Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leader in the automotive bearing aftermarket, with a strong growth outlook driven by the increasing demand for replacement parts due to rising vehicle age and the growth of the new energy vehicle market [2][40]. - The company is also entering the humanoid robot core component market, which is expected to see significant growth, with 2025 projected as a year of mass production [2][48]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the automotive bearing sector for over 20 years, focusing on aftermarket and OEM markets, with 2023 revenue reaching 740 million yuan, primarily from brake system bearings [12][18]. - The company has a stable and concentrated shareholding structure, with the top three shareholders holding over 51% of the shares, indicating strong management confidence [16]. 2. Traditional Business - The global bearing market is dominated by eight major international players, with a market share of 75%, while domestic companies primarily focus on mid-to-low-end products [34][35]. - The domestic bearing market is expected to grow significantly, with projections indicating a market size exceeding 300 billion yuan by 2024, driven by the increasing number of vehicles and their average age [38][40]. 3. Emerging Business - The humanoid robot industry is on the verge of explosive growth, with significant advancements in technology and production capabilities expected by 2025 [47][48]. - The company is developing three core components for humanoid robots: harmonic reducers, actuator modules, and rolling ball screws, which are anticipated to benefit from the industry's growth [49][54]. 4. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 812 million, 974 million, and 1.214 billion yuan, respectively, with corresponding growth rates of 10%, 20%, and 25% [3][60]. - The company's net profit is expected to grow at a CAGR of 23% from 2024 to 2026, with P/E ratios decreasing from 72 to 46 over the same period [3][60].

Group 1: Production and Manufacturing - The company has developed a flexible production line suitable for "small batch, multiple varieties, and quick response," enhancing equipment utilization and reducing production cycles [1] - Future plans include strengthening flexible manufacturing capabilities through automation and intelligent upgrades [1] Group 2: Customer Base - The company's bearing products primarily target the automotive aftermarket and original equipment manufacturers (OEMs), with aftermarket customers mainly being independent brand merchants and large chain terminals [2] Group 3: Overseas Expansion - In April 2024, the third phase of investment in the Thailand factory will commence, aimed at increasing production capacity and enhancing competitiveness for overseas customer orders [2] Group 4: Robotics Component Business - The company leverages its precision component manufacturing advantages for the robotics parts business, sharing some R&D technologies and production equipment [2] - The robotics parts business is still in its early stages, with no mass supply to the market yet [2]

Group 1: Company Strategy and Market Position - The company plans to expand its main engine market, with a focus on high-quality projects. The completion of the "annual production of 6.29 million sets of high-end automotive bearing intelligent construction project" is expected to enhance production capacity and product structure [1] - The company has developed lightweight, high-sealing, low-friction bearings with smart chips for applications in automated parking and intelligent driving, although these products currently represent a small sales percentage [2] - The company has established a differentiated manufacturing advantage through a tailored supply chain and a flexible production line capable of small-batch, multi-variety, and quick response, with over 6,000 product models covering mainstream global vehicle types [2] Group 2: Robotics and Future Capacity Planning - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic scenarios. Core equipment for this product line is expected to be in place by the end of 2024, with plans for a second production line investment in H1 2025 to meet future market demand [2]

Group 1: Company Overview - The company, Zhejiang Siling Automotive Bearing Co., Ltd., focuses on the research, manufacturing, and sales of various bearing products, including hub bearings and clutch components, targeting global markets such as Southeast Asia, Europe, and North America [2]. Group 2: Financial Impact and Risk Management - Fluctuations in the USD exchange rate can have short-term impacts on the company's business; the company plans to adjust its business model and take measures to mitigate risks associated with exchange rate volatility [2]. Group 3: Market Expansion and Client Base - The company has received U.S. customs recognition for its products, enhancing its competitiveness and market share in North America, with plans to secure new client projects and expand export business [2]. - The primary customer base for the company's bearing products includes the automotive aftermarket and original equipment manufacturers (OEMs), with established relationships with major clients such as Foton, Chery, FAW-Volkswagen, and SAIC Maxus [2]. Group 4: Product Development - The company is currently focused on the research and mass production of harmonic reducers, which are applicable in various robotic applications; the core equipment for this product line is expected to be operational by the end of 2024, with initial small-scale production to follow [2].

Group 1: Company Operations and Strategy - The company has established a factory in Thailand to mitigate the impact of U.S. tariffs, ensuring product delivery to global clients in Southeast Asia, Europe, and North America [2] - The Thai factory has received U.S. customs recognition for its certificate of origin, enhancing the company's competitiveness in overseas markets [2] - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic applications [2] Group 2: Production and Investment Plans - The core equipment for harmonic reducers is expected to be in place by the end of 2024, with small-scale production commencing thereafter [2] - The company plans to invest in a second production line in H1 2025 to increase capacity in response to future market demand [2] - The Thai factory's second phase of investment was completed in Q1 2024, with a third phase already initiated to enhance existing production capacity [2] Group 3: Product Development and Market Position - The company leverages its precision component manufacturing expertise to enhance its capabilities in robotic component production [2] - Development of actuator modules is underway, with mechanical transmission components being designed in-house and motor components developed in collaboration with partners [2] - Future investments will be considered based on customer demand and order conditions [3]

Company Performance - The stock price of Slin Co. reached a historical high, increasing by 1.08% to 92.10 yuan, with a trading volume of 2.1333 million shares and a transaction value of 194 million yuan, resulting in a turnover rate of 3.88% [1] - The latest total market capitalization of Slin Co. is 10.131 billion yuan, with a circulating market capitalization of 5.059 billion yuan [1] - The company reported a revenue of 557 million yuan for the first three quarters, representing a year-on-year growth of 5.06%, and a net profit of 137 million yuan, reflecting a year-on-year increase of 28.13% [1] - The basic earnings per share are 1.2400 yuan, with a weighted average return on equity of 8.29% [1] Industry Overview - The automotive industry, to which Slin Co. belongs, experienced an overall decline of 1.41%, with 45 stocks rising and 240 stocks falling [1] - The top gainers in the industry include Jintuo Co., Changhua Group, and Chuanhuan Technology, with increases of 10.01%, 9.99%, and 5.80% respectively [1] - The stocks with the largest declines include Jun Chuang Technology, Smart Agriculture, and Alter, with decreases of 7.27%, 6.82%, and 6.76% respectively [1] Margin Trading Data - As of January 21, the latest margin trading balance for Slin Co. is 268 million yuan, with a financing balance of 268 million yuan, showing a decrease of 43.6238 million yuan over the past 10 days, which is a decline of 13.98% [1]

（以下无正文） 财通证券股份有限公司 关于浙江斯菱汽车轴承股份有限公司 2024年度持续督导定期现场检查报告 | 保荐机构名称：财通证券股份有限公司 被保荐公司简称：斯菱股份 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：王静 联系电话：0571-87130373 | | | | | 保荐代表人姓名：戚淑亮 联系电话：0571-87821394 | | | | | 现场检查人员姓名：戚淑亮、刘可朦 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2024 年 12 月 19 日-20 日 | | | | | 一、现场检查事项 | | 现场检查意见 | | | （一）公司治理 | 是 | 否 | 不适用 | | 现场检查手段：访谈公司董事会秘书，查阅公司章程及各项规章制度，查阅公司历次董事会、监 | | | | | 事会、股东大会等会议材料，查阅公司相关信息披露文件，实地察看公司主要生产经营场所 | | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | | 2.公司章程和三会规则是否得到有效执行 | √ | ...

（一）培训时间及地点 财通证券股份有限公司 关于浙江斯菱汽车轴承股份有限公司 2024年度持续督导培训情况报告 深圳证券交易所： 财通证券股份有限公司（以下简称"财通证券"或"保荐机构"）作为浙江 斯菱汽车轴承股份有限公司（以下简称"斯菱股份"或"公司"）首次公开发行 股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》的相关规定，于 2024 年 12 月 19 日对斯菱股份进行了持续 督导培训，具体情况如下： 一、本次持续督导培训的基本情况 保荐机构本次持续督导培训的工作过程中，公司积极予以配合，保证了培训 工作的有序进行，达到了良好效果。 三、本次持续督导培训的结论 1、培训时间：2024 年 12 月 19 日 2、培训方式：现场授课 3、现场培训地点：新昌县澄潭街道江东路 3 号斯菱股份会议室 （二）培训主讲人及培训对象 1、主讲人：财通证券保荐代表人 戚淑亮 2、培训对象：控股股东、实际控制人、董事、监事、高级 ...

证券代码：301550 证券简称：斯菱股份 编号：2024-018 浙江斯菱汽车轴承股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ☑ 特定对象调研 | | | | □媒体采访 | □分析师会议 | | 投资者关系活动类别 | □新闻发布会 | □业绩说明会 | | | □现场参观 | □路演活动 | | | | □其他（请文字说明其他活动内容） | | | | 长江证券刘晓舟、长江证券王子豪、信达证券孙然、富 国基金汪欢吉、东方基金高强、长城基金吴驰、工银瑞 | | 活动参与人员 | | 信黄 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2024-061 浙江斯菱汽车轴承股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江斯菱汽车轴承股份有限公司（以下简称为"公司"）于 2024 年 10 月 23 日召 开第四届董事会第七次会议、于 2024 年 11 月 11 日召开 2024 年第四次临时股东大会， 分别审议通过了《关于变更经营范围、修订<公司章程>并办理工商变更登记的议案》， 具体内容详见公司于 2024 年 10 月 24 日在巨潮资讯网（www.cninfo.com.cn）披露的 《关于变更经营范围、修订<公司章程>并办理工商变更登记的公告》（公告编号：2024- 法定代表人：姜岭 注册资本：壹亿壹仟万元整 成立日期：2004 年 11 月 22 日 住 所：浙江省新昌县澄潭街道江东路 3 号 经营范围：一般项目：轴承销售；轴承制造；汽车零部件研发；汽车零部件及配件 制造；机械设备研发；机械设备销售；轴承、齿轮和传动部件制造；轴承、齿轮和传动 部件销售；齿轮及齿轮减、变速箱 ...