accelerate its presence in the European market [3] - The acquisition is a strategic move to integrate Levicron into the company's global business while maintaining its technological and brand independence [3] - The company will retain Levicron's existing operations and workforce, operating it as an independent unit [3] - The acquisition will diversify the company's product line from oil-lubricated bearings to oil-free bearings and air-bearing spindles [3] - The company is accelerating its international business, with overseas revenue reaching ¥63.1 million in 2023, a year-on-year increase of 49.17% [3] - The company is the sole domestic supplier with a track record of supplying bearings for nuclear main pumps, and its products are widely used in nuclear power plants under construction [3] - The company has developed a second-generation wind power sliding bearing with significant cost advantages and has built the world's first fully automated laser cladding production line [3] - The company secured a nearly ¥10 million gas turbine bearing order from Dongfang Electric Group in 2024 [3] Financial Projections - Revenue is expected to reach ¥577 million, ¥700 million, and ¥853 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.27%, 21.42%, and 21.71% [3] - Net profit attributable to the parent company is projected to be ¥122 million, ¥153 million, and ¥193 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.33%, 25.31%, and 26.56% [3] - EPS is expected to be ¥1.40, ¥1.75, and ¥2.22 in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 37.98x, 30.31x, and 23.95x [3] Financial Data and Valuation - Revenue for 2024E, 2025E, and 2026E is projected to be ¥576.90 million, ¥700.45 million, and ¥852.52 million, respectively [4] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be ¥121.78 million, ¥152.60 million, and ¥193.13 million, respectively [4] - ROE for 2024E, 2025E, and 2026E is expected to be 8.15%, 9.26%, and 10.49%, respectively [4] - EPS for 2024E, 2025E, and 2026E is projected to be ¥1.40, ¥1.75, and ¥2.22, respectively [4] - P/E ratios for 2024E, 2025E, and 2026E are 37.98x, 30.31x, and 23.95x, respectively [4] Basic Data - 52-week high/low price: ¥94.1/¥36.68 [5] - A-share circulating shares: 23.69 million [5] - A-share total shares: 87.00 million [5] - Circulating market value: ¥1,189.14 million [5] - Total market value: ¥4,366.53 million [5] Stock Performance - The stock price of the company has shown a downward trend over the past year, with a decline of 43% [6] Industry and Market Context - The company operates in the industrial and capital goods sector, focusing on sliding bearings, which are widely used in energy generation, industrial drives, petrochemicals, and shipbuilding [3] - The company's international business expansion is driven by demand from industries such as nuclear power and wind power [3]
崇德科技事件点评：拟收购德国Levicron，拓展气浮主轴业务