双环传动（002472）：Q2强业绩如期兑现，继续看好全球化、智能机构长期成长

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 4.229 billion yuan in H1 2025, a year-on-year decrease of 2.2%, while the net profit attributable to shareholders was 577 million yuan, an increase of 22.0% year-on-year [4][6] - The decline in revenue is primarily due to the active reduction of non-core steel trading business, which had a revenue of 531 million yuan in H1 2024 and is projected to be zero in 2025 [6] - Excluding the steel trading business, the core revenue in H1 2025 increased by 12% year-on-year, indicating a strong performance in core operations [6] Financial Data and Profit Forecast - The company expects total revenue to reach 9.466 billion yuan in 2025, with a year-on-year growth rate of 7.8% [5] - The net profit attributable to shareholders is projected to be 1.279 billion yuan in 2025, reflecting a year-on-year growth of 25.0% [5] - The earnings per share (EPS) is estimated at 1.51 yuan for 2025, with a projected price-to-earnings (PE) ratio of 24 [5] - The gross profit margin is expected to be 26.8% in 2025, with a return on equity (ROE) of 13.3% [5] Business Performance - The company's revenue from passenger vehicle gears and smart actuators contributed to growth, with passenger vehicle revenue at 2.669 billion yuan, up 13.0% year-on-year [6] - The smart actuator business saw a significant increase in revenue of 51.7% year-on-year, reaching 426 million yuan [6] - The company is focusing on global expansion and the development of smart actuators, with a strategic base in Hungary to connect with major global automotive manufacturers [6]