证券研究报告 | 2025年08月27日 龙溪股份（600592.SH） 优于大市 上半年收入利润承压，持续加强人形等新兴领域投入 核心观点 公司研究·财报点评 机械设备·通用设备 2025 年上半年营业收入同比下滑 18.57%，归母净利润同比增长 0.61%。公 司发布 2025 年中报，上半年实现营收 7.45 亿元，同比下滑 18.57%；归母净 利润 0.65 亿元，同比增长 0.61%。单季度看，2025 年第二季度公司实现营 收 3.36 亿元，同比下滑 23.73%，归母净利润 0.35 亿元，同比增长 19.97%， 扣非归母净利润 0.53 亿元，同比下滑 39.56%。盈利能力方面，上半年毛利 率/净利率为 26.99%/8.72%，同比下滑 0.33/1.76pct。费用方面，销售/管 理/研发/财务费用率分别为 1.82%/5.92%/7.54%/-0.02%，同比变动 +0.36/+1.69/+1.20/-0.28pct，管理费用增长系人员薪酬调整，财务费用因 汇兑收益改善显著。 贸易收入下滑和地缘政治影响整体收入，海外收入占比提升。分结构来看， 1）轴承产品收入 4.63 亿元， ...

Group 1 - The company Longxi Co., Ltd. (SH 600592) announced on August 12 that its ninth board meeting was held via communication voting, where it reviewed the proposal regarding external donations [2] - For the fiscal year 2024, the revenue composition of Longxi Co., Ltd. is as follows: bearing products account for 50.87%, other products account for 44.4%, gearboxes account for 2.38%, other businesses account for 1.63%, and powder metallurgy accounts for 0.59% [2]

Group 1 - The core point of the article indicates that Shinke Co., Ltd. (002633) has stated that its bearing products are not currently applied in robotics and that there is no collaboration with Yushu Technology [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company's main business has reached a bottom, and the binding of screw products with core customers is expected to provide incremental growth opportunities [2]. - In 2024, the company achieved a revenue of 3.265 billion yuan, a year-on-year increase of 5.10%, while the net profit attributable to shareholders decreased by 33.88% to 91 million yuan [2]. - The first quarter of 2025 showed a revenue of 889 million yuan, a year-on-year increase of 15.06%, with a slight increase in net profit attributable to shareholders [2]. Financial Performance - The company reported revenues of 773 million yuan, 979 million yuan, 721 million yuan, and 792 million yuan for Q1 to Q4 of 2024, with a notable increase of 34.41% in Q4 [3]. - The gross margin for 2024 was 16.52%, slightly down from the previous year, while the net profit margin was 2.80% [4]. - The company expects revenues of 3.631 billion yuan, 4.028 billion yuan, and 4.468 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected to grow significantly [6]. Business Strategy - The company aims to consolidate its leading position in the bearing industry while focusing on the electric vehicle bearing market and high-value-added sectors such as aerospace and gas turbines [5]. - New business initiatives include the development of high-end planetary roller screws, targeting domestic top customers to enhance delivery efficiency and establish a second growth curve [5].

Core Viewpoint - Zhejiang Wuzhou New Spring Group Co., Ltd. reported a revenue increase of 5.10% in 2024, but net profit decreased significantly by 33.88%, primarily due to losses from overseas subsidiaries [1][3][22] Financial Performance Analysis - Revenue for 2024 reached 3.265 billion yuan, up from 3.106 billion yuan in the previous year, indicating a growth of 5.10% [2] - The automotive parts sector saw a revenue increase of 20.24%, while the thermal management system components grew by 11.70%. However, bearing products only grew by 0.22%, suggesting slower growth in traditional business areas [2] - Net profit attributable to shareholders was 91.37 million yuan, down from 138 million yuan in 2023, marking a decline of 33.88% [3] - Basic earnings per share fell to 0.25 yuan from 0.40 yuan, a decrease of 37.50% [4] Expense Analysis - Sales expenses increased by 30.22% to 109 million yuan, attributed to the consolidation of WJB Holdings, indicating a stronger market promotion effort [5] - Management expenses rose by 10.50% to 164 million yuan, reflecting increased operational costs [6] - Financial expenses surged by 122.21% to 33.04 million yuan, primarily due to increased short-term borrowings and the consolidation of WJB Holdings, indicating heightened debt pressure [7] Cash Flow Analysis - Net cash flow from operating activities decreased by 30.92% to 196 million yuan, mainly due to the consolidation of WJB Holdings, which may affect liquidity and operational efficiency [10] - Net cash flow from investing activities worsened to -374 million yuan from -119 million yuan, indicating increased investment efforts [11] - Net cash flow from financing activities turned positive at 140 million yuan, up from -69.12 million yuan, due to increased bank borrowings [12] R&D Investment - R&D expenses slightly decreased by 2.60% to 98.70 million yuan, representing 3.02% of revenue, showing continued commitment to innovation [8][13] - The company established a central research institute to enhance R&D capabilities and product upgrades [13] - The R&D team consists of 378 personnel, with a focus on attracting top talent for technological advancements [14] Overall Evaluation - Despite revenue growth, the significant decline in net profit highlights challenges in overseas operations and cost management. The company needs to enhance overseas business management and optimize its business structure to improve profitability while continuing to invest in R&D to address market competition [22]