Shuanglin Auto Parts(300100) 华安证券·2025-01-15 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company is expected to achieve a significant turnaround in its performance in 2024, with projected net profit attributable to the parent company ranging from 467 to 497 million yuan, representing a year-on-year increase of 477% to 514% [9] - The company has successfully established a trial production line for roller screw products, which is anticipated to contribute positively to future revenue growth [9] - The company is focusing on new product development in the screw segment, including automotive ball screws and planetary roller screws, with expectations for substantial breakthroughs in 2025 [9] Financial Summary - Revenue is projected to increase from 4,139 million yuan in 2023 to 4,822 million yuan in 2024, reflecting a year-on-year growth of 16.5% [7] - Net profit attributable to the parent company is expected to rise dramatically from 81 million yuan in 2023 to 483 million yuan in 2024, indicating a growth rate of 496.6% [7] - The gross margin is forecasted to improve from 18.9% in 2023 to 20.5% in 2024 [7] - The company’s return on equity (ROE) is expected to increase significantly from 3.7% in 2023 to 18.3% in 2024 [7] Business Outlook - The company is expected to maintain steady growth in its core business segments, including seat components and hub bearings, while also expanding its presence in the new energy electric drive system market [9] - The company has secured new projects with major automotive brands, which is likely to enhance its market position and revenue streams [9] - The anticipated performance improvement is supported by the successful execution of new projects and effective cost control measures [9]