苏轴股份：全球化进程加速，具身智能轴承有望受益-20250228

Investment Rating - The report maintains a "Recommended" rating for Suzhou Axis Co., Ltd. (stock code: 430418.BJ) [2][5][7] Core Views - The company achieved a revenue of 715.44 million and a net profit of 150.87 million in 2024, reflecting a year-on-year growth of 12.4% and 21.3% respectively [5][7] - The stock price has increased by 83.4% since the beginning of the year, outperforming the North Exchange 50 index, which rose by 29.1% [5] - The company is benefiting from the acceleration of globalization and the transition to intelligent manufacturing, which enhances production efficiency [5][6] - The domestic market is diversifying, with active expansion into aerospace, industrial automation, and high-end equipment sectors [5][6] - The embodied intelligence sector is gaining momentum, with significant growth expected in the domestic market for intelligent robots [5][6] Financial Performance Summary - The company’s projected financials indicate a steady growth trajectory, with revenues expected to reach 913.24 million in 2025 and 1,182.97 million in 2026, representing growth rates of 27.65% and 29.54% respectively [7][9] - The net profit is forecasted to grow to 195.54 million in 2025 and 253.86 million in 2026, with growth rates of 29.61% and 29.83% respectively [7][9] - The diluted EPS is expected to increase from 1.11 in 2024 to 1.87 in 2026 [7][9] Market Trends and Opportunities - The domestic market for embodied intelligent robots is projected to grow from approximately 418.6 billion in 2023 to over 500 billion by 2025, with a CAGR of 10.9% [5][6] - The automotive sector, which accounts for about 43% of bearing applications, is expected to benefit from government policies promoting vehicle upgrades and replacements [6][7] - The company has established stable partnerships with major global Tier 1 manufacturers, enhancing its market position and reducing the risk of supplier changes [6][7]