双环传动(002472)：Q2净利润向上 新业务贡献增长动能

Core Viewpoint - The company reported a stable growth in its main automotive gear business and significant contributions from emerging businesses, leading to a maintained buy rating. Financial Performance - In H1 2025, the company achieved revenue of 4.229 billion yuan (yoy -2.16%) and a net profit of 577 million yuan (yoy +22.02%) [1] - Q2 2025 revenue was 2.164 billion yuan (yoy -3.71%, qoq +4.82%) with a net profit of 301 million yuan (yoy +19.66%, qoq +9.11%) [1] - The gross margin for Q2 2025 was 27.3% (yoy +4.46pct, qoq +0.5pct) and the net margin was 15.02% (yoy +3.44pct, qoq +1pct) [1] Product Performance - Revenue from passenger car gears and smart actuators increased by 12.95% and 51.73% to 2.669 billion yuan and 426 million yuan, respectively [2] - The gross margin for passenger car gears and smart actuators was 25.20% and 18.99%, showing a slight increase [2] - The company’s automotive gear business saw a 13% increase in revenue in H1 2025, with a gross margin of 25.2% [3] Emerging Business Growth - The smart actuator business generated 426 million yuan in revenue (yoy +52%) and expanded into new sectors such as smart home and smart office [3] - The company is actively pursuing new energy-driven gear projects for commercial vehicles, which have entered mass production [3] Strategic Initiatives - The company is focusing on R&D and strategic layout, including plans to spin off its robotics reducer subsidiary for a separate listing [4] - R&D efforts are concentrated on precision forming technology, non-metal materials, and digital support to enhance efficiency and reduce costs [4] Market Outlook and Valuation - The company is expected to see net profits of 1.2 billion, 1.5 billion, and 1.8 billion yuan for 2025-2027 [5] - The target price is set at 48.76 yuan, reflecting an increase from the previous target of 39.68 yuan, maintaining a buy rating [5]