Investment Rating - The report initiates coverage with a "Recommended" rating, setting a target price of 59.2 CNY based on a 32x PE for 2024 [34][44]. Core Insights - The company, Slin Co., Ltd. (301550), is positioned as a "small giant" in the automotive bearing sector, focusing on the aftermarket, which is less affected by macroeconomic fluctuations. The company is expected to benefit from the increasing vehicle ownership and average vehicle age [32][33]. - The revenue forecast for the company is projected to reach 9.65 million CNY in 2024, 11.61 million CNY in 2025, and 12.74 million CNY in 2026, with a corresponding net profit of 2.03 million CNY, 2.34 million CNY, and 2.56 million CNY respectively [34][44]. Summary by Sections Company Overview - Slin Co., Ltd. was established in 2004 and has developed a diverse product range in automotive bearings, achieving significant market presence in the global aftermarket [38][44]. - The company has a stable shareholding structure, with the actual controllers holding a combined 37.66% of the shares [40]. Financial Performance - In 2023, the company reported revenues of 738 million CNY, with a year-on-year change of -1.5%, while the net profit was 150 million CNY, reflecting a 22.2% increase [44]. - The gross profit margin has shown a steady increase, with margins of 25.31%, 26.19%, 32.12%, and 33.47% from 2021 to 2024Q1 [44][65]. Product and Market Strategy - The company focuses on the aftermarket for automotive bearings, with approximately 85% of its products sold in this sector, which is characterized by high margins and low volatility [44][51]. - Slin Co. is expanding its product offerings to include components for humanoid robots, such as harmonic reducers and lead screws, which are expected to become new growth drivers [32][34]. Growth Drivers - The company is investing in a project to increase its production capacity to 6.29 million high-end automotive bearings annually, which is anticipated to enhance its competitive edge in the market [33][44]. - The automotive aftermarket in China is projected to reach a scale of 1.9 trillion CNY by 2025, with a CAGR of 7.23% from 2020 to 2025 [44][60]. Valuation and Investment Thesis - The report suggests that the combination of a diversified product matrix and the development of robot-related products will support the company's growth trajectory [34][44]. - The valuation is based on comparable companies, with a target price of 59.2 CNY reflecting a favorable investment opportunity [34][44].
斯菱股份：深度研究报告：轴承小巨人蓄势待发，蓝海扬帆乘风远航