300850 · SZSE · China
lyxqlbearing.com.cnFinancials as of FY2025
Makes giant steel bearing rings — some wider than 5000mm — for wind turbines and cranes at a factory in Luoyang, China.
What this company is and how it runs — written from structure, not news.
Luoyang Xinqianglian machines slewing bearing rings up to 5000mm in diameter — the kind of oversized rings that go inside wind turbine nacelles and heavy crane booms — using turning lathes and heat treatment furnaces in Luoyang that were configured and calibrated together specifically for workpieces at that scale. After a ring is machined to shape, it must pass through the furnace in a controlled annealing cycle to relieve the stress gradients left by cutting, and because the furnace chamber physically cannot accept a ring wider than its own opening, the furnace is the single gate every large-diameter order must pass through — adding lathe capacity does nothing if the furnace is full. Once a customer like a wind turbine manufacturer accepts a supplier's dimensional tolerances and hardness profiles, switching away means re-engineering the mounting interface and lubrication system of the entire rotating assembly, which is why the qualification process takes 12 to 24 months and becomes a reason to stay rather than just a reason to start. The arrangement holds together as long as wind and crane makers keep specifying single large-diameter rings — if they shift toward modular designs built from smaller standardised rings instead, the oversized lathe-and-furnace pairing that creates the lock-in stops matching the workpiece entirely.
How does this company make money?
The company charges per bearing sold, with the price set by ring diameter, the load rating the bearing must handle, and how many units are in the order. For large custom orders, customers pay in stages as work progresses rather than all at once on delivery. If a customer needs the standard bearing design modified to fit their specific assembly, that engineering work is billed separately.
What makes this company hard to replace?
Qualifying a new bearing supplier for wind turbine or crane applications takes 12 to 24 months of testing under real load conditions. Once a customer has validated a specific set of dimensional tolerances and material hardness profiles for their rotating assembly, moving to a different supplier means re-engineering the mounting interface and lubrication system that the bearing sits inside — a significant engineering project in its own right, not just a purchasing decision.
What limits this company?
The heat treatment furnaces are the bottleneck. Their chamber dimensions cap the maximum ring size the company can certify, and each large ring occupies a furnace slot for a long, fixed period — that time cannot be shortened without compromising the uniformity of hardness around the full circumference. Adding more lathes does not help if the furnaces are full, because no ring can leave the factory without a completed heat treatment record.
What does this company depend on?
The company cannot run without high-carbon bearing steel from Chinese steel mills, CNC turning lathes capable of handling very large diameters, industrial heat treatment furnaces with controlled atmosphere systems, precision measuring equipment to verify dimensions, and export licences issued by Luoyang customs authority for international orders.
Who depends on this company?
Wind turbine manufacturers rely on these bearings for the rotation system inside each nacelle — without properly functioning slewing bearings, that system would seize. Crane manufacturers depend on them for boom rotation and load handling; bearing failure would compromise the crane's ability to lift and swing safely. Industrial robot manufacturers use them for multi-axis movement; without adequate rotational support, positioning precision degrades.
How does this company scale?
Once a machining program and heat treatment cycle have been developed for a given ring size, they can be applied to repeat orders without starting from scratch. What does not scale quickly is the workforce: machinists who can set up large-diameter turning operations and correctly read dimensional tolerances on oversized components take a long time to train and are hard to replace.
What external forces can significantly affect this company?
The price of bearing steel fluctuates with Chinese government production targets for the steel industry, which can push raw material costs up or down independently of what the company does. Export sales are exposed to EU and US trade policies on Chinese manufactured goods, which can affect how competitively the company can price abroad. And because a large share of demand comes from wind energy projects, order volumes rise and fall with global wind installation cycles — a pattern driven by energy policy and weather targets, not by general industrial activity.
Where is this company structurally vulnerable?
If wind turbine and crane makers shift toward modular bearing designs — where one large ring is replaced by an assembly of several smaller, standard-size rings — the oversized lathes and furnaces would no longer match the workpieces being ordered. The same configuration that today locks customers in would instead lock the company out of the new product format.
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Three observations align: revenue has increased every year over the trailing three years, receivables have increased every year over the trailing four years, and operating cash flow margin is on the industry-benchmarked scale. The picture is concurrent growth in revenue and receivables with peer-relative cash-conversion context.
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Three observations co-occur: price is several standard deviations below its one-year mean, the company has reported positive net income every year for three years, and book value has increased every year for four years. The set describes a depressed-price profile alongside fundamental stability and equity accumulation.
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