XQL Slewing Bearing(SZ:300850) Guohai Securities·2025-10-27 06:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company has exceeded market expectations in its recent performance, with significant revenue and profit growth [4][5]. - The TRB penetration rate is expected to further increase, particularly in the small and medium power turbine models, enhancing the company's market position [5]. - The wind power industry is projected to see strong demand growth, with the company benefiting from both industry-wide and company-specific growth factors [5]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.618 billion yuan, a year-on-year increase of 84.1%, and a net profit of 582 million yuan, up 846.6% [4]. - In Q3 2025, revenue reached 1.408 billion yuan, reflecting a year-on-year growth of 55.1% and a quarter-on-quarter increase of 9.75% [4]. - The net profit for Q3 2025 was 247 million yuan, marking a year-on-year increase of 426.3% and a quarter-on-quarter growth of 17.2% [4]. Growth Projections - Revenue projections for the company are set at 4.877 billion yuan for 2025, 5.940 billion yuan for 2026, and 6.990 billion yuan for 2027, with corresponding net profits of 904 million yuan, 1.208 billion yuan, and 1.504 billion yuan [7][8]. - The expected price-to-earnings ratios (P/E) for the years 2025, 2026, and 2027 are 24.55x, 18.38x, and 14.75x respectively [7][8].