Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has shown a robust performance in the first three quarters of 2025, achieving revenue of 930 million yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 37.34 million yuan, up 74.8% year-on-year [1]. - The company's core business in bearing rings is entering a clear recovery phase, with capacity utilization rates improving significantly from 40-50% to 70-90% due to previous heavy asset investments [1]. - The humanoid robot sector is identified as a trillion-yuan market, with the company positioned to benefit from the growth in this industry through its key component, the planetary roller screw [2]. - The company has developed an insulated bearing inner ring to address the issue of electrical corrosion in electric drive systems for new energy vehicles, which is expected to reduce costs by over 30% compared to mainstream ceramic ball bearing solutions [2]. - The company is advancing its globalization strategy, having received approval for a factory in Mexico and exploring opportunities in Europe and Thailand [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 1.35 billion yuan, 1.77 billion yuan, and 2.24 billion yuan, respectively, with net profits expected to reach 66 million yuan, 130 million yuan, and 200 million yuan [4][12]. - The earnings per share (EPS) is projected to grow from 0.53 yuan in 2025 to 1.62 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 122.43 to 40.42 [4][12]. - The company is expected to achieve a gross margin improvement from 15.2% in 2025 to 19.3% in 2027, indicating enhanced profitability [12].
金沃股份（300984）：盈利能力持续修复，机器人与绝缘轴承打开未来空间