双环传动(002472)：净利率创近十年新高 公司盈利成长性值得重视

Core Viewpoint - The company reported a revenue of 4.23 billion yuan for the first half of 2025, a year-on-year decrease of 2.2%, but a growth of 11.5% when excluding the impact of steel sales [1] Group 1: Financial Performance - The net profit attributable to the parent company for 25H1 was 580 million yuan, an increase of 22% year-on-year [1] - The net profit for 25Q2 was 300 million yuan, reflecting a year-on-year increase of 19.7% and a quarter-on-quarter increase of 9.1% [1] - The gross profit margin for 25Q2 was 27.3%, up 4.5 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [2] Group 2: Revenue Breakdown - Revenue from passenger car gears, commercial vehicle gears, engineering machinery gears, reducers, and smart actuators for 25H1 was 2.67 billion, 320 million, 350 million, 350 million, and 430 million yuan respectively, with year-on-year changes of +13%, -29.7%, +12%, +35.7%, and +51.7% [2] - The growth in the new energy gear business is attributed to the company's successful acquisition of multiple domestic and international projects in the context of rising global penetration of new energy vehicles [2] Group 3: Cost and Efficiency - The company maintained a relatively stable expense ratio for sales, management, R&D, and financial expenses in 25Q2, with rates of 1.2%, 3.9%, 5.9%, and 0.1% respectively [2] - The improvement in net profit margin to 15% in 25Q2 is mainly due to the continuous improvement of product structure and internal cost reduction [2] Group 4: Growth Strategy - The company is expanding its product offerings in the new energy vehicle gear sector through technological iterations and has established a factory in Hungary for global expansion [3] - The acquisition of San Duo Le has led to increased revenue and gross margin, particularly in the sweeping machine sector, where the company has gained significant market share [3] - The company is exploring new applications in smart automotive and wearable technology, which are expected to provide new growth points [3]