双林股份（300100）：2025Q1业绩同比高增长，丝杠业务加速推进

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a significant year-on-year revenue growth of 21% in Q1 2025, reaching 1.29 billion yuan, with a net profit of 160 million yuan, reflecting a 105% increase [1] - The growth is attributed to the continuous demand in the new energy sector and effective cost reduction strategies, enhancing overall profitability [1] - The company has accelerated its screw rod business layout, with successful product development and production line completion expected in 2025 [2] Financial Performance Summary - Revenue projections for 2025-2027 are 5.55 billion yuan, 6.86 billion yuan, and 8.08 billion yuan, respectively, with corresponding P/E ratios of 50, 41, and 35 [2] - The company’s gross margin improved to 21.6% in Q1 2025, up 0.6 percentage points year-on-year, while the expense ratio decreased by 2.3 percentage points [1] - The net profit for 2025 is estimated at 555 million yuan, with a year-on-year growth rate of 11.7% [3] Business Development Summary - The company has developed a clear technical path for its screw rod business, with several products expected to enter mass production in 2025 [2] - The acquisition of Wuxi Kezhixin in February 2025 is anticipated to significantly reduce equipment costs and delivery times [2] - Key milestones include the planned mass production of automotive screw rods in H2 2025 and the delivery of robot-related products by April 2025 [2]