Investment Rating - The report assigns an "Accumulate-A" investment rating for the company [1][8]. 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 with its insulated bearing rings [1][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 was 26.14 million yuan, a decrease of 30.69% year-on-year [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 upgrades [5][6]. Financial Performance - In 2024, the company's gross margin was 13.21%, an increase of 0.28 percentage points year-on-year, while the net margin was 2.28%, slightly down due to increased management and financial costs [6][10]. - The company invested 40.97 million yuan in R&D in 2024, with a research expense ratio of 3.57%, and the number of R&D personnel increased by 10.49% to 158 [6][10]. - The company forecasts revenues of 1.326 billion yuan, 1.661 billion yuan, and 2.098 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 45 million yuan, 91 million yuan, and 173 million yuan [8][10]. Market Strategy - The company is actively developing emerging businesses such as screw components and insulated bearing rings, which are expected to become new growth points as the industry evolves [7][8]. - The insulated bearing ring products are currently in the testing phase and are anticipated to benefit from the trend of high voltage in electric vehicles, enhancing the company's competitive position in the bearing market [7][8].
金沃股份：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-20250418