SHUANGHUAN COMPANY(SZ:002472)2025-08-29 14:34Group 1: Company Overview - The passenger vehicle gear business accounted for 63.11% of total revenue, with the new energy vehicle gear business growing approximately 30% year-on-year, representing over 43% of total revenue [3] - The traditional fuel vehicle gear business declined by about 7% compared to the same period last year, aligning with market expectations [3] - The intelligent actuator business is expected to see good growth, with optimism for overall annual growth [3] Group 2: Market and Production Insights - The commercial vehicle gear business showed a significant decline year-on-year but is expected to recover in the second half of the year, with a narrowing annual decline [3] - The company has established a new factory in Hungary, with small batch deliveries already initiated, and is actively pursuing new overseas projects [4] - The engineering machinery gear business growth is driven by orders from global top-tier clients and expansion in the domestic market [4] Group 3: Future Growth Prospects - The company anticipates substantial growth in the new energy vehicle gear business over the next 2-3 years, supported by increasing market penetration and overseas expansion [6] - The intelligent actuator segment is expected to become a steady growth driver, with a focus on non-metal composite materials [6] - The company is actively expanding its focus on the commercial vehicle new energy electric drive gear market, with several high-value projects underway [9] Group 4: Financial Performance and Margins - The gross margin for intelligent actuators increased by 0.6 percentage points year-on-year, with potential for further improvement through product diversification and operational efficiency [7] - The difference in gross margins between intelligent actuator modules and components is primarily due to varying self-manufacturing rates, which are expected to improve as self-manufacturing increases [8]