SHUANGHUAN COMPANY(002472)2025-05-06 14:28Group 1: Business Performance Overview - The revenue from the new energy vehicle gear business reached 3.37 billion CNY in 2024, accounting for 38.38% of total revenue, with a year-on-year growth of 51.21% [3] - The traditional fuel vehicle gear business generated 1.95 billion CNY in 2024, showing a decline of 1.99% year-on-year [3] - The intelligent actuator business saw a revenue growth rate of over 69% in 2024, maintaining similar growth in Q1 2025 [3] - The commercial vehicle gear business revenue decreased by 18.01% in 2024, but showed signs of recovery in Q1 2025 [3] Group 2: Future Outlook and Strategic Initiatives - The Hungarian factory is expected to start contributing to revenue in the second half of 2025, with ongoing equipment installation and debugging [5] - The company is optimistic about the new energy commercial vehicle gear market, focusing on the heavy-duty truck sector to enhance brand influence and market share [7] - The company anticipates steady growth in the intelligent actuator segment over the next two to three years, driven by market expansion [10] Group 3: Competitive Advantages and Market Position - The company has a competitive edge in product quality and cost control, which has been validated in the domestic market [8] - The establishment of the Hungarian factory will reduce delivery times and logistics costs, enhancing competitiveness in international markets [8] - The company plans to align the profit margins of the Hungarian factory with domestic levels, although initial strategies may involve lower margins to gain market share [9] Group 4: Product Development and Innovation - The single vehicle value of gear products is increasing due to product structure upgrades and the rising demand for high-precision gears in mid-to-high-end models [11] - The company is focusing on the development of coaxial reducer gears, which have higher technical complexity and value compared to parallel reducer gears [11] - The intelligent actuator products are expected to see improved profit margins due to cost reduction and efficiency enhancement initiatives [4]