SHUANGHUAN COMPANY(SZ:002472) Soochow Securities·2025-08-27 23:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leader in electric drive gears, benefiting from the ongoing electrification of vehicles and the reshaping of the automotive gear market [3] - The company has a competitive advantage in technology research, production capacity, and customer resources, which will allow it to continue benefiting from the industry's electrification [3] - The company has expanded its business into precision reducers for industrial robots and has established a presence in the consumer gear market through acquisitions, which will support long-term growth [3] Financial Performance Summary - In Q2 2025, the company achieved revenue of 21.64 billion yuan, a quarter-on-quarter increase of 4.82%, and a net profit of 3.01 billion yuan, a quarter-on-quarter increase of 9.11% [8] - The company's gross margin for Q2 2025 was 27.29%, reflecting a quarter-on-quarter increase of 0.47 percentage points [8] - The company forecasts total revenue of 10.27 billion yuan for 2025, with a year-on-year growth of 16.91%, and a net profit of 1.27 billion yuan, with a year-on-year growth of 23.98% [1][9] Earnings Forecast and Valuation - The company is expected to achieve net profits of 12.69 billion yuan, 15.57 billion yuan, and 18.74 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.49 yuan, 1.83 yuan, and 2.21 yuan [9] - The projected P/E ratios for 2025, 2026, and 2027 are 24.43, 19.91, and 16.55 respectively [9]