证券研究报告 | 公司点评报告 2025 年 08 月 22 日 金沃股份（300984.SZ） 主业继续高增，绝缘轴承与机器人打开未来空间 公司发布 2025 年中报，营业收入 6.14 亿元，同比增长 7.96%，归母净利润 2546.93 万元，同比增长 94.00%；二季度单季度营业收入 3.18 亿元，同比增 长 5.56%，归母净利润 1315.84 万元，同比增长 85.95%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | 间》2025-03-17 | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 988 | 1146 | 1402 | 1793 | 2169 | | | 同比增长 | -5% | 16% | 22% | 28% | 21% | | | 营业利润(百万元) | 42 | 32 | 83 | 192 | 252 | | | 同比增长 | -14% | -24% | 158% | 131% | 31% | | | 归母净利润(百万元) | 38 | ...

Financial Performance - The company reported a total revenue of 614 million yuan for the first half of 2025, an increase of 7.96% year-on-year [1] - The net profit attributable to shareholders reached 25.47 million yuan, up 94.0% year-on-year [1] - The gross margin improved to 14.93%, reflecting a year-on-year increase of 14.57% [1] - The net margin increased to 4.15%, showing a significant year-on-year growth of 79.7% [1] - Operating cash flow per share was 0.28 yuan, a substantial increase of 219.62% year-on-year [1] Key Financial Metrics - Total revenue for 2024 was 568 million yuan, compared to 614 million yuan in 2025 [1] - The net profit for 2024 was 13.13 million yuan, while it rose to 25.47 million yuan in 2025 [1] - The company’s total expenses (selling, administrative, and financial) amounted to 34.25 million yuan, accounting for 5.58% of revenue, a slight increase of 3.05% year-on-year [1] - The company’s short-term borrowings increased by 88.08% to supplement working capital [3] Business Overview - The company specializes in the research, production, and sales of bearing rings, with major clients including international bearing companies [7] - The company has invested in various production processes to enhance its competitive edge and is expanding its global footprint with a factory in Mexico expected to start production in mid-2026 [7] - The company is also developing a new line of screw products, with production capacity expected to reach 500,000 sets annually [8] Product Development - The company is working on insulated bearing rings to prevent electrical corrosion, which is a significant issue in variable frequency motors [9] - The production line for insulated bearing rings is expected to be completed by the third quarter of 2025, although it has not yet generated revenue [11] Investment Interest - The company is held by prominent fund managers, with notable increases in holdings from various funds, indicating strong interest from institutional investors [5][6]

Group 1 - The core viewpoint of the article highlights that Huajun Fund has conducted research on a listed company, Jinwo Co., which specializes in the R&D, production, and sales of bearing rings, primarily serving international bearing enterprises [1] - Jinwo Co. has completed investments in high-speed forging, heat treatment, and precision grinding processes, enhancing its overall competitiveness [1] - The company is progressing with its screw rod business, with an expected annual production capacity of 500,000 sets to be established this year [1] - Jinwo Co. is developing an insulated bearing ring business aimed at preventing electro-corrosion, with low manufacturing costs and applications in new energy vehicles and variable frequency air conditioners; the first production line with an annual capacity of 2 million pieces is expected to be completed by Q3 2025 [1] - The company plans to continue its focus on automation and intelligent R&D to increase market share, targeting new industries and innovative sectors [1] Group 2 - Huajun Fund, established in July 2005 in Guangzhou, is dedicated to equity investment and financing in the financial market, providing specialized consulting services for the capital market [2] - The firm collaborates closely with clients to identify valuable investment and development opportunities, assisting them in capital market strategies [2] - Huajun Fund aims to integrate industry and financial capital to ensure clients achieve sustainable competitive advantages and enhance their innovation and organizational capabilities [2]

Group 1: Company Overview - The company's main business is the research, production, and sales of bearing rings, with major clients including Schaeffler, SKF, NSK, NTN, and JTEKT [2] - The company has invested in high-speed forging, precision cutting, heat treatment, and precision grinding to enhance its industrial chain and competitiveness [2] - A global factory in Mexico is expected to start equipment installation in the second half of 2025 and commence production in the first half of 2026 [2] Group 2: Product Development - The company is developing screw products, including nuts (excluding internal thread processing), rollers, and main screws, with production lines for nuts already in place and others expected to be operational by August and October 2025 [3] - The company plans to establish a production line with an annual capacity of 500,000 sets of screws, but current sales from screw products are minimal and unlikely to significantly impact overall performance in the short term [3] Group 3: Insulation Bearing Rings - The company is developing insulation bearing rings to prevent electrical corrosion in bearings, which is a major failure mode in variable frequency motors [4] - The first production line for insulation bearing rings, with an annual capacity of 2 million units, is expected to be completed by Q3 2025, but these products have not yet generated revenue [4] Group 4: Future Strategy - The company aims to enhance automation and intelligence in its bearing ring technology and expand market share through domestic customer development and global factory establishment [5] - The company plans to leverage its leading position in the bearing ring industry by focusing on talent, innovation, and research to explore new industries and growth opportunities [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][25]. Core Views - The company has reached a profit inflection point and is expected to enter a business release cycle, with significant growth potential in the TMT and small-cap sectors [1][20]. - In Q1 2025, the company achieved revenue of 296 million yuan, a year-on-year increase of 10.65%, and a net profit attributable to shareholders of 12 million yuan, a year-on-year increase of 103.41% [1][20]. - The increase in profit growth rate is attributed to improved gross margins, reduced financial expenses due to convertible bond redemption, increased government subsidies, and decreased credit impairment losses [7][20]. Financial Data and Valuation - The company’s total revenue is projected to grow from 988 million yuan in 2023 to 2.169 billion yuan in 2027, with year-on-year growth rates of -5%, 16%, 22%, 28%, and 21% respectively [3][34]. - Net profit is expected to increase from 38 million yuan in 2023 to 217 million yuan in 2027, with growth rates of -17%, -31%, 174%, 131%, and 31% respectively [3][34]. - The company’s PE ratio is projected to decrease from 162.6 in 2023 to 28.3 in 2027, indicating improving valuation metrics over time [3][35]. Market and Product Insights - The bearing market has significant growth potential, with China's bearing industry revenue reaching 250 billion yuan in 2022, reflecting a year-on-year increase of 9.7% [10][14]. - The company is focusing on the insulated bearing sleeve product, which is currently in the sampling phase and aims to prevent electrical corrosion in bearings, targeting applications in new energy vehicles and variable frequency air conditioners [24][25]. - The company is increasing investment in screw components, which are expected to benefit from the rapid growth of humanoid robots, leveraging its existing advantages in the bearing sleeve industry [24][25].