双环传动：降本增效叠加新品放量，净利润持续攀升

Investment Rating - The investment rating for the company is "Outperform the Market" [4][23]. Core Views - The company has achieved a net profit growth of 27% year-on-year in Q2 2024, driven by cost reduction and efficiency improvements alongside the ramp-up of new products [1][5]. - The company's revenue for H1 2024 reached 4.322 billion yuan, representing a year-on-year increase of 17.26%, with a net profit of 473 million yuan, up 28.3% year-on-year [1][5]. - The company is focusing on expanding its product lines and global strategy, which is expected to open up new growth opportunities [1][19]. Financial Performance - In Q2 2024, the company's revenue was 2.25 billion yuan, a year-on-year increase of 18.6% and a quarter-on-quarter increase of 8.4% [1][5]. - The gross profit margin for Q2 2024 was 22.8%, reflecting a slight improvement due to increased production capacity utilization and ongoing cost reduction initiatives [1][5]. - The company’s sales, management, and R&D expense ratios were 1.0%, 3.3%, and 4.7% respectively, indicating solid expense control [1][5]. Business Segments - The passenger vehicle gear segment generated revenue of 2.36 billion yuan, up 28.5% year-on-year, with a gross margin of 23.4% [1][5]. - The commercial vehicle gear segment reported revenue of 460 million yuan, a year-on-year increase of 3.8%, with a gross margin of 26.3% [1][5]. - The smart actuator segment saw significant growth, with revenue increasing by 82.2% year-on-year [1][5]. Future Outlook - The company is positioned to benefit from a third wave of growth opportunities, including international expansion and platform development in the gear supply system [1][19]. - The global market for transmission gears in the new energy vehicle sector is projected to reach approximately 30 billion yuan by 2025, indicating substantial growth potential [21][22]. - The company plans to invest 120 million euros in establishing a production base in Hungary to enhance its international presence [22][23].