双环传动（002472）：主营业务收入稳健增长，毛利率超预期

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of Rmb38.50, representing a 29% upside from the current price of Rmb32.23 [2][8]. Core Insights - The company achieved a full-year revenue of Rmb8.781 billion in 2024, reflecting a year-on-year growth of 8.76%. The core business revenue reached Rmb8.08 billion, up 18.46% year-on-year, while net profit attributable to shareholders grew by 25.42% to Rmb1.024 billion [3][13]. - The passenger vehicle gear segment accounted for 61% of total revenue in 2024, with new energy vehicle gear revenue reaching Rmb3.37 billion, a 51% increase year-on-year, contributing to 38% of total revenue [4][14]. - The smart actuator business saw a significant revenue increase of 70% year-on-year, reaching Rmb642 million, becoming the second-largest growth driver after NEV gears [5][15]. - The overall gross margin for the company improved to 25.0%, marking an increase of 2.8 percentage points year-on-year, with all major business segments contributing to this improvement [16]. Financial Projections - The company forecasts net profits of Rmb1.25 billion, Rmb1.48 billion, and Rmb1.71 billion for 2025, 2026, and 2027 respectively, with a P/E ratio of 22x applied to the 2026 earnings estimate [8][17]. - Revenue projections for the upcoming years are as follows: Rmb9.745 billion in 2025, Rmb10.943 billion in 2026, and Rmb12.043 billion in 2027, with respective growth rates of 11%, 12%, and 10% [10][12].