双林股份：公司简评报告：利润率大幅提升，内生外延未来可期

Investment Rating - Buy rating for the company [1] Core Views - The company achieved revenue of 2.103 billion yuan in the first half of 2024, a year-on-year increase of 15.73%, with net profit attributable to the parent company reaching 248 million yuan, a year-on-year increase of 282.89% [1] - In Q2 2024, the company's revenue was 1.040 billion yuan, up 11.99% year-on-year, with net profit attributable to the parent company at 171 million yuan, a year-on-year increase of 655.48% [1] - The company's net profit margin significantly improved, with Q2 2024 sales net profit margin at 16.45%, up 13.97 percentage points year-on-year and 9.14 percentage points quarter-on-quarter [1] - The company is expanding overseas with the construction of a Thailand factory, which started small-scale production in May 2024 [1] - The company is developing new products such as ball screws, which are expected to be project-designated by the end of 2024, and has completed R&D for humanoid robot roller screws [1] Financial Performance - Revenue for 2024E is projected at 4.63 billion yuan, with net profit attributable to the parent company at 350 million yuan [2] - EPS for 2024E is forecasted at 0.87 yuan per share, with a PE ratio of 14.3 [2] - The company's gross margin is expected to improve from 18.9% in 2023 to 22.6% in 2026 [3] - ROE is projected to increase from 3.7% in 2023 to 15.0% in 2026 [3] Market and Valuation - The company's latest closing price is 12.13 yuan, with a market capitalization of 4.861 billion yuan [3] - The company's current PE ratio is 18.40, and the PB ratio is 2.06 [3] - The company's total assets are expected to grow from 5.955 billion yuan in 2023 to 8.162 billion yuan in 2026 [3] Industry and Expansion - The company is accelerating its new energy layout, improving operational efficiency, and optimizing management effectiveness [1] - The company has diversified its overseas market layout, which is expected to enhance performance resilience [1] - The company is expected to build a dual growth engine for new energy vehicles and humanoid robots [1]