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斯菱股份(301550) - 浙江斯菱汽车轴承股份有限公司2025年8月27日投资者关系活动记录表
2025-08-27 09:28
证券代码:301550 证券简称:斯菱股份 | 答:上半年毛利率增长主要系公司持续优化产品和 | 客户结构,提高毛利率较高的产品销售占比。展望未来, | | | | --- | --- | --- | --- | | 公司将继续聚焦高附加值业务,并通过技术升级和成本 | 控制来应对市场变化,维持稳定且可持续的毛利率水平。 | | | | 2、美国关税是否对公司业务及订单产生影响? | 答:斯菱泰国工厂已成功取得美国海关颁发的原产 | | | | 地认证函(E-Ruling),能够满足北美市场大部分订单 | 需求。在业务模式方面,公司北美业务主要采用 | FOB | 模 | | 式,相关关税由客户承担。同时,鉴于公司产品在海外 | 市场具有不可替代性,属于售后市场的刚性需求,关税 | | | | 政策对业务影响相对有限。 | | | | | 3、主业方面,贵公司制动系统类产品占比不断提 | 升,未来展望如何? | | | | 答:制动系统类轴承是公司收入占比最大的品类, | 主要包括轮毂轴承、轮毂轴承单元及重卡轴承等。在前 | | | | 装市场,该类产品属于新能源汽车和传统燃油车的必需 | 易损件,具有持续的 ...
2024年年报及2025年一季报点评业绩基本符合预期,谐波新秀潜力可期
ZHONGTAI SECURITIES· 2025-05-09 13:25
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].
斯菱股份(301550):业绩基本符合预期 谐波新秀潜力可期
Xin Lang Cai Jing· 2025-05-09 08:47
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]