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].

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].

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 ...

浙江双环传动机械股份有限公司 独立董事专门会议工作细则 （2024 年 4 月） 第一章 总则 第一条 为进一步规范浙江双环环动机械股份有限公司（以下简称"公司"） 独立董事专门会议的议事方式和决策程序，促使并保障独立董事有效地履行其职 责，根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》以及《公 司章程》《独立董事工作制度》等有关规定，结合公司实际情况，特制定本细则。 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。独立董 事专门会议对所议事项进行独立研讨，从公司和中小股东利益角度进行思考判断， 并且形成讨论意见。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、深圳证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益等 作用。 （三）被收购公司董事会针对收购所作出的决策及采取的措施； （四）法律、行政法规、中国证监会、深圳证券交易所规定和 ...

浙江双环传动机械股份有限公司 2023 年度监事会工作报告 2023 年度，浙江双环传动机械股份有限公司（以下简称"公司"）监事会 全体成员严格按照《证券法》《公司法》《公司章程》及有关法律法规的要求，本 着向全体股东负责的态度，认真履行法律法规赋予的各项职权和义务，充分发挥 监事会在公司治理中的作用。现将 2023 年度主要工作情况报告如下： 一、2023 年度公司监事会工作情况 报告期内，公司监事会共召开 8 次会议，会议的召开与表决程序符合《公司 法》及《公司章程》等法律法规和规范性文件的规定。具体情况如下： | | | 会议时间 | | 会议名称 | 审议事项 1、《2022 年度监事会工作报告》 2、《2022 年度财务决算报告》 | 表决结果 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 3、《2022 年度利润分配预案》 4、《关于公司 2022 年年度报告及其摘要的议案》 5、《2022 年度内部控制自我评价报告》 | | | | | | | | 6、《2022 年度募集资金年度存放与使用情况的专项 | | | | | | ...

证券代码：002472 证券简称：双环传动 公告编号：2024-026 浙江双环传动机械股份有限公司 第六届董事会第三十三次会议决议公告 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"）第六届董事会第三十 三次会议通知于 2024 年 3 月 30 日以邮件、电话方式送达。会议于 2024 年 4 月 10 日以现场结合通讯方式召开。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《2023 年度总经理工作报告》 表决结果：同意9票，反对0票，弃权0票。 2、审议通过了《2023 年度董事会工作报告》 表决结果：同意9票，反对0票，弃权0票。 具体内容详见公司于2024年4月12日在巨潮资讯网（www.cninfo.com.cn）披 露的《2023年度董事会工作报告》。 本议案尚需提交公司股东大会审议。 3、审议通过了《2023 年度财务决算报告》 表决结果：同意9 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—8 页 募集资金年度存放与使用情况鉴证报告 天健审〔2024〕1384 号 浙江双环传动机械股份有限公司全体股东： 我们鉴证了后附的浙江双环传动机械股份有限公司（以下简称双环传动公司） 管理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供双环传动公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为双环传动公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 双环传动公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年 修订）》（证监会公告〔2022〕15 号）和《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》（深证上〔2023〕 1145 号）的规定编制《关于募集资金年度存放与使用情况的专项报告》，并保 证其内容真 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表……………第 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 双环传动公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业 务办理（2023 年 12 月修订）》（深证上〔2023〕1203 号）的规定编制汇总表，并 保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 3 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对双环传动公司管理层编制的汇总 表发表专项审计意见。 天健审〔2024〕1385 号 浙江双环传动机械股份有限公司全体股东： 我们接受委托，审计了浙江双环传动机械股份有限公司（以下简称双环传动 公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表， 2023 年度 ...

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 | ...