双林股份：传统主业拐点至，丝杠打开成长新空间

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a turning point in its traditional business, with significant growth potential in new areas such as ball screw technology for automotive and robotics [1][8] - The company has a strong market position in the automotive interior and exterior parts sector, particularly in seat adjustment systems, where it holds a leading market share [1][6] - The company is expanding its presence in the new energy vehicle market and has established a factory in Thailand to support overseas markets [1][6][8] Summary by Sections 1. Business Overview - The company has diversified its operations across multiple sectors, including automotive interior and exterior parts, intelligent control systems, power systems, wheel hub bearings, and ball screws [1][9] - The company has a strong R&D capability in precision injection molding and has become a core partner for major international seat suppliers [1][6] 2. Financial Performance - The company reported a significant increase in revenue and net profit for 2024, with projected net profits of 424 million, 364 million, and 447 million for 2024, 2025, and 2026 respectively [2][6] - The gross profit margin is expected to improve, with the interior and exterior parts segment achieving a gross margin of over 30% [2][14] 3. Market Position - The company is the second-largest supplier of wheel hub bearings in China and is actively penetrating the new energy vehicle market [1][6] - The company has a domestic market share of approximately 40% in seat adjustment systems and aims to expand its global market share [1][6] 4. Future Growth Potential - The company is developing new products in the ball screw sector, targeting applications in both automotive and robotics, with plans to achieve mass production by the end of 2024 [1][8] - The company is also focusing on enhancing its electric drive systems, which have recently turned profitable [7][8] 5. Corporate Structure - The company has a concentrated ownership structure, with the controlling shareholder holding 45.3% of the shares, which is expected to enhance organizational efficiency [17][19] - The company has implemented an equity incentive plan to motivate its management team and core technical staff [19][20]