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金沃股份(300984):主业继续高增,绝缘轴承与机器人打开未来空间
CMS· 2025-08-22 15:26
Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company continues to experience high growth in its main business, with insulated bearings and robotics opening up future opportunities [7] - The company reported a revenue of 614 million yuan for the first half of 2025, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 25.47 million yuan, a year-on-year increase of 94% [7] - The gross margin and net margin have both increased, with a gross margin of 14.93% and a net margin of 4.15% for the first half of 2025 [7] - The company is making significant progress in the development of insulated bearings, which have broad applications in various industries [7] - The company is actively embracing the robotics industry, with ongoing production capacity development for screw components [7] Financial Data and Valuation - Total revenue is projected to grow from 1.402 billion yuan in 2025 to 2.169 billion yuan in 2027, with year-on-year growth rates of 22.3%, 28%, and 21% respectively [2] - Net profit is expected to increase from 72 million yuan in 2025 to 217 million yuan in 2027, with growth rates of 174%, 131%, and 31% respectively [2] - The current price-to-earnings (PE) ratio is projected to be 108.8, 47.1, and 35.9 for the years 2025, 2026, and 2027 respectively [2] Stock Performance - The company's stock has shown strong absolute performance over the past 12 months, with a 373% increase [5] - The relative performance compared to the market index has also been strong, with a 348% increase over the same period [5] Key Financial Metrics - The company has a total market capitalization of 7.8 billion yuan and a circulating market capitalization of 4.9 billion yuan [3] - The return on equity (ROE) is currently at 3.8% [3] - The asset-liability ratio stands at 31.0% [3]