双环传动：业绩符合预期，新能源车齿轮保持高增

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 1.016-1.036 billion RMB for the year 2024, representing a year-on-year growth of 24.45%-26.9%, which aligns with expectations [1]. - The growth in the company's performance is primarily driven by the robust expansion of its new energy vehicle gear business and intelligent execution units, supported by international market development and increased average selling prices (ASP) [2]. - The company is expected to become a leading player in the domestic precision reducer market, particularly in the robotics sector, with plans for a separate listing of its subsidiary, which will enhance its long-term growth prospects [3]. Summary by Sections Event - The company announced its 2024 performance forecast, estimating a net profit of 1.016-1.036 billion RMB, a growth of 24.45%-26.9% year-on-year [1]. Operational Analysis - The new energy vehicle gear business has shown strong growth, contributing significantly to the company's overall performance. Key drivers include: - Expansion into international markets, increasing global project acquisition and market share [2]. - Higher ASP for new energy vehicle products compared to traditional products, with ongoing collaborations with Tier 1 suppliers and automakers [2]. - Increased market share in domestic new energy gear business [2]. - Future plans include intensified resource allocation for international market expansion, with infrastructure development in Hungary progressing ahead of schedule [2]. - The subsidiary, Zhejiang Huanqu Technology Co., has made significant strides in smart home and automotive sectors, enhancing revenue and profit contributions [2]. Profit Forecast, Valuation, and Rating - The company’s projected net profits for 2024-2026 are 1.028 billion RMB, 1.238 billion RMB, and 1.522 billion RMB, respectively, with corresponding P/E ratios of 27, 23, and 18 [4].