Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [1]. Core Views - The company has shown stable growth in its main business, particularly benefiting from the high-pressure requirements of the new energy vehicle sector [4][5]. - The company achieved a revenue of 1.146 billion yuan in 2024, representing a year-on-year increase of 15.98%, while the net profit attributable to shareholders decreased by 30.69% to 26.136 million yuan [4][5]. - The company is focusing on expanding its market presence both domestically and internationally, with plans to enhance its competitive edge through new equipment and technology [5][6]. Financial Performance - The company reported a gross margin of 13.21% in 2024, a slight increase of 0.28 percentage points year-on-year, while the net margin was 2.28%, showing a slight decline due to increased management and financial costs [6]. - Research and development expenses amounted to 40.9735 million yuan in 2024, with a research expense ratio of 3.57% [6]. - The company is actively developing new products, including high-precision components for electric vehicles, which are expected to enhance product quality and market share [6][7]. Future Growth Potential - The company is strategically positioning itself in emerging markets such as screw components and insulated bearing rings, which are anticipated to become new growth drivers [7]. - The report forecasts revenue growth from 1.326 billion yuan in 2025 to 2.098 billion yuan in 2027, with corresponding net profits expected to rise significantly [8][9].
金沃股份（300984）：主业保持稳健增长，绝缘轴承套圈受益于新能源汽车高压化