证券代码：002472 证券简称：双环传动 公告编号：2024-097 浙江双环传动机械股份有限公司 关于2022年股票期权激励计划预留授予的股票期权第二个行权 期采用自主行权模式的提示性公告 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。 特别提示： 1、本次行权的股票期权代码：037302，期权简称：双环 JLC2。 2、公司 2022 年股票期权激励计划（以下简称"本激励计划"）预留授予的 股票期权第二个行权期可行权的激励对象共计 53 人，可行权的股票期权数量为 218,610 份，行权价格为 16.57 元/份。 3、根据行权手续办理的实际情况，公司 2022 年股票期权激励计划预留授予 的股票期权第二个行权期实际可行权期限为 2024 年 11 月 8 日至 2025 年 10 月 16 日。 4、本次行权采用自主行权模式。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第七届董事会第二次会议和第七届监事会第二次会议，审议通过了《关于 2022 年 ...

首先介绍今天出席本次交流会的公司领导他们是公司董事长吴长虹吴总各位投资者大家好我是双幻传统吴长虹公司总经理张明张总各位投资者大家好我是双幻传统张明公司财务总监王沛群王总各位投资者下午好我是财务总监王沛群谢谢关注 以及公司董事会秘书陈泰甲陈总 尊敬的各位新老朋友 大家下午好 我是海霞我就补充一句 之所以今天与以往不一样选择下午3点到4点的时间段主要是因为张明总 张明总现在是远在欧洲 有个时间差所以咱们这次季度报是选择了下午3点钟开始主要是这个原因主持人 我这边结束 接下来有请公司主讲嘉宾发言 谢谢 尊敬的各位股东投资者圈商分析师老师大家下午好然后就是我们这一次公司的会议主题我们选择了静想人生自居生活那么静想人生自居生活主要是来源于我们两个业务板块一个是新能源汽车齿轮业务板块一块是我们的环区智能执行机构这个板块之所以选择这两块 业务来延伸出我们今天的会议主题主要是这两块特别是三季度的增长特别迅猛也将会是我们接下来两到三年纬度里面的持续推动公司业绩增长或者说业绩稳健长期稳健的这么两个板块所以这是我们选择这两个 这两个板块作为主题的一个原因之一那么从昨天晚上开始到两个问题跟领导们报告一下那么在主持人接近投资人电话会议 ...

Investment Rating - The report maintains a "Buy" rating and raises the target price to 36.90 CNY from the previous 33.04 CNY [4][12]. Core Insights - The company continues to enhance its gross margin in Q3 2024, with a competitive landscape solidifying, supported by product structure optimization and cost reduction efforts, which opens up profit growth potential. Rapid growth is observed in the new energy and consumer gear segments, alongside accelerated overseas expansion [3][4]. Financial Summary - For the first nine months of 2024, the company achieved revenue of 6.74 billion CNY, a year-on-year increase of 14.8%. The net profit attributable to shareholders reached 740 million CNY, up 25.2% year-on-year, while the net profit excluding non-recurring items was 710 million CNY, reflecting a 29.2% increase [4][5]. - In Q3 2024, the company reported revenue of 2.42 billion CNY, a 10.7% year-on-year increase and a 7.7% quarter-on-quarter increase. The net profit attributable to shareholders was 270 million CNY, marking a 20.0% year-on-year increase and a 5.3% quarter-on-quarter increase [4][5]. - The gross margin for Q3 2024 was 23.96%, an increase of 2.3 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net profit margin was 11.4%, up 0.9 percentage points year-on-year [4][5]. Business Development - The company is enhancing its overseas market presence and diversifying its business. It is expanding its product line through Ring Drive Technology, covering various intelligent actuators and establishing a production base in Hungary to strengthen its foothold in the European market [4][12]. - The company is positioned as a leader in the precision gear sector, with strong pricing power and improving profitability. The upcoming harvest period for its investments in robotics, consumer gears, and overseas markets is anticipated to drive rapid revenue growth [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [5][15]. Core Insights - The company reported a revenue of 2.42 billion yuan for Q3 2024, representing a year-on-year increase of 10.7% and a quarter-on-quarter increase of 7.7%. The main business, accounting for 85% of revenue, generated 2.05 billion yuan, up 15% year-on-year. The net profit attributable to the parent company was 270 million yuan, a 20% increase year-on-year [1]. - The gross margin reached a new high of 24%, up 2.3 percentage points year-on-year, while the net margin was 11.4%, slightly down by 0.2 percentage points quarter-on-quarter due to increased exchange losses. The improvement in gross margin is attributed to internal cost reduction and efficiency gains, as well as optimization of product and customer structure [1][2]. - The company is expanding its product offerings and enhancing operational efficiency through internal improvements, including the development of new gearbox technologies and the establishment of an automated manufacturing system [2]. Financial Projections - Revenue is projected to grow to 9.89 billion yuan in 2024, 11.53 billion yuan in 2025, and 13.42 billion yuan in 2026, with year-on-year growth rates of 22.5%, 16.6%, and 16.4% respectively. The net profit attributable to the parent company is expected to reach 1.05 billion yuan in 2024, 1.35 billion yuan in 2025, and 1.65 billion yuan in 2026, with growth rates of 28.2%, 29.1%, and 22.3% respectively [3][4]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 22.3x in 2024 to 14.1x in 2026, indicating an attractive valuation as earnings grow [3][4]. Operational Highlights - The company is focusing on both external expansion and internal efficiency improvements. It is developing new gearbox technologies and accelerating the construction of its overseas base in Hungary to support the global expansion of its electric vehicle gearbox business [2]. - Internally, the company is enhancing operational management efficiency through detailed management, process optimization, and cost reduction initiatives, alongside the establishment of a research institute for equipment development [2]. Financial Data and Valuation - The company reported a total revenue of 6.84 billion yuan in 2022, with a projected increase to 8.07 billion yuan in 2023 and 9.89 billion yuan in 2024. The net profit attributable to the parent company was 582 million yuan in 2022, expected to rise to 816 million yuan in 2023 and 1.05 billion yuan in 2024 [4][10]. - Key financial ratios indicate a healthy growth trajectory, with a projected gross margin of 23.43% in 2024 and a net profit margin of 10.59% [7][10].

证券研究报告·公司点评报告·汽车零部件 双环传动（002472） 2024 年三季报点评：2024Q3 业绩符合预期， 电驱齿轮龙头强者恒强 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6838 | 8074 | 9532 | 11318 | 13527 | | 同比（ % ） | 26.84 | 18.08 | 18.05 | 18.74 | 19.51 | | 归母净利润（百万元） | 582.09 | 816.41 | 1,030.79 | 1,266.41 | 1,546.32 | | 同比（ % ） | 78.37 | 40.26 | 26.26 | 22.86 | 22.10 | | EPS- 最新 ...

证券代码：002472 证券简称：双环传动 浙江双环传动机械股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |---------------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 双环传动(002472)公司点评报告 2024 年 11 月 01 日 [Table_Title] 盈利能力持续攀升，全球业务稳步打开 ——双环传动（002472.SZ）2024 年三季度报告点评 [Table_Summary] 事件： 2024 年 10 月 30 日公司发布 2024 三季度报告：2024 前三季度公司实现 营业收入 67.43 亿元，同比增长 14.83%；实现归母净利 7.38 亿元，同比 +25.21%；扣非后归母净利润 7.11 亿元，同比+29.21%。 投资要点： 业绩逆势增长，利润率持续上行，彰显公司稳固实力 2024Q3 整体法下 SW 汽车行业营收收入同比-0.25%；归母净利润同比10.13%。公司克服行业下行压力 Q3 单季度营收 24.2 亿元，同比+10.73%； 归母净利润 2.65 亿元，同比+20.01%，逆势稳步上涨。利润率层面，Q3 公 司毛利率 23.96%，2024 以来逐季上行；销售净利率 11.41%，仅略低于 Q2 单季 11.58%水平，为近三年单季度次高。毛利率、净利率显著高 ...

上述担保额度的有效期自2023年年度股东大会审议通过之日起至2024年年 度股东大会召开之日止。以上事项具体内容详见公司于 2024 年 4 月 12 日、2024 年 5 月 9 日在《中国证券报》《上海证券报》《证券时报》《证券日报》及巨潮 资讯网（www.cninfo.com.cn）披露的相关公告。 二、担保进展情况 近日,公司与交通银行股份有限公司杭州华浙广场支行签订的《保证合同》， 为全资子公司浙江环一科技有限责任公司（以下简称"环一科技"）与交通银行 股份有限公司杭州华浙广场支行开展的融资业务提供连带责任保证，保证金额为 人民币 5,000.00 万元。 本次担保事项在公司董事会和股东大会审议通过的担保额度范围内，无需再 次提交公司董事会或股东大会审议。 证券代码：002472 证券简称：双环传动 公告编号：2024-096 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 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 ...

证券研究报告 | 2024年11月01日 双环传动（002472.SZ） 优于大市 产品结构优化，毛利率同环比提升 2024 年前三季度净利润同比增长 25%。2024 年前三季度双环实现营收 67.4 亿元，同比+14.8%；归母净利润 7.4 亿元，同比+25.2%；扣非净利润 7.1 亿 元，同比+29.2%；单季度来看，24Q3 双环实现营收 24.2 亿元，同比+10.7%， 环比+7.7%，归母净利润 2.7 亿元，同比+20.0%，环比+5.3%；扣非净利润 2.6 亿元，同比+23.3%，环比-5.9%；整体来看得益于公司新能源汽车与智能执 行机构业务的持续增长，以及降本增效持续推进，公司业绩持续释放。 降本增效推进下费用管控效果良好，毛利率同环比提升。24Q3 双环传动毛利 率为 24.0%，同比+2.3pct，环比+1.1pct，预计主要系 1）产品放量拉动产 能利用率提升，促进规模效益释放；2）降本增效工作持续推进（柔性制造、 数字化推进、自主创新等）；3）产品结构持续改善（新能源业务占比提升）； 费用层面，24Q3 双环传动销售/管理/研发费用率分别为 1.0%/3.5%/4.9%， ...

研究报告 Research Report 31 Oct 2024 双环传动 Zhejiang Shuanghuan Driveline (002472 CH) 新能源齿轮业务持续发力，毛利率继续提升 EV Gears Continued to Drive Growth, Gross Margin Continued to Improve [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |----------------------------------------------------------------|------------------------| | | | | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | Rmb28.14 | | 目标价 | Rmb29.80 | | HTI ESG | 4.0-4.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comment ...