双环传动：2024H1业绩稳健增长，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 17.26% year-on-year for H1 2024, achieving a total revenue of 4.322 billion yuan and a net profit of 473 million yuan, which is a 28.33% increase year-on-year [6] - The company's gross margin improved to 22.75%, up by 1.58 percentage points year-on-year, while the net profit margin reached 11.35%, an increase of 0.95 percentage points year-on-year [6] - The growth in the new energy gear and livelihood gear segments significantly contributed to the company's performance, with the new energy gear business revenue increasing by 40.31% compared to the same period last year [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 4.322 billion yuan, a year-on-year increase of 17.26%, and a net profit of 473 million yuan, up 28.33% year-on-year [6] - The company’s Q2 2024 revenue was 2.248 billion yuan, reflecting an 18.6% year-on-year growth and an 8.3% quarter-on-quarter increase [6] - The gross margin for H1 2024 was 22.75%, and the net profit margin was 11.35% [6] Business Segments - Revenue from passenger car gears, commercial vehicle gears, and livelihood gears for H1 2024 was 2.363 billion yuan, 460 million yuan, and 280 million yuan, respectively, with year-on-year growth rates of 28.54%, 3.81%, and 82.17% [6] - The company has established strong partnerships with numerous domestic and international clients over its 40 years in the mechanical transmission gear sector [6] Future Outlook - The company is expected to achieve net profits of 1.074 billion yuan, 1.335 billion yuan, and 1.576 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 14.8, 11.9, and 10.09 [7][9] - The company is focusing on expanding its robotics and livelihood gear segments, which are anticipated to drive future growth [7]