二、进展情况 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日召开的第六届董事会第三十七次会议审议通过了《关于向控股子公司增资的议 案》，公司以自有资金向控股子公司双环传动（重庆）精密科技有限责任公司（以 下简称"重庆双环"）增资人民币 20,000.0000 万元，其中 15,199.8945 万元计 入注册资本，其余 4,800.1055 万元计入资本公积金。以上事项具体内容详见公 司于 2024 年 8 月 20 日在《证券时报》《证券日报》《上海证券报》《中国证券 报》及巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 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、交易概述 证券代码：002472 证券简称：双环传动 公告编号：2024-100 浙江双环传动机械股份有限公司 关于向控股子公司增资的进展公告 近日，重庆双环已完成工商变更登记手续，并领取了重庆经济技术开发区管 理委员会市场监督管理局颁发的《营业执照》，相关信息如下： 名称：双环传动（重庆）精密科技有限责任公司 类型：有限责任公司（自然 ...

浙江双环传动机械股份有限公司 证券代码：002472 证券简称：双环传动 公告编号：2024-099 关于控股子公司浙江环动机器人关节科技股份有限公司 首次公开发行股票并在科创板上市申请获得上海证券交易所 受理的公告 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。 特此公告。 浙江双环传动机械股份有限公司董事会 2024 年 11 月 26 日 浙江双环传动机械股份有限公司（以下简称"公司"）控股子公司浙江环动 机器人关节科技股份有限公司（以下简称"环动科技"）已于近期向上海证券交 易所（以下简称"上交所"）提交了首次公开发行股票并在科创板上市的申请材 料，并于 2024 年 11 月 25 日收到上交所出具的《关于受理浙江环动机器人关节 科技股份有限公司首次公开发行股票并在科创板上市申请的通知》（上证科审 ﹝2024﹞375 号），上交所依据相关规定对环动科技报送的首次公开发行股票并 在科创板上市的申请报告及相关申请文件进行了核对，认为该项申请文件齐备， 符合法定形式，决定予以受理并依法进行审核。 环动科技首次公开发行股票并在科创板上市尚需满足多项条件方可实 ...

[Table_MainInfo] 公司研究/机械工业/通用机械 证券研究报告 双环传动（002472）公司季报点评 2024 年 11 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 32.45 | | 52 周股价波动（元） | 18.09-33.18 | | 总股本 / 流通 A 股（百万股） | 847/752 | | 总市值 / 流通市值（百万元） | 27492/24409 | | 相关研究 | | | [Table_ReportInfo] 《新能源车齿轮和智能执行机构引领增长，盈 | | | 利能力持续上行》 2024.09.06 | | | 《盈利能力持续提升，构建多元化产品生态》 | | | 2024.04.16 | | | 《精密传动平台型公司，新能源齿轮、减速器 等持续发力》 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-098 1、名称：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 一、本次营业执照变更内容 变更前注册资本：85,039.7292 万元 变更后注册资本：85,348.0732 万元 二、新的营业执照相关信息 关于公司完成工商变更登记的公告 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。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开第六届董事会第三十八次会议，审议通过了《关于变更注册资本及修订〈公 司章程〉的议案》。公司 2022 年股票期权激励计划激励对象在 2023 年 7 月 5 日至 2024 年 5 月 21 日行权期间，采用自主行权模式累计行权数量为 3,083,440 份，公司股份相应增加 3,083,440 股。截至 2024 年 5 月 21 日，公司总股本因股 票期权行权由原 850,397,292 股增加至 853,480,732 股，公司注册资本相应由原 850,397,292 元增加至 853,480,732 元。根据 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company's Q3 2024 performance met expectations, with a total revenue of 2.42 billion yuan for the quarter, reflecting a year-on-year increase of 10.73% and a quarter-on-quarter increase of 7.68% [2][3] - The company is positioned as a leader in electric drive gears, benefiting from the ongoing electrification of vehicles and the restructuring of the automotive gear market [4] - The company has expanded its business into precision reducers for industrial robots and consumer gears, which are expected to drive long-term growth [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 6.743 billion yuan, a year-on-year increase of 14.83%, and a net profit attributable to shareholders of 738 million yuan, up 25.21% year-on-year [2] - The Q3 2024 gross margin was 23.96%, an increase of 1.13 percentage points from the previous quarter, attributed to cost reduction and efficiency improvements [3] - The company’s net profit margin for Q3 2024 was 10.95%, a slight decrease of 0.25 percentage points from the previous quarter [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.031 billion yuan, 1.266 billion yuan, and 1.546 billion yuan respectively, with corresponding EPS of 1.22 yuan, 1.49 yuan, and 1.83 yuan [5] - The price-to-earnings ratio for 2024-2026 is projected to be 23.55, 19.17, and 15.70 respectively [5]

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 | --- | --- | --- | |---------------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...