Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company achieved a revenue of 88.37 million yuan in Q1 2025, representing a year-on-year increase of 3.31%, and a net profit attributable to the parent company of 18.53 million yuan, up 29.95% year-on-year [3] - The report maintains the 2025 profit forecast while lowering the 2026 profit forecast and introducing a new forecast for 2027, with expected net profits of 62 million yuan, 68 million yuan, and 76 million yuan for 2025, 2026, and 2027 respectively [3] - The company is optimistic about the sustained high demand in the downstream forklift industry and the expansion into industrial and humanoid robot sectors, which will provide new growth opportunities [3] Financial Summary - In 2025, the company is expected to generate a revenue of 371 million yuan, with a year-on-year growth of 7.2% [6] - The projected net profit for 2025 is 62 million yuan, reflecting an 8.0% increase compared to 2024 [6] - The company's gross margin is expected to be around 32.0% in 2025, with a net margin of 16.8% [9] - The earnings per share (EPS) for 2025 is projected to be 1.91 yuan, with a price-to-earnings (P/E) ratio of 118.4 times [6][9] Market Position and Industry Insights - The company holds the largest market share in the domestic forklift mast rolling bearing sector and ranks second globally, maintaining long-term stable partnerships with leading forklift manufacturers [5] - The sales volume of electric forklifts in China is expected to continue to grow, with a penetration rate increase, while internal combustion forklifts are experiencing a decline [4] - The company is actively investing in the robotics sector, focusing on humanoid robot applications, and is currently developing specialized thin-walled bearings for humanoid robots [5]
万达轴承（920002）：北交所信息更新：拓展工业+人形机器人新领域，2025Q1归母净利润+30%