公司报告 | 年报点评报告 双环传动（002472） 证券研究报告 2024年04月 14日 投资评级 向外构建多元化产品体系，向内持续降本增效 行业 汽车/汽车零部件 6个月评级 买入（维持评级） 当前价格 21.6元 事件：公司23年实现收入80.7亿元，同比+18.1%；归母净利润8.2亿元，同比+40.3%； 扣非归母净利润 8.0亿元，同比+41.6%；对应 23Q4营收 22.0亿元，同比+9.4%； 目标价格 元 归母净利润2.3亿元，同比+31.5%；扣非归母净利润2.5亿元，同比+34.5%。 基本数据 另外，公司24Q1业绩预告归母净利润2.1-2.3亿元，同比+22.8%-34.4%；扣非归母 A股总股本(百万股) 853.44 净利润2.0-2.2亿元，同比+28.7%-41.5%，盈利能力持续提升。 流通A股股本(百万股) 757.67 A股总市值(百万元) 18,434.26 乘用车齿轮/商用车齿轮/民生齿轮业务高增，带动整体业绩正向攀升。 23年公司 流通A股市值(百万元) 16,365.74 乘用车齿轮/商用车齿轮/工程机械齿轮/减速器及其他/民生齿轮业务收入分别为 每股净资产 ...

证券研究报告·公司点评报告·汽车零部件 双环传动（002472） 2023 年年度报告点评：2023Q4 业绩符合预 2024 年 04月 14日 期，公司长期成长空间广阔 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 刘力宇 营业总收入（百万元） 6,838 8,074 9,799 11,783 14,021 执业证书：S0600522050001 同比 26.84% 18.08% 21.36% 20.25% 18.99% liuly@dwzq.com.cn 归母净利润（百万元） 582.09 816.41 1,003.13 1,253.10 1,528.23 同比 78.37% 40.26% 22.87% 24.92% 21.96% 股价走势 EPS-最新摊薄（元/股） 0.68 0.96 1.18 1.47 1.79 双环传动 沪深300 P/E（现价&最新摊薄） 31.67 22.58 1 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares (including tax) to all shareholders[3]. - The total cash dividend, including other methods, is ¥480,237,994.36, representing 100% of the total profit distribution[148]. - The cash dividend policy is in compliance with the company's articles of association and shareholder resolutions[147]. - The cash dividend distribution plan was approved by the shareholders' meeting and executed within the stipulated timeframe[146]. Financial Performance - The company's operating revenue for 2023 reached ¥8,074,191,513.87, representing an 18.08% increase compared to ¥6,837,946,254.87 in 2022[14]. - Net profit attributable to shareholders for 2023 was ¥816,407,328.54, a 40.26% increase from ¥582,085,021.77 in 2022[14]. - The net profit after deducting non-recurring gains and losses was ¥803,067,881.84, up 41.63% from ¥567,008,358.15 in 2022[14]. - The net cash flow from operating activities for 2023 was ¥1,571,684,087.14, an increase of 29.12% compared to ¥1,217,208,393.70 in 2022[14]. - Basic earnings per share for 2023 were ¥0.97, a 32.88% increase from ¥0.73 in 2022[14]. - Total assets at the end of 2023 amounted to ¥13,171,168,907.25, reflecting a 2.14% increase from ¥12,895,079,898.88 at the end of 2022[14]. - The company reported a net profit margin of 10.67% for 2023, slightly up from 10.38% in 2022[14]. Business Operations and Strategy - The company reported significant changes in its business scope, including the manufacturing and sales of automotive parts and components, as well as research and development in mechanical equipment and electromechanical coupling systems[11]. - The company has established various subsidiaries focused on different aspects of its operations, including precision manufacturing and intelligent transmission equipment[6]. - The company plans to continue expanding its market presence and investing in new product development to capitalize on industry growth trends[21]. - The company focuses on gear transmission products, with significant market potential driven by the growth of downstream industries[21]. - The company has established deep cooperative relationships with numerous leading clients in the automotive industry, including global electric vehicle manufacturers and major traditional automakers, enhancing its position in the gear manufacturing sector[36]. Research and Development - The company has built a comprehensive research and development system through its subsidiary, focusing on innovative gear solutions and enhancing its core competitiveness in the electric vehicle gear market[44]. - Research and development expenses increased by 28.96% to CNY 383,745,189.74 in 2023 compared to CNY 297,559,262.31 in 2022[65]. - The number of R&D personnel rose by 16.15% to 1,007, with a higher proportion of master's degree holders increasing by 76.74%[67]. - The company is preparing for mass production of a new energy electric drive gear structure aimed at solving complex product structure challenges[66]. Market Trends and Industry Insights - The automotive industry saw a production and sales volume exceeding 30 million vehicles in 2023, with passenger vehicle sales growing by 10.6% year-on-year[22]. - The overall excavator sales in the engineering machinery industry decreased by 25.4% year-on-year, with domestic sales down 40.8%, indicating a challenging market environment[24]. - The industrial robot industry saw a slight decline in production to 429,500 units in 2023, but the second half of the year showed improvement, reflecting resilience in the market[25]. - The new energy vehicle market is driving significant changes in the component landscape, presenting new opportunities for independent third-party gear manufacturers[97]. Corporate Governance and Compliance - The company maintains a complete and independent business system for the research, design, and manufacturing of mechanical transmission gears and related components, ensuring operational independence from actual controllers[117]. - The company has established an independent financial accounting system, allowing for autonomous financial decision-making and compliance with tax obligations without shared bank accounts with actual controllers[119]. - The company's governance structure complies with relevant laws and regulations, with no significant discrepancies noted in its operational practices compared to regulatory requirements[117]. - The company is committed to enhancing its governance practices in line with the guidelines set forth by the China Securities Regulatory Commission[117]. Environmental Responsibility - The company has invested in green factory initiatives and improved production processes to reduce environmental impact[170]. - The wastewater treatment process meets the Grade 3 standards of the "Comprehensive Discharge Standard for Wastewater" GB8978-1996[168]. - The company promotes energy management and has adopted measures to reduce carbon emissions, such as centralized air supply and waste heat recovery[170]. - The company has established an emergency response plan for environmental pollution incidents, including regular drills[169]. Employee Engagement and Development - The company has successfully attracted and retained talent, resulting in a significant improvement in employee turnover rates during the reporting period[48]. - The company has completed over 100 training programs throughout the year, enhancing employee skills through a new online learning platform[144]. - The company has implemented a stock option incentive plan, granting 7.2 million options to 404 individuals[151]. - The company actively engages in various employee welfare programs, aiming to meet both material and spiritual needs of its workforce[143]. Acquisitions and Investments - The company acquired 100% equity of Vietnam Sandol Company for CNY 25,031,505.54, with the acquisition completed on November 28, 2023[58]. - The revenue from the acquired Vietnam Sandol Company from acquisition date to the end of the reporting period was CNY 1,041,709.57, with a net profit of -CNY 1,577,464.10[59]. - The company has established several new subsidiaries in 2023, including Zhejiang Huan Yi Technology Co., Ltd. with an investment of CNY 10 million[61]. Financial Management and Risk Control - The company has implemented measures to enhance internal control awareness among management and key personnel to mitigate operational risks[160]. - The internal control audit report indicates that the company maintained effective financial reporting internal controls in all significant aspects as of December 31, 2023[164]. - The company has a consistent pattern of issuing guarantees, with amounts ranging from 591 to 11,154, demonstrating active financial management[196]. - The company has reported a guarantee amount of 10,000 for Jiangsu Shuanghuan on April 27, 2022, with actual guarantee amounts occurring on May 27, 2022, and June 20, 2022[195].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company reported a total revenue of 8.074 billion yuan for the year, representing a year-on-year increase of 18.08%, and a net profit attributable to shareholders of approximately 816 million yuan, up 40.26%, which aligns with expectations [2]. - The heavy truck automatic transmission gear business, as well as the gear and reducer segments for new energy vehicles, showed strong growth. The revenue from various segments includes: passenger car gears (4.223 billion yuan, +15.66%), electric tool gears (118 million yuan, -13.70%), construction machinery gears (647 million yuan, -11.96%), motorcycle gears (90 million yuan, -23.91%), commercial vehicle gears (880 million yuan, +71.25%), livelihood gears (379 million yuan, +87.47%), steel sales (1.180 billion yuan, +15.39%), and reducers and other income (556 million yuan, +21.68%) [3]. - The company is expected to benefit from the release of new models, the resumption of offline activities, and purchase incentives in certain regions, leading to optimistic market growth for new energy vehicles in 2024 [3]. - The company has been continuously promoting internal cost reduction and efficiency enhancement, resulting in improved profitability, with gross and net profit margins of 22.24% and 10.33%, respectively, both showing increases [3]. - The company is positioned to become a leading player in the domestic precision reducer market, with significant growth potential in the robotics reducer business, supported by strategic investments from national manufacturing transformation funds [3]. Financial Summary - The company achieved a total revenue of 8.074 billion yuan in 2023, with a projected revenue growth rate of 15.84% in 2024, 20.37% in 2025, and 19.93% in 2026 [6]. - The net profit attributable to shareholders is expected to reach 1.03 billion yuan in 2024, 1.288 billion yuan in 2025, and 1.587 billion yuan in 2026, with corresponding P/E ratios of 18, 14, and 11 times [3][6]. - The diluted earnings per share are projected to be 1.207 yuan in 2024, 1.510 yuan in 2025, and 1.861 yuan in 2026 [6].

双环传动（002472.SZ）系列点评三 盈利提升明显 全球化+机器人加速成长 2024年04月12日 ➢ 事件概述：根据2023年报，2023年营收80.7亿元，同比+18.1%；归母 推荐 维持评级 净利 8.16 亿元，同比+40.3%；扣非归母净利 8.03 亿元，同比+41.6%。其中 当前价格： 21.83元 2023Q4营收22.0亿元，同比+9.4%，环比+0.7%；归母净利2.27亿元，同比 +31.5%；环比+2.8%；扣非归母净利2.53亿元，同比+34.5%；环比+21.1%。 ➢ 24Q4业绩符合预期 盈利提升显著。1）收入端：2023Q4营收22.0亿元， [Table_Author] 同比+9.4%，环比+0.7%，同比增长主要系新能源齿轮收入增长；2）利润端； 2023Q4归母净利2.27亿元，扣非2.53亿元（非经常损失主要为非流动性资产 处置损益），同比+34.5%；环比+21.1%，扣非利润增速显著高于收入增速主要 系毛利提升。2023Q4 毛利率达 24.6%，同比+2.1pct，环比+2.8pct，受益新 能源占比提升带来产品结构改善、降本增效及商用车、工程机械齿轮盈 ...

浙江双环传动机械股份有限公司 2023 年年度报告商誉减值 是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类 型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 三多乐公司 | 坤元资产评 | 潘文夫、姜静、 | 坤元评报 | | 于评估基准日 2023 年 12 月 31 | | 资产组 | 估有限公司 | 黄梁勇 | 〔2024〕170 号 | 可回收价值 | 日，与商誉相关的资产组的可收 回金额为 245,000,000.00 元 | | 越南三多乐 | 坤元资产评 | 姜静、黄梁勇 | 坤元评报 | 可回收价值 | 于评估基准日 2023 年 12 月 31 日，与商誉相关的资产组的可收 | | 公司资产组 | 估有限公司 | | 〔2024〕171 号 | | 回金额为 40,249,077.63 元 | 三、是否存在减值迹象 | 三多乐公司资产组 | 不存在减值迹象 | 否 | | | 未减值不适用 | | | --- | --- | --- | --- | --- | --- | --- | | 资产组名称 越 ...

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"）已于 2024 年 4 月 12 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《2023 年年度报告》。 为使广大投资者进一步了解公司 2023 年度经营情况，公司将举办 2023 年度网上 业绩说明会，具体如下： 一、会议召开时间和方式 会议召开时间：2024 年 4 月 22 日（星期一）15:00-17:00 会议召开方式：本次业绩说明会采用网络远程方式召开 证券代码：002472 证券简称：双环传动 公告编号：2024-037 浙江双环传动机械股份有限公司 关于举行 2023 年度网上业绩说明会的公告 为提升公司与投资者的交流效率和针对性，现就本次业绩说明会提前向投资 者公开征集问题，广泛听取投资者的意见和建议。欢迎广大投资者提前登录"互 动易"平台（http://irm.cninfo.com.cn）"云访谈"栏目进入公司 2023 年度 网上业绩说明会页面进行提问，公司将在本次业绩说明会上对投资者普遍关注的 问题进行回复交流。 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-033 浙江双环传动机械股份有限公司 关于2024年度日常关联交易预计的公告 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。 （二）预计 2024 年度日常关联交易类别和金额 单位：万元 | 关联交易类别 | 关联人 | 关联交易内容 | 关联交易 定价原则 | 合同签订 金额或预 | 截至目 前已发 | 上年发生 金额 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 计金额 | 生金额 | | | 向关联人采购 设备 | 重庆世玛德 智能制造有 | 采购设备 | 参考市场 价格 | 6,500.00 | 145.04 | 166.31 | | | 限公司 | | | | | | | 向关联人租赁 | 台州双环实 业股份有限 | 租赁房产 | 参考市场 | 445.00 | 53.07 | 187.68 | | 房产 | | | 价格 | | | | | | 公司 | | | | | | | 向关联人出租 | 杭州蓝鹤洗 | 出租房产 ...

浙江双环传动机械股份有限公司 关于 2023 年度会计师事务所履职情况的评估报告 浙江双环传动机械股份有限公司（以下简称"公司"） 聘请天健会计师事 务所（特殊普通合伙）（以下简称"天健"）为公司 2023 年度财务报告及内部 控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘 会计师事务所管理办法》，公司对天健 2023 年审计过程中的履职情况进行评估。 经评估，公司认为天健资质等方面合规有效，履职保持独立性，勤勉尽责，公允 表达意见，具体情况如下： 一、资质条件 （一）基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 7 组织形式 | 年 | 月 | 18 | 日 | | | | | 特殊普通合伙 | | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 | | | | | 128 | 号 | | | | | | | 首席合伙人 | ...

浙江双环传动机械股份有限公司 单位：万元 项 目 2023 年 12 月 31 日 2022 年 12 月 31 日 同比增长（%） 资产总计 1,317,116.89 1,289,507.99 2.14 负债总计 483,335.54 541,134.54 -10.68 所有者权益合计 833,781.35 748,373.45 11.41 其中：归属于母公司所有者权益 796,361.37 734,954.55 8.36 单位：万元 项 目 2023 年度 2022 年度 同比增长（%） 营业收入 807,419.15 683,794.63 18.08 营业成本 627,823.01 539,674.17 16.33 营业利润 94,424.34 62,263.40 51.65 归属于母公司所有者的净利润 81,640.73 58,208.50 40.26 单位：万元 项 目 2023 年度 2022 年度 同比变动（%） 经营活动产生的现金流量净额 157,168.41 121,720.84 29.12 投资活动产生的现金流量净额 -130,216.20 -157,725.96 17.44 筹资活动产生 ...