SUZHOU BEARING FACTORY CO.(430418) 开源证券·2025-03-09 14:05Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a revenue of 715 million yuan in 2024, representing a year-on-year growth of 12.42%, and a net profit attributable to the parent company of 151 million yuan, which is a 21.32% increase [2] - The company is actively expanding into high-margin overseas markets and new fields such as aerospace, industrial automation, and robotics, which are expected to provide new growth points [4] - The company’s needle roller bearings are increasingly used in various automotive systems, with the Chinese automotive production and sales expected to reach 31.28 million and 31.43 million units respectively in 2024, marking a growth of 3.7% and 4.5% year-on-year [3] Financial Summary - The company’s revenue is projected to grow from 636 million yuan in 2023 to 715 million yuan in 2024, with a compound annual growth rate (CAGR) of 12.4% [6] - The net profit attributable to the parent company is expected to increase from 124 million yuan in 2023 to 151 million yuan in 2024, reflecting a year-on-year growth of 21.3% [6] - The gross margin is anticipated to improve from 36.7% in 2023 to 40.5% in 2024, indicating a positive trend in profitability [6] - The earnings per share (EPS) are projected to rise from 0.92 yuan in 2023 to 1.11 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 47.7 and 39.3 respectively [6]