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金沃股份20250413

Summary of Jinwo Co., Ltd. Conference Call Company Overview - Jinwo Co., Ltd. is a leader in the domestic bearing ring sector, focusing on innovative research and development in bearing technology and production equipment [9][10]. Financial Performance - In Q4 2024, Jinwo's revenue increased compared to Q3, but net profit declined due to two main factors: a stock incentive plan costing 3.34 million yuan and increased expenses during year-end financial clearing [3][4]. - For the full year 2024, revenue grew by 16% year-on-year, while net profit excluding non-recurring items increased by 38.28% to 25 million yuan. However, net profit including non-recurring items fell by 30% due to a one-time asset disposal gain in 2023 [5][6]. - The company incurred additional expenses of 10 million yuan from stock incentives and convertible bond interest, impacting overall performance [5]. Key Development Areas - Jinwo's future focus includes: - Sleeve bearings - Humanoid robots - Insulated bearing technology - The global sleeve bearing market is valued at over 100 billion yuan, presenting significant growth potential for Jinwo [6][7]. International Expansion - Jinwo aims for a balanced revenue split of 50% domestic and 50% international, targeting a 20% annual growth rate. The company is establishing a presence in Mexico, with plans to operationalize by 2025, capitalizing on the exit of Western capital from traditional manufacturing [7][10]. - The company is also exploring opportunities in Europe and Southeast Asia, with a goal of achieving 3 billion yuan in overseas revenue and 3 billion yuan in domestic revenue [10][11]. Project Insights - The "High-Speed Loan" project incurred a loss of nearly 20 million yuan in 2024 due to high initial costs, but profitability is expected in 2025 [8]. - Jinwo's insulated bearing technology has made significant advancements, collaborating with Tsinghua University to develop cost-effective and durable solutions for electric vehicles and air conditioning systems [14][15]. Market and Competitive Position - Jinwo maintains a gross margin of 21%-23% and a net profit margin exceeding 10%. The company is positioned as a full industry chain player, which is expected to enhance profitability as production capacity utilization improves [11][17]. - The company is optimistic about the insulated bearing market, particularly in the electric vehicle sector, where demand is expected to grow significantly [14][15]. Future Outlook - Jinwo projects a 20% annual growth rate, with expectations for improved profitability as new capacities come online. The company anticipates that its main business will continue to grow, with a 16% increase in 2024 and a nearly 40% rise in net profit excluding non-recurring items [17][18]. - The long-term vision is to transform into a technology-driven company, focusing on innovation and adapting to industry trends [18].