Investment Rating - The report maintains a "Buy" rating for the company [4][25]. Core Views - The company has reached a profit inflection point and is expected to enter a business release cycle, with significant growth potential in the TMT and small-cap sectors [1][20]. - In Q1 2025, the company achieved revenue of 296 million yuan, a year-on-year increase of 10.65%, and a net profit attributable to shareholders of 12 million yuan, a year-on-year increase of 103.41% [1][20]. - The increase in profit growth rate is attributed to improved gross margins, reduced financial expenses due to convertible bond redemption, increased government subsidies, and decreased credit impairment losses [7][20]. Financial Data and Valuation - The company’s total revenue is projected to grow from 988 million yuan in 2023 to 2.169 billion yuan in 2027, with year-on-year growth rates of -5%, 16%, 22%, 28%, and 21% respectively [3][34]. - Net profit is expected to increase from 38 million yuan in 2023 to 217 million yuan in 2027, with growth rates of -17%, -31%, 174%, 131%, and 31% respectively [3][34]. - The company’s PE ratio is projected to decrease from 162.6 in 2023 to 28.3 in 2027, indicating improving valuation metrics over time [3][35]. Market and Product Insights - The bearing market has significant growth potential, with China's bearing industry revenue reaching 250 billion yuan in 2022, reflecting a year-on-year increase of 9.7% [10][14]. - The company is focusing on the insulated bearing sleeve product, which is currently in the sampling phase and aims to prevent electrical corrosion in bearings, targeting applications in new energy vehicles and variable frequency air conditioners [24][25]. - The company is increasing investment in screw components, which are expected to benefit from the rapid growth of humanoid robots, leveraging its existing advantages in the bearing sleeve industry [24][25].
金沃股份（300984）：公司利润拐点出现，有望进入业务释放周期