Q&A 请介绍一下开源证券北交所研究中心的背景和特点。 开源证券北交所研究中心是业内较早设立的专门针对新三板和北交所的研究团 队。我们从 2015 年新三板开板时就开始进行研究，经历了十多年的发展。我 们的特点主要体现在三个方面：首先，我们的研究起步较早，积累了丰富的经 验；其次，我们覆盖的公司数量较多，包括新三板和北交所的大量企业；最后， 我们的研究深度较高，长期跟踪并深入了解许多细分行业中的公司。 苏州股份 2026 年前三季度毛利率达 37%，较 2022 年提升显著，净利 率从 14.86%升至 22%，ROE 保持较高水平，负债率稳定在 10%- 14%，财务状况良好。 苏州股份未来发展重点包括机器人、新能源汽车、航空航天及全球化布 局和产能扩张，尤其是在人形机器人领域，精密轴承需求将显著增加， 公司致力于研发超薄精密滚针谐波传动装置，实现进口替代。 中国汽车制造业和工业机器人行业对滚针轴承需求持续增长，国家政策 大力支持关键零部件产业发展，苏州股份作为细分行业龙头，有望受益 于汽车以旧换新、新能源汽车及人形机器人等高景气赛道，实现高速增 长。 为什么会推出"龙头集结号"系列电话会议？ 推出"龙头集 ...

Core Viewpoint - Jiangsu Lixing General Steel Ball Co., Ltd. (Lixing Co., 300421) has signed a strategic cooperation agreement with Zhejiang Rongtai Electric Equipment Co., Ltd. (Zhejiang Rongtai, 603119) to collaborate in the application of rolling elements in key areas such as industrial robot screw rod components, aiming for a win-win and sustainable partnership [1] Group 1: Company Overview - Zhejiang Rongtai specializes in high-temperature resistant insulating mica products and precision screw rod components, with a strong customer base in the new energy vehicle and humanoid robot sectors [1] - Lixing Co. is a leading global manufacturer of rolling elements, recognized for its high product quality and market acceptance [1] Group 2: Strategic Cooperation - The cooperation aims to leverage the complementary strengths of both companies, facilitating resource sharing and collaborative development in the application of rolling elements for industrial robot screw rod components [1] - Lixing Co. will provide comprehensive solutions for rolling element applications, focusing on lightweight, low noise, wear resistance, and high-temperature resistance, contributing to industrial upgrades and technological advancements [1] Group 3: Market Impact - The partnership is expected to significantly influence the competitive landscape of the core components market for industrial robots, allowing both companies to integrate resources and enhance their competitive edge [1] - By combining Lixing Co.'s advanced rolling element manufacturing technology with Zhejiang Rongtai's strengths in precision screw rod manufacturing and customer resources, the collaboration aims to create more competitive core component products for industrial robots [1]

Core Viewpoint - The strategic cooperation agreement between Lixing Co., Ltd. and Zhejiang Rongtai Electric Equipment Co., Ltd. aims to enhance operational efficiency, reduce costs, and expand market share in the field of industrial robot screw rod components [2][3]. Group 1: Strategic Cooperation - Lixing Co., Ltd. and Zhejiang Rongtai have signed a strategic cooperation agreement to collaborate in the application of rolling body components for industrial robots [2]. - The partnership is expected to create a win-win situation and a sustainable development relationship between the two companies [2]. - Both companies possess complementary advantages in the field of screw rod components, with Zhejiang Rongtai focusing on high-temperature insulation mica products and precision screw rod components, while Lixing is a leading global manufacturer of rolling bodies [2][3]. Group 2: Operational Commitments - Zhejiang Rongtai views Lixing as a strategic supplier for rolling bodies and is actively promoting new projects to expand cooperation [3]. - Lixing commits to providing the best cost-performance products to Zhejiang Rongtai under similar conditions and will prepare sufficient inventory based on demand forecasts [3]. - In the event of rising market demand and capacity constraints, Lixing promises to allocate optimal resources to ensure supply for Zhejiang Rongtai [3]. Group 3: Technical Advancements - The cooperation is expected to leverage Lixing's deep technical expertise in precision rolling body manufacturing to provide comprehensive solutions, including lightweight, low noise, wear-resistant, and high-temperature resistant products [3]. - This partnership aligns with the development strategy of both companies and is expected to promote technological advancement and industrial upgrading [3].

Core Viewpoint - The strategic cooperation agreement between Lixing Co., Ltd. and Zhejiang Rongtai aims to enhance operational efficiency, reduce costs, and expand market share in the field of industrial robot screw rod components [1][2]. Group 1: Strategic Cooperation - Lixing Co., Ltd. and Zhejiang Rongtai have signed a strategic cooperation agreement to collaborate in the application of rolling body components in industrial robots [1]. - The partnership is expected to create a win-win situation and sustainable development for both companies [1][2]. - The cooperation will leverage the complementary strengths of both companies, with Zhejiang Rongtai focusing on high-temperature insulation mica products and precision screw rod components, while Lixing is a leading global manufacturer of rolling bodies [1][2]. Group 2: Operational Commitments - Lixing Co., Ltd. will provide Zhejiang Rongtai with the best cost-performance products under similar conditions, ensuring sufficient inventory based on forecasted demand [2]. - The inventory risk will be borne by Lixing Co., Ltd., which will ensure timely responses to Zhejiang Rongtai's needs [2]. - In the context of rising market demand and capacity constraints, Lixing Co., Ltd. commits to supplying optimal resources to meet Zhejiang Rongtai's requirements [2]. Group 3: Technical Advancements - The collaboration aims to promote deep cooperation in rolling body applications for industrial robot screw rod components, focusing on lightweight, low noise, wear-resistant, and high-temperature solutions [2]. - This agreement aligns with the development strategy of Lixing Co., Ltd. and the long-term interests of its shareholders, without significantly impacting the company's financial status or operating performance for the current year [2].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has signed a strategic cooperation agreement with Zhejiang Rongtai to collaborate in the field of industrial robot screw rod components, aiming to create a win-win and sustainable partnership [8] - The company is a leading manufacturer in the rolling body industry and is actively expanding into high-end products such as ceramic rolling bodies, with significant potential for domestic substitution [8] - The company is expected to achieve steady growth in performance, with projected net profits of 90 million, 131 million, and 175 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 78.8, 54.0, and 40.3 [8] Financial Performance Summary - Revenue is projected to grow from 1,002 million yuan in 2023 to 1,718 million yuan in 2027, with a compound annual growth rate (CAGR) of 24.6% [7] - Net profit is expected to increase from 60 million yuan in 2023 to 175 million yuan in 2027, with a significant growth rate of 62.1% in 2025 [7] - The company's EPS is forecasted to rise from 0.20 yuan in 2023 to 0.59 yuan in 2027 [7] Strategic Developments - The partnership with Zhejiang Rongtai will leverage both companies' strengths in the robot screw rod field, enhancing the supply of rolling bodies and ensuring resource optimization [8] - The company is also investing in the embodied intelligence sector, with initiatives such as the establishment of Shanghai Xinqi Robot and a joint venture with Shanghai Jiyou, focusing on the upstream and downstream supply chain of new energy vehicles and robots [8]

Group 1: Supply Chain and Production - The company has established a self-sufficient supply chain for rolling elements and forgings through vertical integration with subsidiaries, ensuring quality stability and delivery cycles [2][3] - Current production capacity utilization remains high, with efforts to expand capacity through equipment adjustments and process optimizations [3] Group 2: Market Focus and Orders - The company is primarily focused on the domestic market, with overseas operations still in the development phase, while maintaining a strong order backlog [3] - The high demand from downstream wind power installations supports the company's order fulfillment capabilities [3] Group 3: Product Development and Technology - The company is actively developing high-end precision bearings, particularly in the wind power sector and gearbox bearings, with the latter currently in small batch shipments [2] - Various heat treatment processes and advanced equipment are utilized to meet customer demands while balancing performance, quality, and cost [4] Group 4: Financial Performance and Strategy - The company anticipates strong performance in Q2 2025, driven by robust order volumes and increased production efficiency [5] - Strategies to enhance gross margins include optimizing processes, increasing R&D investment, and leveraging cost advantages across the supply chain [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024 is projected to grow by 21% year-on-year, driven by domestic brand business and overseas market expansion [2] - The company achieved total revenue of 715.44 million yuan in 2024, representing a year-on-year increase of 12.42%, with a net profit attributable to shareholders of 150.65 million yuan, up 21.32% year-on-year [2] - The company is focusing on high-end supporting business for its own brand, with the RV reducer entering small-batch supply stage [4] Financial Performance Summary - Revenue and Profit Forecast: - Total revenue is expected to reach 904.32 million yuan in 2025, with a growth rate of 26.40% [1] - Net profit attributable to shareholders is forecasted to be 193.78 million yuan in 2025, reflecting a growth of 28.63% [1] - The latest diluted EPS is projected to be 1.11 yuan in 2024, increasing to 1.43 yuan in 2025 [1] - Margin and Cost Efficiency: - The overall sales gross margin improved by 0.62 percentage points to 37.29% [2] - The net profit margin increased by 1.55 percentage points to 21.06% [2] - Segment Performance: - Bearing products revenue is expected to grow by 11.96% to 635 million yuan in 2024, with a gross margin of 38.75% [3] - Revenue from rolling elements is projected to increase by 24.61% to 47 million yuan, although the gross margin decreased by 11.36 percentage points to 34.69% due to product pricing and sales structure changes [3] Strategic Initiatives - The company is leveraging its 60 years of manufacturing experience to break foreign technology monopolies and fill domestic gaps in the rolling needle bearing sector [4] - It is enhancing its global presence by establishing stable supply chain relationships with renowned international companies such as Bosch and Magna [4] - The company is actively developing clients and products in high-end sectors such as new energy vehicles, defense, aerospace, robotics, and industrial automation [4]