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）。 证券代码：002472 证券简称：双环传动 公告编号：2025-005 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。 截至本公告披露日，上述募集资金专户注销手续已办理完成。募集资金专户 注销后，公司及子公司环研传动与募集资金存放银行、保荐机构签署的相 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.016 to 1.036 billion yuan in 2024, representing a year-on-year increase of 24.45% to 26.90% [1] - The fourth quarter of 2024 is projected to show a net profit of approximately 288 million yuan, reflecting a year-on-year growth of 26.9% and a quarter-on-quarter increase of 8.7% [1] - The company is expanding its production capacity for transmission gears and is making progress in its global layout, including a planned investment of up to 120 million euros for a factory in Hungary [2] - The acquisition of a company in 2022 has opened new growth avenues, with revenue from the new business segment reaching 380 million yuan in 2023 [2] - The company’s net profit forecasts for 2024-2026 are 1.022 billion, 1.310 billion, and 1.601 billion yuan, respectively, with corresponding P/E ratios of 30, 23, and 19 times [2] Financial Summary - The company’s revenue is projected to grow from 8.074 billion yuan in 2023 to 9.972 billion yuan in 2024, reflecting a year-on-year growth rate of 23.5% [3] - The net profit attributable to shareholders is expected to increase from 816 million yuan in 2023 to 1.022 billion yuan in 2024, with a growth rate of 25.2% [3] - The latest diluted EPS is forecasted to rise from 0.96 yuan in 2023 to 1.21 yuan in 2024 [3] - The company’s return on equity (ROE) is projected to improve from 10.3% in 2023 to 11.7% in 2024 [3]

Investment Rating - The investment rating for the company is upgraded to "Buy" [5][7]. Core Views - The company's performance growth is in line with expectations, driven by the dual engines of the new energy vehicle business and emerging intelligent actuator business. The company is focusing on expanding its overseas market presence to increase its share in the global new energy vehicle gear market [2]. - The demand for coaxial reducers is increasing due to the trend of enhanced electric range in both hybrid and pure electric vehicles. The company stands to benefit as a core supplier of coaxial electric drive gears [3]. - The approval of the listing of the robotics subsidiary, Huan Dong Technology, on the Sci-Tech Innovation Board is expected to enhance the brand value and resource consolidation of the company's robotics business [4]. Financial Summary - The company is projected to achieve a net profit attributable to shareholders of 10.32 billion, 13.40 billion, and 16.39 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.22, 1.59, and 1.94 yuan [5]. - The revenue for 2024 is estimated at 94.15 billion yuan, reflecting a year-on-year growth of 16.61% [6]. - The company's return on equity (ROE) is expected to improve from 11.14% in 2024 to 13.71% in 2026 [6].

双环传动（002472.SZ）系列点评九 业绩稳健向上 新能源+智能执行机构加速成长 2025 年 01 月 21 日 ➢ 事件概述：根据 2024 年业绩预告，2024 年归母净利 10.16-10.36 亿元， 同比+24.45%~26.90%；2024 年扣非归母净利 9.92-10.12 亿元，同比 +23.53%~26.02%。 ➢ 业绩稳健向上 毛利环比提升。据公告，根据中枢值计算，2024Q4 归母净 利 2.88 亿元，同比+26.7%，环比+8.6%；2024Q4 扣非归母净利 2.91 亿元， 同比+15.0%，环比+12.8%。2024Q4 乘用车批发销量 885.9 万辆，同比+12.4%， 环比+32.2%；新能源乘用车批发销量 432.9 万辆，同比+44.2%，环比+33.6%。 业绩增长一方面是新能源汽车齿轮伴随行业快速增长，公司凭借在高性能、低噪 音的精密齿轮领域的技术领先性、规模优势及稳定的配套能力取得良好增长；另 一方面，受益控股子公司浙江环驱科技在智能家居、智能汽车、未来生活等领域 的深入布局，不断拓张智能驱动机构板块客户及产品，环驱科技营收和净利润得 以显著提升。 ➢ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 1.016-1.036 billion RMB for the year 2024, representing a year-on-year growth of 24.45%-26.9%, which aligns with expectations [1]. - The growth in the company's performance is primarily driven by the robust expansion of its new energy vehicle gear business and intelligent execution units, supported by international market development and increased average selling prices (ASP) [2]. - The company is expected to become a leading player in the domestic precision reducer market, particularly in the robotics sector, with plans for a separate listing of its subsidiary, which will enhance its long-term growth prospects [3]. Summary by Sections Event - The company announced its 2024 performance forecast, estimating a net profit of 1.016-1.036 billion RMB, a growth of 24.45%-26.9% year-on-year [1]. Operational Analysis - The new energy vehicle gear business has shown strong growth, contributing significantly to the company's overall performance. Key drivers include: - Expansion into international markets, increasing global project acquisition and market share [2]. - Higher ASP for new energy vehicle products compared to traditional products, with ongoing collaborations with Tier 1 suppliers and automakers [2]. - Increased market share in domestic new energy gear business [2]. - Future plans include intensified resource allocation for international market expansion, with infrastructure development in Hungary progressing ahead of schedule [2]. - The subsidiary, Zhejiang Huanqu Technology Co., has made significant strides in smart home and automotive sectors, enhancing revenue and profit contributions [2]. Profit Forecast, Valuation, and Rating - The company’s projected net profits for 2024-2026 are 1.028 billion RMB, 1.238 billion RMB, and 1.522 billion RMB, respectively, with corresponding P/E ratios of 27, 23, and 18 [4].

Financial Performance - The company expects a net profit attributable to shareholders of approximately 101.6 million CNY for 2024, representing a year-on-year increase of 24.45% compared to 81.64 million CNY in the same period last year[3] - The net profit after deducting non-recurring gains and losses is projected to be between 99.2 million CNY and 101.2 million CNY, reflecting a growth of 23.53% from 80.31 million CNY in the previous year[3] - Basic earnings per share are estimated to be between 1.19 CNY and 1.21 CNY, compared to 0.97 CNY per share in the same period last year[3] Business Strategy - The company's focus on the gear business and continuous enhancement of R&D capabilities have strengthened its core competitiveness and product platform strategy[5] - The rapid growth of the new energy vehicle gear business has significantly supported the company's steady performance growth[6] - The company plans to intensify its efforts in overseas market expansion to increase its share in the global new energy vehicle gear market[6] - The subsidiary, Zhejiang Huanqu Technology Co., Ltd., has seen significant revenue and net profit growth through its focus on smart home and smart vehicle sectors[6] Investor Guidance - The company emphasizes the importance of cautious decision-making by investors due to the preliminary nature of the financial data provided[7]

尺寸加工和点缩器业务随着机器人和人性机器人或者范机器人这个行业进入了一个快速成长期的早期这么一个状态实际上我们也看好公司在这个领域长期积累带来的技术优势所以说我们也看好整个公司在未来整个机器人多元化发展的过程当中进入一个新的一轮的成长所以说我们结合业绩和工质然后我们觉得现在还处于一个 不准适当性管理办法本次电话会议顶服于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任未经国联证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承� 好的那个各位投资人大家下午好首先非常感谢大家参加本次电话会议本次电话会议的主题呢是双环传动的深度报告齿轮加工业务龙头扩大优势多元业务持续增长然后这篇报告呢是我们汽车团队和机械团队联合研究和覆盖的我是国联汽车的手游分析师高登那这个电话会呢是由我和我的同事别玩笑给大家去讲 然后前面我先大概说一下就是为什么会在这个时间点去发这个双环产动的一个深度报告那首先呢第一个呢就是双环产动呢在呃这个齿轮 ...

合计持有浙江双环传动机械股份有限公司（以下简称"公司"）股份 48,919,661股（占公司目前总股本比例5.77%，占公司剔除回购专用账户中股份 数量后的总股本比例为5.84%）的股东李绍光先生和李瑜先生计划于本公告披露 之日起15个交易日后的3个月内（即2025年2月11日至2025年5月10日）以集中竞 价或大宗交易方式合计减持公司股份数量不超过8,000,000股（占公司目前总股 本比例0.94%，占公司剔除回购专用账户中股份数量后的总股本比例0.96%）。 公司于近日收到股东李绍光先生和李瑜先生出具的《股份减持计划告知函》， 现将有关情况公告如下： 证券代码：002472 证券简称：双环传动 公告编号：2025-003 浙江双环传动机械股份有限公司 关于合计持股5%以上股东减持股份的预披露公告 股东李绍光先生和李瑜先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： | 序号 | 股东名称 | 股东身份 | 持股数量 （股） | 占公司目前 总股本比例 | 占剔除回购专用 账户中股份数量 ...

Industry and Company Overview * **Industry**: Automotive industry, specifically focusing on gearboxes and drivetrain components for both traditional and electric vehicles. * **Company**: A leading manufacturer of gearboxes and drivetrain components for the automotive industry. * **Key Business Segments**: * **Traditional Fuel Vehicles**: Gearboxes for traditional vehicles, including AT and DCT automatic transmissions. * **Electric Vehicles**: Gearboxes for electric vehicles, including parallel and planetary gearboxes. * **Hybrid Vehicles**: Gearboxes for hybrid vehicles, including parallel and planetary gearboxes. * **Commercial Vehicles and Construction Equipment**: Gearboxes for commercial vehicles and construction equipment. * **Intelligent Manufacturing**: Intelligent manufacturing solutions and execution systems. Key Points and Arguments * **Overall Business Performance**: * **Q4 2024**: Expected to be stable with a slight upward trend compared to Q3 2024. * **Full Year 2024**: Expected to achieve over 500,000 units of sales for electric vehicle gearboxes. * **Traditional Fuel Vehicles**: Expected to maintain a stable market share with no significant decline. * **Electric Vehicle Gearboxes**: * **Domestic Market**: Strong market share and competitive advantage. * **European Market**: Secured projects with Selantis and other European customers. * **Capacity Expansion**: Planned to increase capacity from 6 million units to 7.5-8 million units in 2025. * **Hybrid Vehicle Gearboxes**: * **Customization**: Higher customization and pricing compared to parallel gearboxes. * **Market Potential**: Expected to grow due to increasing demand for hybrid vehicles. * **Traditional Fuel Vehicles**: * **Market Share**: Expected to remain stable with no significant decline. * **Focus**: Maintaining existing customer base and resource allocation. * **Commercial Vehicles and Construction Equipment**: * **Stable Performance**: No significant growth or decline expected. * **Intelligent Manufacturing**: * **Strong Growth**: Expected to achieve over 60% growth in 2024. * **Future Outlook**: Expected to become a major revenue driver alongside electric vehicle gearboxes. Other Important Points * **Capacity Allocation**: Based on market demand and customer orders, with flexibility to adjust resources as needed. * **Customer Management**: Diversified customer base with no reliance on a single customer. * **Competitive Advantage**: Strong manufacturing capabilities, product diversity, and technical expertise. * **Market Opportunities**: Growing demand for electric and hybrid vehicles, as well as intelligent manufacturing solutions.

二、担保进展情况 证券代码：002472 证券简称：双环传动 公告编号：2024-101 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 近日，根据子公司环一科技融资业务需要，公司与中国进出口银行浙江省分 行就上述《最高额保证合同》签订了《补充协议》，对担保金额做出调整，将公 司为环一科技与中国进出口银行浙江省分行开展融资业务提供连带责任保证的 担保最高债权额人民币 15,000.00 万元调整为 10,000.00 万元。 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 日召开的第六届董事会第三十三次会议和 2024 年 5 月 8 日召开的 2023 年年度股 东大会，审议通过了《关于 2024 年度公司及子公司提供融资担保的议案》。2024 年度，根据整体生产经营计划和资金需求情况，公司合并报表范围内的部分公司 拟向金融机构、融资租赁公司进行融资，为确保生产经营持续、健康 发展，公 司拟为部分全资子公司、控股子公司提供不超过 367,500 ...