双林股份：公司事件点评报告：公司2024H1盈利超预期，三大业务助力业绩成长

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported strong H1 2024 earnings, with revenue of 2.1 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 248 million yuan, up 282.9% year-on-year [2][3] - The company's operational efficiency is improving, with a gross margin of 19.9%, up 1.5 percentage points year-on-year, and a period expense ratio of 11.8%, down 2.2 percentage points year-on-year [3] - The company is expanding its customer base in interior and exterior trim and electromechanical components, with revenue of 1.21 billion yuan, a year-on-year increase of 12.8% [3] - The wheel hub bearing segment continues to penetrate the OEM market, achieving revenue of 600 million yuan, a year-on-year increase of 7.3% [3] - The electric drive business has rebounded significantly, with revenue of 230 million yuan, a year-on-year increase of 266.1% [3] Summary by Sections Financial Performance - H1 2024 revenue reached 2.1 billion yuan, with a net profit of 248 million yuan, and a non-recurring net profit of 158 million yuan [2] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 171 million yuan, reflecting a year-on-year increase of 655.5% [2] Business Segments - Interior and exterior trim and electromechanical components: Revenue of 1.21 billion yuan, gross margin of 20.9% [3] - Wheel hub bearings: Revenue of 600 million yuan, gross margin of 21.8% [3] - Electric drive business: Revenue of 230 million yuan, gross margin of 13.2% [3] - Ball screw business: Expected to achieve project designation by December 2024 [3] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 4.93 billion yuan, 5.43 billion yuan, and 5.86 billion yuan respectively, with EPS of 0.99, 1.03, and 1.25 [4]