Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leader in the automotive bearing aftermarket, with a strong growth outlook driven by the increasing demand for replacement parts due to rising vehicle age and the growth of the new energy vehicle market [2][40]. - The company is also entering the humanoid robot core component market, which is expected to see significant growth, with 2025 projected as a year of mass production [2][48]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the automotive bearing sector for over 20 years, focusing on aftermarket and OEM markets, with 2023 revenue reaching 740 million yuan, primarily from brake system bearings [12][18]. - The company has a stable and concentrated shareholding structure, with the top three shareholders holding over 51% of the shares, indicating strong management confidence [16]. 2. Traditional Business - The global bearing market is dominated by eight major international players, with a market share of 75%, while domestic companies primarily focus on mid-to-low-end products [34][35]. - The domestic bearing market is expected to grow significantly, with projections indicating a market size exceeding 300 billion yuan by 2024, driven by the increasing number of vehicles and their average age [38][40]. 3. Emerging Business - The humanoid robot industry is on the verge of explosive growth, with significant advancements in technology and production capabilities expected by 2025 [47][48]. - The company is developing three core components for humanoid robots: harmonic reducers, actuator modules, and rolling ball screws, which are anticipated to benefit from the industry's growth [49][54]. 4. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 812 million, 974 million, and 1.214 billion yuan, respectively, with corresponding growth rates of 10%, 20%, and 25% [3][60]. - The company's net profit is expected to grow at a CAGR of 23% from 2024 to 2026, with P/E ratios decreasing from 72 to 46 over the same period [3][60].
斯菱股份深度报告：汽车售后市场轴承龙头，切入人形机器人核心零部件赛道