SHUANGHUAN COMPANY(SZ:002472) Soochow Securities·2024-03-06 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.134 billion yuan for 2023, representing a year-on-year growth of 19%, and a net profit attributable to shareholders of 815.82 million yuan, up 40% year-on-year. For Q1 2024, the expected net profit is between 210 million to 230 million yuan, indicating a year-on-year growth of 22.75% to 34.44% [3][4] - The strong performance in 2023 is attributed to the growth in the new energy gear business and heavy-duty truck automatic transmission gear business, along with ongoing internal cost reduction and efficiency improvement measures [3] - The company is positioned as a leader in electric drive gears, benefiting from the increasing electrification rate in the automotive sector. Additionally, the company has expanded into the consumer gear sector through acquisitions, enhancing its market share in smart home and automotive applications [3] Financial Forecasts - The company's net profit forecasts for 2023-2025 have been adjusted to 816 million, 1.003 billion, and 1.253 billion yuan, respectively, with corresponding EPS of 0.96 yuan, 1.18 yuan, and 1.47 yuan. The P/E ratios are projected to be 26.00, 21.15, and 16.93 [4] - The total revenue is expected to grow from 8.134 billion yuan in 2023 to 11.777 billion yuan in 2025, with year-on-year growth rates of 19.75% and 20.91% for 2024 and 2025, respectively [2][4] Market Data - The closing price of the company's stock is 24.87 yuan, with a market capitalization of approximately 21.21 billion yuan [6] - The company has a P/B ratio of 2.77 and a total circulating A-share market value of approximately 18.83 billion yuan [6] Basic Data - The company has a net asset value per share of 8.97 yuan and a debt-to-asset ratio of 38.34% [7]