XCC(SH:603667) ZHESHANG SECURITIES·2025-05-25 12:33Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned as a leading domestic bearing manufacturer, strategically investing in high-growth sectors such as humanoid robots and EMB systems [2][3] - The company is expanding its humanoid robot components business, with a projected demand of approximately 2.1 million units in the US and China by 2030, representing a market space of about 314.6 billion RMB [2] - The company is optimizing its bearing product structure to meet emerging demands in AI and aerospace, aiming for high-quality growth [3] Summary by Sections Strategic Investments - The company has invested 1.5 billion RMB to enhance production capacity for planetary roller screws and micro ball screws, focusing on the embodied intelligence sector [2] - A strategic cooperation framework has been established with Hangzhou Xinjian to develop key components for various applications, including intelligent automotive systems and mechanical electronic braking systems [2] Business Performance - The company is improving its overseas operations, with a focus on mature and stable markets in Europe to reduce losses [3] - The EMB system is nearing mass production, with significant developments in the domestic market expected by 2026 [4] Financial Forecast - Revenue projections for 2025-2027 are 3.6 billion, 4.1 billion, and 5.1 billion RMB, with year-on-year growth rates of 10%, 15%, and 25% respectively [5] - The net profit attributable to the parent company is forecasted to be 150 million, 180 million, and 230 million RMB for the same period, reflecting growth rates of 64%, 21%, and 25% [5]