双环传动（002472.SZ）系列点评十三 25Q2 业绩表现亮眼 机器人减速器星辰大海 2025 年 08 月 28 日 ➢ 事件概述：公司发布 2025 年半年报，2025H1 营收 42.29 亿元，同比-2.2%； 归母净利 5.77 亿元，同比+21.9%；扣非归母净利 5.55 亿元，同比+22.5%； 2025Q2 公司营收 21.64 亿元，同比-3.7%，环比+4.8%；归母净利 3.01 亿元， 同比+19.4%，环比+9.1%；扣非归母净利 2.86 亿元，同比+17.7%，环比+6.3%。 ➢ 25Q2 业绩表现亮眼 盈利同比高增。1）收入端：2025H1 公司营收 42.29 亿元，同比-2.2%；2025Q2 公司营收 21.64 亿元，同比-3.7%，环比+4.8%； 收入同比下降主要系本期其他业务（非主营）收入较上年同期下降，主营业务收 入较上年同 期增长（2025H1 主营 41.93 亿元， 同比+11.5%），其中 乘用车齿轮、智能执行机构、减速器及其他收入分别 26.68、4.26、3.49 亿元， 同比+12.9%、+51.7%、+35.8%。2）毛利端：2025Q2 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has achieved revenue growth in multiple application scenarios, with a focus on smart home and smart medical care sectors, which together accounted for 83.59% of total revenue in 2024 [6][8]. - The company is recognized for its expertise in smart linear drive products, which are essential components in various applications including smart homes, medical devices, and industrial automation [5][9]. - The company is expanding its global footprint by investing in a production base in Thailand, which is expected to enhance its competitive advantage in the global market [9]. Summary by Sections Company Overview - The company specializes in the research and production of smart linear drive products, with applications in smart homes, smart medical care, smart offices, and industrial transmission [5]. Financial Performance - In 2024, the company reported total revenue of 828 million yuan, a year-on-year increase of 15.74%, while net profit slightly decreased by 0.58% to 47 million yuan [6]. - For Q1 2025, revenue reached 211 million yuan, reflecting a 6.7% year-on-year growth, and net profit increased by 28.98% to 16 million yuan [6]. Market Position - The company has established strong technical advantages in the smart home sector, integrating its products with various smart home systems to enhance user experience and product stickiness [7]. - In the smart medical care sector, the company's products are crucial for the automation and intelligence of medical devices, improving the quality of life for patients and efficiency for healthcare workers [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.006 billion yuan, 1.190 billion yuan, and 1.369 billion yuan respectively, with corresponding EPS estimates of 0.60 yuan, 0.73 yuan, and 0.86 yuan [10][12]. - The company is expected to maintain a strong growth trajectory, particularly in the smart home and industrial transmission sectors [10].