双环传动（002472）：净利率创近十年新高，公司盈利成长性值得重视

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][17]. Core Insights - The company reported a net profit margin reaching a ten-year high, with a significant focus on profitability growth. In H1 2025, the company achieved a revenue of 4.23 billion yuan, a year-on-year decrease of 2.2%. However, excluding the impact of steel sales, the actual main business revenue increased by 11.5% year-on-year. The net profit attributable to the parent company was 580 million yuan, up 22% year-on-year [1][2]. - The main growth drivers include the company's gear products for new energy vehicles, intelligent actuators, and reducers, with the net profit margin reaching 15%, an increase of 3.4 percentage points year-on-year. The gross profit margin for the main business segments also showed improvement [2][3]. - The company is expanding its product offerings and market presence, including establishing a factory in Hungary and integrating acquired businesses to enhance revenue and profit margins. The focus on technological innovation and new applications in smart vehicles and robotics is expected to provide additional growth opportunities [3][2]. Financial Performance Summary - For H1 2025, the company reported revenues from various segments: passenger car gears (2.67 billion yuan, +13%), commercial vehicle gears (320 million yuan, -29.7%), engineering machinery gears (350 million yuan, +12%), reducers and others (350 million yuan, +35.7%), and intelligent actuators (430 million yuan, +51.7%) [2]. - The company adjusted its revenue forecasts for 2025-2027 to 9.54 billion, 11.12 billion, and 13.05 billion yuan respectively, with net profits projected at 1.25 billion, 1.54 billion, and 1.91 billion yuan [3][5]. - Key financial metrics include a projected PE ratio of 25.3, 20.5, and 16.5 for 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [3][5].