SHUANGHUAN COMPANY(002472) 国元证券·2024-07-10 00:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.02 CNY, compared to the current price of 21.58 CNY [5][6] Core Views - The company's H1 2024 net profit attributable to shareholders is expected to be 450-470 million CNY, a year-on-year increase of 22.08%-27.51% [2] - The company's commercial vehicle business continues to grow despite a high base, demonstrating strong growth capabilities [3] - The company's "Civil Gear" business is expanding into new areas such as smart office, smart home, and smart automotive, with significant revenue and profit growth in the smart home sector [4] - The company's new energy gear business remains a major driver of performance growth, while its robotics business shows strong potential with increasing market share in domestic robot precision reducers [5] Financial Performance - The company's revenue is expected to grow from 6,837.95 million CNY in 2022 to 13,262.18 million CNY in 2026, with a CAGR of 18.08% [5] - Net profit attributable to shareholders is projected to increase from 582.09 million CNY in 2022 to 1,639.39 million CNY in 2026, with a CAGR of 29.82% [5] - The company's ROE is expected to improve from 7.92% in 2022 to 13.71% in 2026 [5] Business Segments - The company's commercial vehicle business achieved over 78% growth in H1 2023 due to core customer capacity expansion, and continues to maintain growth momentum in 2024 [3] - The company's robotics business has successfully deployed RV reducers for robots with loads ranging from 6-1000KG and is supplying multiple models of harmonic reducers [5] - The company's smart drive business, led by subsidiary Huanqu Technology, is leveraging synergies with the parent company's automotive market resources to expand smart automotive component drive business [4] Valuation - The company's PE ratio is expected to decrease from 30.84x in 2022 to 10.95x in 2026, indicating improving valuation attractiveness [5] - The company's PB ratio is projected to decline from 2.44x in 2022 to 1.50x in 2026 [5]