汽车零部件 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060004 Email：caixh@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 110.00 | | 流通股本(百万股) | 67.21 | | 市价(元) | 134.80 | | 市值(百万元) | 14,828.00 | | 流通市值(百万元) | 9,060.11 | 1、《Q2 业绩稳健增长，稳步推进机 器人核心零部件业务》2024-09-02 业绩基本符合预期，谐波新秀潜力可期 ——斯菱股份 2024 年年报及 2025 年一季报点评 斯菱股份（301550.SZ） 证券研究报告/公司点评报告 2025 年 05 月 09 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | | 2025E | 2026E | ...

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]