[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%， ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: 双环传动 (Shuanghuan Transmission) - **Industry**: Gear manufacturing, particularly focusing on the automotive sector, including traditional fuel vehicles and electric vehicles Key Points and Arguments Revenue and Growth - **Electric Vehicle Gear Business**: Revenue share reached over 41% in Q1 2025, with a year-on-year growth exceeding 50% [2][4] - **Traditional Fuel Vehicle Gear Business**: Revenue declined by approximately 5% year-on-year in Q1 2025 [2][4] - **Commercial Vehicle Business**: Gradual recovery noted, but still a drag on overall performance [2][7] - **Overall Revenue**: 2024 revenue was 8.148 billion yuan, with a growth rate of 18.46% [3] Product Performance - **Intelligent Actuator Business**: Expected growth rate over 69% in 2024, contributing over 9% to total revenue [4][6] - **Coaxial Reducer**: Monthly production capacity of 60,000 units, with strong domestic demand despite poor performance in the European market [2][5] Market Potential - **Global Gear Market Size**: Estimated at 600 billion yuan globally, with the Chinese market around 300 billion yuan [10][11] - **Emerging Applications**: Significant growth potential in new applications such as robotic vacuum cleaners [11] Manufacturing and Supply Chain - **Hungary Factory**: Production team handed over in April 2025, expected to generate revenue in the second half of the year, with profitability anticipated by 2026 at the earliest [9][23] - **Local Production Strategy**: Emphasis on localizing supply chains to mitigate risks associated with international trade [20][22] Competitive Landscape - **Competition in Coaxial Reducers**: Increased competition from leading companies and OEMs, necessitating a focus on high-quality, differentiated products [17] - **Response to New Competitors**: Company remains confident in its ability to maintain market share through innovation and cost control [26][27] Future Outlook - **Revenue Growth Guidance for 2025**: Focus on core gear technology and diversification, with expectations for continued rapid growth in electric vehicle gear and intelligent actuator segments [24] - **Single Vehicle Value**: Current value exceeds 1,000 yuan per vehicle, with expectations for further increases due to rising demand for intelligent applications [25] Additional Important Insights - **Cost Management**: Company is actively working on domestic equipment validation to enhance production efficiency and reduce costs [13] - **Commercial Vehicle Market Outlook**: Optimistic about the heavy-duty and new energy commercial vehicle markets, with ongoing efforts to secure major client orders [14][15] - **Technological Innovation**: Strong emphasis on R&D capabilities to meet specific customer needs, particularly in the robotic vacuum cleaner segment [31] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market potential, competitive landscape, and future outlook in the gear manufacturing industry.

Investment Rating - The report maintains a "Buy" rating for Shuanghuan Drive, with a target price set at Rmb42.0, indicating an expected share price return of 31.0% [4][7]. Core Insights - Shuanghuan's net profit for 2024 increased by 25% year-on-year to Rmb1.02 billion, aligning with market expectations, while the gross profit margin (GPM) expanded by 2.8 percentage points to 25.0%, surpassing both CitiE and consensus estimates [1][2]. - The growth in GPM is attributed to improvements in NEV gear and a reduced contribution from the low-GPM steel trading business, which saw a revenue decline of 46% year-on-year [1][2]. - The best-performing segments were plastic gear, which grew by 69% year-on-year, and NEV gears, which increased by 51% year-on-year [1][2]. Revenue and GPM by Product - Revenue growth in 2024 was notable in plastic gear (69% YoY) and NEV gear (51% YoY), while reducers and components and power tool gears also saw growth of 18% and 10% YoY, respectively [2]. - The steel trading business experienced the largest revenue decline due to a change in business model and efforts to mitigate bad debt risk [2]. - GPM improvements were observed across various segments, with plastic gear and passenger vehicle gear GPM expanding by 4.8 and 3.9 percentage points YoY, respectively [2]. Earnings Summary - The earnings summary indicates a projected net profit of Rmb1.026 billion for 2024, with a diluted EPS of Rmb1.202, reflecting a growth of 23.9% [3]. - The report forecasts continued earnings growth, with a projected net profit of Rmb1.279 billion for 2025, representing a 24.7% increase [3]. Valuation - Shuanghuan is valued at Rmb42.0 per share, based on a 28x 2025E EPS and a 25% earnings growth estimate for 2025 [20]. - The stock is considered to be trading at an undemanding valuation of approximately 21x 2025E P/E, which is attractive given the expected earnings growth [7].

4Q24 主营业务收入同比增长19%：公司发布2024 年报，全年实现营业收入87.81 亿元，同比增长 8.76%，其中主营业务收入80.8 亿元，同比增长18.46%；归母净利润为10.24 亿元，同比增长25.42%； 扣非净利润10.01 亿元，同比增长24.64%。单四季度营业收入为20.39 亿元，同比减少7.4%，其中主营 业务收入约22.4 亿元，同比增长约19.4%；归母净利润为2.86 亿元，同比增长26.0%；扣非净利润为2.90 亿元，同比增长14.7%。单四季度主营业务收入增长而总收入减少，是由于调整了钢材贸易业务的商业 模式和收入核算方式。 毛利率全线提升，全年达到25%，仍有向上空间：公司2024 年毛利率达到25.0%，同比提升2.8pct，单 季度毛利率已连续8 个季度同比提升。2024 年，几乎全线业务毛利率都有所提升，乘用车/商用车/ 智能 执行机构/ 工程机械齿轮毛利率分别为25.7/27.9/19.0/31.9%，同比提升3.9/1.1/4.7/6.1pct。我们认为，毛 利率的提升源于产品结构高端化、规模效应增强、降本提效、原材料价格下降等多重因素。往前看，乘 用车 ...