SUZHOU BEARING FACTORY CO.(BJ:430418) Soochow Securities·2025-04-09 03:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024 is projected to grow by 21% year-on-year, driven by domestic brand business and overseas market expansion [2] - The company achieved total revenue of 715.44 million yuan in 2024, representing a year-on-year increase of 12.42%, with a net profit attributable to shareholders of 150.65 million yuan, up 21.32% year-on-year [2] - The company is focusing on high-end supporting business for its own brand, with the RV reducer entering small-batch supply stage [4] Financial Performance Summary - Revenue and Profit Forecast: - Total revenue is expected to reach 904.32 million yuan in 2025, with a growth rate of 26.40% [1] - Net profit attributable to shareholders is forecasted to be 193.78 million yuan in 2025, reflecting a growth of 28.63% [1] - The latest diluted EPS is projected to be 1.11 yuan in 2024, increasing to 1.43 yuan in 2025 [1] - Margin and Cost Efficiency: - The overall sales gross margin improved by 0.62 percentage points to 37.29% [2] - The net profit margin increased by 1.55 percentage points to 21.06% [2] - Segment Performance: - Bearing products revenue is expected to grow by 11.96% to 635 million yuan in 2024, with a gross margin of 38.75% [3] - Revenue from rolling elements is projected to increase by 24.61% to 47 million yuan, although the gross margin decreased by 11.36 percentage points to 34.69% due to product pricing and sales structure changes [3] Strategic Initiatives - The company is leveraging its 60 years of manufacturing experience to break foreign technology monopolies and fill domestic gaps in the rolling needle bearing sector [4] - It is enhancing its global presence by establishing stable supply chain relationships with renowned international companies such as Bosch and Magna [4] - The company is actively developing clients and products in high-end sectors such as new energy vehicles, defense, aerospace, robotics, and industrial automation [4]