legendspinball|双环传动(002472)：公司业绩持续向好 布局多元化产品矩阵

EventLegendspinballThe company released 23 annual reports and 24 quarterly reports, and the company achieved operating income of 80% in 23 yearsLegendspinball. 700 million yuan, year-on-year + 18Legendspinball.1%, the net profit of return to the mother was 820 million yuan, compared with the same period last year, + 40.3%, + 15.8%, and 220 million yuan, respectively. Revenue and net profit hit new highs, gross profit margin continued to optimize, cost reduction and efficiency to promote steady growth. 23: in 2023, the company's revenue and profit reached an all-time high, realizing operating income of 8.07 billion yuan, + 18.1% year-on-year, and net profit of 820 million yuan, + 40.3%, and deducting non-return net profit of 800 million yuan, + 41.6% of the same period last year. In terms of profit margin, the company achieved a gross profit margin of 22.2% in 2023, an increase of 1.2pct over the same period last year, and a net profit margin of 10.3%, an increase of 1.8pct. In terms of the period expense rate, the company's overall expense rate decreased by 0.5pct in 2023, and the sales / management / R & D / financial expense rate was 1.0, 4.1, 4.8 and 0.4%, respectively. 1Q24:1Q24 realized revenue of 2.07 billion yuan (+ 15.8%), net profit of 220 million yuan (+ 29.4%) and non-return net profit of 210 million yuan (+ 34.9%). In terms of profit margin, the company achieved a gross profit margin of 22.7% (+ 1.9pct) and a net profit rate of 11.1% (+ 1.3pct). In terms of the period expense rate, the company's overall 1Q24 expense rate decreased by 0.6pct compared with the same period last year, and the sales / management / R & D / financial expense rate was 0.9bp, 3.7pm, 4.8pm and 0.5%, respectively. Deepen the expansion of business areas and create rich and diversifiedLegendspinballThe product system of. In 2023, with the holding subsidiary ring drive technology as the carrier, the company actively invested in the research and development of injection molding and related composite gears and small assemblies, and successively increased its market share in smart home, car parts and other fields. especially in the floor sweeper industry, the market share is growing rapidly, which is expected to help the company achieve stable and sustained performance growth in the future. In addition, with its own R & D capabilities and batch delivery capabilities of robot precision reducers, the subsidiary RV Reducer continues to increase its market share in China. The subsidiary continues to enrich and improve its reducer product line, optimize performance and design innovation, and win wide recognition from customers and markets for its cost-effective products and technology embedded marketing services. Making use of the technology and market synergy of RV reducer products, the harmonic reducer products of Huanxing Technology have also been successfully supplied. In order to further consolidate its leading position in the field of precision transmission, the subsidiary team actively organized resources to explore and develop the precision reducer with the new structure, so as to lay a solid foundation for meeting the diversified needs of robots for joints in the future. The company is rich in customer resources and actively promotes the expansion of the new energy vehicle industry chain. In the field of passenger cars, the company has a large number of benchmark customers of the automotive industry chain, including complete vehicle factories and supporting transmission parts suppliers, such as the world's leading electric vehicle manufacturers, Toyota, Volkswagen, BYD, Guangzhou Automobile, General Motors, Ford, Xilai, Zaifu, Nissan, Schaeffler, Huichuan, BergWarner, etc., have accumulated a lot of industrial experience. In the field of commercial vehicles, the company has established a stable and continuously improving cooperative relationship with core parts companies such as Mobil, Cummins, Eaton and Yuchai for many years; in the field of construction machinery, Caterpillar and John Deere are the company's representative customers. The company will continue to build a symbiotic cooperative relationship with customers, promote the rapid replication of the cooperation model by means of investment and construction, and actively try to open up markets in major developed and emerging market countries. at the same time, we will speed up the expansion of the industrial chain of new industries such as new energy vehicles and commercial vehicle automatic transmissions. In the field of new energy vehicles, by 2023, the company has built 5 million sets of new energy vehicle drive gear production capacity. Maintain the "highly recommended" investment rating. The company's performance has increased steadily, with the continuous development of the downstream industry, the explosive growth of new energy vehicles, the new opportunities brought about by the development of the robot industry, and the obvious growth of the company's gear business and reducer business. It is estimated that the company's 24-26 net profit will be 1.03 billion yuan, 1.24 billion yuan and 1.55 billion yuan respectively, maintaining a "highly recommended" investment rating. Risk hint: the improvement of new energy vehicle penetration is not as expected; the localization progress of industrial robot reducer is not as expected; the company's production expansion progress is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.