On January 12, 2022, Shuanghuan Transmission (002472) announced: ICBC Credit Suisse, Bernstein, Yongde Ruixuan, Credit Suisse, Zhongna Bojin, MassAve Global, Peter Mingqi, Neuberger, Point72, HSBC Jinxin, Tianfeng Securities, Debon Fund, Citi, Cyber Atlas Capital, Nomura Oriental International Securities, Penghua Fund, Shanghai Life, Hongde Fund, Qushi Assets, Jinglin Assets, Tongyuan Investment, Heqi Investment, Cathay Life, Huaxia Fund, General Technology Investment, Industrial Fund, Xiniu Investment, Hengyue Fund, Southern Fund, Huatai Securities, Daoren Assets, Ruiyang Investment, SPDB AXA, Ruijun Assets, Zheshang Securities, Yihe Jiufu, Huatai Baoxing Fund, Houzhan Assets, Yuanda Investment, Jingrui Capital, Guohai Securities, Liejing Capital, Guotai Junan, Jiupeng Assets, Chenxi Investment, Panze Assets, Hongding Capital, China Re Assets, Yingke Capital, KGI Securities, Juming Investment, Everyone Assets, Taimeng Assets, Huale Capital, Shaoxia Investment, Xiaokasa Assets, Baoyin Investment, Great Wall Fund, Huarong Securities, Ivy Capital, Donghai Securities, Guojun Self-operated, HD Capital, Aberdeen, Andhn Shili investigated our company on January 10, 2022.
The main contents of this survey are:
Q: What is the company's approximate capacity construction?
A: At present, the company's main strategy in the passenger car business sector is to actively promote the development of the new energy electric drive gear business, firmly grasp the pure electric vehicle models above A00 level, and focus on covering high-end models and competitive models. Under this strategy, the company has built 1.5 million sets of new energy electric drive gear production capacity by the end of 2021, which will serve as the company's guaranteed production capacity to meet market demand. On this basis, the company will closely follow the increasing market penetration of new energy vehicles to prepare for capacity expansion, and will also make resource tilts for the development of the new energy electric drive gear business. In addition, the company will continue to pay attention to the development of hybrid in the market, and make corresponding capacity planning according to market demand. By the end of 2021, the company's representative hybrid projects have entered a phase of steady climbing. From the second half of 2022, the company will also actively prepare for the previously disclosed new energy projects that are directly exported to Europe and supplied to PPeT, which is the beginning of the company's global market in the field of new energy vehicles. In addition, the company will continue to promote the upgrading of production line automation. Jiaxing subsidiary will start the automation upgrade and transformation of the new energy electric drive gear production workshop in April, gradually control and reduce the number of operating workers, and create a model workshop for the company's intelligent manufacturing.
Q: How does the profitability of the company's differential products compare to gears? What is the current model?
A: For the company, the gross profit margin of the differential assembly is not as high as that of the gear, because the gear is manufactured and processed, and the differential assembly is partial to the assembly. The internal structural parts of the differential include casting shells, straight bevel gears, small shafts and other products, which are currently mainly mined outside, and the follow-up depends on business development.
Q: How has the profitability of new energy products changed now? How has the company's overall revenue structure changed?
A: One of the company's core competitive advantages is the mass manufacturing capacity of high-precision products, and the new energy electric drive gear is just a typical representative of the high-precision gear, as long as the production capacity and equipment efficiency are improved, the gross profit margin has room to improve.
Q: What are the specific plans for capital expenditure in 2022? What will capital expenditures look like in terms of depreciation over the next few years? At the beginning of last year, the company planned the production capacity of new energy electric drive gear products, and what was the construction progress by the end of last year?
A: According to customer needs, the company originally planned to gradually expand the gear production capacity of new energy vehicles to 1.5 million sets per year by the end of 2021, and the plan has been successfully completed by the end of 2021, and the new production capacity has gradually generated revenue. The main direction of capital expenditure in 2022 is concentrated in the three business segments of new energy electric drive gear, commercial vehicle automatic transmission gear, robot joint and research institute construction, and the company will further plan according to market demand.
Q: Can you tell us about the development of RV?
A: Downstream robot manufacturers' demand for the localization of joints is still very strong, and the subsidiary Cyclo Technology has been unanimously recognized by customers and has established a good quality image and reputation in the market. In 2022, the company will carry out corresponding capacity planning and layout based on the existing production capacity in combination with industry trends.
The main business of double ring transmission: the production and sales of gears and gear parts for transmission
Double Ring Transmission 2021 third quarter report shows that the company's main revenue of 4.066 billion yuan, up 65.3% year-on-year; net profit attributable to the mother of 227 million yuan, up 1439.0% year-on-year; deducted non-net profit of 189 million yuan, up 984.78% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue of 1.447 billion yuan, up 44.7% year-on-year; single-quarter net profit attributable to the mother of 98.3887 million yuan, up 626.37% year-on-year In the single quarter, the non-net profit was 83.8084 million yuan, up 2845.76% year-on-year; the debt ratio was 47.87%, the investment income was -1.2141 million yuan, the financial expense was 98.1916 million yuan, and the gross profit margin was 17.54%.
A total of 5 institutions have given ratings to the stock in the last 90 days, 4 buy ratings and 1 overweight rating; the Securities Star Valuation Analysis Tool shows that the double ring transmission (002472) good company rating is 2.5 stars, the good price rating is 1.5 stars, and the valuation comprehensive rating is 2 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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