Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 1.016-1.036 billion RMB for the year 2024, representing a year-on-year growth of 24.45%-26.9%, which aligns with expectations [1]. - The growth in the company's performance is primarily driven by the robust expansion of its new energy vehicle gear business and intelligent execution units, supported by international market development and increased average selling prices (ASP) [2]. - The company is expected to become a leading player in the domestic precision reducer market, particularly in the robotics sector, with plans for a separate listing of its subsidiary, which will enhance its long-term growth prospects [3]. Summary by Sections Event - The company announced its 2024 performance forecast, estimating a net profit of 1.016-1.036 billion RMB, a growth of 24.45%-26.9% year-on-year [1]. Operational Analysis - The new energy vehicle gear business has shown strong growth, contributing significantly to the company's overall performance. Key drivers include: - Expansion into international markets, increasing global project acquisition and market share [2]. - Higher ASP for new energy vehicle products compared to traditional products, with ongoing collaborations with Tier 1 suppliers and automakers [2]. - Increased market share in domestic new energy gear business [2]. - Future plans include intensified resource allocation for international market expansion, with infrastructure development in Hungary progressing ahead of schedule [2]. - The subsidiary, Zhejiang Huanqu Technology Co., has made significant strides in smart home and automotive sectors, enhancing revenue and profit contributions [2]. Profit Forecast, Valuation, and Rating - The company’s projected net profits for 2024-2026 are 1.028 billion RMB, 1.238 billion RMB, and 1.522 billion RMB, respectively, with corresponding P/E ratios of 27, 23, and 18 [4].

Financial Performance - The company expects a net profit attributable to shareholders of approximately 101.6 million CNY for 2024, representing a year-on-year increase of 24.45% compared to 81.64 million CNY in the same period last year[3] - The net profit after deducting non-recurring gains and losses is projected to be between 99.2 million CNY and 101.2 million CNY, reflecting a growth of 23.53% from 80.31 million CNY in the previous year[3] - Basic earnings per share are estimated to be between 1.19 CNY and 1.21 CNY, compared to 0.97 CNY per share in the same period last year[3] Business Strategy - The company's focus on the gear business and continuous enhancement of R&D capabilities have strengthened its core competitiveness and product platform strategy[5] - The rapid growth of the new energy vehicle gear business has significantly supported the company's steady performance growth[6] - The company plans to intensify its efforts in overseas market expansion to increase its share in the global new energy vehicle gear market[6] - The subsidiary, Zhejiang Huanqu Technology Co., Ltd., has seen significant revenue and net profit growth through its focus on smart home and smart vehicle sectors[6] Investor Guidance - The company emphasizes the importance of cautious decision-making by investors due to the preliminary nature of the financial data provided[7]

Summary of Conference Call on Double Ring Transmission Company and Industry Overview - The conference call focused on Double Ring Transmission, a leader in gear processing, and its diversified business growth [1] - The company has over 40 years of history, initially specializing in gear research and manufacturing for engineering machinery and commercial vehicles [6] Key Points and Arguments Financial Performance - From 2017 to 2020, the company experienced high capital investment, leading to a period of low stock performance until revenue growth began to accelerate post-2020 [2] - Revenue is projected to exceed 8 billion yuan in 2023, with expectations to approach 10 billion yuan in the following year [7] - The company has seen significant improvements in net profit and gross margins due to increased production capacity and industry characteristics [7][8] Market Position - The company holds over 40% market share in the domestic automotive gear sector, indicating a strong competitive position [4] - Expansion into international markets with new factories in Serbia and Mexico is underway [4] Business Segments - The company is actively pursuing the reducer business, collaborating with Tesla to develop a new type of rotary joint that combines features of RV and harmonic reducers [5][18] - The reducer market is characterized by smaller segments, with each segment's market size around 10 billion yuan, but with potential for rapid growth due to applications in robotics [19][20] Industry Dynamics - The gear processing industry is capital-intensive with significant barriers to entry, which has allowed Double Ring Transmission to establish a strong market presence [13][14] - The company is positioned to benefit from the increasing demand for high-quality gear manufacturers as OEMs look to outsource production [16] Future Outlook - The company is expected to maintain a growth rate of around 20% annually, with a valuation of approximately 20 times earnings [26] - The integration of research and development across its gear and reducer businesses is anticipated to enhance operational efficiency and growth potential [25] Additional Important Insights - The gear processing industry is projected to grow significantly, with the domestic market for gear components estimated at 400 to 500 billion yuan [9] - The company has successfully increased its market share in the RV reducer segment, achieving a rise from around 10% to over 20% in recent years [21] - The overall market for reducers is expected to expand significantly, particularly with the rise of humanoid robots, which could increase demand for reducers substantially [20][22] This summary encapsulates the key insights from the conference call regarding Double Ring Transmission's performance, market position, and future growth prospects in the gear processing and reducer industries.

合计持有浙江双环传动机械股份有限公司（以下简称"公司"）股份 48,919,661股（占公司目前总股本比例5.77%，占公司剔除回购专用账户中股份 数量后的总股本比例为5.84%）的股东李绍光先生和李瑜先生计划于本公告披露 之日起15个交易日后的3个月内（即2025年2月11日至2025年5月10日）以集中竞 价或大宗交易方式合计减持公司股份数量不超过8,000,000股（占公司目前总股 本比例0.94%，占公司剔除回购专用账户中股份数量后的总股本比例0.96%）。 公司于近日收到股东李绍光先生和李瑜先生出具的《股份减持计划告知函》， 现将有关情况公告如下： 证券代码：002472 证券简称：双环传动 公告编号：2025-003 浙江双环传动机械股份有限公司 关于合计持股5%以上股东减持股份的预披露公告 股东李绍光先生和李瑜先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： | 序号 | 股东名称 | 股东身份 | 持股数量 （股） | 占公司目前 总股本比例 | 占剔除回购专用 账户中股份数量 ...

财联社1月9日电，双环传动公告，合计持股5%以上的股东李绍光和李瑜计划于本公告披露之日起15个 交易日后的3个月内（即2025年2月11日至2025年5月10日）以集中竞价或大宗交易方式合计减持公司股 份数量不超过800万股（占公司目前总股本比例0.94%，占公司剔除回购专用账户中股份数量后的总股 本比例0.96%）。 减持原因是股东个人资金需求，减持价格区间将根据减持时的市场价格及交易方式确定。 ...

Industry and Company Overview * **Industry**: Automotive industry, specifically focusing on gearboxes and drivetrain components for both traditional and electric vehicles. * **Company**: A leading manufacturer of gearboxes and drivetrain components for the automotive industry. * **Key Business Segments**: * **Traditional Fuel Vehicles**: Gearboxes for traditional vehicles, including AT and DCT automatic transmissions. * **Electric Vehicles**: Gearboxes for electric vehicles, including parallel and planetary gearboxes. * **Hybrid Vehicles**: Gearboxes for hybrid vehicles, including parallel and planetary gearboxes. * **Commercial Vehicles and Construction Equipment**: Gearboxes for commercial vehicles and construction equipment. * **Intelligent Manufacturing**: Intelligent manufacturing solutions and execution systems. Key Points and Arguments * **Overall Business Performance**: * **Q4 2024**: Expected to be stable with a slight upward trend compared to Q3 2024. * **Full Year 2024**: Expected to achieve over 500,000 units of sales for electric vehicle gearboxes. * **Traditional Fuel Vehicles**: Expected to maintain a stable market share with no significant decline. * **Electric Vehicle Gearboxes**: * **Domestic Market**: Strong market share and competitive advantage. * **European Market**: Secured projects with Selantis and other European customers. * **Capacity Expansion**: Planned to increase capacity from 6 million units to 7.5-8 million units in 2025. * **Hybrid Vehicle Gearboxes**: * **Customization**: Higher customization and pricing compared to parallel gearboxes. * **Market Potential**: Expected to grow due to increasing demand for hybrid vehicles. * **Traditional Fuel Vehicles**: * **Market Share**: Expected to remain stable with no significant decline. * **Focus**: Maintaining existing customer base and resource allocation. * **Commercial Vehicles and Construction Equipment**: * **Stable Performance**: No significant growth or decline expected. * **Intelligent Manufacturing**: * **Strong Growth**: Expected to achieve over 60% growth in 2024. * **Future Outlook**: Expected to become a major revenue driver alongside electric vehicle gearboxes. Other Important Points * **Capacity Allocation**: Based on market demand and customer orders, with flexibility to adjust resources as needed. * **Customer Management**: Diversified customer base with no reliance on a single customer. * **Competitive Advantage**: Strong manufacturing capabilities, product diversity, and technical expertise. * **Market Opportunities**: Growing demand for electric and hybrid vehicles, as well as intelligent manufacturing solutions.

二、担保进展情况 证券代码：002472 证券简称：双环传动 公告编号：2024-101 浙江双环传动机械股份有限公司 关于公司为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 近日，根据子公司环一科技融资业务需要，公司与中国进出口银行浙江省分 行就上述《最高额保证合同》签订了《补充协议》，对担保金额做出调整，将公 司为环一科技与中国进出口银行浙江省分行开展融资业务提供连带责任保证的 担保最高债权额人民币 15,000.00 万元调整为 10,000.00 万元。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 4 月 10 日召开的第六届董事会第三十三次会议和 2024 年 5 月 8 日召开的 2023 年年度股 东大会，审议通过了《关于 2024 年度公司及子公司提供融资担保的议案》。2024 年度，根据整体生产经营计划和资金需求情况，公司合并报表范围内的部分公司 拟向金融机构、融资租赁公司进行融资，为确保生产经营持续、健康 发展，公 司拟为部分全资子公司、控股子公司提供不超过 367,500 ...

二、进展情况 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日召开的第六届董事会第三十七次会议审议通过了《关于向控股子公司增资的议 案》，公司以自有资金向控股子公司双环传动（重庆）精密科技有限责任公司（以 下简称"重庆双环"）增资人民币 20,000.0000 万元，其中 15,199.8945 万元计 入注册资本，其余 4,800.1055 万元计入资本公积金。以上事项具体内容详见公 司于 2024 年 8 月 20 日在《证券时报》《证券日报》《上海证券报》《中国证券 报》及巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 证券代码：002472 证券简称：双环传动 公告编号：2024-100 浙江双环传动机械股份有限公司 关于向控股子公司增资的进展公告 近日，重庆双环已完成工商变更登记手续，并领取了重庆经济技术开发区管 理委员会市场监督管理局颁发的《营业执照》，相关信息如下： 名称：双环传动（重庆）精密科技有限责任公司 类型：有限责任公司（自然 ...

浙江双环传动机械股份有限公司 证券代码：002472 证券简称：双环传动 公告编号：2024-099 关于控股子公司浙江环动机器人关节科技股份有限公司 首次公开发行股票并在科创板上市申请获得上海证券交易所 受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 浙江双环传动机械股份有限公司董事会 2024 年 11 月 26 日 浙江双环传动机械股份有限公司（以下简称"公司"）控股子公司浙江环动 机器人关节科技股份有限公司（以下简称"环动科技"）已于近期向上海证券交 易所（以下简称"上交所"）提交了首次公开发行股票并在科创板上市的申请材 料，并于 2024 年 11 月 25 日收到上交所出具的《关于受理浙江环动机器人关节 科技股份有限公司首次公开发行股票并在科创板上市申请的通知》（上证科审 ﹝2024﹞375 号），上交所依据相关规定对环动科技报送的首次公开发行股票并 在科创板上市的申请报告及相关申请文件进行了核对，认为该项申请文件齐备， 符合法定形式，决定予以受理并依法进行审核。 环动科技首次公开发行股票并在科创板上市尚需满足多项条件方可实 ...

[Table_MainInfo] 公司研究/机械工业/通用机械 证券研究报告 双环传动（002472）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 32.45 | | 52 周股价波动（元） | 18.09-33.18 | | 总股本 / 流通 A 股（百万股） | 847/752 | | 总市值 / 流通市值（百万元） | 27492/24409 | | 相关研究 | | | [Table_ReportInfo] 《新能源车齿轮和智能执行机构引领增长，盈 | | | 利能力持续上行》 2024.09.06 | | | 《盈利能力持续提升，构建多元化产品生态》 | | | 2024.04.16 | | | 《精密传动平台型公司，新能源齿轮、减速器 等持续发力》 ...