Investment Rating - The report assigns a "Buy" rating for the company with a target price not specified [4][30][70]. Core Viewpoints - The automotive aftermarket is expected to grow steadily, with the company's new business segments, such as harmonic reducers and lead screws, contributing to future growth flexibility [30][67]. - The global bearing market is valued at hundreds of billions, with the automotive sector accounting for approximately 40% of the domestic market [2][20][86]. - The company has a strong position in the automotive aftermarket, with around 90% of its revenue coming from this segment, and 70% of its income generated from overseas markets [66][85]. Summary by Sections Company Overview - The company specializes in automotive bearings, established in 2004, and has expanded its product line through both organic growth and acquisitions [9][66]. - The product range includes wheel hub bearing units, clutches, tensioners, and cone bearings, with a total of over 6,000 product models [26][66]. Market Analysis - The global bearing market is dominated by eight multinational groups, with a significant portion of the automotive aftermarket being fragmented [2][36]. - The North American automotive aftermarket is the largest segment, followed by Europe, with respective market shares of 34% and 30% [87][88]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of over 20% in revenue and 50% in profit over recent years [79][66]. - In 2023, the company reported a revenue of 7.4 billion yuan, with a net profit margin of 20.3% and a gross margin of 32.1% [79][66]. Future Outlook - The company is expected to achieve revenues of 8.7 billion, 10.3 billion, and 12.4 billion yuan from 2024 to 2026, with year-over-year growth rates of 18%, 18%, and 20% respectively [46][70]. - The introduction of new products in the robotics sector is anticipated to provide additional growth opportunities [28][45].
斯菱股份：汽车后市场稳健增长，机器人贡献估值弹性