Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company is positioned to benefit from the recovery of its main business profitability, with new growth opportunities in the humanoid robot and insulated bearing sleeve sectors [11][15]. - The global bearing industry is projected to grow from approximately $121 billion in 2023 to $226.6 billion by 2030, with a compound annual growth rate (CAGR) of about 9.4% [3][46]. - The company has a strong market presence, being a leading domestic manufacturer of bearing sleeves, with a revenue compound annual growth rate (CAGR) of 15.5% from 2017 to 2024 [11][31]. Financial Summary - Revenue projections for the company from 2025 to 2027 are estimated at 1.33 billion, 1.89 billion, and 2.37 billion yuan, representing year-on-year growth of 16%, 42%, and 25% respectively [4][12]. - The net profit attributable to the parent company is forecasted to be 58 million, 139 million, and 225 million yuan for the same period, with growth rates of 123%, 137%, and 62% [4][12]. - The price-to-earnings (P/E) ratios are projected to be 133, 56, and 35 for 2025, 2026, and 2027 respectively [4][12]. Business Overview - The company has established itself as a key supplier for major global bearing manufacturers, including Schaeffler and SKF, with its products widely used across various industries [11][23]. - The company is focusing on enhancing its production capabilities and efficiency through technological innovations and process optimizations [11][55]. - The insulated bearing sleeve product is expected to address issues of electrical corrosion, with a projected market size of approximately 6.9 billion yuan by 2030, growing at a CAGR of 166% [11][15]. Market Dynamics - The global bearing market is dominated by eight major multinational companies, which collectively hold over 70% of the market share [3][46]. - The domestic bearing industry in China accounts for about 22% of the global market, with significant growth potential as the industry matures [3][47]. - The humanoid robot market is anticipated to exceed 300 billion yuan by 2030, driven by advancements in technology and increasing demand across various sectors [11][68].
金沃股份（300984）：轴承套圈盈利拐点，新业务丝杠、绝缘轴承套圈量产在即