Core Viewpoint - After three consecutive years of decline in net profit attributable to shareholders, Jinwo Co., Ltd. (300984.SZ) has reported a strong rebound in its performance, with significant growth expected in revenue and net profit for 2025 [1][2]. Financial Performance - The company anticipates revenue of 1.24 to 1.25 billion yuan for 2025, representing a year-on-year increase of 8.16% to 9.03% [1]. - Net profit attributable to shareholders is projected to be between 46 million and 52 million yuan, reflecting a year-on-year growth of 76.00% to 98.96% [1]. - The non-recurring net profit is expected to be between 41.56 million and 47.56 million yuan, indicating a year-on-year increase of 66.04% to 90.01% [1]. Business Operations - The growth in performance is attributed to continuous revenue increase, effective utilization of new production lines and processes, and improved gross margin compared to the same period last year [1]. - The company received government subsidies amounting to 4.44 million yuan [1]. Product Development - Jinwo Co., Ltd. has expanded its product offerings to include planetary roller screw components and insulated bearing rings, leveraging its technical foundation in bearing manufacturing [1][2]. - The company is focused on producing components such as nuts, rollers, and main screws for planetary roller screws, with a 60%-70% overlap in processing technology with its existing bearing ring business [2]. - The insulated bearing rings aim to provide a cost-effective solution to electrical corrosion in bearings used in variable frequency motors, targeting markets such as new energy vehicles and industrial variable frequency motors [2]. International Expansion - The company has made significant progress in its overseas expansion, including a joint investment in Thailand to establish a production base for planetary roller screws and components [2]. - In North America, a production base is being built in Mexico to deepen collaboration with international bearing giants like Schaeffler and SKF, with plans to commence production in the first half of 2026 [2]. Historical Context - According to a report by Zheshang Securities, the company's sales net profit margin decreased from 9.5% in 2018 to 2.3% in 2024, while the sales gross margin fell from 21.3% to 13.2% during the same period [2]. - Fixed assets increased significantly from 80 million yuan to 650 million yuan, a growth of approximately 734% [2]. - With the completion of process integration and improved capacity utilization, the company's profitability is expected to recover and potentially exceed historical highs [2].

01 事件概述 公司发布2025年一季度报告，2025Q1 营收5.42 亿元，同比+10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利 润 0.21 亿元，同比+40.75%，环比+40.75%。 02 分析判断 ► 营收稳健增长 盈利能力强劲 公司深耕汽车底盘领域二十余载，在国内转向器齿条以及减振器活塞杆细分行业，连续多年保持细分市场主导地位。2024 年，公司转向器类零部件销量达 2,831 万件，同比 +5.05%，减振器类零部件销量达 4,519 万件，同比+1.60%，底盘零部件业务保持稳健。新产品陆续实现量产爬坡，为公司带来订单增量，包括博世智能集成刹车系统核心零部 件 IPB-Flange、采埃孚 CDC 减振控制阀零部件。 ► 布局行星滚柱丝杠产能 蓄力公司未来发展。 公司持续配合客户开发各型号丝杠零部件的样件生产，包括螺母、行星滚柱、丝杆、齿圈等，应用于人形机器人执行器及汽车后轮转向系统。2024 年 10 月 14 日，公司与江 苏昆山经济技术开发区管理委员会签订《投资协议》，拟在江苏昆山经济技术开发区总投资 18.5亿元， ...