Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a slight decline in revenue of 0.47% year-on-year, totaling 2.065 billion RMB, while net profit attributable to shareholders increased by 24.70% to 276 million RMB [2]. - The core growth driver is the new energy vehicle gear business, which saw a 12.48% year-on-year revenue growth in Q1 2025, supported by strong orders from leading global electric vehicle manufacturers [3]. - The company is expanding its overseas presence, with a factory in Hungary expected to cater to European clients, enhancing its competitive edge in international markets [3]. - Profitability is improving, with a gross margin of approximately 26.8%, up 4.2 percentage points year-on-year, driven by scale effects and a higher proportion of high-margin products [3]. - The company is projected to achieve net profits of 1.231 billion RMB, 1.574 billion RMB, and 1.935 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22, 17, and 14 [5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.065 billion RMB, a slight decrease of 0.47% year-on-year, while net profit attributable to shareholders rose by 24.70% to 276 million RMB [2]. - The gross margin improved to 26.8%, reflecting a 4.2 percentage point increase from the previous year, attributed to scale effects and a better product mix [3]. Business Analysis - The new energy vehicle gear segment is identified as the main growth engine, with a 12.48% year-on-year revenue increase in Q1 2025 [3]. - The company is making strides in international expansion, particularly with its Hungarian factory, which is expected to enhance its market presence in Europe [3]. Profitability and Forecast - The company is expected to see a steady increase in net profits over the next few years, with projections of 1.231 billion RMB in 2025, 1.574 billion RMB in 2026, and 1.935 billion RMB in 2027 [5]. - The report highlights a positive trend in profitability, with a net profit margin of 14%, up 3 percentage points year-on-year [3].
双环传动(002472):公司点评:业绩符合预期,盈利能力大幅提升