丝杠业务有望为公司创造增量利润来源，公司研发的各类丝杠类产品主要面向新能源汽车产业和机器人产业，其中汽车产品主要为滚珠丝杠，试验周期较长，预计2024 年能够放量。人形机器人技术路线尚未固化，公司已经完成T 型螺纹丝杠的开发并且已经向客户送样，同时行星滚柱丝杠也已向核心客户多次送样。公司地处新昌，与核心客户联系紧密，机器人丝杠产品开发进度在国内处于领先位置。公司原有产线复用性强，能够用于量产多类产品，具备成本优势，未来有望切入下游核心客户供应链。Short-term disturbances in the reduction of shares held by executives do not affect the long-term development of the company
On December 15, 2023, the company issued an announcement on the results of some supervisors and executives reducing their holdings in centralized bidding. The announcement stated that Wang Mingzhou, Zhang Xunlei and other company executives had ended their share holdings reduction through centralized bidding. The current holdings reduction period for executives was concentrated in August to December 2023, and the price range for reduced holdings was around 16-23 yuan. The reduction in shareholding only accounted for 0.15% of the total share capital, and the total reduction amount was 11.638,400 yuan. The share share share and holdings reduction amount were relatively small. We maintain the company's profit forecast. We expect the company's net profit from 2023-2025 to be 1.5/222/280 million yuan, EPS is 0.41/0.60/0.76 yuan, and the current stock price corresponding to PE is 55.9/38.2/30.3 times. This reduction in holdings has little impact on the company's stock price performance and production and operation. Executives are still confident in the company's prospects. We believe that the short-term impact of the reduction in holdings will not affect the company's long-term development and maintain a “buy” rating.
The company's screw business is progressing rapidly, and samples have been sent to core customers
The screw business is expected to create incremental profit sources for the company. The various screw products developed by the company are mainly aimed at the new energy vehicle industry and the robot industry. Among them, automobile products are mainly ball screws. The test period is long, and it is expected to be expanded in 2024. The humanoid robot technology route has not yet been solidified. The company has completed the development of T-screw screws and has sent samples to customers. At the same time, planetary roller screws have also been sent to core customers many times. The company is located in Xinchang and is closely connected with core customers. The development progress of robot screw products is in a leading position in China. The company's original production line is highly reusable, can be used for mass production of various products, has cost advantages, and is expected to enter the downstream core customer supply chain in the future.
The company is the leading bearing industry in China, and is expected to benefit from trends in the humanoid robot industry. The company starts by producing bearing products, and forms three product arrays: bearings, wind power rollers, auto parts, and thermal management system components based on core material heat treatment technology and forging processing technology. The screw process is similar to the bearing, and the replicability is strong, and the bearing, as a high-speed rotating component, has higher accuracy requirements than the screw, so the company is blessed with a unique advantage in entering the screw market. Future robot demand for bearings and screw components is expected to bring a lot of incremental market space. The company has a first-mover advantage, and is expected to benefit fully in the future.
Risk warning: Wind power installation prosperity is declining, bearing product customer verification progress falls short of expectations, and robot business progress falls short of expectations.