证券代码：002472 证券简称：双环传动 公告编号：2024-090 经审核，监事会认为：董事会编制和审议公司 2024 年第三季度报告的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 浙江双环传动机械股份有限公司 第七届监事会第二次会议决议公告 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"）第七届监事会第二次 会议通知于 2024 年 10 月 19 日以邮件、电话等方式送达。会议于 2024 年 10 月 28 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，会议的召开程序符合《公司法》和《公司章程》有关 规定。 二、监事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 经审核，监事会认为：根据《上市公司股权激励管理办法》、公司《2022 年 股票期权激励计划（ ...

证券简称：双环传动 证券代码：002472 上海荣正企业咨询服务（集团）股份有限公司 关于 浙江双环传动机械股份有限公司 | 双 环 传 动 、 本 公司、公 | 指 | 浙江双环传动机械股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 本激励计划、股权激励计 | 指 | 浙江双环传动机械股份有限公司2022年股票期权激励计划 | | 划、本计划 | | | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的价格和 | | | | 条件购买公司一定数量股票的权利 | | 激励对象 | 指 | 按照本激励计划规定，获得股票期权的在公司（含下属 分、子公司）任职的董事、高级管理人员、中层管理人 | | | | 员、业务骨干以及优秀员工等 | | 授予日 | 指 | 公司向激励对象授予股票期权的日期，授予日必须为交易 | | | | 日 | | 有效期 | 指 | 从股票期权授予激励对象之日起至股票期权失效为止的时 | | | | 间段 | | 等待期 | 指 | 股票期权授权之日至股票期权可行权日之间的时间段 | | 行权 | 指 | 激励对象根 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-094 浙江双环传动机械股份有限公司 关于提前归还暂时补充流动资金的募集资金的公告 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。 2024 年 2 月 26 日、2024 年 6 月 18 日及 2024 年 9 月 18 日，公司及全资子 公司已提前归还部分暂时补充流动资金的募集资金，归还的募集资金总额为 5,200 万元。具体内容详见公司于 2024 年 2 月 27 日、2024 年 6 月 19 日、2024 年 9 月 19 日在巨潮资讯网（www.cninfo.com.cn）及《证券时报》《中国证券报》 《上海证券报》《证券日报》披露的相关公告。 2024 年 10 月 29 日，公司及全资子公司提前将暂时补充流动资金的募集资 金 4,800 万元归还至相应募集资金专用账户，并将本次募集资金归还情况通知了 保荐机构及保荐机构代表人。 截止公告披露日，公司及全资子公司已将上述用于暂时补充流动资金的募集 资金 10,000 万元全部归还至相应募集资金专用账户，本次募集资金使用期限未 超过 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥2,420,349,007.92, representing a year-over-year increase of 10.73%[2] - Net profit attributable to shareholders for Q3 2024 was ¥265,017,848.48, up 20.01% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥257,637,936.44, reflecting a 23.27% increase year-over-year[2] - The total revenue for the first nine months of 2024 was ¥6,742,599,834.31, which is a 14.83% increase compared to the same period in 2023[4] - The total profit for the current period was ¥888,450,140.53, compared to ¥693,343,725.03 in the previous period, indicating an increase of approximately 28.19%[15] - The net profit for the current period was ¥766,681,539.62, compared to ¥613,899,052.56 in the previous period, indicating a growth of about 24.93%[15] - The operating profit for the current period was ¥891,826,947.14, up from ¥689,830,664.66 in the previous period, reflecting an increase of approximately 29.25%[14] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥14,502,604,476.61, a 10.11% increase from the end of the previous year[2] - Total assets increased to CNY 14.50 billion, up from CNY 13.17 billion year-over-year, representing a growth of approximately 10%[12] - Current assets rose to CNY 5.80 billion, compared to CNY 5.32 billion at the beginning of the period, reflecting an increase of about 8.8%[12] - Non-current assets totaled CNY 8.71 billion, up from CNY 7.85 billion, indicating a growth of approximately 10.9%[12] - Total liabilities increased to CNY 5.59 billion from CNY 4.83 billion, representing a growth of about 15.7%[12] Cash Flow - The company reported a net cash flow from operating activities of ¥1,037,673,270.44 for the year-to-date, down 13.95% year-over-year[2] - Cash flow from operating activities amounted to ¥6,087,831,755.72, compared to ¥5,297,955,226.91 in the previous period, showing an increase of approximately 14.93%[16] - Operating cash inflow totaled CNY 6,462,699,223.36, an increase of 12.9% compared to CNY 5,725,497,256.38 in the previous year[17] - Net cash flow from operating activities was CNY 1,037,673,270.44, down 13.9% from CNY 1,205,906,485.96 year-on-year[17] - Cash outflow from investing activities amounted to CNY 1,245,117,690.64, compared to CNY 876,596,857.50 in the previous year, indicating a significant increase in investment spending[17] - Net cash flow from financing activities was CNY 322,395,312.79, a turnaround from a negative cash flow of CNY -519,665,195.34 in the same period last year[17] Shareholder Actions - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million, at a price not exceeding RMB 28.00 per share[7] - As of May 15, 2024, the company has repurchased a total of 7,985,700 shares, accounting for 0.94% of the total share capital, with a total transaction amount of RMB 199,978,325[8] - The company has approved a plan to repurchase shares at a board meeting held on October 29, 2023, and at a temporary shareholders' meeting on November 22, 2023[7] - The maximum transaction price for the repurchase of shares is set at RMB 28.00 per share, with a repurchase period of six months from the approval date[7] Research and Development - Research and development expenses increased to ¥323,720,017.14 from ¥262,307,186.49, marking a rise of about 23.5%[14] User Data and Shareholding - The company reported a significant increase in user data, with a total of 111,076,846 shares held by the largest shareholder, Hong Kong Central Clearing Limited[6] - The company has a total of 3,566,000 shares held by Agricultural Bank of China, accounting for 0.42% of the total share capital[6] - The company has not reported any changes in the top 10 shareholders due to the transfer of shares for margin trading[6] Subsidiary and Market Expansion - The company is in the process of splitting its subsidiary, Zhejiang Huandong Robot Joint Technology Co., Ltd., for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, which is expected to enhance shareholder value[9] - The company is actively pursuing market expansion and technological advancements through its subsidiary's IPO[9] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 3.27%, an increase of 0.33% compared to the previous year[2] - The company's retained earnings rose to CNY 3.25 billion, up from CNY 2.62 billion, reflecting an increase of approximately 23.8%[13] - The total equity attributable to shareholders reached CNY 8.51 billion, compared to CNY 7.96 billion, indicating an increase of approximately 6.9%[13] - The company reported a decrease in other comprehensive income, which was CNY -984,882.65 compared to CNY -413,816.89 in the previous period[13] - The company experienced a net loss from credit impairment of ¥18,325,530.23, compared to a loss of ¥6,126,683.31 in the previous period, indicating a significant increase in impairment losses[14] - The tax expenses for the current period were ¥121,768,600.91, up from ¥79,444,672.47 in the previous period, reflecting an increase of approximately 53.36%[15] Audit Status - The report was not audited, indicating that the figures may be subject to change upon final review[18]

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]

相对沪深 300 表现 2024/09/26 流通市值（百万） 17,589.37 2024 年 09 月 27 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 王琭 S0350523120006 wangl15@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 归母净利润预告均值同环比提升， "新能源齿轮+智能执行机构"打开未来增量空 间 ——双环传动（002472）2024 年 Q3 业绩预告点 评 最近一年走势 事件: 2024 年 9 月 26 日，双环传动发布 2024 年前三季度业绩预告：2024 年 前三季度公司预计实现归母净利润 7.23—7.43 亿元，同比+22.66%— +26.05%，预计实现扣非归母净利润 6.95—7.15 亿元，同比+26.37%— +30.01%；其中 2024Q3 预计实现归母净利润 2.5—2.7 亿元，同比 +13.21%—+22.26%，预计实现扣非归母净 ...

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 ...

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 ...