华富科技动能混合A（007713）基金经理为沈成。 截至发稿，沈成累计任职时间3年276天，现任基金资产总规模16.61亿元，任职期间最佳基金回报 68.31%， 任职期间最差基金回报12.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月29日，斯菱股份涨5.38%，截至发稿，报134.20元/股，成交2.22亿元，换手率1.73%，总市值214.05 亿元。 资料显示，浙江斯菱汽车轴承股份有限公司位于浙江省新昌县澄潭街道江东路3号，成立日期2004年11 月22日，上市日期2023年9月15日，公司主营业务涉及汽车轴承的研发、制造和销售。主营业务收入构 成为：制动系统类轴承80.22%，传动系统类轴承12.78%，动力系统类轴承5.27%，非汽车类轴承 0.94%，其他(补充)0.79%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓斯菱股份。华富科技动能混合A（007713）二季度持有股数66万 股，占基金净值比例为5.2 ...

来源：新浪证券-红岸工作室 9月23日，斯菱股份涨1.49%，成交额7.25亿元，换手率5.65%，总市值211.21亿元。 1、2024年5月8日互动易回复：公司谐波减速器已在量产前期筹备阶段。 2、2024年5月9日互动易：公司机器人零部件产品计划覆盖工业机器人、协作机器人及人形机器人等领 域。目前谐波减速器已在量产前期筹备阶段。 3、根据2025年4月24日公告：报告期内，公司结合行业新标准及客户定制化需求，成功研发并量产低能 耗轴承、自锁式轮毂轴承等高性能新产品，同时完成新能源汽车驱动轮毂电机系统高速轴承关键技术攻 关，实现新能源驱动电机轴承主机配套能力。 4、根据2024年年报，公司海外营收占比为68.37%，受益于人民币贬值。 5、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立 ...

截至发稿，陆阳累计任职时间1年334天，现任基金资产总规模11.98亿元，任职期间最佳基金回报 260.39%， 任职期间最差基金回报14.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，德邦基金旗下1只基金重仓斯菱股份。德邦高端装备混合发起式A（023566）二季度持有股 数7.07万股，占基金净值比例为6.15%，位居第八大重仓股。根据测算，今日浮盈赚取约46.59万元。 德邦高端装备混合发起式A（023566）成立日期2025年3月14日，最新规模1325.97万。成立以来收益 23.94%。 德邦高端装备混合发起式A（023566）基金经理为陆阳。 9月22日，斯菱股份涨5.45%，截至发稿，报127.49元/股，成交2.02亿元，换手率1.66%，总市值203.35 亿元。 资料显示，浙江斯菱汽车轴承股份有限公司位于浙江省新昌县澄潭街道江东路3号，成立日期2004年11 月22日，上市日期2023年9月15日，公司主营业务涉及汽车轴承的研发、 ...

Group 1 - The core viewpoint of the news is that Siling Co., Ltd. has seen a significant increase in stock price and trading volume, indicating strong market interest and potential investment opportunities [1] - As of September 11, Siling's stock price rose by 5.12% to 111.85 yuan per share, with a trading volume of 513 million yuan and a turnover rate of 4.85%, resulting in a total market capitalization of 17.84 billion yuan [1] - The company, established on November 22, 2004, specializes in the research, development, manufacturing, and sales of automotive bearings, with its main business revenue composition being 80.22% from brake system bearings, 12.78% from transmission system bearings, 5.27% from power system bearings, 0.94% from non-automotive bearings, and 0.79% from other sources [1] Group 2 - From the perspective of major shareholders, Yongying Fund's advanced manufacturing mixed fund has increased its holdings in Siling Co., Ltd. by 1.2075 million shares, bringing its total to 6.4967 million shares, which accounts for 6.67% of the circulating shares [2] - The fund, established on May 4, 2023, has a latest scale of 2.976 billion yuan and has achieved a year-to-date return of 79.86%, ranking 104 out of 8175 in its category [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 43 days, with the fund's best return during this period being 127.49% and the worst being -60.31% [2] Group 3 - In terms of the fund's major holdings, Siling Co., Ltd. is the sixth largest holding in Yongying Fund's advanced manufacturing mixed fund, representing 4.19% of the fund's net value [3] - The fund has realized a floating profit of approximately 35.4071 million yuan from its investment in Siling Co., Ltd. [3]

9月3日，斯菱股份跌5.11%，截至发稿，报107.06元/股，成交8.50亿元，换手率7.80%，总市值170.76亿 元。 资料显示，浙江斯菱汽车轴承股份有限公司位于浙江省新昌县澄潭街道江东路3号，成立日期2004年11 月22日，上市日期2023年9月15日，公司主营业务涉及汽车轴承的研发、制造和销售。主营业务收入构 成为：制动系统类轴承80.22%，传动系统类轴承12.78%，动力系统类轴承5.27%，非汽车类轴承 0.94%，其他(补充)0.79%。 从基金十大重仓股角度 长盛城镇化主题混合A（000354）基金经理为代毅。 截至发稿，代毅累计任职时间7年93天，现任基金资产总规模5.73亿元，任职期间最佳基金回报 109.13%， 任职期间最差基金回报-4.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，长盛基金旗下1只基金重仓斯菱股份。长盛城镇化主题混合A（000354）二季度增持1.81万 股，持有股数11.81万股 ...

Group 1: Financial Performance - The company's gross margin increased in the first half of the year due to continuous optimization of product and customer structure, leading to a higher sales proportion of products with better margins [2] - The company aims to maintain a stable and sustainable gross margin level through a focus on high value-added business, technological upgrades, and cost control [2] Group 2: Impact of Tariffs - The company's Thailand factory has successfully obtained the E-Ruling from U.S. Customs, allowing it to meet most order demands in the North American market [2] - The North American business primarily operates on an FOB basis, with related tariffs borne by customers, resulting in a limited impact from tariff policies due to the essential nature of the products in the aftermarket [2] Group 3: Product Segmentation - Bearing products for braking systems represent the largest revenue segment, including hub bearings and heavy-duty truck bearings, which are essential components for both electric and traditional fuel vehicles [2] - The company plans to continue increasing market share in this segment to drive steady business growth and enhance overall profitability [2] Group 4: Future Development Plans - The main engine market is a key strategic direction for the company, with ongoing efforts to expand quality projects [2] - A new project for the annual production of 6.29 million high-end automotive bearings is expected to be completed next year, enhancing the company's capacity for high-end intelligent products [2] Group 5: Robotics Division - The company established a robotics components division in 2024, focusing on the research, production, and sales of robotic components, particularly harmonic reducers [3] - The core equipment for harmonic reducers is expected to be in place by the end of 2024, enabling small-scale production, with a second production line investment aimed at meeting future market demand [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Insights - The company's performance in Q2 shows steady growth, with a revenue of 774 million yuan in 2024, reflecting a year-on-year growth rate of 4.9% [5][3]. - The net profit attributable to the parent company for 2024 is projected to be 190 million yuan, with a year-on-year growth of 26.9% [5][3]. - The company is focusing on expanding its core components business for robotics, having completed the first production line for harmonic reducers [11][10]. Financial Performance Summary - In 2024, the company achieved a revenue of 774 million yuan, with a projected increase to 867 million yuan in 2025 and 977 million yuan in 2026, indicating a compound annual growth rate (CAGR) of 12.8% from 2024 to 2026 [3][13]. - The gross margin for 2024 is reported at 32.5%, with a net margin of 24.5%, showing improvements in profitability [8][3]. - The company’s return on equity (ROE) is expected to rise from 11.0% in 2024 to 12.1% by 2027 [3][13]. Market Position and Growth Potential - The company holds a market share of less than 2% in the global automotive wheel hub unit aftermarket, which has a market size of approximately 53.88 billion yuan [7][3]. - The overseas market is a significant revenue source, contributing 68.4% of total income in 2024, with ongoing investments in production facilities in Thailand to enhance capacity [9][10]. - The company is strategically positioned to benefit from the growing demand for robotic components, with plans to invest in additional production lines for harmonic reducers in 2025 [11][10].

Core Insights - The company reported revenue of 770 million yuan for 2024, a year-on-year increase of 4.9%, and a net profit of 190 million yuan, up 26.9% year-on-year [1] - For Q1 2025, the company achieved revenue of 200 million yuan, a year-on-year increase of 19.8%, but a net profit of 50 million yuan, down 1.2% year-on-year [1] Financial Performance - The company's revenue from brake system bearings grew by 7.7% in 2024, accounting for 78.9% of total revenue [2] - The gross margin for 2024 was 32.5%, an increase of 0.4 percentage points year-on-year, while the net margin was 24.5%, up 4.3 percentage points year-on-year [2] - In Q1 2025, the gross margin was 33.1%, a decrease of 0.4 percentage points year-on-year, and the net margin was 23.8%, down 5.0 percentage points year-on-year [3] Global Expansion - The overseas market accounted for 68.4% of the company's revenue in 2024, with significant investments in Thailand to enhance production capacity [4] - The company has established local service capabilities in North America, which is expected to accelerate its global industrial layout [4] Strategic Initiatives - The company has initiated the production of harmonic reducers, a core component for robotics, with the first production line completed by the end of 2024 [5] - A dedicated robotics components division was established in 2024 to oversee the development and layout of robotic core components [5] Profit Forecast - The company is projected to achieve net profits of 220 million yuan, 250 million yuan, and 290 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 68, 60, and 52 times [5]