双林股份：2024年半年报点评：业绩略超预期，丝杠布局加速

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.8 yuan [1]. Core Views - The company's performance slightly exceeded expectations, with a significant increase in revenue and net profit for the first half of 2024. Revenue reached 2.103 billion yuan, up 15.73% year-on-year, while net profit attributable to shareholders was 248 million yuan, a remarkable increase of 282.89% [1][2]. - The company is actively expanding its product lines, particularly in the screw rod sector, and has initiated projects for automotive ball screw bearing units, with mass production expected in the first half of 2025 [2]. - The establishment of a factory in Thailand marks the company's entry into overseas markets, enhancing its operational resilience [2]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 2.103 billion yuan, with a year-on-year growth of 15.73%. The net profit attributable to shareholders was 248 million yuan, reflecting a year-on-year increase of 282.89% [1][2]. - The second quarter of 2024 saw revenue of 1.04 billion yuan, with a year-on-year increase of 11.99% and a net profit of 170 million yuan, marking a staggering increase of 655.48% year-on-year [1][2]. Business Expansion - The company is deepening its involvement in the automotive industry, with notable growth in its interior and exterior parts, electromechanical components, and new energy motor segments. Revenue from these segments for the first half of 2024 was 1.21 billion yuan, 602 million yuan, and 227 million yuan, respectively, with growth rates of 12.77%, 7.34%, and 266.09% [2]. - The company has implemented an employee stock incentive plan, granting 15.33 million shares to 171 employees, which is 3.8% of the total share capital [2]. Future Projections - The company forecasts revenues of 4.608 billion yuan, 5.354 billion yuan, and 6.187 billion yuan for 2024, 2025, and 2026, respectively. The adjusted net profit estimates for the same years are 405 million yuan, 391 million yuan, and 471 million yuan [2][3]. - The report anticipates a continued positive trajectory in the company's performance, driven by its strategic expansion into the screw rod industry and overseas markets [2].