积极入局丝杠等新领域，打开成长空间。公司是国内少数涵盖精密锻造、制管、冷成形、机加工、热处理、磨加工、装配的轴承、精密零部件全产业链企业，在核心技术关联基础上向新能车零部件、风电滚子、机器人等领域拓展转型。在丝杠领域，公司已拥有多种工艺、设计、研发等人才梯队储备；具有锻件、机加工、热处理、硬车及磨削加工等技术储备。报告期内，公司成功开发出梯形丝杠、滚珠丝杠、行星滚柱丝杠等组件及零部件，梯形丝杠正向重点客户送样；滚珠丝杠可应用于汽车、数控机床等领域，报告期内研发成功新能车EPB/EMB/EHB 等领域滚珠丝杠产品；行星滚柱丝杠方面，已完成丝杠产品组件及零部件的设计及持续送样改进工作。Incident: The company released its annual report for the year 23 and the quarterly report for '24, and achieved revenue of 3.106 billion yuan, -2.95% year over year; net profit to mother of 138 million yuan, -6.49% year over year. Looking at a single quarter, 23Q4 achieved revenue of 589 million yuan, -14.41% year-on-year, and -24.74% month-on-month; realized net profit of 15 million yuan, +165.01% year-on-year, and -61.18% month-on-month. 24Q1 achieved revenue of 773 million yuan, -4.6% year-on-year, and +31.22% month-on-month; realized net profit of 38 million yuan, -5.84% year-on-year and +145.43% month-on-month.
Revenue from bearing rings and wind power rollers is under pressure, which is a drag on revenue growth. The company achieved revenue of 3.106 billion yuan, or -2.95% year on year; realized net profit of 138 million yuan, -6.49% year over year. Among them, bearing rings were under pressure due to European geopolitics, energy price fluctuations, etc., but the 23Q4 marginal trend improved; wind power roller revenue fell short of expectations, mainly due to insufficient downstream demand. Meanwhile, products such as finished bearings and automobile airbags have maintained steady development.
The overall cost rate remained stable. The company's sales/management/R&D/finance expense rates in '23 were 2.7%/4.77%/3.26%/0.48%, respectively, with year-on-year changes of +0.57pct/-1.14pct/+0.08pct/-0.23pct.
Actively enter new fields such as screws to open up room for growth. The company is one of the few domestic enterprises covering the entire bearing and precision parts industry chain covering precision forging, pipe making, cold forming, machining, heat treatment, grinding, and assembly. It has expanded and transformed into fields such as new energy vehicle parts, wind power rollers, and robots on the basis of core technology connections. In the field of screws, the company already has a talent pool of various processes, design, R&D, etc.; it has technical reserves such as forging, machining, heat treatment, hard turning and grinding. During the reporting period, the company successfully developed components and components such as trapezoidal screws, ball screws, planetary roller screws, etc., and the trapezoidal screw was sent to key customers; ball screws can be used in automobiles, CNC machine tools, etc., and successfully developed ball screw products in the fields of new energy vehicles EPB/EMB/EHB during the reporting period; in terms of planetary roller screws, it has completed the design and continuous sample delivery improvement of screw product components and components.
Investment advice: We expect the company to achieve revenue of 36.33/43.04/5,064 billion yuan in 24-26 respectively, and achieve net profit of 2.14/2.67/ 311 million yuan, corresponding to PE 30/24/21 times, respectively, and maintain the “recommended” rating.
Risk warning: demand falls short of expectations, new product development falls short of expectations, customer development process falls short of expectations
