SHUANGHUAN COMPANY(002472) 国盛证券·2025-01-23 01:49Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.016 to 1.036 billion yuan in 2024, representing a year-on-year increase of 24.45% to 26.90% [1] - The fourth quarter of 2024 is projected to show a net profit of approximately 288 million yuan, reflecting a year-on-year growth of 26.9% and a quarter-on-quarter increase of 8.7% [1] - The company is expanding its production capacity for transmission gears and is making progress in its global layout, including a planned investment of up to 120 million euros for a factory in Hungary [2] - The acquisition of a company in 2022 has opened new growth avenues, with revenue from the new business segment reaching 380 million yuan in 2023 [2] - The company’s net profit forecasts for 2024-2026 are 1.022 billion, 1.310 billion, and 1.601 billion yuan, respectively, with corresponding P/E ratios of 30, 23, and 19 times [2] Financial Summary - The company’s revenue is projected to grow from 8.074 billion yuan in 2023 to 9.972 billion yuan in 2024, reflecting a year-on-year growth rate of 23.5% [3] - The net profit attributable to shareholders is expected to increase from 816 million yuan in 2023 to 1.022 billion yuan in 2024, with a growth rate of 25.2% [3] - The latest diluted EPS is forecasted to rise from 0.96 yuan in 2023 to 1.21 yuan in 2024 [3] - The company’s return on equity (ROE) is projected to improve from 10.3% in 2023 to 11.7% in 2024 [3]