Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading supplier of automotive bearings in China, with a significant shift towards the OEM market, indicating a growth inflection point. The integration of robotics and the acquisition of a precision screw company are expected to enhance its market position [6][8]. Summary by Sections 1. Automotive Bearing Supplier and OEM Market Expansion - The company has over 20 years of experience in the automotive bearing sector, collaborating with major clients like SKF and Xiaopeng [6][16]. - The transition from the aftermarket (AM) to the OEM market has been successful, with a notable increase in sales volume from 123,000 units in 2019 to 677,000 units in 2024, reflecting a CAGR of 41% [28][33]. 2. Synergy Between Bearing and Screw Production - The manufacturing processes for bearings and screws share significant similarities, allowing the company to leverage its existing capabilities to enter the high-end screw market [7][52]. - The company plans to acquire a precision screw manufacturer to enhance its product offerings in the robotics sector, targeting a market size of 230 billion yuan for screws used in humanoid robots [8][10]. 3. Strategic Layout in Humanoid Robotics - The company aims to integrate resources in the robotics industry by establishing a subsidiary focused on humanoid robots, which is expected to open up a substantial market opportunity [8][10]. - The projected market size for automotive screws is estimated to reach 460 billion yuan by 2030, driven by the increasing demand for electric vehicles and robotics [8][10]. 4. Financial Forecast and Valuation Metrics - The company anticipates a significant increase in revenue, with projected figures of 1.56 billion yuan, 1.94 billion yuan, and 2.37 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 50.6%, 38.4%, and 32.1% [8][12]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 48.6, 39.1, and 32.1 for the years 2025, 2026, and 2027 respectively [8][12].