New trends in the field of wind power bearing in the "wind gate research report · Company" need to pay attention to. This company's new products can be reduced in cost reduction and efficiency, or ratio of copper coating technology

In the future, the field of high -power wind power gear boxes may adopt a new bearing solution. The company's new products are currently cooperating with the major domestic wind power OEMs. In photovoltaic battery.

Company essence:

① The company is the leading company of my country's self -lubricating bearing industry. The use of sliding bearing instead of rolling bearings (with a slip -down roll ") is the most potential solution for the reduction of cost reduction of high -power wind power gear boxes in the future. It is expected to open the company's second growth curve. At present The company's wind power industry full series of products are cooperating with major domestic wind power OEMs;

② The company's traditional business is concentrated in construction machinery, automobiles, etc. The current raw material prices will be improved.

③ Zhongtai Securities Feng Sheng expects the net profit of the mother-in-law from 2022-2024 to 1.94, 2.53, and 3.11 billion yuan, respectively, and maintains the "buy" rating;

④ Risk reminder: rising raw materials, slowing downstream demand, etc.

In the field of wind power bearing, the trend of swinging bearing instead of rolling bearing is clear.

Zhongtai Securities Feng Sheng's latest coverage of Changsheng Bearing (300718). The company is the leading enterprise of my country's self -lubricating bearing industry. In addition to traditional business engineering machinery, automobiles and other fields, the company has the most interesting expansion in wind power business. It is expected to open the company No. 1 Two -percent long curve. At present, the company's wind power industry's full series of products are cooperating with major domestic wind power hosting factories.

Considering that the price of raw materials is expected to gradually fall, the company's profitability will be improved. Feng Sheng expects the net profit of the mother-in-law from 2022-2024 to be 1.94, 2.53, and 3.11 billion yuan, respectively, and maintains the "buy" rating.

The trend of "rolling with a slip -down generation" in the field of wind power is clear, and it is expected to start the company's second growth curve

The wind power industry is developing in a larger power and lower cost direction. The use of sliding bearing instead of rolling bearing is an important technological development direction for the wind power industry in the future.

Sliding bearing has the advantages of small radial dimensions, strong loading capacity, low cost, etc. It can be applied to the wind power main shaft system, gear box system, polarization system, paddle system, couplet, etc., which significantly increases torque density, reduces unit torque costs Essence "Slide" is the most potential solution for the reduction of cost -reducing costs and efficiency of ultra -high -power wind power gear boxes in the future.

The company has increased the research and development efforts of the self -lubricating bearings in the field of wind power. According to the company's official micro -information, the company's current series of products in the company's wind power industry are cooperating with the major domestic wind power OEMs.

The "wind" of the steady growth policy has arrived, and the profitability of raw materials will improve after falling.

Construction machinery: As the company's main downstream application field, the growth rate of excavators in July began to roll up. The marginal improvement of the industry is expected to drive the company's construction machinery field to gradually improve.

The automotive field: The automotive industry mainly uses metal plastic polymer self -lubricating rolled bearing. With the gradual recovery of automobile production and sales, the company's automotive field orders have rapidly increased, and the proportion of automobile business is expected to gradually increase. The gross profit margin of metal plastic polymer self -lubricating volume bearing is more than 40%. The increase in the proportion of high gross profit products is also expected to further drive the company's profitability to gradually rise.

Cost pressure has decreased: Since May 2022, the price of raw materials such as steel and copper powder has gradually fallen. At present, the price of 3mm ordinary hot rolled sheets and the spot price of 1#copper have decreased by about 20%compared to April 22. The continuous decline of the price of the raw materials is expected to drive the company's profitability to rise gradually.

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