SHUANGHUAN COMPANY(002472) 国海证券·2024-10-30 08:00Investment Rating - Maintained "Overweight" rating [2] Core Views - Q3 2024 revenue and net profit increased both year-on-year and quarter-on-quarter, with improved gross margin [4] - Gear product matrix continues to improve, driving rapid business growth across multiple fields [4] - Strong growth in new energy vehicle gear business, becoming a major driver of performance growth [4] - Expansion into smart home, rail transit, and robotics sectors expected to further boost gear business [4] Financial Performance - Q1-Q3 2024 revenue: 6.743 billion yuan, up 14.8% YoY [3] - Q1-Q3 2024 net profit: 738 million yuan, up 25.2% YoY [3] - Q3 2024 revenue: 2.42 billion yuan, up 10.7% YoY and 7.7% QoQ [4] - Q3 2024 net profit: 265 million yuan, up 20% YoY and 5.3% QoQ [4] - Q3 2024 gross margin: 23.96%, up 2.26 pct YoY and 1.13 pct QoQ [4] Market Performance - Current price: 28.75 yuan [4] - 52-week price range: 18.09-32.10 yuan [4] - Total market cap: 24.308 billion yuan [4] - Average daily trading volume: 257.11 million yuan [4] Future Projections - 2024-2026 revenue forecast: 9.5, 11.2, 12.6 billion yuan, with YoY growth of 17%, 18%, 12% [4] - 2024-2026 net profit forecast: 1.029, 1.29, 1.522 billion yuan, with YoY growth of 26%, 25%, 18% [4] - 2024-2026 EPS forecast: 1.21, 1.52, 1.80 yuan, with PE ratios of 24, 19, 16 [4] Business Expansion - Significant improvement in market competitiveness and unit value of electric drive coaxial gearbox gears in H1 2024 [4] - Continued expansion into new sectors such as smart home, rail transit, and robotics [4]