Investment Rating - The report maintains a "Buy" rating and raises the target price to 36.90 CNY from the previous 33.04 CNY [4][12]. Core Insights - The company continues to enhance its gross margin in Q3 2024, with a competitive landscape solidifying, supported by product structure optimization and cost reduction efforts, which opens up profit growth potential. Rapid growth is observed in the new energy and consumer gear segments, alongside accelerated overseas expansion [3][4]. Financial Summary - For the first nine months of 2024, the company achieved revenue of 6.74 billion CNY, a year-on-year increase of 14.8%. The net profit attributable to shareholders reached 740 million CNY, up 25.2% year-on-year, while the net profit excluding non-recurring items was 710 million CNY, reflecting a 29.2% increase [4][5]. - In Q3 2024, the company reported revenue of 2.42 billion CNY, a 10.7% year-on-year increase and a 7.7% quarter-on-quarter increase. The net profit attributable to shareholders was 270 million CNY, marking a 20.0% year-on-year increase and a 5.3% quarter-on-quarter increase [4][5]. - The gross margin for Q3 2024 was 23.96%, an increase of 2.3 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net profit margin was 11.4%, up 0.9 percentage points year-on-year [4][5]. Business Development - The company is enhancing its overseas market presence and diversifying its business. It is expanding its product line through Ring Drive Technology, covering various intelligent actuators and establishing a production base in Hungary to strengthen its foothold in the European market [4][12]. - The company is positioned as a leader in the precision gear sector, with strong pricing power and improving profitability. The upcoming harvest period for its investments in robotics, consumer gears, and overseas markets is anticipated to drive rapid revenue growth [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [5][15]. Core Insights - The company reported a revenue of 2.42 billion yuan for Q3 2024, representing a year-on-year increase of 10.7% and a quarter-on-quarter increase of 7.7%. The main business, accounting for 85% of revenue, generated 2.05 billion yuan, up 15% year-on-year. The net profit attributable to the parent company was 270 million yuan, a 20% increase year-on-year [1]. - The gross margin reached a new high of 24%, up 2.3 percentage points year-on-year, while the net margin was 11.4%, slightly down by 0.2 percentage points quarter-on-quarter due to increased exchange losses. The improvement in gross margin is attributed to internal cost reduction and efficiency gains, as well as optimization of product and customer structure [1][2]. - The company is expanding its product offerings and enhancing operational efficiency through internal improvements, including the development of new gearbox technologies and the establishment of an automated manufacturing system [2]. Financial Projections - Revenue is projected to grow to 9.89 billion yuan in 2024, 11.53 billion yuan in 2025, and 13.42 billion yuan in 2026, with year-on-year growth rates of 22.5%, 16.6%, and 16.4% respectively. The net profit attributable to the parent company is expected to reach 1.05 billion yuan in 2024, 1.35 billion yuan in 2025, and 1.65 billion yuan in 2026, with growth rates of 28.2%, 29.1%, and 22.3% respectively [3][4]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 22.3x in 2024 to 14.1x in 2026, indicating an attractive valuation as earnings grow [3][4]. Operational Highlights - The company is focusing on both external expansion and internal efficiency improvements. It is developing new gearbox technologies and accelerating the construction of its overseas base in Hungary to support the global expansion of its electric vehicle gearbox business [2]. - Internally, the company is enhancing operational management efficiency through detailed management, process optimization, and cost reduction initiatives, alongside the establishment of a research institute for equipment development [2]. Financial Data and Valuation - The company reported a total revenue of 6.84 billion yuan in 2022, with a projected increase to 8.07 billion yuan in 2023 and 9.89 billion yuan in 2024. The net profit attributable to the parent company was 582 million yuan in 2022, expected to rise to 816 million yuan in 2023 and 1.05 billion yuan in 2024 [4][10]. - Key financial ratios indicate a healthy growth trajectory, with a projected gross margin of 23.43% in 2024 and a net profit margin of 10.59% [7][10].

证券研究报告·公司点评报告·汽车零部件 双环传动（002472） 2024 年三季报点评：2024Q3 业绩符合预期， 电驱齿轮龙头强者恒强 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6838 | 8074 | 9532 | 11318 | 13527 | | 同比（ % ） | 26.84 | 18.08 | 18.05 | 18.74 | 19.51 | | 归母净利润（百万元） | 582.09 | 816.41 | 1,030.79 | 1,266.41 | 1,546.32 | | 同比（ % ） | 78.37 | 40.26 | 26.26 | 22.86 | 22.10 | | EPS- 最新 ...

证券代码：002472 证券简称：双环传动 浙江双环传动机械股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |---------------------------------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 双环传动(002472)公司点评报告 2024 年 11 月 01 日 [Table_Title] 盈利能力持续攀升，全球业务稳步打开 ——双环传动（002472.SZ）2024 年三季度报告点评 [Table_Summary] 事件： 2024 年 10 月 30 日公司发布 2024 三季度报告：2024 前三季度公司实现 营业收入 67.43 亿元，同比增长 14.83%；实现归母净利 7.38 亿元，同比 +25.21%；扣非后归母净利润 7.11 亿元，同比+29.21%。 投资要点： 业绩逆势增长，利润率持续上行，彰显公司稳固实力 2024Q3 整体法下 SW 汽车行业营收收入同比-0.25%；归母净利润同比10.13%。公司克服行业下行压力 Q3 单季度营收 24.2 亿元，同比+10.73%； 归母净利润 2.65 亿元，同比+20.01%，逆势稳步上涨。利润率层面，Q3 公 司毛利率 23.96%，2024 以来逐季上行；销售净利率 11.41%，仅略低于 Q2 单季 11.58%水平，为近三年单季度次高。毛利率、净利率显著高 ...

上述担保额度的有效期自2023年年度股东大会审议通过之日起至2024年年 度股东大会召开之日止。以上事项具体内容详见公司于 2024 年 4 月 12 日、2024 年 5 月 9 日在《中国证券报》《上海证券报》《证券时报》《证券日报》及巨潮 资讯网（www.cninfo.com.cn）披露的相关公告。 二、担保进展情况 近日,公司与交通银行股份有限公司杭州华浙广场支行签订的《保证合同》， 为全资子公司浙江环一科技有限责任公司（以下简称"环一科技"）与交通银行 股份有限公司杭州华浙广场支行开展的融资业务提供连带责任保证，保证金额为 人民币 5,000.00 万元。 本次担保事项在公司董事会和股东大会审议通过的担保额度范围内，无需再 次提交公司董事会或股东大会审议。 证券代码：002472 证券简称：双环传动 公告编号：2024-096 浙江双环传动机械股份有限公司 关于公司为子公司提供担保的进展公告 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。 一、担保情况概述 浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 4 月 10 日召开的第六届 ...

证券研究报告 | 2024年11月01日 双环传动（002472.SZ） 优于大市 产品结构优化，毛利率同环比提升 2024 年前三季度净利润同比增长 25%。2024 年前三季度双环实现营收 67.4 亿元，同比+14.8%；归母净利润 7.4 亿元，同比+25.2%；扣非净利润 7.1 亿 元，同比+29.2%；单季度来看，24Q3 双环实现营收 24.2 亿元，同比+10.7%， 环比+7.7%，归母净利润 2.7 亿元，同比+20.0%，环比+5.3%；扣非净利润 2.6 亿元，同比+23.3%，环比-5.9%；整体来看得益于公司新能源汽车与智能执 行机构业务的持续增长，以及降本增效持续推进，公司业绩持续释放。 降本增效推进下费用管控效果良好，毛利率同环比提升。24Q3 双环传动毛利 率为 24.0%，同比+2.3pct，环比+1.1pct，预计主要系 1）产品放量拉动产 能利用率提升，促进规模效益释放；2）降本增效工作持续推进（柔性制造、 数字化推进、自主创新等）；3）产品结构持续改善（新能源业务占比提升）； 费用层面，24Q3 双环传动销售/管理/研发费用率分别为 1.0%/3.5%/4.9%， ...

研究报告 Research Report 31 Oct 2024 双环传动 Zhejiang Shuanghuan Driveline (002472 CH) 新能源齿轮业务持续发力，毛利率继续提升 EV Gears Continued to Drive Growth, Gross Margin Continued to Improve [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |----------------------------------------------------------------|------------------------| | | | | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | Rmb28.14 | | 目标价 | Rmb29.80 | | HTI ESG | 4.0-4.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comment ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 2024 performance met expectations, with steady operations and improved profitability [1] - Revenue for the first three quarters of 2024 reached 6,743 million yuan, a year-on-year increase of 14.83%, while net profit attributable to the parent company was 738 million yuan, up 25.21% year-on-year [1] - In Q3 2024, the company achieved revenue of 2,420 million yuan, up 10.7% year-on-year and 7.7% quarter-on-quarter, with net profit attributable to the parent company at 265 million yuan, up 20.0% year-on-year and 5.3% quarter-on-quarter [1] - The company is expected to benefit from steady growth in demand for passenger and commercial vehicles in Q4 2024 [1] Financial Performance - Gross margin in Q3 2024 was 24.0%, up 2.26 percentage points year-on-year and 1.13 percentage points quarter-on-quarter, driven by revenue growth and economies of scale [2] - The total expense ratio in Q3 2024 was 10.2%, with slight increases in management and R&D expense ratios due to new business expansion [2] - The company's net profit attributable to the parent company is forecasted to be 1,062 million yuan in 2024, 1,319 million yuan in 2025, and 1,613 million yuan in 2026, with corresponding P/E ratios of 23x, 18x, and 15x [2] Business Development - The company's new energy transmission gear capacity reached 5 million units by the end of 2023, with ongoing projects in Jiaxing and export markets [2] - The acquisition of Sanduo Le in 2022 expanded the company's civil gear business, generating 380 million yuan in revenue in 2023 and achieving profitability in Q1 2024 [2] - The civil gear business covers smart office, smart automotive, smart home, and future living sectors, expected to contribute incremental performance in the future [2] Industry Trends - Domestic passenger vehicle sales in Q3 2024 increased by 6.5% quarter-on-quarter, aligning with the company's performance trends [1] Financial Projections - Revenue is projected to grow from 9,972 million yuan in 2024 to 14,874 million yuan in 2026, with a compound annual growth rate (CAGR) of 21.5% [3] - Net profit attributable to the parent company is expected to grow from 1,062 million yuan in 2024 to 1,613 million yuan in 2026, with a CAGR of 22.2% [3] - EPS is forecasted to increase from 1.26 yuan in 2024 to 1.91 yuan in 2026 [3]

浙江双环传动机械股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第七届董事会第二次会议和第七届监事会第二次会议，审议通过了《关于 注销 2022 年股票期权激励计划部分股票期权的议案》。公司 2022 年股票期权激 励计划（以下简称"激励计划"）预留授予的激励对象中有 2 名激励对象因个人 原因离职，根据本激励计划的相关规定，公司对 2 名离职激励对象已获授但尚未 获准行权的股票期权共计 13,800 份予以注销。同时，根据激励计划的有关规定， 公司对 2022 年股票期权激励计划预留授予的股票期权第一个行权期到期未行权 的股票期权共计 3,200 份予以注销。公司本次注销预留授予的股票期权合计 17,000 份 。 具 体 内 容 详 见 公 司 于 2024 年 10 月 30 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）和《证券时报》《中国证券报》《上海证券报》《证券 日报》披露的《关于注销 2022 年股票期权激励计划部分股票期权的公告》。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司上述股票期权 注销事宜已于 2024 年 10 月 30 日办 ...