证 券 研 究 报 告 双环传动（002472）2025 年中报点评 强推（维持） 2Q 业绩符合预期，高毛利业务占比稳健提升 目标价：48.7 元 事项： ❖ 公司发布 2025 年中报，营收 42.3 亿元、同比-2.2%，归母净利 5.77 亿元、同 比+22%。其中乘用车齿轮营收 27 元/+13%，营收占比 63%/+8.4PP；智能执行 结构营收 4.3 亿元/+52%，营收占比 10%/+3.6PP；减速器及其他营收 3.5 亿元 /+36%，营收占比 8.3%/+2.3PP。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,781 | 10,010 | 11,647 | 14,179 | | 同比增速(%) | 8.8% | 14.0% | 16.4% | 21.7% | | 归母净利润(百万) | 1,024 | 1,287 | 1,531 | 1,866 | | 同比增速(%) | 25.4% | 25. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.7 yuan, reflecting an expected performance exceeding the benchmark index by over 20% in the next six months [9][19]. Core Insights - The company reported a record high in Q2 2025, with revenue of 9.4 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 1.46 billion yuan, up 99% year-on-year [2][3]. - The company is undergoing a transformation towards robotics, with significant progress in product development and market expansion [8][9]. - The financial outlook for 2025-2027 has been adjusted, with net profit expectations revised to 3.12 billion, 3.94 billion, and 4.84 billion yuan, respectively, indicating growth rates of 68%, 26%, and 23% [8][9]. Financial Summary - The company’s total revenue is projected to grow from 1,648 million yuan in 2024 to 3,294 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.5% [4][10]. - The net profit is expected to increase from 185 million yuan in 2024 to 484 million yuan in 2027, with a CAGR of 22.9% [4][10]. - The earnings per share (EPS) is forecasted to rise from 0.29 yuan in 2024 to 0.75 yuan in 2027 [4][10]. Market Performance - The company’s stock price has shown significant growth, outperforming the benchmark index over the past 12 months, with a notable increase of 291% [7][8]. - The company has maintained stable supply relationships with major clients, including BYD and Chery, contributing to its revenue stability [8][9]. Strategic Focus - The company is focusing on accelerating its robotics transformation, with successful product deliveries and ongoing development of high-precision components [8][9]. - The expansion of the crankshaft business into new markets, particularly in passenger vehicles, is expected to drive further growth [8][9].