01 事件概述 公司发布 2 025 年一季报， 202 5 Q 1 公司营收 20.7 亿元，同比 -0.5% ，环比 +1.3% ；归母净利 2.76 亿元，同比 + 24.7% ，环比 -3.5% ；扣非归母净利 2.69 亿元，同比 + 28.1% ，环比 -7.2% 。 02 分析判断 ► 24Q1 业绩符合预期 盈利同比高增 1）收入端： 2 025Q1 新能源乘用车销量 284.7 万辆，同比 + 43.8% ，环比 -34.2% ； 2 025Q1 公司营收 20.7亿元，同比-0.5%，环比+1.3%；收入同比下降主要系本期其他业 务收入较上年同期下降 2 . 3 7 亿元；主营业务收入较上年同期增加 2 . 27亿元，同比+12.48%。 2）毛利端 ： 2 025Q1 公司毛利率 26.8% ，同比 + 4.2pct ，环比 -4.2 pct，毛利 率同比提升原因预计为毛利较低的钢贸销售业务占比下降；以及乘用车齿轮业务规模效应加强所致； 3）费用端 ： 2 025Q1 销售 /管理/研发/财务费用率分别 1.0%/3.8% / 5.4%/0.4% ，环比分别 + 0.0/-1.8/-1. ...

Core Insights - The company reported a revenue of 8.78 billion yuan for 2024, representing a year-on-year increase of 8.8% [1] - The net profit attributable to shareholders was 1.02 billion yuan, up 25.5% year-on-year, while the non-recurring net profit was 1.00 billion yuan, reflecting a 24.8% increase [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.04 billion yuan, down 7.4% year-on-year and 15.7% quarter-on-quarter [2] - The net profit for Q4 2024 was 286 million yuan, showing a year-on-year increase of 26.0% and a quarter-on-quarter increase of 7.9% [2] - The gross profit margin for Q4 2024 was 31.0%, up 6.5 percentage points year-on-year and 7.1 percentage points quarter-on-quarter [2] Business Segments - The decline in revenue for Q4 2024 was primarily due to a contraction in steel sales, with steel trading revenues of 530 million yuan in H1 2024 and 100 million yuan in H2 2024 [2] - The passenger vehicle segment saw sales of 8.859 million units in Q4 2024, an increase of 12.4% year-on-year and 32.2% quarter-on-quarter [2] Market Expansion - The company holds a 40%-50% market share in the domestic new energy market for gear systems as of 2024, with significant order growth for coaxial reducers due to their technological advantages [3] - The company is accelerating the construction of its Hungary facility to meet European market demands and enhance its influence in the region [3] Future Outlook - The company is expected to achieve revenues of 10.47 billion yuan, 12.47 billion yuan, and 14.96 billion yuan for the years 2025 to 2027, with net profits of 1.24 billion yuan, 1.52 billion yuan, and 1.87 billion yuan respectively [4] - The company is positioned as a leader in precision drive systems and is expanding into intelligent drive mechanisms and robotic joints [4]

4Q24 主营业务收入同比增长19%：公司发布2024 年报，全年实现营业收入87.81 亿元，同比增长 8.76%，其中主营业务收入80.8 亿元，同比增长18.46%；归母净利润为10.24 亿元，同比增长25.42%； 扣非净利润10.01 亿元，同比增长24.64%。单四季度营业收入为20.39 亿元，同比减少7.4%，其中主营 业务收入约22.4 亿元，同比增长约19.4%；归母净利润为2.86 亿元，同比增长26.0%；扣非净利润为2.90 亿元，同比增长14.7%。单四季度主营业务收入增长而总收入减少，是由于调整了钢材贸易业务的商业 模式和收入核算方式。 毛利率全线提升，全年达到25%，仍有向上空间：公司2024 年毛利率达到25.0%，同比提升2.8pct，单 季度毛利率已连续8 个季度同比提升。2024 年，几乎全线业务毛利率都有所提升，乘用车/商用车/ 智能 执行机构/ 工程机械齿轮毛利率分别为25.7/27.9/19.0/31.9%，同比提升3.9/1.1/4.7/6.1pct。我们认为，毛 利率的提升源于产品结构高端化、规模效应增强、降本提效、原材料价格下降等多重因素。往前看，乘 用车 ...

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。 证券代码：002472 证券简称：双环传动 公告编号：2025-027 浙江双环传动机械股份有限公司 第七届监事会第四次会议决议公告 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn） 和《证券时报》《中国证券报》《上海证券报》《证券日报》披露的《2025 年第一 季度报告》。 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"）第七届监事会第四次 会议通知于 2025 年 4 月 24 日以邮件、电话方式发出，会议于 2025 年 4 月 27 日 以通讯表决方式召开。会议应出席监事 5 名，实际出席监事 5 名。本次会议由监 事会主席杨东坡先生主持。本次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 审议通过了《关于 2025 年第一季度报告的议案》 经审核，监事会认为：公司董事会编制和审议公司关于 2025 年第一季度报 告的程序符合法律、行政法规及中国 ...

证券代码：002472 证券简称：双环传动 公告编号：2025-026 浙江双环传动机械股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 第七届董事会第四次会议决议公告 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"）第七届董事会第四次 会议通知于 2025 年 4 月 24 日以邮件、电话方式发出，会议于 2025 年 4 月 27 日 以通讯表决方式召开。会议应出席董事 9 名，实际出席董事 9 名。本次会议由董 事长吴长鸿先生主持，公司监事会成员和高级管理人员列席会议。本次会议的召 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《关于 2025 年第一季度报告的议案》 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 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn） 和《证券时报》《中国证券报》《上海证券报》《证券日报》披露的《2025 年第一 季度报告》。 本议案已经公司 ...

第三条 市值管理的基本原则包括： （一）合规性原则 公司应当在严格遵守相关法律法规、规范性文件、自律监管规则以及《公司 章程》等内部规章制度的前提下开展市值管理工作。 浙江双环传动机械股份有限公司 市值管理制度 第一章 总则 第一条 为加强浙江双环传动机械股份有限公司（以下简称"公司"）市值 管理，进一步推动公司投资价值提升，增强投资者回报，维护投资者利益，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办 法》《上市公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《公 司章程》等规定，结合公司实际情况，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公司质量为基础，为提 升公司投资价值与投资者回报能力而实施的战略管理行为。 （二）系统性原则 公司应当按照系统思维、整体推进的原则，协同公司各业务体系以系统化方 式持续开展市值管理工作。 （三）科学性原则 公司的市值管理应当采用科学的方式开展，以确保市值管理的科学性、高效 性与可行性；市值管理工作的开展不得违背市值管理的内在逻辑。 （四）常态性原则 公司的市值成长是一个持续的和动态的过程，公司将及时关注资本市 ...

Revenue and Profit - Revenue for Q1 2025 was CNY 2,064,750,169.58, a decrease of 0.47% compared to CNY 2,074,504,556.05 in the same period last year[5] - Net profit attributable to shareholders increased by 24.70% to CNY 276,006,673.50 from CNY 221,329,482.00 year-on-year[5] - Basic earnings per share increased by 26.92% to CNY 0.33 from CNY 0.26 in the same period last year[5] - Net profit for the current period increased to ¥289,740,871.91, up 25.73% from ¥230,365,029.67 in the previous period[20] - The company’s total comprehensive income for the current period was ¥289,576,466.68, compared to ¥229,827,430.78 in the previous period, representing an increase of 26.00%[20] Cash Flow and Liquidity - Cash flow from operating activities rose by 22.33% to CNY 209,635,101.30 compared to CNY 171,368,411.23 in the previous year[5] - Cash and cash equivalents at the end of the period reached ¥1,881,102,822.20, up from ¥1,340,397,724.55, indicating a growth of 40.36%[22] - The company reported a net cash outflow from investing activities of ¥412,046,981.28, compared to a net outflow of ¥379,408,356.89 in the previous period[22] - The net cash inflow from financing activities was ¥890,988,870.44, an increase from ¥725,910,148.98 in the previous period, reflecting a growth of 22.73%[22] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 16,965,108,469.53, reflecting a growth of 6.92% from CNY 15,866,594,312.81 at the end of the previous year[5] - The company's total liabilities increased to ¥7,431,399,127.73 from ¥6,628,309,122.79, marking an increase of about 12.1%[17] - Shareholder equity attributable to shareholders increased by 3.20% to CNY 9,096,344,853.29 from CNY 8,814,654,899.92[5] - The equity attributable to the parent company rose to ¥9,096,344,853.29 from ¥8,814,654,899.92, showing an increase of approximately 3.2%[18] Investments and Borrowings - Long-term equity investments rose by 30.04% to CNY 38,450,102.67, primarily due to increased external investments[8] - Short-term borrowings increased by 43.91% to CNY 2,852,987,038.99, attributed to new bank loans[9] - The company reported a significant increase in short-term borrowings, which rose to ¥2,852,987,038.99 from ¥1,982,510,632.64, an increase of approximately 43.8%[17] Operational Efficiency - Total operating costs decreased to ¥1,742,336,302.14 from ¥1,822,884,251.31, reflecting a reduction of approximately 4.41%[19] - The company’s research and development expenses increased to ¥112,360,622.81 from ¥100,307,374.56, reflecting a growth of 12.88%[19] Other Notable Events - The company plans to spin off 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 operational specialization and shareholder value[13]

01 事件概述 2024年公司营业收入87.8亿元，同比+8.8%；归母净利10.2亿元，同比+25.5%；扣非归母净利10.0亿元，同比+24.8%。2024Q4公司营收20.4亿元，同比-7.4%，环比-15.7%；归 母净利2.86亿元，同比+26.0%，环比+7.9%；扣非归母净利2.90亿元，同比+14.6%，环比+12.4%。 02 分析判断 ► 24Q4 业绩符合预期 产品结构变化导致毛利环比提升 1）收入端： 2024Q4公司营收20.4亿元，同比-7.4%，环比-15.7%；归母净利2.86亿元，同比+26.0%，环比+7.9%；收入同环比下降主要系2024Q4钢材销售业 务收缩所致，钢贸业务2024H1/H2收入分别5.3/1.0亿元。乘用车业务方面，2024Q4乘用车销量885.9万辆，同比+12.4%，环比+32.2%，公司2024H1/H2收入分 别23.6 /29.6亿元，保持稳步增长。 2）毛利端： 2024Q4公司毛利率31.0%，同比+6.5pct，环比+7.1pct，毛利率提升主因：1）毛利较低的钢贸销售业务占比下 降；2）规模效应加强，乘用车齿轮业务毛利率提升； 3）费用 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of Rmb38.50, representing a 29% upside from the current price of Rmb32.23 [2][8]. Core Insights - The company achieved a full-year revenue of Rmb8.781 billion in 2024, reflecting a year-on-year growth of 8.76%. The core business revenue reached Rmb8.08 billion, up 18.46% year-on-year, while net profit attributable to shareholders grew by 25.42% to Rmb1.024 billion [3][13]. - The passenger vehicle gear segment accounted for 61% of total revenue in 2024, with new energy vehicle gear revenue reaching Rmb3.37 billion, a 51% increase year-on-year, contributing to 38% of total revenue [4][14]. - The smart actuator business saw a significant revenue increase of 70% year-on-year, reaching Rmb642 million, becoming the second-largest growth driver after NEV gears [5][15]. - The overall gross margin for the company improved to 25.0%, marking an increase of 2.8 percentage points year-on-year, with all major business segments contributing to this improvement [16]. Financial Projections - The company forecasts net profits of Rmb1.25 billion, Rmb1.48 billion, and Rmb1.71 billion for 2025, 2026, and 2027 respectively, with a P/E ratio of 22x applied to the 2026 earnings estimate [8][17]. - Revenue projections for the upcoming years are as follows: Rmb9.745 billion in 2025, Rmb10.943 billion in 2026, and Rmb12.043 billion in 2027, with respective growth rates of 11%, 12%, and 10% [10][12].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is experiencing steady revenue growth, with projected revenues of CNY 87.8 billion in 2024, representing an 8.8% year-on-year increase, and a net profit of CNY 10.2 billion, up 25.5% year-on-year [1][4]. - The company is expanding its global presence, particularly in the electric vehicle market, where it holds a market share of 40%-50% in domestic new energy vehicles [3]. - The report highlights the growth potential in the robotics sector, particularly in high-precision reducers, with a gross margin of 29.1% for this segment [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenues of CNY 20.4 billion, down 7.4% year-on-year and 15.7% quarter-on-quarter, primarily due to a contraction in steel sales [2]. - The gross margin for Q4 2024 improved to 31.0%, an increase of 6.5 percentage points year-on-year, attributed to a decrease in low-margin steel trading and improved margins in passenger vehicle gear business [2]. - The net profit for Q4 2024 was CNY 2.86 billion, reflecting a 26.0% year-on-year increase and a 7.9% quarter-on-quarter increase [2]. Growth Projections - Revenue projections for 2025, 2026, and 2027 are CNY 104.7 billion, CNY 124.7 billion, and CNY 149.6 billion, respectively, with corresponding net profits of CNY 12.4 billion, CNY 15.2 billion, and CNY 18.7 billion [4][5]. - The report anticipates a steady increase in earnings per share (EPS) from CNY 1.21 in 2024 to CNY 2.21 in 2027 [5]. Market Expansion - The company is accelerating its overseas expansion, particularly in Hungary, to cater to European market demands and enhance its influence in the region [3]. - The report emphasizes the company's focus on developing intelligent drive mechanisms and robotics, aiming to increase the value per vehicle [3][4].