事件 公司发布一季报：公司实现营业收入20.65 亿元，同比微降0.47%；实现归母净利润2.76 亿元，同比增 长24.70%；实现扣非归母净利润2.69 亿元，同比增长28.27%。 经营分析 新能源汽车齿轮带动公司业绩稳健增长。公司主营业务收入在2025Q1 实现12.48%的同比增长，新能源 汽车齿轮业务是其核心增长引擎。这得益于公司作为行业龙头，深度绑定全球领先的电动车企，订单有 保障。海外拓展是未来重要看点，公司匈牙利工厂建设顺利推进，预计将承接欧洲客户订单，打开新的 增长空间。公司凭借国内积累的成本和效率优势，在海外市场具备较强竞争力。 盈利能力持续改善。2025Q1 公司毛利率约为26.8%，较去年同期提升了4.2 个百分点。毛利率提升主要 受益于：1）主营业务规模效应显现；2）高毛利产品（如新能源车齿轮，尤其是混动、同轴减速器齿 轮）占比提升带来的产品结构优化；3）公司持续推进的降本提效措施取得成效。费用方面，公司期间 费用管控良好。销售费用率1.00% (同比-0.17pct)，管理费用率3.76% (同比-0.11pct)，财务费用率0.44% (同比-0.03pct)，研发费用达1.1 ...

事件 公司发布一季报：公司实现营业收入 20.65 亿元，同比微降 0.47%； 实现归母净利润 2.76 亿元，同比增长 24.70%；实现扣非归母净利 润 2.69 亿元，同比增长 28.27%。 经营分析 新能源汽车齿轮带动公司业绩稳健增长。公司主营业务收入在 2025Q1 实现 12.48%的同比增长，新能源汽车齿轮业务是其核心 增长引擎。这得益于公司作为行业龙头，深度绑定全球领先的电 动车企，订单有保障。海外拓展是未来重要看点，公司匈牙利工 厂建设顺利推进，预计将承接欧洲客户订单，打开新的增长空 间。公司凭借国内积累的成本和效率优势，在海外市场具备较强 竞争力。 盈利能力持续改善。2025Q1 公司毛利率约为 26.8%，较去年同期 提升了 4.2 个百分点。毛利率提升主要受益于：1）主营业务规 模效应显现；2）高毛利产品（如新能源车齿轮，尤其是混动、 同轴减速器齿轮）占比提升带来的产品结构优化；3）公司持续 推进的降本提效措施取得成效。费用方面，公司期间费用管控良 好。销售费用率 1.00% (同比-0.17pct)，管理费用率 3.76% (同 比-0.11pct)，财务费用率 0.44% (同 ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: 双环传动 (Shuanghuan Transmission) - **Industry**: Gear manufacturing, particularly focusing on the automotive sector, including traditional fuel vehicles and electric vehicles Key Points and Arguments Revenue and Growth - **Electric Vehicle Gear Business**: Revenue share reached over 41% in Q1 2025, with a year-on-year growth exceeding 50% [2][4] - **Traditional Fuel Vehicle Gear Business**: Revenue declined by approximately 5% year-on-year in Q1 2025 [2][4] - **Commercial Vehicle Business**: Gradual recovery noted, but still a drag on overall performance [2][7] - **Overall Revenue**: 2024 revenue was 8.148 billion yuan, with a growth rate of 18.46% [3] Product Performance - **Intelligent Actuator Business**: Expected growth rate over 69% in 2024, contributing over 9% to total revenue [4][6] - **Coaxial Reducer**: Monthly production capacity of 60,000 units, with strong domestic demand despite poor performance in the European market [2][5] Market Potential - **Global Gear Market Size**: Estimated at 600 billion yuan globally, with the Chinese market around 300 billion yuan [10][11] - **Emerging Applications**: Significant growth potential in new applications such as robotic vacuum cleaners [11] Manufacturing and Supply Chain - **Hungary Factory**: Production team handed over in April 2025, expected to generate revenue in the second half of the year, with profitability anticipated by 2026 at the earliest [9][23] - **Local Production Strategy**: Emphasis on localizing supply chains to mitigate risks associated with international trade [20][22] Competitive Landscape - **Competition in Coaxial Reducers**: Increased competition from leading companies and OEMs, necessitating a focus on high-quality, differentiated products [17] - **Response to New Competitors**: Company remains confident in its ability to maintain market share through innovation and cost control [26][27] Future Outlook - **Revenue Growth Guidance for 2025**: Focus on core gear technology and diversification, with expectations for continued rapid growth in electric vehicle gear and intelligent actuator segments [24] - **Single Vehicle Value**: Current value exceeds 1,000 yuan per vehicle, with expectations for further increases due to rising demand for intelligent applications [25] Additional Important Insights - **Cost Management**: Company is actively working on domestic equipment validation to enhance production efficiency and reduce costs [13] - **Commercial Vehicle Market Outlook**: Optimistic about the heavy-duty and new energy commercial vehicle markets, with ongoing efforts to secure major client orders [14][15] - **Technological Innovation**: Strong emphasis on R&D capabilities to meet specific customer needs, particularly in the robotic vacuum cleaner segment [31] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market potential, competitive landscape, and future outlook in the gear manufacturing industry.

Investment Rating - The report maintains a "Buy" rating for Shuanghuan Drive, with a target price set at Rmb42.0, indicating an expected share price return of 31.0% [4][7]. Core Insights - Shuanghuan's net profit for 2024 increased by 25% year-on-year to Rmb1.02 billion, aligning with market expectations, while the gross profit margin (GPM) expanded by 2.8 percentage points to 25.0%, surpassing both CitiE and consensus estimates [1][2]. - The growth in GPM is attributed to improvements in NEV gear and a reduced contribution from the low-GPM steel trading business, which saw a revenue decline of 46% year-on-year [1][2]. - The best-performing segments were plastic gear, which grew by 69% year-on-year, and NEV gears, which increased by 51% year-on-year [1][2]. Revenue and GPM by Product - Revenue growth in 2024 was notable in plastic gear (69% YoY) and NEV gear (51% YoY), while reducers and components and power tool gears also saw growth of 18% and 10% YoY, respectively [2]. - The steel trading business experienced the largest revenue decline due to a change in business model and efforts to mitigate bad debt risk [2]. - GPM improvements were observed across various segments, with plastic gear and passenger vehicle gear GPM expanding by 4.8 and 3.9 percentage points YoY, respectively [2]. Earnings Summary - The earnings summary indicates a projected net profit of Rmb1.026 billion for 2024, with a diluted EPS of Rmb1.202, reflecting a growth of 23.9% [3]. - The report forecasts continued earnings growth, with a projected net profit of Rmb1.279 billion for 2025, representing a 24.7% increase [3]. Valuation - Shuanghuan is valued at Rmb42.0 per share, based on a 28x 2025E EPS and a 25% earnings growth estimate for 2025 [20]. - The stock is considered to be trading at an undemanding valuation of approximately 21x 2025E P/E, which is attractive given the expected earnings growth [7].