1月22日，利欧股份（002131.SZ）延续昨日行情再度跌停，封单金额再超100亿元，报8.42元/股，总市值为570亿元。 消息面上，利欧股份于1月20日晚披露停牌核查结果暨复牌公告，称AI相关业务收入在整体营业收入中占比较小，对公司整体经 营业绩及财务状况不构成重大影响。 此前，利欧股份因"AI智能体+GEO营销"概念暴涨，2025年12月31日至2026年1月15日，公司股票连续10个交易日收盘价涨幅偏 离值达96.77%，于1月16日起停牌核查。 值得注意的是，2024年年报披露，利欧股份的营收构成中，数字营销服务一项仅占总营收的2.16%，营收金额为4.58亿元，较 2023年同比增长22.34%。 公开资料显示，利欧股份主营机械制造业务和数字营销业务，主要产品为机械制造业务、媒体代理业务、数字营销服务、金属 材料贸易。2025年前三季度，公司营收144.54亿元，同比下滑8.8%，归母净利润为5.89亿元，同比增长469.10%。 | < W | 利欧股份(002131) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 01-22 ...

Investment Rating - The report assigns an "Outperform" rating for the company [6]. Core Views - The company is a leading manufacturer of joint bearings, benefiting from the growth opportunities in humanoid robotics [1][4]. - The joint bearing market is a niche with high technical barriers, and the company holds over 75% market share in China [2][3]. - The company has established itself as a core supplier for humanoid robots, with significant growth potential in this sector [4][3]. Company Overview - The company has over 60 years of experience in joint bearings and is the largest supplier and exporter in China [1][15]. - It has participated in key national projects, including C919 and Shenzhou, and has a strong presence in both domestic and international markets [1][27]. - The company has a complete manufacturing chain with over 10,000 varieties of joint bearings [21]. Financial Analysis - The company has shown steady revenue growth, with a CAGR of 17.60% from 2017 to 2023, reaching 1.904 billion yuan in 2023 [32][33]. - The net profit is projected to grow from 171.4 million yuan in 2024 to 259.8 million yuan in 2026 [4][5]. - The joint bearing segment has a gross margin exceeding 45%, contributing significantly to the company's profitability [32][42]. Market Trends - The global joint bearing market is estimated at approximately 10-15 billion yuan, with the company positioned to capture a significant share due to its technological advantages [2][3]. - The demand for joint bearings in humanoid robots is expected to drive future growth, as traditional bearings cannot meet the multi-degree-of-freedom requirements [3][4]. Profitability and Valuation - The company's stock is valued between 21.58 and 24.27 yuan, with projected PE ratios of 36, 29, and 24 for the years 2024 to 2026 [4][6]. - The company has maintained a stable net profit margin, with a recovery to 10.11% in the first three quarters of 2024 [42][43].