SHUANGHUAN COMPANY(002472) 国盛证券·2025-05-09 03:23Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in Q1 2025 met expectations, with revenue of 2.06 billion yuan, showing a year-on-year increase of 12.5% in core business revenue after excluding other businesses [1]. - The profitability indicators for Q1 2025 were strong, with a gross margin of 26.8% and a net margin of 14.0%, reflecting year-on-year increases of 4.2 percentage points and 2.9 percentage points, respectively [1]. - The company is benefiting from cost reduction and efficiency improvement initiatives, which are expected to continue driving performance [1][2]. Financial Performance Summary - Revenue is projected to grow from 8.074 billion yuan in 2023 to 15.039 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.8% [3]. - Net profit is expected to increase from 816 million yuan in 2023 to 1.868 billion yuan in 2027, with a CAGR of about 20.4% [3]. - The earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2023 to 2.20 yuan in 2027 [3]. Business Development - The company is expanding its global footprint, particularly in the new energy transmission gear business, which is expected to enhance the value per vehicle significantly [2]. - Collaborations with leading domestic manufacturers in the smart home and automotive sectors are expected to drive growth in the smart actuator business [2]. - The company has established stable delivery of projects for international clients, which is anticipated to accelerate growth beyond the industry average [2].