Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.13 yuan, representing a potential upside from the current price of 21.60 yuan [4] Core Views - The company achieved robust growth in 2023, with revenue increasing by 18.08% YoY to 8.074 billion yuan and net profit attributable to shareholders surging 40.26% YoY to 816 million yuan [2] - Gross margin and net margin improved to 22.24% and 10.33% respectively, up 1.16 and 1.76 percentage points from the previous year [2] - The company is expected to maintain strong growth momentum, with projected net profit attributable to shareholders of 1.044 billion yuan, 1.366 billion yuan, and 1.664 billion yuan for 2024-2026, representing YoY growth of 27.84%, 30.91%, and 21.77% respectively [2] Business Performance Traditional Automotive Business - The traditional automotive gear business achieved revenue of 4.223 billion yuan in 2023, up 15.66% YoY, outperforming the industry's -0.65% growth [2] - The company demonstrated solid business fundamentals with traditional vehicle gear revenue reaching 2 billion yuan, a 15.15% increase [2] New Energy Vehicle Business - New energy vehicle gear revenue grew 16.46% YoY to 2.229 billion yuan, slightly below the pure EV market growth of 24.61% due to inventory reduction in the first half of 2023 [2] - The low base effect from 2023 is expected to benefit future growth [2] Emerging Businesses - Commercial vehicle, robotics, and civil gear businesses showed strong growth, with revenues of 880 million yuan, 556 million yuan, and 379 million yuan respectively, representing YoY increases of 71.25%, 45.62%, and 87.47% [2] - The shift from manual to automatic transmissions in commercial vehicles is driving growth, with major clients like ZF continuing to lead the trend [2] - Robotics and civil gear businesses are accelerating through domestic substitution and new customer development, with optimistic prospects due to expanding application scenarios [2] Competitive Advantages - The company maintains high barriers in process technology, primarily serving the mid-to-high-end market [2] - It has successfully diversified its international brand portfolio through partnerships with global Tier 1 suppliers like ZF and Schaeffler [2] - Management efficiency improvements have contributed to rising gross and net margins, with operating cash flow reaching 1.572 billion yuan, nearly double the net profit level [2] Financial Projections - Revenue is expected to grow from 9.522 billion yuan in 2024E to 13.444 billion yuan in 2026E, with YoY growth rates of 17.93%, 20.70%, and 16.97% respectively [3] - EPS is projected to increase from 1.22 yuan in 2024E to 1.95 yuan in 2026E [3] - ROE is forecasted to improve from 11.24% in 2024E to 13.84% in 2026E [3] Valuation - The company's P/E ratio is expected to decline from 17.65x in 2024E to 11.07x in 2026E, indicating potential undervaluation [3] - The target price of 28.13 yuan represents a 30.23% upside from the current price of 21.60 yuan [4]

公司报告 | 年报点评报告 双环传动（002472） 证券研究报告 2024年04月 14日 投资评级 向外构建多元化产品体系，向内持续降本增效 行业 汽车/汽车零部件 6个月评级 买入（维持评级） 当前价格 21.6元 事件：公司23年实现收入80.7亿元，同比+18.1%；归母净利润8.2亿元，同比+40.3%； 扣非归母净利润 8.0亿元，同比+41.6%；对应 23Q4营收 22.0亿元，同比+9.4%； 目标价格 元 归母净利润2.3亿元，同比+31.5%；扣非归母净利润2.5亿元，同比+34.5%。 基本数据 另外，公司24Q1业绩预告归母净利润2.1-2.3亿元，同比+22.8%-34.4%；扣非归母 A股总股本(百万股) 853.44 净利润2.0-2.2亿元，同比+28.7%-41.5%，盈利能力持续提升。 流通A股股本(百万股) 757.67 A股总市值(百万元) 18,434.26 乘用车齿轮/商用车齿轮/民生齿轮业务高增，带动整体业绩正向攀升。 23年公司 流通A股市值(百万元) 16,365.74 乘用车齿轮/商用车齿轮/工程机械齿轮/减速器及其他/民生齿轮业务收入分别为 每股净资产 ...

证券研究报告·公司点评报告·汽车零部件 双环传动（002472） 2023 年年度报告点评：2023Q4 业绩符合预 2024 年 04月 14日 期，公司长期成长空间广阔 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 刘力宇 营业总收入（百万元） 6,838 8,074 9,799 11,783 14,021 执业证书：S0600522050001 同比 26.84% 18.08% 21.36% 20.25% 18.99% liuly@dwzq.com.cn 归母净利润（百万元） 582.09 816.41 1,003.13 1,253.10 1,528.23 同比 78.37% 40.26% 22.87% 24.92% 21.96% 股价走势 EPS-最新摊薄（元/股） 0.68 0.96 1.18 1.47 1.79 双环传动 沪深300 P/E（现价&最新摊薄） 31.67 22.58 1 ...

上 市 公 司 汽车 2024 年04月 13 日 双环传动 (002472) 公 司 研 究 ——全年业绩表现亮眼，看好精密齿轮平台公司多维成长 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点：公司发布2023年报，2023全年实现营业收入 80.74亿元，同比+18.1%；实现归 （维持） 母净利润 8.16 亿元，同比+40.3%。分季度看，公司 23Q4 实现营收 22.02 亿元，同环比 +9.4%/+0.7%；实现归母净利润2.27亿元，同环比+31.5%/+2.8%。业绩符合预期。 证 市场数据： 2024年04月12日  公司收入稳定增长，乘用车、商用车、民生齿轮等贡献增量。23全年公司营收80.74亿元， 券 收盘价（元） 21.6 同比+18.1%，具体分业务看：乘用车收入 42.23 亿元，同比+15.7%，其中新能源收入 研 一年内最高/最低（元） 37.53/18.09 22.29亿元，同比+16.5%，我们判断主要受到上半年下游消化库存，因此影响提货，下半 究 市净率 2.3 报 息率（分红/股价） - 年影响基本消除，增速恢复；燃油车收入 19.94 亿元，同比+ ...

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[双ITnaf 环bol]e 传_Ti动tle]( 002472) [评Tab级le_：Inv est] 增持 上次评级： 增持 年报符合预期，全球化、同心多元化加速 目标价格： 33.21 上次预测： 40.15 公 ——双环传动2023 年报点评 当前价格： 21.60 司 吴晓飞(分析师) 管正月(分析师) 2024.04.14 更 0755-23976003 021-38032026 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com guanzhengyue@gtjas.com 证书编号 S0880517080003 S0880521030003 52周内股价区间（元） 18.91-36.30 报 总市值（百万元） 18,434 告 本报告导读： 总股本/流通A股（百万股） 853/758 流通 B股/H股（百万股） 0/0 公司 2023 年报符合预期，围绕同心多元化战略，不断拓展能力边界，民生齿轮、机 流通股比例 89% 器人业务快速放量，海外布局不断加码，全球化扩张 ...

事件 4 月 11 日，公司发布 23 年年报：全年实现营业总收入 80.74 亿 元，同比+18.08%；归母净利润约8.16 亿元，同比+40.26%，符合 预期。 经营分析 重型卡车自动变速箱齿轮业务、新能源汽车齿轮、减速器等均呈 现良好增长态势。分业务看，公司乘用车齿轮/电动工具齿轮/工 程机械齿轮/摩托车齿轮/商用车齿轮/民生齿轮/钢材销售/减速 器及其他收入分别42.23/1.18/6.47/0.90/8.8/3.79/11.80/5.56 亿元，分别同比+15.66%/-13.70%/-11.96%/- 23.91%/+71.25%/+87.47%/+15.39%/+21.68%。中汽协最新数据显 示，3月，乘用车产销量分别为225 万辆和223.6 万辆，同比分 别增长4.7%和10.9%，展现出较强的恢复力；Q1累计产销量分别 同比分别增长6.6%和 10.7%。其中，3月，新能源汽车销量88.3 万辆，同比增长35.3%，一季度累计销量209 万辆，同比增长 人民币(元) 成交金额(百万元) 31.8%。展望24 年，受益于新车密集上市、线下活动重启以及部 38.00 5,000 4,50 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares (including tax) to all shareholders[3]. - The total cash dividend, including other methods, is ¥480,237,994.36, representing 100% of the total profit distribution[148]. - The cash dividend policy is in compliance with the company's articles of association and shareholder resolutions[147]. - The cash dividend distribution plan was approved by the shareholders' meeting and executed within the stipulated timeframe[146]. Financial Performance - The company's operating revenue for 2023 reached ¥8,074,191,513.87, representing an 18.08% increase compared to ¥6,837,946,254.87 in 2022[14]. - Net profit attributable to shareholders for 2023 was ¥816,407,328.54, a 40.26% increase from ¥582,085,021.77 in 2022[14]. - The net profit after deducting non-recurring gains and losses was ¥803,067,881.84, up 41.63% from ¥567,008,358.15 in 2022[14]. - The net cash flow from operating activities for 2023 was ¥1,571,684,087.14, an increase of 29.12% compared to ¥1,217,208,393.70 in 2022[14]. - Basic earnings per share for 2023 were ¥0.97, a 32.88% increase from ¥0.73 in 2022[14]. - Total assets at the end of 2023 amounted to ¥13,171,168,907.25, reflecting a 2.14% increase from ¥12,895,079,898.88 at the end of 2022[14]. - The company reported a net profit margin of 10.67% for 2023, slightly up from 10.38% in 2022[14]. Business Operations and Strategy - The company reported significant changes in its business scope, including the manufacturing and sales of automotive parts and components, as well as research and development in mechanical equipment and electromechanical coupling systems[11]. - The company has established various subsidiaries focused on different aspects of its operations, including precision manufacturing and intelligent transmission equipment[6]. - The company plans to continue expanding its market presence and investing in new product development to capitalize on industry growth trends[21]. - The company focuses on gear transmission products, with significant market potential driven by the growth of downstream industries[21]. - The company has established deep cooperative relationships with numerous leading clients in the automotive industry, including global electric vehicle manufacturers and major traditional automakers, enhancing its position in the gear manufacturing sector[36]. Research and Development - The company has built a comprehensive research and development system through its subsidiary, focusing on innovative gear solutions and enhancing its core competitiveness in the electric vehicle gear market[44]. - Research and development expenses increased by 28.96% to CNY 383,745,189.74 in 2023 compared to CNY 297,559,262.31 in 2022[65]. - The number of R&D personnel rose by 16.15% to 1,007, with a higher proportion of master's degree holders increasing by 76.74%[67]. - The company is preparing for mass production of a new energy electric drive gear structure aimed at solving complex product structure challenges[66]. Market Trends and Industry Insights - The automotive industry saw a production and sales volume exceeding 30 million vehicles in 2023, with passenger vehicle sales growing by 10.6% year-on-year[22]. - The overall excavator sales in the engineering machinery industry decreased by 25.4% year-on-year, with domestic sales down 40.8%, indicating a challenging market environment[24]. - The industrial robot industry saw a slight decline in production to 429,500 units in 2023, but the second half of the year showed improvement, reflecting resilience in the market[25]. - The new energy vehicle market is driving significant changes in the component landscape, presenting new opportunities for independent third-party gear manufacturers[97]. Corporate Governance and Compliance - The company maintains a complete and independent business system for the research, design, and manufacturing of mechanical transmission gears and related components, ensuring operational independence from actual controllers[117]. - The company has established an independent financial accounting system, allowing for autonomous financial decision-making and compliance with tax obligations without shared bank accounts with actual controllers[119]. - The company's governance structure complies with relevant laws and regulations, with no significant discrepancies noted in its operational practices compared to regulatory requirements[117]. - The company is committed to enhancing its governance practices in line with the guidelines set forth by the China Securities Regulatory Commission[117]. Environmental Responsibility - The company has invested in green factory initiatives and improved production processes to reduce environmental impact[170]. - The wastewater treatment process meets the Grade 3 standards of the "Comprehensive Discharge Standard for Wastewater" GB8978-1996[168]. - The company promotes energy management and has adopted measures to reduce carbon emissions, such as centralized air supply and waste heat recovery[170]. - The company has established an emergency response plan for environmental pollution incidents, including regular drills[169]. Employee Engagement and Development - The company has successfully attracted and retained talent, resulting in a significant improvement in employee turnover rates during the reporting period[48]. - The company has completed over 100 training programs throughout the year, enhancing employee skills through a new online learning platform[144]. - The company has implemented a stock option incentive plan, granting 7.2 million options to 404 individuals[151]. - The company actively engages in various employee welfare programs, aiming to meet both material and spiritual needs of its workforce[143]. Acquisitions and Investments - The company acquired 100% equity of Vietnam Sandol Company for CNY 25,031,505.54, with the acquisition completed on November 28, 2023[58]. - The revenue from the acquired Vietnam Sandol Company from acquisition date to the end of the reporting period was CNY 1,041,709.57, with a net profit of -CNY 1,577,464.10[59]. - The company has established several new subsidiaries in 2023, including Zhejiang Huan Yi Technology Co., Ltd. with an investment of CNY 10 million[61]. Financial Management and Risk Control - The company has implemented measures to enhance internal control awareness among management and key personnel to mitigate operational risks[160]. - The internal control audit report indicates that the company maintained effective financial reporting internal controls in all significant aspects as of December 31, 2023[164]. - The company has a consistent pattern of issuing guarantees, with amounts ranging from 591 to 11,154, demonstrating active financial management[196]. - The company has reported a guarantee amount of 10,000 for Jiangsu Shuanghuan on April 27, 2022, with actual guarantee amounts occurring on May 27, 2022, and June 20, 2022[195].

双环传动（002472.SZ）系列点评三 盈利提升明显 全球化+机器人加速成长 2024年04月12日 ➢ 事件概述：根据2023年报，2023年营收80.7亿元，同比+18.1%；归母 推荐 维持评级 净利 8.16 亿元，同比+40.3%；扣非归母净利 8.03 亿元，同比+41.6%。其中 当前价格： 21.83元 2023Q4营收22.0亿元，同比+9.4%，环比+0.7%；归母净利2.27亿元，同比 +31.5%；环比+2.8%；扣非归母净利2.53亿元，同比+34.5%；环比+21.1%。 ➢ 24Q4业绩符合预期 盈利提升显著。1）收入端：2023Q4营收22.0亿元， [Table_Author] 同比+9.4%，环比+0.7%，同比增长主要系新能源齿轮收入增长；2）利润端； 2023Q4归母净利2.27亿元，扣非2.53亿元（非经常损失主要为非流动性资产 处置损益），同比+34.5%；环比+21.1%，扣非利润增速显著高于收入增速主要 系毛利提升。2023Q4 毛利率达 24.6%，同比+2.1pct，环比+2.8pct，受益新 能源占比提升带来产品结构改善、降本增效及商用车、工程机械齿轮盈 ...

浙江双环传动机械股份有限公司 2023 年年度报告商誉减值 是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类 型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 三多乐公司 | 坤元资产评 | 潘文夫、姜静、 | 坤元评报 | | 于评估基准日 2023 年 12 月 31 | | 资产组 | 估有限公司 | 黄梁勇 | 〔2024〕170 号 | 可回收价值 | 日，与商誉相关的资产组的可收 回金额为 245,000,000.00 元 | | 越南三多乐 | 坤元资产评 | 姜静、黄梁勇 | 坤元评报 | 可回收价值 | 于评估基准日 2023 年 12 月 31 日，与商誉相关的资产组的可收 | | 公司资产组 | 估有限公司 | | 〔2024〕171 号 | | 回金额为 40,249,077.63 元 | 三、是否存在减值迹象 | 三多乐公司资产组 | 不存在减值迹象 | 否 | | | 未减值不适用 | | | --- | --- | --- | --- | --- | --- | --- | | 资产组名称 越 ...

证券代码：002472 证券简称：双环传动 公告编号：2024-033 浙江双环传动机械股份有限公司 关于2024年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （二）预计 2024 年度日常关联交易类别和金额 单位：万元 | 关联交易类别 | 关联人 | 关联交易内容 | 关联交易 定价原则 | 合同签订 金额或预 | 截至目 前已发 | 上年发生 金额 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 计金额 | 生金额 | | | 向关联人采购 设备 | 重庆世玛德 智能制造有 | 采购设备 | 参考市场 价格 | 6,500.00 | 145.04 | 166.31 | | | 限公司 | | | | | | | 向关联人租赁 | 台州双环实 业股份有限 | 租赁房产 | 参考市场 | 445.00 | 53.07 | 187.68 | | 房产 | | | 价格 | | | | | | 公司 | | | | | | | 向关联人出租 | 杭州蓝鹤洗 | 出租房产 ...