Investment Rating - The report gives a "Buy" rating for the company, marking its initial coverage [10]. Core Insights - The company specializes in manufacturing automotive bearings, focusing on the aftermarket, which is expected to benefit from the increasing age and ownership of vehicles. Additionally, the company is actively entering the robotics sector, particularly in harmonic reducers and rotary actuators, which may open a second growth curve [3][10]. Summary by Sections Bearings: Focus on Automotive Aftermarket - The company is a professional manufacturer of automotive bearings, primarily targeting the aftermarket with a stable development outlook. The growth in vehicle age and ownership is expected to expand the automotive aftermarket [6][39]. Product: Comprehensive Layout in Automotive Bearings - The product range includes various automotive bearings such as wheel hub bearings, cone bearings, clutch bearings, and more. The company has a well-rounded product matrix aimed at the aftermarket [6][40]. End Market: Increasing Vehicle Age and Ownership - The increasing vehicle age is expected to drive the expansion of the automotive aftermarket. The average maintenance costs rise significantly with vehicle age, indicating a growing market opportunity [44][46]. Robotics: Layout of Harmonic Reducers and Joint Modules - The company has established a robotics components division, focusing on harmonic reducers and rotary joint modules, with plans for significant investment in smart technology upgrades for production [9][57]. Harmonic Reducers: Significant Domestic Replacement Potential - Harmonic reducers are crucial components for humanoid robots, with a large domestic replacement potential as the market is currently dominated by foreign companies [7][58]. Manufacturing Challenges: Core Barriers in Harmonic Reducer Production - The production of harmonic reducers involves complex material selection, design, and processing techniques, which present significant manufacturing challenges [8][66]. Financial Projections: Expected Profit Growth - The company anticipates achieving net profits of 210 million, 250 million, and 350 million yuan for the years 2025, 2026, and 2027, respectively [10].
斯菱股份（301550）：深耕汽车轴承，拓展机器人新业务