双林股份：2025Q1业绩同比高增长，丝杠业务加速推进-20250418

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.29 billion yuan in Q1 2025, with year-on-year growth of 21% and a net profit of 160 million yuan, reflecting a significant year-on-year increase of 105% [1] - The growth in performance is attributed to the continuous increase in demand for new energy products and effective cost reduction measures [1] - The company has accelerated its screw rod business layout, with successful development of new products and acquisition of technology to reduce equipment costs [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 in Q1 2025 was 21.6%, an increase of 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 to be 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 expected to significantly reduce equipment costs and delivery times [2] - Key product milestones include the mass production of automotive screw rods in H2 2025 and the delivery of robot-related components by April 2025 [2]