SHUANGHUAN COMPANY(SZ:002472) GOLDEN SUN SECURITIES·2024-08-29 08:41Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company achieved a revenue of 4.322 billion yuan in H1 2024, representing a year-on-year increase of 17.26%, with a net profit of 473 million yuan, up 28.33% year-on-year [1]. - In Q2 2024, the company exceeded performance forecasts, with a revenue of 2.25 billion yuan, reflecting a year-on-year growth of 19% and a quarter-on-quarter growth of 8% [1]. - The main contributors to revenue growth include passenger car gears and smart execution mechanisms, with passenger car gear revenue reaching 2.36 billion yuan, up 28.5% year-on-year [1]. - The gross profit margin improved to 22.83% in Q2 2024, benefiting from scale effects and operational efficiency improvements [1]. - The company is expanding its production capacity for transmission gears, with 5 million sets of new energy transmission gears completed by the end of 2023 [1]. Financial Summary - The company is projected to achieve net profits of 1.062 billion yuan, 1.316 billion yuan, and 1.592 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 15, 12, and 10 times [2]. - Revenue is expected to grow from 9.972 billion yuan in 2024 to 14.874 billion yuan in 2026, with growth rates of 23.5%, 22.8%, and 21.5% respectively [3]. - The latest diluted EPS is projected to be 1.26 yuan in 2024, increasing to 1.88 yuan by 2026 [3].