万达轴承：北交所个股研究系列报告：北交所920号段第一股研究

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - Wanda Bearing is the largest manufacturer of forklift mast bearings in China, with a significant market share in both domestic and global markets [7][20] - The company's revenue has shown fluctuations, with a notable increase of 35.54% in 2021, followed by a slowdown in growth in subsequent years [4][51] - The company is expected to achieve a revenue of 370.83 million yuan in 2024, representing an 8% year-on-year growth, and a net profit of 57.10 million yuan, reflecting a 15% increase [4] Company Overview - Wanda Bearing specializes in the research, production, and sales of forklift bearings and slewing supports, serving various industries including engineering machinery, port machinery, and logistics [7][10] - The company has maintained a leading position in the domestic market for forklift mast rolling bearings, ranking first in market share in 2021 and 2022, and second globally [7][20] Financial Performance - In Q1 2024, the company's revenue was 85.54 million yuan, a slight decrease of 0.55% year-on-year, while the net profit increased by 31.52% to 14.26 million yuan [4][16] - The company's gross margin and net margin have shown slight improvements since 2021, indicating enhanced profitability and cost control capabilities [4][30] Shareholding Structure - The actual controllers of the company are Xu Qunsheng, Xu Fei, and Xu Ming, with a strategic investor lineup that includes well-known private equity firms and state-owned enterprises [12][13] Industry Context - The global bearing industry is valued at approximately 134 billion USD in 2023, with significant market share held by foreign companies, indicating substantial room for domestic companies to grow [33][77] - The forklift bearing market in China is projected to grow, with the market size expected to reach 4.88 billion yuan by 2029, reflecting a compound annual growth rate of 7.96% [66]