证券代码：002472 证券简称：双环传动 公告编号：2024-088 浙江双环传动机械股份有限公司 关于注销部分募集资金专户的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准浙江双环传动机械股份有限 公司非公开发行股票的批复》（证监许可[2022]1818 号），浙江双环传动机械 股份有限公司（以下简称"公司"）向特定对象非公开发行股票 72,705,667 股， 发行价格为每股人民币 27.35 元，募集资金总额为 1,988,499,992.45 元，扣除 用于本次非公开发行股票的申报发行费用总额为 25,720,539.80 元（不含税）后， 实际募集资金净额为 1,962,779,452.65 元。2022 年 9 月 30 日，天健会计师事 务所（特殊普通合伙）就公司本次非公开发行募集资金到账事项出具了《验资报 告》（天健验[2022]514 号）。 二、募集资金存放和管理情况 为规范公司募集资金的管理和使用，保护投资者权益，依据《上市公司监管 指引第 2 号——上市公司募集资金 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 25.05 yuan [3][2] Core Views - The company's Q3 2024 performance is in line with expectations, with a projected net profit attributable to the parent company of 2.5-2.7 billion yuan, a year-on-year increase of 13.21%-22.26% [2] - The company's growth is driven by the expansion of its intelligent drive mechanism sector and the rapid growth of the new energy vehicle gear market [2] - The company is accelerating its global expansion, with plans to build a factory in Hungary and expand its overseas customer base, including securing projects from Toyota and a well-known European luxury brand [2] - The intelligent execution mechanism business is growing rapidly, with revenue reaching 280 million yuan in H1 2024, a year-on-year increase of 82.2% [2] - The company is also making progress in the high-precision reducer business for robots, with strong profitability and a wide range of solutions [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 10.32 billion yuan, 12.45 billion yuan, and 14.94 billion yuan, respectively [2] - Net profit attributable to the parent company is expected to be 1.052 billion yuan, 1.337 billion yuan, and 1.662 billion yuan for 2024-2026, respectively [2] - EPS is projected to be 1.24 yuan, 1.58 yuan, and 1.97 yuan for 2024-2026, respectively [2] - The PE ratio is expected to be 19x, 15x, and 12x for 2024-2026, respectively [2] Industry and Market Analysis - The company's new energy gear business holds a 40%-50% market share in the domestic new energy vehicle market [2] - The company is benefiting from the growth of the new energy vehicle industry, with new energy passenger vehicle wholesale sales expected to reach 3.1 million units in Q3 2024, a year-on-year increase of 30% [2] - The company's intelligent execution mechanism business is expanding into various smart terminal fields, including smart office, smart cars, smart homes, and future life applications [2] Financial Metrics - The company's gross margin is expected to remain stable at around 22%-23% from 2024 to 2026 [5] - The net profit margin is projected to increase from 10.11% in 2024 to 11.13% in 2026 [5] - ROE is expected to grow from 10.25% in 2024 to 14.39% in 2026 [5] - The company's asset turnover ratio is forecasted to improve from 0.62 in 2024 to 0.77 in 2026 [5]

Investment Rating - Maintains an **Overweight** rating with a target price of **33.04 CNY** [3][5] - The target price is based on a **27x PE multiple** for 2024, reflecting the company's leading industry position and accelerated overseas expansion [3] Core Views - The company's Q3 2024 earnings forecast is in line with expectations, with **net profit attributable to shareholders** expected to grow by **22.7%-26.1% YoY** to **723-743 million CNY** [3] - **Non-GAAP net profit** is projected to increase by **26.4%-30.0% YoY** to **695-715 million CNY** [3] - Growth is driven by new energy and intelligent actuator businesses, with **Q3 2024 net profit** expected to rise by **13.2%-22.3% YoY** [3] - The company is expanding its **Vietnam-based smart actuator production capacity** with an additional investment of **30 million CNY**, further diversifying its product lines [3] - The company is accelerating its global expansion, particularly in Europe, with the establishment of a **Hungary production base**, enhancing its market position through technological upgrades [3] Financial Summary - **Revenue** is forecasted to grow from **6,838 million CNY in 2022** to **14,900 million CNY in 2026**, with a **CAGR of 21.6%** [4] - **Net profit attributable to shareholders** is expected to increase from **582 million CNY in 2022** to **1,643 million CNY in 2026**, with a **CAGR of 29.8%** [4] - **EPS** is projected to rise from **0.69 CNY in 2022** to **1.94 CNY in 2026** [4] - **ROE** is expected to improve from **7.9% in 2022** to **14.4% in 2026**, reflecting enhanced profitability [4] Market and Valuation - The company's **market cap** stands at **21,180 million CNY**, with a **52-week price range of 18.80-29.59 CNY** [6] - The **current P/E ratio** is **25.94x**, expected to decline to **12.89x by 2026**, indicating potential undervaluation [4][6] - The **P/B ratio** is **2.66x**, projected to decrease to **1.85x by 2026**, suggesting improving asset efficiency [4][7] Business Expansion and Strategy - The company is focusing on **precision gear manufacturing** and expanding its product lines through **Huanqu Technology**, covering both power transmission and intelligent actuator components [3] - The **Vietnam investment** aims to strengthen the company's presence in the **smart actuator market**, leveraging its expertise in gear technology [3] - The **Hungary production base** is part of the company's strategy to consolidate its position in the **European market**, supported by advancements in **electric drive technology** [3] Financial Ratios and Performance - **Gross margin** is expected to improve from **21.1% in 2022** to **23.0% in 2026**, driven by higher value-added products [11] - **EBIT margin** is forecasted to increase from **10.5% in 2022** to **13.0% in 2026**, reflecting operational efficiency gains [11] - **Net profit margin** is projected to rise from **8.6% in 2022** to **11.5% in 2026**, indicating stronger profitability [11]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 7.23 to 7.43 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.66% to 26.05% [3][4]. - The growth is driven by the rapid expansion of the new energy gear and intelligent actuator businesses, which are expected to inject new growth momentum into the company's overall performance [4][5]. - The company has established strong relationships with leading electric vehicle manufacturers, which is anticipated to further enhance its market share in the new energy gear sector [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company forecasts a net profit of 2.5 to 2.7 billion yuan, a year-on-year increase of 13.21% to 22.26% [3][4]. - The average net profit forecast for Q3 2024 is 2.6 billion yuan, reflecting a quarter-on-quarter increase of 3.3% [4]. Business Growth Drivers - The new energy gear business has become a major driver of performance, with significant growth expected from key clients such as BYD and NIO [4][5]. - The intelligent actuator segment is also showing substantial year-on-year growth, contributing to the overall revenue increase [4][5]. Future Outlook - The company aims to expand its overseas market presence, which is expected to further boost its global market share in the new energy gear sector [4][5]. - The report projects total revenue for 2024 to reach 10,046 million yuan, with a year-on-year growth rate of 24% [6][7].

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。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日 召开第七届董事会第一次会议，审议通过了《关于聘任总经理的议案》《关于聘 任副总经理的议案》《关于聘任财务总监的议案》《关于聘任董事会秘书的议案》 《关于聘任证券事务代表的议案》及《关于聘任内审负责人的议案》，现将有关 情况公告如下： 一、聘任总经理、副总经理情况 公司董事会同意聘任 MIN ZHANG 先生为公司总经理，同意聘任蒋亦卿先生、 张戎先生、王佩群女士、陈海霞女士为公司副总经理。 以上人员任期自董事会审议通过之日起至第七届董事会届满时止。 证券代码：002472 证券简称：双环传动 公告编号：2024-085 浙江双环传动机械股份有限公司 关于聘任高级管理人员及相关人员的公告 以上人员简历详见附件。 二、聘任财务总监情况 公司董事会同意聘任王佩群女士为公司财务总监，任期自董事会审议通过之 日起至第七届董事会届满时止。 三、聘任董事会秘书情况 公司董事会同意聘任陈海霞女士为公司董事会秘书，任期自董事会审议通过 之日起至第七 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-084 浙江双环传动机械股份有限公司 第七届监事会第一次会议决议公告 具体内容详见公司于 2024 年 9 月 28 日在巨潮资讯网（www.cninfo.com.cn） 和《证券时报》《中国证券报》《上海证券报》《证券日报》披露的《关于选举董 事长、监事会主席的公告》。 特此公告。 浙江双环传动机械股份有限公司监事会 2024 年 9 月 27 日 审议通过了《关于选举公司第七届监事会主席的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 公司监事会同意选举杨东坡先生为公司第七届监事会主席，任期自本次监事 会审议通过之日起至第七届监事会届满时止。 本公司及监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、监事会会议召开情况 浙江双环传动机械股份有限公司（以下简称"公司"）第七届监事会第一次 会议通知于 2024 年 9 月 23 日以邮件、电话等方式送达。会议于 2024 年 9 月 27 日在以通讯方式召开。会议应出席监事 5 名，亲自出席监事 5 名。本次会议由监 事会主席杨东坡主持， ...

关于控股子公司向其下属公司增资的公告 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。 证券代码：002472 证券简称：双环传动 公告编号：2024-087 浙江双环传动机械股份有限公司 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日 召开的第七届董事会第一次会议审议通过了《关于控股子公司向其下属公司增资 的议案》,现将有关事项公告如下： 3、注册资本：玖佰肆拾亿越南盾（约 400 万美金） 4、住所：越南海防市安阳县洪丰乡安阳工业区第 CN11 地块-C08 一、增资情况概述 根据控股子公司浙江环驱科技有限公司（以下简称"环驱科技"）的战略规 划，为满足其孙公司三多乐（海防）传动科技有限公司（以下简称"三多乐海防"） 业务拓展需要，环驱科技拟以自有资金通过其香港全资子公司环驱科技（香港） 有限公司（以下简称"环驱香港"）向越南孙公司三多乐海防进行增资，增资金 额为人民币 3,000.00 万元（按中国外汇交易中心网站公布的 2024 年 9 月 26 日 人民币与美元汇率中间价折算约为 426.41 万美元，实际出资美元金 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-083 浙江双环传动机械股份有限公司 第七届董事会第一次会议决议公告 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、董事会会议召开情况 浙江双环传动机械股份有限公司（以下简称"公司"）第七届董事会第一次 会议通知于 2024 年 9 月 23 日以邮件、电话等方式送达。会议于 2024 年 9 月 27 日以通讯方式召开。会议应出席董事 9 名，亲自出席董事 9 名。本次会议由董事 长吴长鸿先生主持，会议的召开程序符合《公司法》和《公司章程》有关规定。 二、董事会会议审议情况 1、审议通过了《关于选举第七届董事会董事长的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 公司董事会同意选举吴长鸿先生为公司第七届董事会董事长，任期自本次董 事会审议通过之日起至第七届董事会届满时止。 具体内容详见公司于 2024 年 9 月 28 日在巨潮资讯网（www.cninfo.com.cn） 和《证券时报》《中国证券报》《上海证券报》《证券日报》披露的《关于选举董 事长、监事会主席的公告》。 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-086 浙江双环传动机械股份有限公司 以上人员简历详见附件。 特此公告。 浙江双环传动机械股份有限公司董事会 2024 年 9 月 27 日 关于选举董事长、监事会主席的公告 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。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日 召开的第七届董事会第一次会议审议通过了《关于选举第七届董事会董事长的议 案》，召开的第七届监事会第一次会议审议通过了《关于选举公司第七届监事会 主席的议案》，现将有关情况公告如下： 一、选举第七届董事会董事长 鉴于公司董事会已完成换届工作，根据《公司法》《公司章程》等有关规定， 为确保公司第七届董事会各项工作顺利开展。公司董事会同意选举吴长鸿先生为 第七届董事会董事长，任期自本次董事会审议通过之日起至第七届董事会届满时 止。 二、选举第七届监事会主席 鉴于公司监事会已完成换届工作，根据《公司法》《公司章程》等有关规定， 为确保公司第七届监事会各项工作顺利开展。公司监事会同意选举杨东坡先生为 公司 ...

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is expected to be between 723 million and 743 million CNY, representing a year-on-year growth of 22.66% to 26.05% compared to 589.43 million CNY in the same period last year[4]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 695 million and 715 million CNY, with a year-on-year growth of 26.37% to 30.01% compared to 549.96 million CNY last year[4]. - The estimated basic earnings per share for the first three quarters of 2024 is expected to be between 0.84 CNY and 0.87 CNY, compared to 0.70 CNY per share in the same period last year[4]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between 250 million and 270 million CNY, reflecting a year-on-year increase of 13.21% to 22.26% compared to 220.84 million CNY last year[5]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter is expected to be between 242 million and 262 million CNY, with a year-on-year growth of 15.79% to 25.36% compared to 209 million CNY last year[5]. Business Strategy and Growth - The company has focused on its core business and enhanced R&D capabilities, leading to rapid growth in its new energy vehicle gear business, which has become a major driver of performance improvement[6]. - The company plans to concentrate resources on expanding overseas markets to increase global market share[6]. - The smart actuator business has seen significant year-on-year growth in revenue and profit, particularly in the smart home and smart automotive sectors, contributing new growth momentum to the overall performance[6]. Caution and Disclosure - The performance forecast has not been audited by an accounting firm, and specific financial data will be disclosed in the third quarter report of 2024[7]. - Investors are advised to make cautious decisions and be aware of investment risks related to the preliminary nature of the performance forecast[7].