双环传动(002472)：业绩符合预期 盈利能力大幅提升

Core Viewpoint - The company reported a slight decline in revenue but significant growth in net profit, driven by its core business in the new energy vehicle gear sector, which is expected to continue to be a key growth engine [1][2]. Financial Performance - The company achieved operating revenue of 2.065 billion yuan, a year-on-year decrease of 0.47% - The net profit attributable to shareholders reached 276 million yuan, a year-on-year increase of 24.70% - The net profit excluding non-recurring items was 269 million yuan, reflecting a year-on-year growth of 28.27% [1]. Business Analysis - The new energy vehicle gear business contributed to a 12.48% year-on-year growth in main business revenue in Q1 2025, positioning the company as an industry leader with secured orders from top global electric vehicle manufacturers [2]. - The construction of the company's Hungary factory is progressing well, expected to capture European customer orders and create new growth opportunities [2]. - The company has a strong competitive edge in overseas markets due to its cost and efficiency advantages accumulated domestically [2]. Profitability Improvement - The company's gross margin was approximately 26.8%, an increase of 4.2 percentage points year-on-year, driven by scale effects, a higher proportion of high-margin products, and effective cost reduction measures [2]. - The company maintained good control over period expenses, with a sales expense ratio of 1.00%, a management expense ratio of 3.76%, and a financial expense ratio of 0.44% [2]. - Research and development expenses reached 112 million yuan, a year-on-year increase of 12.0%, with an R&D expense ratio of 5.44% [2]. - The net profit margin was 14%, reflecting a year-on-year increase of 3 percentage points [2]. Future Outlook - The company is expected to become a leading player in the domestic precision reducer market, particularly in the robotics sector, with plans for a future listing that will support long-term healthy development [3]. - Profit forecasts for 2025-2027 project net profits of 1.231 billion, 1.574 billion, and 1.935 billion yuan, with corresponding price-to-earnings ratios of 22, 17, and 14 times [4].