SHUANGHUAN COMPANY(002472) 国元证券·2025-01-22 00:35Investment Rating - The investment rating for the company is upgraded to "Buy" [5][7]. Core Views - The company's performance growth is in line with expectations, driven by the dual engines of the new energy vehicle business and emerging intelligent actuator business. The company is focusing on expanding its overseas market presence to increase its share in the global new energy vehicle gear market [2]. - The demand for coaxial reducers is increasing due to the trend of enhanced electric range in both hybrid and pure electric vehicles. The company stands to benefit as a core supplier of coaxial electric drive gears [3]. - The approval of the listing of the robotics subsidiary, Huan Dong Technology, on the Sci-Tech Innovation Board is expected to enhance the brand value and resource consolidation of the company's robotics business [4]. Financial Summary - The company is projected to achieve a net profit attributable to shareholders of 10.32 billion, 13.40 billion, and 16.39 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.22, 1.59, and 1.94 yuan [5]. - The revenue for 2024 is estimated at 94.15 billion yuan, reflecting a year-on-year growth of 16.61% [6]. - The company's return on equity (ROE) is expected to improve from 11.14% in 2024 to 13.71% in 2026 [6].