金帝股份（603270）：​深度报告：轴承保持架+汽零板块双线发展，精冲技术延展打开成长空间

Investment Rating - The report assigns a "Buy" rating for the company for the first time [4]. Core Views - The company is positioned in the bearing cage sector and has diversified into automotive precision parts, leveraging its advanced precision stamping technology. It has established a strong market presence in both wind power and automotive industries [6][13]. - The company is expected to achieve significant revenue growth driven by its wind power bearing cages and electric drive system components for new energy vehicles, with projected revenues of 1.27 billion, 1.76 billion, and 2.22 billion yuan for 2024, 2025, and 2026 respectively [6][4]. - The company has a solid customer base, including major global bearing manufacturers, and is well-positioned to benefit from the increasing demand in the wind power sector and the growing electric vehicle market [6][42]. Summary by Sections 1. Company Overview - The company has evolved from its origins in bearing cages to a leading player in precision machinery, focusing on two main business segments: bearing cages and automotive precision parts [6][13]. - The company has achieved a compound annual growth rate (CAGR) of 20.8% in revenue from 2019 to 2023, with a notable increase in automotive precision parts revenue driven by the growth in new energy vehicles [23][59]. 2. Bearing Cages - The company has a comprehensive product range in the wind power sector, achieving a global market share of 10% and a domestic market share of 21% in 2022 [6][34]. - The growth in the wind power sector is expected to continue, with projections indicating a significant increase in installed capacity in 2025 [42][48]. - The company has established long-term relationships with major global bearing manufacturers, enhancing its market position and customer base [34][36]. 3. Automotive Precision Parts - The automotive precision parts segment has seen rapid growth, with a CAGR of 42% from 2019 to 2023, driven by the increasing demand for electric vehicle components [59][70]. - The company has successfully integrated into the supply chains of major automotive manufacturers, including NIO and Great Wall Motors, and is expanding its product offerings in the electric drive system sector [69][70]. 4. Robotics - The company is developing precision stamping technology for harmonic reducers, which are critical components in humanoid robots, aiming to replace imported materials and enhance production efficiency [72].