浙江天册律师事务所 关于 浙江双环传动机械股份有限公司 2023 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江双环传动机械股份有限公司 2023 年年度股东大会的 法律意见书 编号：TCYJS2024H0505 号 致：浙江双环传动机械股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江双环传动机械股份有限公司 （以下简称"双环传动"或"公司"）的委托，指派本所律师参加公司 2023 年年度股 东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）和《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和有关规范性文件，以 及《浙江双环传动机械股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，出具本法律意见书。 本法律意见书仅供公司 2023 年年度股东大会之目的使用。本所律师同意将本 法律意见书随双环传动本次股东大会其他信息披露 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q1 2024 performance met expectations, with revenue of 2.075 billion yuan, a year-on-year increase of 15.8%, and a net profit attributable to shareholders of 221 million yuan, up 29.4% year-on-year [1]. - The company outperformed the industry, benefiting from strong orders in passenger car gears, increased heavy truck sales, and contributions from new businesses such as civilian gears and reducers [1]. - The gross margin improved to 22.7%, with effective cost control reflected in a total expense ratio of 9.9% [1]. - The company has significant growth potential due to capacity expansion in new energy transmission gears and the domestic market's shift towards local brands in the industrial robot sector [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.054 billion yuan, with corresponding P/E ratios of 20, 16, and 13 for the years 2024, 2025, and 2026 respectively [1][9]. - Revenue is expected to grow from 9.972 billion yuan in 2024 to 14.874 billion yuan by 2026, with a compound annual growth rate of approximately 21.5% [2][9]. - The net profit is forecasted to increase from 1.054 billion yuan in 2024 to 1.566 billion yuan in 2026, reflecting a growth rate of 29.1% in 2024 and around 21.7% in the following years [2][9]. Market Position and Strategy - The company has established a production capacity of 5 million sets for new energy transmission gears by the end of 2023, with ongoing projects in various locations [1]. - The company plans to spin off its subsidiary, Huan Dong Technology, for a listing on the Sci-Tech Innovation Board, maintaining control over the subsidiary post-separation [1].

浙江双环传动机械股份有限公司（以下简称"公司"）2023 年 10 月 29 日 召开的第六届董事会第二十九次会议和 2023 年 11 月 22 日召开的 2023 年第一次 临时股东大会分别审议通过了《关于回购公司股份方案的议案》，公司拟使用自 有资金以集中竞价交易方式回购公司部分社会公众股份，本次回购的股份将依法 全部予以注销并减少公司注册资本。本次回购资金总额不低于人民币 10,000.00 万元（含）且不超过人民币 20,000.00 万元（含），回购价格不超过人民币 28.00 元/股（含）,具体回购股份数量以回购期限届满或者回购股份实施完毕时的回购 股份数量为准。本次回购期限自公司股东大会审议通过回购股份方案之日起 6 个月内。回购事项具体内容详见公司于 2023 年 10 月 30 日、2023 年 11 月 23 日、 2023 年 11 月 25 日在巨潮资讯网（www.cninfo.com.cn）及《中国证券报》《上 海证券报》《证券日报》《证券时报》披露的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，公司在回购期间应当在 ...

证券研究报告 | 2024年05月04日 双环传动（002472.SZ） 买入 品类拓展及全球化战略推进，一季度净利率同环比提升 核心观点 公司研究·财报点评 一季度净利润同比增长29%。2024Q1双环传动实现营收20.8亿元，同比 汽车·汽车零部件 +15.8%，环比-5.8%，24Q1公司归母净利2.2亿元，同比+29.4%，环比-2.5%， 证券分析师：唐旭霞 联系人：孙树林 扣非净利润2.1亿元，同比+34.9%，利润增速高于收入增速，主要系规模效 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn 应释放及公司降本增效战略推进。公司重型卡车自动变速箱齿轮业务、新能 S0980519080002 源汽车齿轮业务等均呈现良好增长态势（23年新能源汽车传动齿轴产品收入 基础数据 22.3亿元，占比27.6%）；同时公司持续推动内部降本增效、自主创新等工 投资评级 买入(维持) 作有效地提升制造能力，降低单位成本，推动公司业绩稳步增长。 合理估值 收盘价 23.75元 降本增效推进下费用管控效果良好，净利率同环比 ...

2024 年 04 月 30 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 年 归母净利润同比 ，机器人减速 2024 Q1 +29% 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 王琭 S0350523120006 机产品矩阵持续完善 wangl15@ghzq.com.cn 联系人 ： 吴铭杰 S0350124030004 ——双环传动（ ） 年一季报点评 wumj@ghzq.com.cn 002472 2024 最近一年走势 事件 : 2024年4月29日，双环传动发布2024年一季报：2024年Q1公司实 现营收20.75亿元，同比+15.8%；归母净利润2.21亿元，同比+29.4%； 扣非后归母净利润2.1亿元，同比+34.9%。 投资要点 :  2024 年 Q1 归母净利润同比+29%，环比基本持平。 2024 年 Q1公司实现营收20.75亿元，同比+15.8%，归母净利润2.21亿元， 相对沪深300表现 2024/04/30 同比+29.4%，环比-2.5%。2024年Q1归母净利润同比增速快于营 表现 1 ...

上 市 公 司 证 券 研 究 报 告 汽车 2024 年 04 月 29 日 双环传动 (002472) ——24Q1 业绩符合预期，持续成长降本增效 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 24.05 | | 一年内最高 / 最低（元） | 37.53/18.09 | | 市净率 | 2.5 - | | 息率（分红/ 股价） | | | 流通 A 股市值（百万元） | 18222 3113.04/9673.76 | | 上证指数 / 深证成指 | | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | 9.33 | | 每股净资产（元） | | | 资产负债率 % | 36.70 | | ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 24.05 CNY per share on April 29, 2024 [2][3]. Core Views - The company reported Q1 2024 revenue of 2.075 billion CNY, a year-on-year increase of 15.8%, driven by growth in new energy and consumer gear businesses. The net profit attributable to shareholders was 221 million CNY, up 29.4% year-on-year, indicating significant profit improvement [2]. - The company is expanding its global footprint, with plans to accelerate overseas factory construction in Hungary while maintaining strong domestic production capacity of 5 million sets of new energy gear [2]. - The subsidiary, Huandong Technology, is set to spin off and list on the STAR Market, which is expected to enhance its financing capabilities and support the domestic replacement of robotic joint businesses [2]. Summary by Sections Financial Performance - Q1 2024 revenue was 2.075 billion CNY, with a gross margin of 22.7%, reflecting a year-on-year increase of 1.9 percentage points. The profit margin was supported by improved product structure and cost efficiency [2]. - The company forecasts revenues of 10.32 billion CNY, 12.45 billion CNY, and 14.94 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 1.052 billion CNY, 1.337 billion CNY, and 1.663 billion CNY for the same years [3][5]. Growth Drivers - The company is benefiting from a strong market share in the new energy vehicle sector, with a domestic market share of 40%-50% in 2023. The wholesale sales of new energy passenger vehicles reached 1.98 million units in Q1 2024, a year-on-year increase of 31.2% [2]. - The expansion into international markets is highlighted by securing projects with major global automotive brands, which is expected to drive future growth [2]. Strategic Initiatives - The planned spin-off of Huandong Technology aims to diversify financing channels and enhance the company's overall profitability as it focuses on advanced robotics and precision gear development [2]. - The company is committed to strengthening its international team and capabilities to support its global expansion strategy [2].

Financial Performance - The company's revenue for Q1 2024 reached ¥2,074,504,556.05, representing a 15.79% increase compared to ¥1,791,568,531.60 in the same period last year[3] - Net profit attributable to shareholders was ¥221,329,482.00, up 29.37% from ¥171,077,673.04 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥209,669,692.99, reflecting a 34.89% increase from ¥155,442,915.84 in the previous year[3] - Total operating revenue for Q1 2024 reached CNY 2,074,504,556.05, an increase of 15.8% compared to CNY 1,791,568,531.60 in Q1 2023[15] - Net profit for Q1 2024 was CNY 230,365,029.67, up 31.1% from CNY 175,715,502.12 in the same period last year[16] - Basic earnings per share for Q1 2024 were CNY 0.26, compared to CNY 0.20 in Q1 2023, representing a 30% increase[16] Cash Flow - The company's cash flow from operating activities decreased by 49.61% to ¥171,368,411.23, down from ¥340,080,974.72 in the same period last year[3] - The net cash flow from operating activities for the first quarter was ¥171,368,411.23, a decrease of 49.6% compared to ¥340,080,974.72 in the previous period[18] - Total cash inflow from operating activities amounted to ¥2,024,910,244.66, up from ¥1,950,089,526.29, reflecting an increase of 3.8%[18] - Cash outflow from operating activities increased to ¥1,853,541,833.43, compared to ¥1,610,008,551.57, representing a rise of 15.1%[18] - The company reported a net increase in cash and cash equivalents of ¥518,726,058.09, contrasting with a net decrease of ¥305,673,252.53 in the prior period[18] - The cash balance at the end of the period was ¥821,671,666.46, down from ¥1,444,334,188.51 at the end of the previous period[18] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥14,136,818,843.92, a 7.33% increase from ¥13,171,168,907.25 at the end of the previous year[3] - As of March 31, 2024, the total current assets amounted to RMB 6,021,569,747.68, an increase of 13.12% from RMB 5,323,645,095.53 at the beginning of the period[12] - Total liabilities increased to CNY 5,673,696,139.07, up 17.4% from CNY 4,833,355,421.63 in Q1 2023[14] - The company's total equity reached CNY 8,463,122,704.85, an increase of 1.5% from CNY 8,337,813,485.62 in the previous year[14] Research and Development - Research and development expenses increased by 35.26% to ¥100,307,374.56, compared to ¥74,158,011.67 in Q1 2023, indicating a focus on innovation[6] - Research and development expenses increased to CNY 100,307,374.56, a rise of 35.3% from CNY 74,158,011.67 in Q1 2023[15] Shareholder Activities - The company repurchased a total of 7,339,400 shares, representing 0.86% of the total share capital, as part of its share buyback program[10] - The company plans to use between RMB 100 million and RMB 200 million for the share repurchase, with a maximum price of RMB 28.00 per share[9] Tax and Expenses - The company experienced a 131.33% increase in income tax expenses, amounting to ¥40,517,887.15, compared to ¥17,515,358.58 in Q1 2023, due to higher profit levels[6] - The company paid ¥367,751,173.17 in employee compensation, an increase from ¥300,050,852.23, reflecting a rise of 22.5%[18] - Tax payments increased to ¥84,079,835.34 from ¥43,669,564.99, indicating a rise of 92.5%[18] Other Information - The company is in the process of spinning off its subsidiary, Zhejiang Huandong Robot Joint Technology Co., Ltd., for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board[10] - The company did not undergo an audit for the first quarter report[19]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5][7]. Core Views - The company achieved a 40.3% year-on-year increase in net profit for 2023, driven by the recovery in the commercial vehicle and engineering machinery gear business, along with a reduction in raw material costs [4][5]. - The company is expanding into the robotics sector through its subsidiary, Huan Dong Technology, which is expected to enhance growth opportunities [4][5]. - The revenue for 2023 increased by 18.1%, supported by a rise in both sales volume and prices for passenger and commercial vehicle gears [5][7]. Financial Performance Summary - The company's revenue for 2023 was 8,074 million, with a growth rate of 18.1% compared to 2022 [7]. - The net profit for 2023 reached 816 million, reflecting a 40.3% increase from the previous year [7]. - The gross margin improved by 1.2 percentage points year-on-year, with a notable increase in efficiency, as indicated by a 20% rise in per capita productivity [4][5]. Future Projections - The forecasted net profits for 2024, 2025, and 2026 are 1,025 million, 1,284 million, and 1,552 million respectively, with corresponding price-to-earnings ratios of 17.5, 14.0, and 11.6 [5][7]. - The company is expected to benefit from the growth in its new business segments, particularly in the consumer gear market, which saw an 87.5% increase in revenue [5][7]. Market Data - As of April 16, 2024, the company's stock price is 21.03, with a 52-week price range of 18.09 to 37.53 [5]. - The total market capitalization is approximately 17,947.80 million [5]. Efficiency and Cost Management - The company successfully reduced its expense ratio by 0.6 percentage points in 2023, with specific reductions in sales, management, and financial expenses [4]. - The improvement in operational efficiency is highlighted by a 20% increase in productivity per employee [4]. Robotics Sector Development - The establishment of Huan Dong Technology and its planned spin-off is aimed at enhancing financing channels and focusing on the robotics business, which is anticipated to provide significant growth potential [4][5].

Investment Rating - Buy rating maintained for Shuanghuan Transmission (002472 SZ) [1][4][15] Core Views - Shuanghuan Transmission achieved a 40 3% YoY increase in net profit in 2023, driven by product diversification and global expansion [1] - The company's revenue reached 8 07 billion yuan in 2023, up 18 1% YoY, with net profit attributable to shareholders of 820 million yuan, up 40 3% YoY [1][5] - New energy vehicle transmission gear products contributed 22 3 billion yuan, accounting for 27 6% of total revenue [1][5] - The company's gross margin in Q4 2023 was 24 6%, up 2 1 pct YoY and 2 9 pct QoQ, while net margin was 10 0%, up 1 6 pct YoY [1][5] - Shuanghuan Transmission has repurchased 7,339,400 shares, representing 0 86% of total shares, demonstrating management confidence [1][5] Financial Performance - In Q4 2023, revenue was 2 2 billion yuan, up 9 4% YoY and 0 8% QoQ, with net profit attributable to shareholders of 230 million yuan, up 31 5% YoY [1][5] - The company's sales/management/R&D/financial expense ratios in Q4 2023 were 1 2%/4 9%/5 5%/0 5%, respectively [1][5] - Shuanghuan Transmission's heavy-duty truck automatic transmission gear business and new energy vehicle gear business showed strong growth [1][5] - The company's new energy vehicle drive gear production capacity reached 5 million units, with new energy sales accounting for 27 6% of total revenue [5] Strategic Outlook - Shuanghuan Transmission is advancing its globalization strategy, with a 120 million euro investment in a Hungarian production base [1][14] - The company is expanding its product matrix, including gear-related products for smart home and automotive applications [8] - Shuanghuan Transmission is transitioning from OEM to ODM services, offering customized design and manufacturing solutions [8] - The company aims to build a flexible and efficient intelligent production line to shorten product development and manufacturing cycles [8] Industry Position - Shuanghuan Transmission holds over 70% market share in China's high-power pure electric vehicle market [12] - The company has established a comprehensive high-precision gear supply matrix, including vehicle gears, robot reducers, and other industrial gears [12] - Shuanghuan Transmission's core competencies include product consistency, batch supply capability, and rapid response speed [12] Global Expansion - Shuanghuan Transmission's overseas revenue in 2023 was 1 1 billion yuan, up 17% YoY, with a gross margin of 25 0%, up 5 1 pct YoY [14] - The company is actively developing overseas supply chains and sales channels, with a focus on the European market [10] - Shuanghuan Transmission has established partnerships with global leading electric vehicle manufacturers and suppliers [10][11] Financial Projections - Revenue is projected to reach 9 55 billion yuan in 2024, 11 30 billion yuan in 2025, and 13 31 billion yuan in 2026 [2] - Net profit is expected to be 1 045 billion yuan in 2024, 1 353 billion yuan in 2025, and 1 621 billion yuan in 2026 [2][15] - EPS is forecasted to be 1 22 yuan in 2024, 1 59 yuan in 2025, and 1 90 yuan in 2026 [2][15]