RADICAL(300652) 华鑫证券·2025-03-13 08:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company is actively expanding its OEM market, achieving significant sales growth, with OEM sales increasing by 105% year-on-year in 2023 [4][26] - The company plans to acquire a 51% stake in Tongzhan Precision to enter the humanoid robot industry, indicating a strategic move towards high-growth sectors [6] - Revenue forecasts for 2024-2026 are projected at 778 million, 1.218 billion, and 1.495 billion yuan respectively, with net profits expected to reach 125 million, 156 million, and 194 million yuan [7][8] Summary by Sections Company Overview - Established in 2002, the company focuses on hub bearings and has expanded into both aftermarket and OEM markets [4][14] - The company has a diverse product matrix, including over 10,000 types of automotive bearings [17] Market Expansion - The aftermarket is stable, with ongoing efforts to penetrate the OEM market, which has shown rapid growth [4][26] - In 2023, the company sold 2.234 million products, with aftermarket and OEM sales at 1.652 million and 582 million units respectively [4][29] Production Capacity - The company operates three factories, with the second and third factories ramping up production to meet OEM market demands [5] Financial Performance - The company’s revenue for 2023 was 652 million yuan, with a growth rate of 0.6% [8] - The gross profit margin for 2023 was 32.0%, reflecting a recovery from previous lows [34] Research and Development - The company has consistently increased its R&D investment, with expenditures of 18 million, 27 million, 29 million, and 28 million yuan from 2020 to 2023 [37][40] Shareholder Structure - The company has a stable shareholding structure, with the actual controllers holding 41.17% of the shares [41]