风电滚子业绩兑现低于预期，热管理系统零部件贡献最大营收增量2024 年Q1-Q2 公司分别实现营收7.73/9.79 亿元， 同比分别变动-4.60%/+5.92%。分品类来看，公司2024H1 成品轴承和套圈实现营收9.34 亿元，同比基本持平；风电滚子收入下降主要由于上半年风电下游装机不及预期。Incidents:
The company released its 2024 semi-annual report: the company's revenue for the first half year of 2024 was 1.752 billion yuan, up 1.01% year on year; net profit attributed/withheld from mother was 0.075/0.072 billion yuan respectively, with year-on-year changes of -9.64%/+6.74%, respectively.
Among them, in the Q2 single quarter, the company achieved revenue of 0.979 billion yuan, an increase of 5.92% year on year; net profit attributed/withheld from mother was 0.037/0.037 billion yuan respectively, a year-on-year change of -13.19%/+0.60%.
Wind power roller performance fell short of expectations. Thermal management system components contributed the most revenue increase in Q1-Q2 in 2024, and achieved revenue of 0.773/0.979 billion yuan respectively, with year-on-year changes of -4.60%/+5.92%, respectively. By category, the company's 2024H1 finished bearings and ferrules achieved revenue of 0.934 billion yuan, which was basically the same as the previous year; the decline in wind power roller revenue was mainly due to downstream wind power installations falling short of expectations in the first half of the year.
Auto parts achieved revenue of 0.196 billion yuan, an increase of 14.20% year on year; of these, airbag gas generator parts achieved revenue of 0.092 billion yuan, an increase of 32.90% year on year. Thermal management system components achieved revenue of 0.545 billion yuan, an increase of 7.2% over the previous year.
Gross profit margin increased year-on-year, and sales investment increased
In terms of profitability, 2024H1's gross margin/net profit margin was 16.57%/4.28%, respectively, with a year-on-year change of 1.22/-0.50pcts. In terms of expenses for the period, 2024Q2's sales/management/finance rates were 2.83%/5.35%/0.38%, respectively, up 1.41/0.47/0.71 pct year-on-year, respectively. The company's R&D rate during the same period was 2.95%, an increase of 0.33pct over the same period, providing a guarantee for the company's core competitiveness.
Technological innovation promotes business expansion and develops new products in the field of intelligent new energy vehicles. The company has successfully developed a full range of bearing products for new energy vehicles and supported domestic and foreign engine customers, successfully developed and produced steel pipes for automobile airbag gas generator components exclusively domestically and successfully achieved import substitution. It is currently the only manufacturer of steel pipes for automobile airbag gas generators in China.
In the field of robotics, we have successfully developed a full range of robot bearing products and supported many robot reducer manufacturers. At the same time, planetary roller screws for embedded intelligent robots are listed as key R&D products, and new products such as dexterous miniature screws and linear actuator planetary roller screws have been developed one after another.
Investment advice and profit forecasting
The company is a domestic bearing manufacturer and is expected to enter the emerging circuit with its powerful precision manufacturing processes such as heat treatment and grinding. We expect the company to achieve revenue of 3.331/4.085/4.72 billion yuan in 2024-2026, net profit to mother of 0.173/0.222/0.266 billion yuan, EPS of 0.47/0.60/0.73 yuan, and corresponding PE of 28.53/22.28/18.59 times, maintaining the “gain” rating.
Risk warning
Risk of loss of technical personnel, risk of market competition, risk of exchange rate fluctuations, risk of iterative product upgrades
