Group 1: Business Performance - The company's revenue from the new energy gear business reached 3.37 billion CNY in 2024, accounting for 38.38% of total revenue, with a year-on-year growth of 51.21% [1][3] - The overall performance of the gear industry is rapidly evolving, with various companies showcasing unique strengths and advantages [1][2] Group 2: Industry Outlook - The gear industry in China is experiencing steady growth, characterized by a large scale and comprehensive categories, indicating a broad market space [1] - The new energy vehicle sector is entering a high growth phase, reshaping the automotive parts market and increasing demand for outsourced components like gears [2] Group 3: Future Growth Opportunities - The company plans to enhance production efficiency and profitability through digital transformation and innovative management models [2] - There is a significant increase in demand for lightweight, low-noise, and wear-resistant gears due to trends in automotive intelligence and electrification [2][4] Group 4: Product Development and Market Expansion - The company's smart actuator products are widely applicable, with a focus on expanding into the automotive sector, particularly in electric tailgates and smart lock modules [4] - Future research will target non-metal materials for smart actuators, aiming to provide innovative solutions for various industries, including automotive and smart home [4] Group 5: Asset Management and Profitability - The company aims to improve asset turnover rates by upgrading existing equipment capabilities to meet market demands [5][6] - A comprehensive lifecycle management system will be established to enhance equipment longevity and asset return rates [6]

Group 1: Business Performance Overview - The revenue from the new energy vehicle gear business reached 3.37 billion CNY in 2024, accounting for 38.38% of total revenue, with a year-on-year growth of 51.21% [3] - The traditional fuel vehicle gear business generated 1.95 billion CNY in 2024, showing a decline of 1.99% year-on-year [3] - The intelligent actuator business saw a revenue growth rate of over 69% in 2024, maintaining similar growth in Q1 2025 [3] - The commercial vehicle gear business revenue decreased by 18.01% in 2024, but showed signs of recovery in Q1 2025 [3] Group 2: Future Outlook and Strategic Initiatives - The Hungarian factory is expected to start contributing to revenue in the second half of 2025, with ongoing equipment installation and debugging [5] - The company is optimistic about the new energy commercial vehicle gear market, focusing on the heavy-duty truck sector to enhance brand influence and market share [7] - The company anticipates steady growth in the intelligent actuator segment over the next two to three years, driven by market expansion [10] Group 3: Competitive Advantages and Market Position - The company has a competitive edge in product quality and cost control, which has been validated in the domestic market [8] - The establishment of the Hungarian factory will reduce delivery times and logistics costs, enhancing competitiveness in international markets [8] - The company plans to align the profit margins of the Hungarian factory with domestic levels, although initial strategies may involve lower margins to gain market share [9] Group 4: Product Development and Innovation - The single vehicle value of gear products is increasing due to product structure upgrades and the rising demand for high-precision gears in mid-to-high-end models [11] - The company is focusing on the development of coaxial reducer gears, which have higher technical complexity and value compared to parallel reducer gears [11] - The intelligent actuator products are expected to see improved profit margins due to cost reduction and efficiency enhancement initiatives [4]

若成功上市，环动科技将成为科创板"机器人关节第一股"，其象征意义不言而喻：据测算，RV减速器国产化率每提升10个百分点，工业机器人成 本可降低8%-12%。但对双环传动而言，这场资本运作更像一场精心设计的"平衡术"——分拆后虽短期面临7.45%的净利润摊薄（2023年环动科技 贡献净利润6076万元），却能通过61.29%控股权享受估值溢价（IPO估值56亿元对应PE 92倍），同时借供应链协同降低母公司采购成本（预计年 节约1.2亿元）。 业内人士指出，真正的产业突围需要穿越三个"死亡谷"：从实验室到量产的技术鸿沟、从价格竞争到价值创造的市场跃迁、从资本催熟到持续创 新的生态重构。当交易所问询函直指"技术先进性表述与第三方检测数据矛盾"，当机构投资者用92倍PE押注未经检验的国产替代故事，这场分拆 上市的资本盛宴，或许正是检验中国高端装备成色的试金石。 相关ETF （原标题：环动科技IPO背后的双环传动棋局：国产替代光环下的隐忧） 浙江环动机器人关节科技股份有限公司（以下简称"环动科技"）的科创板IPO进程已进入问询回复关键阶段。这家脱胎于齿轮巨头双环传动 （002472.SZ）的RV减速器企业，承载着母公 ...

[投资要点 事件：公司发布2024 年报及2025 一季报。2024 年公司实现营业收入87.81 亿元，同比增长8.76%；实现 归母净利润10.24 亿元，同比增长25.42%。其中，2024Q4 单季度公司实现营业收入20.39 亿元，同比下 降7.42%，环比下降15.76%；实现归母净利润2.86 亿元，同比增长25.96%，环比增长7.88%。2025Q1 公 司实现营业收入20.65 亿元，同比微降0.47%，环比增长1.27%；实现归母净利润2.76 亿元，同比增长 24.70%，环比下降3.46%。公司2024Q4 及2025Q1 业绩符合我们的预期。 2024Q4 及2025Q1 业绩符合预期，公司经营持续稳健。收入端，公司2024Q4 单季度实现营收20.39 亿 元，环比下降15.76%；2025Q1 实现营收20.65 亿元，同比微降0.47%。毛利率方面，公司2024Q4 单季 度综合毛利率为31.04%，同比提升6.46 个百分点，环比提升7.08 个百分点；2025Q1 单季度毛利率为 26.82%，同比提升4.17 个百分点。期间费用方面，公司2024Q4 期间费用率为13. ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing continuous improvement in operational quality and is gradually building a global gear ecosystem platform [1] - Revenue for 2024 is projected to be 8.78 billion yuan, an increase of 8.8% year-on-year, with a main business revenue of 8.15 billion yuan, up 18.2% year-on-year [1] - The net profit attributable to the parent company for 2024 is expected to reach 1.02 billion yuan, reflecting a year-on-year growth of 25.4% [1] - The company is benefiting from the growth in the new energy vehicle gear and intelligent actuator sectors, with significant revenue increases in these areas [2] Revenue and Profitability - In 2024, the company's revenue from passenger car gears, commercial vehicle gears, engineering machinery gears, reducers, and intelligent actuators is projected to be 5.32 billion, 720 million, 580 million, 660 million, and 640 million yuan respectively, with year-on-year growth rates of +26.1%, -18%, -10.4%, +18%, and +69.5% [2] - The gross profit margin for 2024 is expected to be 25%, an increase of 2.8 percentage points year-on-year, while the net profit margin is projected to be 12%, up 1.7 percentage points year-on-year [2] - The company achieved a gross profit margin of 31% in Q4 2024, marking a historical high in nearly a decade [2] Cost Management - The overall expense ratio for 2024 is expected to be 10.6%, a slight increase of 0.3 percentage points year-on-year, with stable management and sales expense ratios [2] - The company continues to invest in R&D, with the R&D expense ratio increasing to 5.2% in 2024 [2] Growth Opportunities - The company is expanding its product offerings and enhancing its market presence through technological iterations and global expansion, including the establishment of a factory in Hungary [3] - The acquisition of San Duo Le has led to revenue and gross margin improvements, particularly in the sweeping machine sector [3] - The company is exploring new growth points in smart automotive applications and intelligent wearable devices [3] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 10.23 billion, 11.78 billion, and 13.57 billion yuan respectively, with corresponding net profits of 1.32 billion, 1.62 billion, and 1.93 billion yuan [4] - The company maintains a PE ratio of 21.7, 17.6, and 14.8 for the years 2025, 2026, and 2027 respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is experiencing continuous improvement in operational quality and is gradually building a global gear ecosystem platform [1]. - Revenue for 2024 is projected to be 8.78 billion yuan, representing an 8.8% year-on-year increase, with a main business revenue of 8.15 billion yuan, up 18.2% year-on-year [1]. - The net profit attributable to the parent company for 2024 is expected to reach 1.02 billion yuan, a 25.4% increase year-on-year [1]. - The company is benefiting from the growth in the new energy vehicle gear and intelligent actuator sectors, with significant revenue increases in these areas [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.78 billion yuan, with a main business revenue of 8.15 billion yuan, and a net profit of 1.02 billion yuan [1]. - The gross margin for 2024 is projected at 25%, an increase of 2.8 percentage points year-on-year, while the net margin is expected to be 12%, up 1.7 percentage points year-on-year [2]. - For Q4 2024, the revenue is expected to be 2.04 billion yuan, down 7.4% year-on-year, primarily due to the contraction of low-margin steel trading business [1]. Revenue Breakdown - Revenue from passenger car gears is projected at 5.32 billion yuan, an increase of 26.1% year-on-year, while revenue from new energy vehicle gears is expected to reach 3.37 billion yuan, up 51.2% year-on-year [2]. - The company is expanding its product offerings and market presence, particularly in the new energy vehicle sector, which is expected to drive future growth [3]. Cost and Expenses - The overall expense ratio for 2024 is projected at 10.6%, with a slight increase in R&D expenses to 5.2% [2]. - The company is maintaining stable expense ratios, with a focus on R&D investment to support future growth [2]. Future Outlook - The company is expanding its global footprint through the establishment of a factory in Hungary and is expected to see growth from international clients [3]. - The acquisition of San Duo Le has led to revenue and gross margin improvements, particularly in the sweeping machine sector [3]. - The company is continuously innovating and exploring new applications in robotics and intelligent vehicles, which are anticipated to provide new growth points [3].

事件 公司发布一季报：公司实现营业收入20.65 亿元，同比微降0.47%；实现归母净利润2.76 亿元，同比增 长24.70%；实现扣非归母净利润2.69 亿元，同比增长28.27%。 经营分析 新能源汽车齿轮带动公司业绩稳健增长。公司主营业务收入在2025Q1 实现12.48%的同比增长，新能源 汽车齿轮业务是其核心增长引擎。这得益于公司作为行业龙头，深度绑定全球领先的电动车企，订单有 保障。海外拓展是未来重要看点，公司匈牙利工厂建设顺利推进，预计将承接欧洲客户订单，打开新的 增长空间。公司凭借国内积累的成本和效率优势，在海外市场具备较强竞争力。 盈利能力持续改善。2025Q1 公司毛利率约为26.8%，较去年同期提升了4.2 个百分点。毛利率提升主要 受益于：1）主营业务规模效应显现；2）高毛利产品（如新能源车齿轮，尤其是混动、同轴减速器齿 轮）占比提升带来的产品结构优化；3）公司持续推进的降本提效措施取得成效。费用方面，公司期间 费用管控良好。销售费用率1.00% (同比-0.17pct)，管理费用率3.76% (同比-0.11pct)，财务费用率0.44% (同比-0.03pct)，研发费用达1.1 ...

公司发布2024 年年度报告和2025 年一季度报告，公司业绩呈增长趋势根据公司2024 年年度报告，2024 年公司实现营业收入87.81 亿元，同比增加8.76%；实现归母净利润10.24 亿元，同比增加25.42%。扣非 后归母净利润约10.01 亿元，同比增长24.64%；经营活动现金净流量约16.81亿元，同比增长6.93%；基 本每股收益约1.22 元，同比增长25.77%；加权平均ROE 约12.28%，同比增长1.61%。 分业务来看，2024 年公司齿轮业务营收68.51 亿元，同比增长14.97%；智能执行机构业务营收6.42 亿 元，同比增长69.39%；减速器及其他业务营收6.56 亿元，同比增长17.99%；钢材销售业务营收6.32 亿 元，同比减少46.44%。 根据公司2025 年一季度报告，公司2025 年第一季度实现营业收入20.65 亿元，同比减少0.47%；实现归 母净利润2.79 亿元，同比增加24.70%；扣非后归母净利润2.69 亿元，同比增长28.27%。公司业绩整体 呈现增长趋势。 公司积极拓展国际化布局，提升海外品牌影响力根据公司2024 年年度报告，2024 ...

事件 公司发布一季报：公司实现营业收入 20.65 亿元，同比微降 0.47%； 实现归母净利润 2.76 亿元，同比增长 24.70%；实现扣非归母净利 润 2.69 亿元，同比增长 28.27%。 经营分析 新能源汽车齿轮带动公司业绩稳健增长。公司主营业务收入在 2025Q1 实现 12.48%的同比增长，新能源汽车齿轮业务是其核心 增长引擎。这得益于公司作为行业龙头，深度绑定全球领先的电 动车企，订单有保障。海外拓展是未来重要看点，公司匈牙利工 厂建设顺利推进，预计将承接欧洲客户订单，打开新的增长空 间。公司凭借国内积累的成本和效率优势，在海外市场具备较强 竞争力。 盈利能力持续改善。2025Q1 公司毛利率约为 26.8%，较去年同期 提升了 4.2 个百分点。毛利率提升主要受益于：1）主营业务规 模效应显现；2）高毛利产品（如新能源车齿轮，尤其是混动、 同轴减速器齿轮）占比提升带来的产品结构优化；3）公司持续 推进的降本提效措施取得成效。费用方面，公司期间费用管控良 好。销售费用率 1.00% (同比-0.17pct)，管理费用率 3.76% (同 比-0.11pct)，财务费用率 0.44% (同 ...

海外布局加速，智能执行机构/机器人业务有望打开新空间。海外市场方面，公司正全力加速匈牙利基 地的建设，通过本地化生产提高在欧洲市场的影响力，并积极对接欧洲主流车企，以进一步提升全球市 占率。今年2月，首台KX 260 TWIN 齿轮磨床已在工厂完成验收，预计近期逐步进入试生产阶段，并在 25H2 产生收入。其他业务方面，公司智能执行机构和机器人业务有望迎来较高的增速。公司重点拓展 智能车锁、汽车电动尾门模组等产品，ASP 有望进一步提升。凭借着在减速器领域的积累，公司有望 提供覆盖中等负载的机器人解决方案，稳步推进人形机器人业务布局。 盈利预测：我们预计公司2025-2027 年实现营收104.89/125.73/143.29 亿元， 归母净利润分别为 12.94/14.79/15.43 亿元， EPS 分别为1.53/1.75/1.82 元，给予"推荐"评级。 风险提示：技术应用不及预期、新业务发展不及预期，行业竞争加剧风险。 事件：4 月28 日，公司发布25Q1 业绩报告。报告期内，公司实现营业收入20.65 亿元，同比-0.47%，环 比+1.27%；实现归母净利润2.76 亿元，同比+24.71%， ...