Shuanglin Auto Parts(SZ:300100) Xinda Securities·2025-05-01 05:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 4.91 billion in 2024, representing an 18.6% year-on-year increase, and a net profit attributable to shareholders of 0.497 billion, reflecting a significant increase of 514.5% year-on-year [1][2] - The company is expected to benefit from the ongoing growth trend in the automotive industry, with a focus on expanding both product offerings and customer base [2][3] - The acquisition of a key upstream equipment manufacturer is expected to enhance the company's capabilities in the screw rod business, thereby shaping a second growth curve [2][3] Financial Performance Summary - In 2024, the company achieved a gross margin of 18.49%, a net profit margin of 10.12%, and a non-recurring net profit margin of 6.7% [2] - For Q1 2025, the company reported a gross margin of 21.6%, with a year-on-year increase of 0.6 percentage points [2] - The company forecasts net profits of 0.61 billion, 0.74 billion, and 0.81 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.52, 1.84, and 2.00 [5]