双环传动（002472）：业绩符合预期，智能执行机构、减速器增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in H1 2025 met expectations, with revenue of 4.23 billion yuan, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 580 million yuan, a year-on-year increase of 22% [1][2] - The growth in the smart actuator and reducer segments is notable, with revenues of 430 million yuan and 350 million yuan respectively, reflecting year-on-year increases of 52% and 36% [2] - The company is actively expanding its global footprint, with stable deliveries to international clients and strategic capacity expansions in Hungary and Vietnam [3] Financial Performance - For 2025, the company is projected to achieve revenues of 10.67 billion yuan, with a year-on-year growth rate of 21.5% [4] - The net profit attributable to shareholders is expected to reach 1.26 billion yuan in 2025, representing a year-on-year growth of 23% [4] - The company's gross margin for Q2 2025 was reported at 27.3%, showing a quarter-on-quarter increase of 0.47 percentage points [2] Business Segments - The automotive gear segment for passenger vehicles, construction machinery, and commercial vehicles generated revenues of 2.7 billion yuan, 350 million yuan, and 320 million yuan respectively, with growth rates of 13%, 12%, and a decline of 30% [2] - The company has become a core supplier for leading brands in the smart cleaning machine and e-bike sectors, marking significant contributions to its business growth [3] Profitability and Valuation - The company is expected to maintain strong competitive advantages in its core business, with projected net profits of 1.26 billion yuan, 1.55 billion yuan, and 1.87 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25, 21, and 17 times [3][4]