SHUANGHUAN COMPANY(002472) 国元证券·2025-05-09 10:18Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved expected performance with 2024 revenue of 8.781 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 1.024 billion yuan, up 25.42% year-on-year [1]. - The North American market has turned profitable, and the new energy gear segment continues to grow significantly, while the smart actuator business is entering a phase of realization [1][2][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.781 billion yuan, a year-on-year increase of 8.76%, and a net profit of 1.024 billion yuan, up 25.42% year-on-year. The first quarter of 2025 saw revenue of 2.065 billion yuan, a slight decrease of 0.47% year-on-year, but net profit increased by 24.70% year-on-year to 276 million yuan [1][4]. New Energy Gear Business - The new energy gear business generated revenue of 3.370 billion yuan in 2024, representing a growth of 51.21% year-on-year, accounting for 38.38% of total revenue. The growth is expected to continue due to increasing sales of B-class and above vehicles and the demand for high-precision gear products [2]. Smart Actuator Business - The smart actuator segment achieved revenue of 642 million yuan in 2024, a year-on-year increase of 69.45%, with a gross margin improvement to 18.96%. The company is focusing on high-value products such as electric tailgates and smart locks, benefiting from the trend of increasing smart technology penetration [3]. Profit Forecast - The company is projected to achieve revenues of 10.368 billion yuan, 11.951 billion yuan, and 13.841 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.234 billion yuan, 1.472 billion yuan, and 1.764 billion yuan for the same years [4][6].