SHUANGHUAN COMPANY(SZ:002472) Soochow Securities·2024-05-08 15:30Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company's Q1 2024 performance met expectations, with revenue of 2.075 billion yuan, a year-on-year increase of 15.79%, and a slight quarter-on-quarter decrease of 5.77%. The net profit attributable to shareholders was 221 million yuan, up 29.37% year-on-year, with a minor quarter-on-quarter decline of 2.64% [3] - The company is positioned as a leader in electric drive gears, benefiting from the ongoing electrification of vehicles. It has significant competitive advantages in technology development, production capacity, and customer resources [3] - The company has expanded its business into precision reducers for industrial robots and consumer gears, which are expected to drive long-term growth [3] Financial Forecasts - The company is projected to achieve net profits of 1.003 billion yuan, 1.253 billion yuan, and 1.528 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.18 yuan, 1.47 yuan, and 1.79 yuan [4] - The projected P/E ratios for 2024, 2025, and 2026 are 21.02, 16.83, and 13.80 respectively [4] Market Data - The closing price of the stock is 24.71 yuan, with a market capitalization of 21.088 billion yuan [6] - The company has a P/B ratio of 2.61 and a total circulating A-share market value of 18.722 billion yuan [6] Basic Data - The company has a net asset value per share of 9.47 yuan and a debt-to-asset ratio of 40.13% [7]