【2025年半年报点评/双环传动】2025Q2业绩符合预期，电驱齿轮龙头强者恒强

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight decline in revenue but a significant increase in net profit, indicating resilience and potential for growth in the electric vehicle and industrial robotics sectors [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 4.229 billion yuan, a year-on-year decrease of 2.16%, while net profit attributable to shareholders was 577 million yuan, a year-on-year increase of 22.02% [3]. - For Q2 2025, the company reported revenue of 2.164 billion yuan, a quarter-on-quarter increase of 4.82%, and a net profit of 301 million yuan, a quarter-on-quarter increase of 9.11% [4]. - The gross margin for Q2 2025 was 27.29%, reflecting a quarter-on-quarter increase of 0.47 percentage points [4]. Market Trends - The domestic narrow definition of new energy passenger car wholesale reached 3.5989 million units in Q2 2025, a quarter-on-quarter increase of 25.01%, with A0-level and above pure electric wholesale at 1.7831 million units, up 32.59% [4]. - The trend of outsourcing in the automotive gear market is becoming more pronounced, with the company positioned as a leader in electric drive gears, benefiting from the increasing electrification rate in the industry [5]. Business Segments - The company has established a subsidiary, Huan Drive Technology, to expand its presence in the consumer gear market, acquiring San Duo Le to enhance its product offerings, which include precision gears and automotive components [5]. - The company has a comprehensive range of precision reducers for industrial robots, covering 6-1000KG applications, and has established partnerships with leading domestic robot manufacturers, indicating strong growth potential in the reducer business [5]. Profit Forecast and Investment Rating - The company maintains profit forecasts for 2025-2027 at 1.269 billion yuan, 1.557 billion yuan, and 1.874 billion yuan, with corresponding EPS of 1.49 yuan, 1.83 yuan, and 2.21 yuan, suggesting a "buy" rating based on projected P/E ratios [6].