Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Viewpoints - The company is a leader in the automotive bearing market, focusing on the aftermarket and has a strong presence in overseas markets, particularly in North America and Europe [8][16]. - The company has a robust product matrix with over 6,000 product models, catering to both traditional and new energy vehicles, which positions it well for future growth [8][36]. - The company is expanding into the robotics components sector, which is expected to become a significant growth driver, with projections indicating potential revenue from harmonic reducers could exceed 2 billion yuan by 2030 [8][36]. Summary by Sections 1. Overseas Aftermarket Leader, Specializing in Bearing Manufacturing - The company has been dedicated to automotive bearing manufacturing since its establishment in 2004, focusing on the overseas aftermarket and has built a strong reputation among major global clients [16][19]. - The company has seen steady revenue growth, with a CAGR of 25% from 2018 to 2023, and net profit growth at a CAGR of 35% during the same period [23][24]. 2. Vast Aftermarket Potential, Highlighting Opportunities in Main Bearings - The global aftermarket is valued at approximately 527.25 billion by 2030, driven by increasing vehicle age and demand for replacement parts [37][40]. - The North American aftermarket is dominated by independent aftermarket (IAM) players, with significant market share held by major chains [47][52]. 3. Steady Progress in Overseas Markets, Expanding High-End Bearings - The company has improved its customer structure and expanded its overseas business, with foreign revenue accounting for 69% of total revenue in 2023 [31][32]. - The company has invested in a full industrial chain factory in Thailand, enhancing its global production capacity [31][32]. 4. Entering the Robotics Industry, Cultivating a Second Growth Curve - The company is establishing a robotics components division, focusing on harmonic reducers, with an investment of 117 million yuan planned for production line development [8][36]. - The global humanoid robot market is expected to see significant growth, providing a substantial revenue opportunity for the company [8][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.81 billion yuan, 2.21 billion yuan, and 2.57 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 78, 64, and 55 [8][36].
斯菱股份：轴承龙头掘金车后市场，谐波新锐扬帆人形蓝海-20250312