丝杠行业点评：南京工艺筹备重组上市，持续关注丝杠行业进展

Investment Rating - The report assigns an investment rating of "Leading the Market - A" for the screw rod industry, indicating an expected performance that surpasses the benchmark index by over 10% [1]. Core Insights - The report highlights the restructuring of Nanjing Chemical Fiber, which plans to divest its original business assets and liabilities, injecting 100% of Nanjing Craft's shares. This move is expected to transform the company's main business into the research, production, and sales of rolling functional components, potentially leading to rapid growth through capital market support [1][2]. - Nanjing Craft has over 60 years of experience in rolling functional components, showcasing strong R&D capabilities and a solid customer base. Its products include ball screw assemblies, rolling guide assemblies, and rolling spline assemblies, making it one of the few domestic manufacturers capable of developing and mass-producing planetary roller screw assemblies [1][2]. - The report emphasizes the low domestic market share of Chinese manufacturers in high-end ball screw markets, with only 5% in high-end and 30% in mid-range segments. In contrast, foreign companies dominate these markets, holding 90% and 30% shares respectively [2]. - The rolling functional components are critical in various sectors, including CNC machine tools, automotive, humanoid robots, and smart manufacturing, indicating a broad application space and significant market potential [2][4]. Summary by Sections Company Overview - Nanjing Craft's revenue for 2022 and the first half of 2024 was reported at 460 million yuan, 490 million yuan, and 250 million yuan respectively, with net profits of approximately 59.16 million yuan, 76.67 million yuan, and 47.94 million yuan [1]. Market Dynamics - The report notes that the rolling functional components industry has a low domestic production rate, which underscores the importance of self-sufficiency. The market for planetary roller screws is primarily occupied by foreign manufacturers, with domestic players holding a combined market share of 19% [2]. Investment Recommendations - The report recommends stocks such as Best and Wuzhou New Spring for investment, while also suggesting to keep an eye on Nanjing Chemical Fiber (Nanjing Craft), Hengli Hydraulic, Changsheng Bearing, Qin Chuan Machine Tool, Hechuan Technology, Dingzhi Technology, and Shuanglin Co. [4].