SHUANGHUAN COMPANY(SZ:002472) Xin Lang Cai Jing·2025-05-01 08:45Core Viewpoint - The company shows a growth trend in its financial performance for 2024 and Q1 2025, with significant increases in revenue and net profit across various business segments [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 8.781 billion yuan, a year-on-year increase of 8.76% [1] - The net profit attributable to shareholders reached 1.024 billion yuan, up 25.42% year-on-year [1] - The basic earnings per share were approximately 1.22 yuan, reflecting a year-on-year growth of 25.77% [1] - For Q1 2025, the company reported operating revenue of 2.065 billion yuan, a slight decrease of 0.47% year-on-year, while net profit increased by 24.70% to 279 million yuan [1] Business Segments - The gear business generated revenue of 6.851 billion yuan in 2024, a growth of 14.97% year-on-year [1] - The smart actuator business saw revenue of 642 million yuan, a significant increase of 69.39% [1] - The sales from reducers and other businesses amounted to 656 million yuan, up 17.99% [1] - However, steel sales revenue dropped to 632 million yuan, a decrease of 46.44% [1] International Expansion - The company's revenue from the new energy vehicle gear business accounted for 38.38% of total revenue in 2024, growing by 51.21% [2] - The company is actively expanding its international presence, particularly in Europe, through strategic partnerships with leading automotive manufacturers and Tier 1 suppliers [2] - The establishment of a base in Hungary is aimed at enhancing the company's competitiveness in overseas markets [2] Smart Actuator Business - Following the acquisition of Sanduo Le, the company has integrated precision transmission design with its manufacturing system, leading to increased revenue and gross margin in the smart actuator business [2] - The company is focusing on automotive applications, including electric tailgates and smart lock modules, to enhance product value [2] Robotics and Reducer Business - The company reported a gross margin of 29.1% for its reducer business in 2024, indicating strong profitability [3] - There is potential for growth in the reducer business driven by the expanding market for humanoid robots [3] Investment Outlook - The company is expected to continue its growth trajectory, with projected revenues of 10.475 billion, 12.265 billion, and 13.903 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.3%, 17.1%, and 13.4% respectively [4] - The net profit for the same period is projected to be 1.301 billion, 1.669 billion, and 1.863 billion yuan, with growth rates of 27.1%, 28.3%, and 11.6% [4] - The company is rated as "overweight" based on its performance and growth potential in key business areas [4]