Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 88.373 million yuan, representing a year-on-year growth of 3.31%, and a net profit attributable to shareholders of 18.5309 million yuan, reflecting a year-on-year increase of 29.95% [1] - The company's non-recurring net profit attributable to shareholders was 13.9605 million yuan, showing a slight increase of 0.97% year-on-year [1] - The profit forecasts for 2025-2027 are set at 62 million yuan, 68 million yuan (revised down from 72 million yuan), and 76 million yuan, respectively, with corresponding EPS of 1.91, 2.10, and 2.35 yuan per share [1] Group 2: Industry Trends - In 2024, the total sales volume of five types of forklifts in China reached 1.2855 million units, marking a year-on-year growth of 9.52% [2] - Electric forklifts accounted for 73.61% of total sales, with a sales volume of 946,300 units, up 18.79% year-on-year, while internal combustion forklifts saw a decline in sales by 10.06% [2] - The domestic sales of powered industrial vehicles reached 805,000 units, an increase of 4.77% year-on-year, with electric forklift sales growing by 14.68% [2] Group 3: Market Position and Expansion - The company holds the largest market share in the domestic forklift mast rolling bearing sector and ranks second globally, maintaining stable partnerships with leading forklift manufacturers [3] - The company is actively expanding into the robotics sector, having established relationships with notable clients in the industrial robotics field [3] - Ongoing projects include the development of specialized thin-walled bearings for humanoid robots, currently in the sample production stage [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company achieved a revenue of 88.37 million yuan in Q1 2025, representing a year-on-year increase of 3.31%, and a net profit attributable to the parent company of 18.53 million yuan, up 29.95% year-on-year [3] - The report maintains the 2025 profit forecast while lowering the 2026 profit forecast and introducing a new forecast for 2027, with expected net profits of 62 million yuan, 68 million yuan, and 76 million yuan for 2025, 2026, and 2027 respectively [3] - The company is optimistic about the sustained high demand in the downstream forklift industry and the expansion into industrial and humanoid robot sectors, which will provide new growth opportunities [3] Financial Summary - In 2025, the company is expected to generate a revenue of 371 million yuan, with a year-on-year growth of 7.2% [6] - The projected net profit for 2025 is 62 million yuan, reflecting an 8.0% increase compared to 2024 [6] - The company's gross margin is expected to be around 32.0% in 2025, with a net margin of 16.8% [9] - The earnings per share (EPS) for 2025 is projected to be 1.91 yuan, with a price-to-earnings (P/E) ratio of 118.4 times [6][9] Market Position and Industry Insights - The company holds the largest market share in the domestic forklift mast rolling bearing sector and ranks second globally, maintaining long-term stable partnerships with leading forklift manufacturers [5] - The sales volume of electric forklifts in China is expected to continue to grow, with a penetration rate increase, while internal combustion forklifts are experiencing a decline [4] - The company is actively investing in the robotics sector, focusing on humanoid robot applications, and is currently developing specialized thin-walled bearings for humanoid robots [5]

Group 1: Investor Relations Activities - The investor relations activity was a broker strategy meeting held on May 8, 2025, at the Kerry Hotel in Beijing, attended by various securities firms and investment management centers [3]. - Company representatives included the board secretary and the financial director, Mr. Wu Lailin, and Ms. Yan Jiawen, the securities affairs representative [3]. Group 2: Product Value and Market Analysis - The average price of a set of mast bearings for a forklift is approximately 448 CNY per vehicle, while the steering system's slewing support is about 405 CNY per vehicle [4]. - The price of bearings, although low in the overall manufacturing cost of forklifts, significantly impacts functionality, safety, maintenance costs, and economic factors [4]. - The AGV (Automated Guided Vehicle) market is projected to grow with a compound annual growth rate (CAGR) of 49.98% from 2022 to 2027, with expected shipments exceeding 1.1 million units by 2027 [5]. Group 3: Research and Development Progress - The self-developed project for humanoid robot-specific thin-walled bearings is currently in the sample development stage, with no established partnerships with downstream humanoid robot companies yet [6][7]. - The company has been actively expanding its customer base in the industrial robot sector, accumulating high-quality clients such as SANY, Zhejiang Guozi, and KUKA [8]. Group 4: Competitive Advantages and Market Position - The company aims to achieve "import substitution" for special bearing products and has established itself as a leading domestic manufacturer of forklift bearings, recognized by international brands like MITSUBISHI and TOYOTA [9]. - The product range covers forklifts from 0.5T to 55T, filling domestic gaps and achieving international quality standards through rigorous testing [9]. Group 5: Project Delays and Future Plans - The company has extended the planning period for its fundraising projects to December 31, 2025, due to the need for customized equipment and careful planning of fundraising usage [10][11]. - The first quarter of 2025 showed a revenue of 88,372,985.62 CNY, a 3.31% increase year-on-year, and a net profit of 18,530,864.04 CNY, up 29.95% from the previous year [12]. - The company does not currently plan to establish factories overseas, despite having clients with factories both domestically and internationally [12].