Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 105.59 CNY, corresponding to a 50x PE for 2026 [6]. Core Insights - The company is a leader in the domestic replacement of dynamic pressure oil film sliding bearings, with a strong focus on both domestic and international markets. The financial structure has been continuously optimized, with significant improvements in profitability and a reduction in debt levels post-IPO [1][4]. - The dynamic pressure oil film sliding bearing market is expected to grow significantly, driven by high demand in nuclear power, gas turbines, and wind energy sectors. The company is well-positioned to capture market share due to its competitive advantages and the conservative strategies of foreign competitors [2][3]. Summary by Sections 1. Company Overview - Founded in 2003, the company has established itself as a leader in the domestic replacement of high-end sliding bearings, achieving significant breakthroughs in key sectors such as nuclear power and marine applications. The company has developed over 200 specialized sliding bearing products [13]. - The core team is stable, with the founder holding a significant stake in the company, which enhances operational vitality. The team includes experienced professionals with extensive industry backgrounds [18][19]. 2. Market Potential - The global market for dynamic pressure oil film sliding bearings is projected to reach approximately 3.62 billion USD by 2026, with the Chinese market expected to be around 6.72 billion CNY. The growth is supported by trends in industrial drive, energy generation, and the increasing size of machinery [2][37]. - The company benefits from a favorable competitive landscape, as foreign competitors are adopting conservative growth strategies, providing more opportunities for domestic players [2][3]. 3. Business Development - The company is focusing on innovation and collaboration with foreign experts to enhance its product offerings. The shift towards international markets is evident, with an increasing proportion of revenue and improved gross margins from overseas clients [3][4]. - New business segments, including gas turbine bearings and PEEK bearings, are expected to contribute to revenue growth, with projections indicating continued market share expansion [3][4]. 4. Financial Forecast - Revenue is expected to grow from 6.19 billion CNY in 2025 to 9.00 billion CNY in 2027, with net profits projected to increase from 1.35 billion CNY to 2.30 billion CNY during the same period. The company maintains a strong net profit margin and return on equity [5][4]. - The financial structure has improved significantly post-IPO, with a reduction in the debt-to-asset ratio to 14.0% in 2024, and all interest-bearing debts have been repaid [35].
崇德科技（301548）：深度报告：动压油膜滑动轴承“小巨人”国产替代+出海双轮驱动