Investment Rating - The report maintains an "Accumulate" investment rating for the company [2]. Core Views - The company's bearing ring business shows steady growth, with a revenue of 1.094 billion yuan in 2024, representing a year-on-year increase of 15.79%. This segment accounts for 95.47% of total revenue, indicating it is the main product line [6]. - The insulated bearing ring products have begun sampling, aimed at preventing electrical corrosion in bearings, with potential applications in new energy vehicles and variable frequency air conditioners, targeting a market size exceeding 10 billion yuan [6]. - The company is increasing investment in screw components, anticipating rapid growth due to the rising demand from humanoid robots, with key customers expected to enter a phase of rapid volume increase [6]. - Revenue projections for 2025-2027 are estimated at 1.402 billion yuan, 1.793 billion yuan, and 2.169 billion yuan respectively, with corresponding net profits of 72 million yuan, 165 million yuan, and 217 million yuan [6]. Financial Data Summary - In 2024, the company achieved total revenue of 1.146 billion yuan, a year-on-year growth of 15.98%, while the net profit attributable to shareholders was 26 million yuan, a decrease of 30.69% [1]. - The projected earnings per share (EPS) for 2025 is 0.81 yuan, with a price-to-earnings (PE) ratio of 72.9 [9]. - The company’s total assets are expected to grow from 1.603 billion yuan in 2025 to 1.969 billion yuan in 2027, with a corresponding increase in total liabilities [7]. Performance Metrics - The company’s return on equity (ROE) is projected to improve from 3.2% in 2024 to 18.1% in 2027 [9]. - The gross profit margin is expected to rise from 13.2% in 2024 to 22.2% in 2027, indicating improved profitability [9]. - The asset-liability ratio is projected to decrease from 39.4% in 2025 to 34.9% in 2027, reflecting a strengthening balance sheet [9].
金沃股份（300984）：套圈业务稳健增长，绝缘轴承与丝杠放量在即